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’[SFTW] Dear Davey: handbrake turn needed
Every government needs a thick slice of luck, and this week’s has come as Chris Huhne slid off the political road into the ditch. Ed Davey has a golden chance to drive away from an energy policy which might have been designed to make energy expensive and electricity unreliable.
Snap news
Breaking pre-market news on Thursday:
- Tesco says UK sales down for a fourth month in a row — statement.
- Imperial Leather soap maker PZ Cussons warns on profits — statement.
- Mulberry says half year profits up 231 per cent — statement.
Ackermann unplugged
RTRS – SOME BANKS WOULD NOT SURVIVE HAVING TO REVALUE ALL SOVEREIGN DEBT AT MARKET LEVELS – SPEECH TEXT.
A statement of the obvious you might think. But what makes the above interesting is the source:
Ackerman’s week to forget
It’s not been a good week for Deutsche Bank chairman and CEO Josef Ackermann.
First, he was forced to roll over his Greek debt for the greater good of the eurozone.
From the FT:
Mr Ackermann, speaking at a conference in the German parliament in Berlin on Wednesday,
Debauch-e bank
Deutsche Bank. So bound up in casino banking… (via the Economist):
JOSEF ACKERMANN, the head of Deutsche Bank, combines a silky manner with blunt words… when regulators and economists say that big banks should be broken up,
Deutsche Bank plays the ‘good German’
So Deutsche Bank has decided to set a good example to its peers and play ball with Europe’s bank regulators — sort of. Amid European mutterings about German bank recalcitrance — i.e. the refusal by six German banks to publish their government debt exposure as part of European banking stress tests – Deutsche said on Monday it would publish full details of its sovereign holdings.
Ackermann whiplash
Presenting a new condition for financial markets — Ackermann whiplash.
Whiplash Ackermann Disorder. Symptoms include a market dislocation caused by the abrupt about-face of Deutsche Bank CEO Josef Ackermann on Greece-related subjects.
Ackermann’s curious Greek-speak
Attention Josef Ackermann: you’re confusing us.
According to a Reuters report on Thursday, the Deutsche Bank chief executive is not so sure that Greece will be able to repay its debts. He’s also somewhat skeptical about Portugal,
Deutsche Bank will support Greek bonds
Well, here’s one more happy German buyer of Greek bonds. Deutsche Bank’s CEO Josef Ackermann publicly declared his support for Greek sovereign debt on Tuesday.
Flashes, via Reuters:
RTRS – DEUTSCHE BANK CEO SAYS IMPORTANT TO EXTINGUISH FIRE IN GREECE
RTRS – DEUTSCHE BANK CEO SAYS WE WILL PARTICIPATE IN HELPING GREECE,
Betting on the eurozone’s weakest links
One man’s woe is another man’s windfall, as the financial crisis reminds us again and again.
Now, the eurozone’s problems are providing a field day for some savvy hedge funds who just can’t wait for more trouble to rear its ugly head.
Ackermann warns of pressure on banks
Political pressure to cut banks down in size is “totally misguided”, Josef Ackermann, chief executive of Deutsche Bank and chairman of the Institute of International Finance, told a London conference on Monday,
Banker eat banker, Frankfurt edition
One can’t help wondering what they’re serving to top bankers at the Handelsblatt banking conference in Frankfurt this week, where first, Deutsche Bank’s Josef Ackermann and then, Goldman Sachs’ chief Lloyd Blankfein,
Ackermann calls for capital rules
Banks must accept the need for tougher capital requirements, Josef Ackermann, chief executive of Deutsche Bank and one of the banking industry’s top figures, said on Tuesday, after politicians and regulators moved this week to require institutions to hold bigger buffers against possible losses.
Deutsche Bank sees ‘robust’ business
Deutsche Bank saw “robust” development of business in April and May, Josef Ackermann, chief executive, said on Tuesday, continuing the optimistic tone struck by Germany’s largest bank since it returned to profit this year.
Deutsche Bank defends chairman
Josef Ackermann was ready to quit within weeks as Deutsche Bank’s chief executive rather than put the bank through a debilitating succession battle, it emerged on Thursday as Deutsche defended its supervisory board chairman over his role in trying to replace Ackermann.
Deutsche’s Ackermann to stay on
Deutsche Bank on Monday night surprised investors and the banking world when it revealed that Josef Ackermann would stay on as chief executive for another three years. The decision to prolong Ackermann’s tenure until 2013 is a sharp reversal of the bank’s repeated indication that the Swiss-born banker was ready to step down when his current contract ends in May next year.
Through an efficient market glass, darkly
When they write a history of the Great Moderation, as it looks like the early noughties may come to be known, one thing that might be noted, was all the mistakes people made in the trading/banking fraternity,
Deutsche Bank to launch strategic overhaul
Josef Ackermann, chief executive of Deutsche Bank, has sought to allay fears over the bank’s performance by telling senior staff of a strategic overhaul aimed at recovering last year’s record profitability.
Ackermann speaks…
In light of the latest grim news from Deutsche Bank (another $3.6bn worth of writedowns bringing the total to more than $10bn for 2008 amid a sharp decline in Q2 profit), interesting timing on the release of the final report of the Institute of International Finance’s committee on market best practices,
Olivant names names in call to look beyond the lawyer
The UBS barney is getting going ahead of next week’s shareholder meeting.
Just as Peter Kurer, newly anointed chairman, was defending his appointment in the FT, his most prominent detractors struck again.
Banks take blame for credit crisis
The world’s leading banks on Wednesday publicly accepted much of the blame for the credit crisis, as the IMF slashed its estimates for global growth, including for the UK, and warned that the US would suffer a recession this year,
Lombard – Time for a clearout in Acronym Alley
On a day when Merrill Lynch announced an $11.5bn writedown, many investment bankers would rather cover their eyes with their hands than be forced to drag more liabilities up from the graveyard of US subprime mortgages.
Ackermann urges more transparency
Josef Ackermann, chief executive of Deutsche Bank, has called for a thorough overhaul of the operations of investment banks and regulators to combat plunging investor confidence in complex finance. Banks must strive to make complex structured products,
Deutsche Bank’s Ackermann turns down Citi job
Josef Ackermann, chief executive of Deutsche Bank, has rebuffed an approach from Citigroup about taking charge of the US bank, underlining the lack of high-profile external candidates for the job. Mr Ackermann was approached following the resignation of Chuck Prince,
Call for transparency in banks’ superfund
A committee of top international bankers has warned that the proposed $75bn mortgage securities superfund must be transparent in its pricing of assets if it is to help restore market confidence. The statement by the Institute of International Finance reflected concern that the superfund,
Ackermann urges banks to reveal losses
Investment banks need to restore investor confidence by making a concerted effort to reveal the full extent of any losses arising from the credit market turmoil, Josef Ackermann, chief executive of Deutsche Bank,
… As Deutsche Bank reassures investors
Josef Ackermann on Tuesday admitted that Deutsche Bank’s investment banking business had been hit by recent credit market convulsions but sought to reassure markets that liquidity was returning and said he was satisfied with the bank’s overall performance.
Ackermann was IKB whistle-blower
Shares in IKB plunged 40 per cent on Thursday following a government-led bail-out of the German lender, which warned this week of heavy losses in a fund it managed, just 10 days after it had reassured investors about its market positions.
Deutsche Bank chief earns €13.2m
Josef Ackermann, chief executive of Deutsche Bank, earned €13.2m ($17.6m) last year, making him one of Germany’s best-paid executives, according to the bank’s annual report. Mr Ackermann’s total pay increased 11 per cent from 2005.
Ackermann and the European spirit
The surge in companies from emerging markets choosing to list in Europe rather than the US has been widely attributed to the negative influence of Sarbanes-Oxley. But Deutsche Bank’s Josef Ackermann believes this explanation is just too narrow.