Why?
Will those responsible for this state of affairs be punished?
Will anything be done to assure that it never happens again?
(In the US, nobody at the top went to jail, and the risky investments did not stop. In fact, the government continues to pressure banks to make bad loans.)
Hasn’t the German government already stated or indicated they will not bail out Deutsche Bank? I understood that the bank is preparing to sell assets – I guess it will no longer be the biggest bank in Europe (if they still are, that is)
Why is Deutsche Bank now the biggest worry in the financial world?
“… the firm has come back into sharp focus because of a $14bn fine proposed by the US Department of Justice last week for mis-selling mortgage-backed securities in the heady days before the financial crisis.”
“… a five-year restructuring plan that will cut about 15,000 of Deutsche’s 101,000-strong workforce. The bank’s dividend has been suspended for two years, and Cryan expects to close dozens of overseas sites from Argentina to New Zealand. It sold Abbey Life, its old portfolio of British life insurance products, for €1bn earlier this week.”
… “[Deutsche Bank CEO] Cryan this week said the bank has neither asked for nor needs a government bailout. A spokesman for [German Chancellor] Merkel said there was ‘no need for such speculation’ about state aid for Deutsche Bank, responding to a German magazine report that Ms. Merkel had ruled out providing the bank with government assistance.”
@rowland could you elaborate on this a bit more? I am not doubting you, just asking if you have any links you can share so we/I can read up
I haven’t had time to really dig into this. But you knew they were going through rough times when they layed off like 2000 people last year I think.
Nothing much to see here, with Germany in excellent economic health they can easily handle any issues with the bank.