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FT interview transcript: Josef Ackermann - Financial Times
"There were three sources of losses in this crisis, and there were
winners and losers from every business model. One was the lending side,
which was in commercial real estate and leveraged loans; the second was
investment portfolios that had to be marked down – something that was
not an issue for Deutsche Bank; and the third was the inventory that
was built up by investment banks with the aim of securitising and
selling it. If demand disappears you get stuck with the inventory. A
key lesson is that the inventory build-up will always be lower than
before the crisis. I cannot imagine going back to building up inventory
to the same magnitude."
Josef Ackermann, Chief Executive of Deutsche Bank
Companies
FSA fines Toronto Dominion £7m for second breach of trading rules - The Times
Metro Bank presents quandary for FSA - Telegraph
NAB mulls UK disposals to create new retail bank - The Times
Deutsche Bank to spread UK bonus tax pain worldwide - Telegraph
Citi shares dive on botched sale - Independent
Markets
UK banking sector 'more stable' - BBC
Lenders face £1trn funding shortfall, says Bank report - Independent
Why Are Banks Holding So Many
Excess Reserves? - Federal Reserve
Bank shares dip on new rule fears - BBC
Banks must mend their balance sheets before the weather turns - Telegraph
Ireland pulls out of slump, leaving UK lagging in Europe - Independent
Japan unveils banking reform plan - Financial Times
Senate panel approve Bernanke nomination - The Times
Bonuses
Banks told crisis could have been avoided with lower bonuses - The Times
New City tax on bonuses delights rivals - The Times
Banks block £1bn fund for small business - The Times
Quote of the Day
"We would like to see the restoration of a gold standard to
prevent the sort of excesses we have seen."
David Karsboel, chief economist, Saxo Bank
US pensions go bust, gold crashes, China flops, Bunds soar, predicts Saxo - Telegraph
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