Deutsche Bank CEO: Global credit crisis end drawing nearer, financial markets ok
Josef Ackermann, the chief executive of Deutsche Bank AG, said on Sunday that he believes the global credit crisis is drawing to an end and that financial markets are in no danger of collapsing.
By Agencies |
FRANKFURT/GERMANY: Josef Ackermann, the chief executive of Deutsche Bank AG, said on Sunday that he believes the global credit crisis is drawing to an end and that financial markets are in no danger of collapsing.
The CEO of Germany's biggest bank also predicted his company could emerge from the season of write-downs by the world's banking community stronger than before the crisis took root last summer.
``Yes, I believe we are getting closer to the end of the financial crisis,'' Ackermann was quoted as saying by the media. ``It is not fully over yet, but the signs from the US are encouraging.''
He told the media that the pragmatic measures taken in the United States aimed at limiting the effects of the credit crunch ranging from interest rate cuts to infusions of more cash for banks has helped keep the crisis from expanding as much as it could have.
``We should feel the effects in the second half of the year already and see a strong recovery on the U.S. real estate market,'' the media reported.
Ackermann also said he felt that global financial markets were sound and not in danger of collapse. ``This is out of the question,''he said.
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Ackermann also told the media that Deutsche Bank is prepared to emerge stronger than it was despite reporting last month that it wrote down euro2.7 billion (US$4.2 billion) during the first quarter, bringing its total write-downs to approximately euro5 billion (US$7.75 billion). ``We have all the chances to come out of this crisis relatively stronger than we were at the beginning of it,'' Ackermann said, noting that the bank was able to get by without having to seek fresh capital, unlike some of its peers.
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