Deutsche Bank:Credit crisis will hurt results
Deutsche Bank has made mistakes during the international credit crisis that would affect its third quarter results, chief executive Josef Ackermann said Thursday.
By Agencies |
FRANKFURT: Deutsche Bank has made mistakes during the international credit crisis that would affect its third quarter results, chief executive Josef Ackermann said Thursday.
"Deutsche Bank also made errors during this crisis," Ackermann says in an interview to be broadcast on ZDF television.
He did not provide financial details but he warned that Deutsche Bank would probably not hire 4,000 more staff by the end of the year as initially planned.
"We will probably not do that now because the markets will not allow for it," he said in the interview, for which a text was released in advance.
On September 6, Ackerman told the Financial Times business daily that investment banks should reveal the full extent of losses they incurred in the recent banking credit crunch in an effort to boost investor confidence.
ADVERTISEMENT
If banks were clear about their losses, Ackermann estimated, "people will say ok, we have seen that people have their positions marked properly and ... hopefully markets will recover and some of these price levels come back. "Analysts and investors will understand that, and actually will welcome that, and then we have the worst digested," he said.
"If we continue to muddle through with uncertainties, and no one trust the valuations, we have a serious problem of credibility."
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
