Deutsche Bank chair against strategy change at investment bank: FT

BERLIN - Deutsche Bank Chairman Paul Achleitner told the Financial Times that Germany’s largest lender did not need to fundamentally overhaul its investment bank after attempts to create a German champion with Commerzbank failed.

Achleitner defended Deutsche Bank’s strategy after merger talks with Commerzbank failed due to the risks of doing a deal, restructuring costs and capital demands. The idea of merging with Commerzbank has now been abandoned “once and for all” Achleitner said, adding that Deutsche Bank is aware that Commerzbank could be taken over by a foreign lender.

Earnings released on Friday showed net revenue at Deutsche’s sprawling global investment bank, which accounts for more than half the German bank’s overall revenue and which relies heavily on its bond trading earnings, fell 13 percent to 3.3 billion euros in the first quarter.

Maybe he is right. In 2008 he was one of the leading figures in New York, solving the financial crisis.

Russia would be pissed if you did

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