Appreciative as it is for the €21 German taxpayers threw it, Commerzbank has had quite enough of living under the government’s thumb. So it’s going to finish paying back those taxpayer loans by conveniently diluting its shares such that the German government can’t tell it what to do anymore. Read more »
Germans
Actually, Commerzbank is having a bad few months. It turns out that a whole mess of deferred tax-accruals and the hangover from having gone into business in the Ukraine add up to a roughly $1 billion loss for the fourth quarter. Read more »
It’s Possible A Bunch Of Employees At UBS Deutschland Helped Clients Evade German Taxes
By Bess Levin
The bank has ran its own internal investigation and found no evidence of wrongdoing but prosecutors are still going to take a look-see themselves. Read more »
The Germans are considering sending some bankers to live on a farm upstate, where there’s plenty of fresh air and room to run around. Read more »
“If I were the Germans, if I were running Germany, I would have abandoned the eurozone last week…It is a costly decision, but losses are there and somewhere, somehow, the losses have to be taken. The first loss is the banks. In the case of Greece, one should have kicked out Greece three years ago. It would have been much cheaper.” [BloombergTV]
Actual Debate: Should Angela Merkel Slip Into Something More Comfortable To Indicate She’s Open To Euro Bonds?
By Bess Levin
Ms. Merkel has taken Bettina Schoenbach’s advice to heart, exclusively wearing straight-cut pants and three-button, diagonal-pocketed blazers from the German designer…While that sartorial consistency may have been an asset earlier in her career, it could become a problem as Ms. Merkel pushes the unpopular message of austerity to European Union members and faces a restless electorate at home, says Robb Young, author of “Power Dressing: First Ladies, Women Politicians & Fashion.” “Her static wardrobe can be perceived as an honest reflection of her political persona—a no-nonsense, rational woman,” says Mr. Young. “But the same unwavering resolve to maintain this habitual, signature style could be a liability among certain voters aching for signs of change.” [WSJ via Heidi Moore]
Tomorrow morning, Anshu Jain will start his new job as co-CEO of Deutsche Bank. Despite having previously overseen operations that produce 90 percent of the firm’s profits in any given quarter, sitting on the management committee, and generally being considered a “star” both within the company and among those who follow his work, chief executive officer is a title no one thought AJ would be given if he remained at DB, because 1) people back in Germany don’t like that he’s an investment banker and 2) “In Germany, no one can imagine an Indian working in London who does not speak German being CEO of Deutsche Bank.” To the haters’ chagrin, though, that’s exactly what’s about to happen. And if they want to continue bitching about it, they can be Jain’s guest– their insults go in one ear and out the other. Read more »
Have you ever made plans to get drinks with someone, met for said drinks, determined if there was any chemistry between the two of you, made a decision to have sex with that person based on whether or not you were attracted to him or her, and, if you were and did, went home the next day after breakfast without money being exchanged? Then congratulations! You are a small business owner, according to a group of German entrepreneurs. Read more »
Today is bonus communication day at DB and while there are no specifics to be had just yet, apparently those hoping their decision to do the bare minimum last year would be handsomely rewarded were in for a disappointment. Read more »
Some employees are preemptively miffed and, frankly, insulted.
“Deutsche bonus structure for Associates-Directors was revealed today:
*Up to eur50, all cash.
*Eur50-100, 70% deferred. Yes…
*Eur100+, 85% deferred.”
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