Skip to main content

Deutsche Bank Didn't Stress About Its Billions In Write-Downs

  • Author:
  • Updated:

Say what you will about the Germans, they took this stuff in stride.

Stefan Krause, who left the auto industry after a 20-year career to join Deutsche Bank AG as chief financial officer [and whose office is decorated with seven model cars, including a Corvette from 1962 -- his birth year -- a Roy Lichtenstein BMW art car and a BMW hydrogen- powered vehicle], had a memorable introduction to the banking world in April 2008. On his first day, Germany’s biggest lender announced a record loss on loans and asset-backed securities.

“They said, ‘Stefan, welcome, we have to write down 2.5 billion euros,’” says Krause, a boyish-looking 48-year-old whose office overlooks the Frankfurt skyline. Ten months later, the bank posted a record 3.8 billion euro ($5.4 billion) loss -- its first full-year deficit since World War II.

[Bloomberg via BI]


In Case You Had Forgotten Why Deutsche Bank Is Writing A $2.15 Billion Check...

"I have a big favor to ask," "Strap on a pair," "I'm begging u pleaaaassseee": memorializing the Deutsche Bank Libor chats.


Deutsche Bank: It's All Good

Everyone is apparently freaking out over nothing.