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

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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]

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