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Deutsche Bank talks austerity in posh hotel
Published: 4 Nov 12 11:38 CET | Print version
Online: http://www.thelocal.de/money/20121104-45963.html
Troubled Deutsche Bank has rented out the whole of one of Germany’s poshest hotels – for its top managers to spend three days taking about cutting costs and saving money, a magazine reported at the weekend.
- Deutsche Bank 'to cut thousands of jobs' - Business & Money (21 Sep 12)
- Deutsche Bank 'led by losers', says ex CEO - Business & Money (1 Aug 12)
- Deutsche Bank cuts 1,900 jobs as profits halved - Business & Money (31 Jul 12)
Its top managers will be housed there from Monday through to Wednesday for the major pow-wow on how to save money.
Just a few weeks ago Deutsche Bank chiefs Anshu Jain and Jürgen Fitschen talked about bringing a new culture to the bank in which the much criticized excesses of the past would become history.
The two announced that the bank would seek to cut costs by €4.5 billion by 2015, which is to be accomplished in part by sacking of 2,000 employees by the end of this year.
At the same time, Deutsche Bank tops a list of 28 financial institutions that would provoke a worldwide shock that is impossible to calculate, should any of them collapse.
The “too-big-to-fail” list is established by the Financial Stability Board, an international forum made up of national banks and other institutions.
The Local/DAPD/mw
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Your comments about this article:
As if capitalism was the problem. Try explaining all the lavish castles of Europe and communist Russia to us then. Bet you can't.
The problem has always been, Is , and will always be, Corrupt people, Corrupt institutions, Corrupt governments. There really isn't a difference among them. Save one. With a corrupt business or person. You can take your business elsewhere or have the corrupt person jailed, fired. Corrupt government! Well that's a little tougher to deal with. Esp. with all the spineless sorts that think the government is always the right answer to everything.
Thank you for your clever and witty comment ,I am only glad that we can learn how to use the English language correctly by following you example.
feudalism - class society with lords/kings at the top and serfs at the bottom
capitalism - class society with business leaders/governments at the top and workers at the bottom
stalinism - class society with party apparatchiks at the top and workers at the bottom
There you go.
And which is the easiest one to deal with?
At least with the Bank or any other business. If I feel they are lacking in morals and are cheating me as a customer. I can take my money and put it elsewhere or spend it at a company of my choosing.
Governments of all sorts whether it be a King/elected official/dictator demand through laws and pain of jail or death that you must do business with them. When the government is corrupt. Which they all are. You really can't do much about it. Even with elections, It ends up being just like the Who's song lyrics. Meet the new boss, Same as the old boss.
DDDs keep your head buried in the sand and maybe this will all just go away. DREAM ON!
All banks are not the same. I don't use a bank. I use a credit union. It operates like a bank. But is fully owned by the folks who have their money in it. If someone at the top screws up. The membership/customers can and do vote them out.
My main point was that if you don't want your money in or do business with a bank. You do have a choice. I you don't want to do business with the government. You go to prison. That my friend is a huge difference. Therefore I still maintain. That the shrewdest private business is nowhere near as bad as a shrewd and corrupt government.
/sarcasm
As a Very Important Person said when arriving at a Rmoney fund raiser in upstate New York, "isn't there a VIP entrance or something?"
wa