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Deutsche Bank talks austerity in posh hotel

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Deutsche Bank talks austerity in posh hotel
Photo: DPA
11:38 CET+01:00
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.

Suites at Berlin’s Adlon Hotel can cost up to €15,000 a night, while the cheapest room will set penny-pinchers back €320 a night – and Deutsche Bank has rented out the entire building, Der Spiegel said, in a report to be published on Monday.

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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