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.