Monday, September 5, 2011

German banking: saving program at possible worsening of the crisis

Monday, 5 September 2011, 15:32 clock

FRANKFURT (Reuters) - German Bank CEO Josef Ackermann includes additional money-saving program in the house, in a further tightening of the debt crisis is not enough.

"When in September and October, the situation worsened again, we need to think again," the Swiss said on Monday at a banking conference. But he considered that this was unlikely. On the contrary: there are some positive signs that the recent negative trend in investment banking was not continuing in the same way, but home loans and private credit could be touched by it. Positive run it also in the less risky
business lines: retail banking and asset management. "We are in the stable areas of the business outcomes," said Ackermann. "Currently, I see no reason for an additional savings program." For European banks are due to yield losses of more than 50,000 jobs in the balance. The German bank plans no job cuts so far.

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