3/08/2012
2/16/2009
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1/13/2009
British subsidies to 500 million pounds to help people's employment
British Prime Minister Gordon Brown will launch 500 million pounds to assist employment schemes to encourage enterprises to recruit in order to reverse the 30 years the most serious recession brought about by rising unemployment.
The prime minister's office issued a statement, referring to Brown with the business sector and trade union leaders after a meeting yesterday announced the hiring and training of unemployed people in half a year or more employers, issuing £ 2500 as part of a plan to increase employment attributed to the fact that more than half a year of unemployment, due to technical and confidence in and increase their risk of long-term unemployment, it will take for them to set up a new security and extensive support programs.
Deterioration of the Great Depression, the unemployment rate
Brown in November last year raised 20 billion pounds plan to revive the economy, mainly tax concessions. Economics and Business Research Center, pointed out that the UK economy or the contraction of 2.9 percent, will create the biggest recession since 1980, in which the number of applications for unemployment benefits has increased to nearly 200 million, a record in November the number of unemployed since 1991 the largest increase, to 1860000.
Federation of British Industry said that the British banks and the financial industry may be laid off this season up to 15,000 people, to help the occasion of the sharp drop in business confidence to reduce costs, which means that if the Government does not plan to introduce in time employment assistance, labor market will be further deteriorated.
Brown said that Britain will do everything in its power to prevent the global recession to develop into global recession and unemployment to prevent short-term evolution of long-term unemployed. "Wall Street Journal" quoted people familiar with the situation said that Bank of England
Government's involvement in the possible establishment of a fund to allow enterprises to the stock exchange of the debt owed to banks, to prevent enterprises from bankruptcy caused by rising unemployment.
Ernst & Young accounting firm pointed out that by the Great Depression of the most serious recession since the impact of last year, UK companies issued profit figures for the police is to a maximum of 2001, an increase of 17% to 449, mainly from the services and retail trade, business days do not fare any better this year attributed to the fact that banks are reluctant to lend and trading partners into recession, the credit market freeze and the continued deterioration of confidence is expected next 12 months, continued to brave the stormy sea.
German government stake in financial hardship of large enterprises
In addition, the German government Monday will launch a 2-year total value of 50 billion euros to stimulate economic plans, Chancellor Angela Merkel's Christian Democratic Union-owned leader said that the Government had agreed to expand the corporate rescue scheme, shares in any winding-up due to the credit shortage faced by large enterprises , the measures include a total value of 100 billion euros in Germany Fund, issued credit guarantees to help cash-enterprise bond issues, investment company plans to expand the total value of 500 billion euros the German bank rescue fund to the overall economy.
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http://chinasfinancial.blogspot.com
The prime minister's office issued a statement, referring to Brown with the business sector and trade union leaders after a meeting yesterday announced the hiring and training of unemployed people in half a year or more employers, issuing £ 2500 as part of a plan to increase employment attributed to the fact that more than half a year of unemployment, due to technical and confidence in and increase their risk of long-term unemployment, it will take for them to set up a new security and extensive support programs.
Deterioration of the Great Depression, the unemployment rate
Brown in November last year raised 20 billion pounds plan to revive the economy, mainly tax concessions. Economics and Business Research Center, pointed out that the UK economy or the contraction of 2.9 percent, will create the biggest recession since 1980, in which the number of applications for unemployment benefits has increased to nearly 200 million, a record in November the number of unemployed since 1991 the largest increase, to 1860000.
Federation of British Industry said that the British banks and the financial industry may be laid off this season up to 15,000 people, to help the occasion of the sharp drop in business confidence to reduce costs, which means that if the Government does not plan to introduce in time employment assistance, labor market will be further deteriorated.
Brown said that Britain will do everything in its power to prevent the global recession to develop into global recession and unemployment to prevent short-term evolution of long-term unemployed. "Wall Street Journal" quoted people familiar with the situation said that Bank of England
Government's involvement in the possible establishment of a fund to allow enterprises to the stock exchange of the debt owed to banks, to prevent enterprises from bankruptcy caused by rising unemployment.
Ernst & Young accounting firm pointed out that by the Great Depression of the most serious recession since the impact of last year, UK companies issued profit figures for the police is to a maximum of 2001, an increase of 17% to 449, mainly from the services and retail trade, business days do not fare any better this year attributed to the fact that banks are reluctant to lend and trading partners into recession, the credit market freeze and the continued deterioration of confidence is expected next 12 months, continued to brave the stormy sea.
German government stake in financial hardship of large enterprises
In addition, the German government Monday will launch a 2-year total value of 50 billion euros to stimulate economic plans, Chancellor Angela Merkel's Christian Democratic Union-owned leader said that the Government had agreed to expand the corporate rescue scheme, shares in any winding-up due to the credit shortage faced by large enterprises , the measures include a total value of 100 billion euros in Germany Fund, issued credit guarantees to help cash-enterprise bond issues, investment company plans to expand the total value of 500 billion euros the German bank rescue fund to the overall economy.
Original article reprint please specify: Reprinted from
http://chinasfinancial.blogspot.com
Big shot to buy the United States and MoroccoMeredith Citigroup to sell the future of self -
All a long period of hours.
Citigroup tried to "downsizing" in order to raise funds, the latest sale was included in the list is the Group's Smith Barney brokerage business sector (Smith Barney).
"I did not sell the wishes of Smith Barney, I love this business." Month and a half ago in November 21, 2008, Citigroup CEO Vikram Pandit (Vikram Pandit) in the Board of Directors stance. That night, Citigroup shares fell to the lowest point in 15 years to 3.77 U.S. dollars, forcing Vikram Pandit once again to the U.S. Treasury Department for help. As of 21 the week, Citigroup stock has shrunk more than half, 21 closing price of 4.71 U.S. dollars, compared with September 2000 the highest value of 57.50 U.S. dollars have lost 92%.
Just entered in 2009, Pandit had also reneged on its promise to sell "non-sale," Smith Barney.
Last Friday, as the crisis in the war accused the former U.S. Treasury Secretary, Citigroup senior adviser Robert Rubin (Robert Rubin), announced his resignation after the Wall Street then came news that Citigroup and Morgan Stanley are (hereinafter referred to as "big Mount ") consultations, which plans to sell 51 percent of Smith Barney shares the right to sell their holdings.
Because I have been opposed to splitting Rubin Citigroup business, his departure would finally reached the deal to remove the obstacles. "Wall Street Journal" on the 12th, said the two sides could come as early as this week announced an agreement.
The deal represents a crisis of the past two opponents strategic transformation: Citigroup had to abandon the "financial supermarket" tradition, to smaller, more focused business model development; and have turned to bank holding companies Moreton such a move will make an important retail investment market.
Smith Barney trading
Smith Barney is Citigroup Global Financial Services, one of the two major components, the group is also a rare "health" of assets.
Citigroup's third-quarter financial results in 2008, even in the most severe financial crisis last year, 9 months ago, Smith Barney's earnings still maintained a growth rate of 2 percent year-over-year for the creation of Citigroup 7.938 billion U.S. dollars of income, in which global financial management business accounted for more than八成share. Throughout the year in 2007, Smith Barney 10.529 billion U.S. dollars income for the Group profit contribution rate after the U.S. credit card business and international retail banking business.
Even leaving Citigroup, Smith Barney itself in Wall Street history, also has a pivotal position.
Smith Barney is a global, full-service investment banking and securities brokerage firm. Its main predecessor was in 1873 in Philadelphia, Charles D. Barney set up a securities brokerage firm, and in 1892 Edward B. Smith in Philadelphia set up a securities company; Another important predecessor was the bond market has叱咤Salomon Brothers (Salomon Brothers Inc.). In 1997, these three companies merged to form Salomon Smith Barney Holdings Inc., under the Travelers Group, one year after the merger of Travelers Group and Citibank to form Citigroup today. In 2003, Citigroup would "Solomon" prefix from the company's name erased, leaving only the name Smith Barney.
On the 12th, "The Wall Street Journal" quoted unnamed sources as saying that Citigroup will pay big Moreton about 2.5 billion U.S. dollars, the acquisition of Smith Barney brokerage subsidiary of the two companies control 51% of the transaction the two sides will set up a company named Morgan Stanley Smith Barney (Morgan Stanley Smith Barney) joint venture, by the operator responsible for the management of Moldova. Great Moreton might 3 years after the holdings of shares, and in 5-6 years to hold all the shares.
Once the transaction is completed, the newly formed joint venture company will exceed the Bank of America became the world's largest brokerage firm, is expected to be about 22,000 brokers. Bank of America completed the acquisition of Merrill Lynch, has about 20,000 brokers.
Oppenheimer & Co analyst Meredith Whitney (Meredith Whitney) in the latest report of customer forecasts in the deal, Citigroup will receive large motorized 2-3 billion US dollars, after tax in accordance with the accounting rules, Citigroup will continue to receive from 5,000,000,000 to 6,000,000,000 US dollars of after-tax profit of capital.
Fox-Pitt Kelton analyst David Tronchet (David Trone) 1 on 9 interview that Moldova is likely to use large 700 billion U.S. dollars from the issue of asset relief plan (Troubled Asset Relief Program, TARP) obtained funding to pay for the deal.
Sell future
Citigroup's move to sell high-quality assets, exacerbated by the market condition of the assets of the Group of real concern.
"Fund remains the major challenges facing the United States, although we believe that the deal shortly to be able to ease the financial pressure, but only those most likely is not enough." Meredith Whitney that. She said that Citigroup Smith Barney to sell its shares, suggesting that the previous government a series of assistance and can not meet the needs of the world's largest banks.
2008, in the stock crash in November, Citigroup again obtained from the U.S. government assistance. November 24, led by the U.S. Treasury Department issued a joint statement that the U.S. government 700 billion U.S. dollars from the TARP plan to 20 billion U.S. dollars to fund the purchase of Citigroup shares, so that Citigroup accumulated from the TARP plan was 45 billion U.S. dollars capital injection. In addition, the U.S. government also said that Citigroup will be 306 billion U.S. dollars of the risk of loans and guarantee bonds.
Citigroup holds a large number of high-risk exposure to the financial crisis has suffered serious losses. KBW Bank Index, Citigroup became the worst performance for two consecutive years in the U.S. banking stocks.
In October 2008 announced third-quarter financial results, Citigroup quarter loss of 2.8 billion U.S. dollars, mainly because up to 61 billion U.S. dollars of property-related losses. Up to now, Citigroup has reported four consecutive quarterly losses, accumulated losses have exceeded 20 billion U.S. dollars.
"Citigroup not hesitate to sell their future to resolve the current financial problems, it is regrettable that they now do not have much choice." For the United States and the deal between Moreton, David Tronchet evaluation that he expected Smith Barney, worth about in the 15-20 billion U.S. dollars between.
In order to address funding pressures, Citigroup has announced plans to divest the four major assets, including its Global Services, the German retail banking business, as well as welfare services business CitiStreet, and Citigroup's technical services department, and said that there will be more similar to the sale of plan. In addition, Citigroup has come through layoffs and other cost reduction. December 5 last year, Citigroup's German retail banking business to 5.2 billion euros (about 6.6 billion U.S. dollars) sold to French bank Credit Mutuel-CIC, from four billion U.S. dollars trading income.
January 22, that is, Obama formally became the President of the United States two days later, Citigroup will release fourth quarter results, the market is expected that the Group will be released nearly 10 billion U.S. dollars for the huge losses. Germany to sell its retail banking profits in 2008 the year the Group will continue to hit 20 billion U.S. dollars more than "the worst annual loss."
Original article reprint please specify: Reprinted from
http://chinasfinancial.blogspot.com
Citigroup tried to "downsizing" in order to raise funds, the latest sale was included in the list is the Group's Smith Barney brokerage business sector (Smith Barney).
"I did not sell the wishes of Smith Barney, I love this business." Month and a half ago in November 21, 2008, Citigroup CEO Vikram Pandit (Vikram Pandit) in the Board of Directors stance. That night, Citigroup shares fell to the lowest point in 15 years to 3.77 U.S. dollars, forcing Vikram Pandit once again to the U.S. Treasury Department for help. As of 21 the week, Citigroup stock has shrunk more than half, 21 closing price of 4.71 U.S. dollars, compared with September 2000 the highest value of 57.50 U.S. dollars have lost 92%.
Just entered in 2009, Pandit had also reneged on its promise to sell "non-sale," Smith Barney.
Last Friday, as the crisis in the war accused the former U.S. Treasury Secretary, Citigroup senior adviser Robert Rubin (Robert Rubin), announced his resignation after the Wall Street then came news that Citigroup and Morgan Stanley are (hereinafter referred to as "big Mount ") consultations, which plans to sell 51 percent of Smith Barney shares the right to sell their holdings.
Because I have been opposed to splitting Rubin Citigroup business, his departure would finally reached the deal to remove the obstacles. "Wall Street Journal" on the 12th, said the two sides could come as early as this week announced an agreement.
The deal represents a crisis of the past two opponents strategic transformation: Citigroup had to abandon the "financial supermarket" tradition, to smaller, more focused business model development; and have turned to bank holding companies Moreton such a move will make an important retail investment market.
Smith Barney trading
Smith Barney is Citigroup Global Financial Services, one of the two major components, the group is also a rare "health" of assets.
Citigroup's third-quarter financial results in 2008, even in the most severe financial crisis last year, 9 months ago, Smith Barney's earnings still maintained a growth rate of 2 percent year-over-year for the creation of Citigroup 7.938 billion U.S. dollars of income, in which global financial management business accounted for more than八成share. Throughout the year in 2007, Smith Barney 10.529 billion U.S. dollars income for the Group profit contribution rate after the U.S. credit card business and international retail banking business.
Even leaving Citigroup, Smith Barney itself in Wall Street history, also has a pivotal position.
Smith Barney is a global, full-service investment banking and securities brokerage firm. Its main predecessor was in 1873 in Philadelphia, Charles D. Barney set up a securities brokerage firm, and in 1892 Edward B. Smith in Philadelphia set up a securities company; Another important predecessor was the bond market has叱咤Salomon Brothers (Salomon Brothers Inc.). In 1997, these three companies merged to form Salomon Smith Barney Holdings Inc., under the Travelers Group, one year after the merger of Travelers Group and Citibank to form Citigroup today. In 2003, Citigroup would "Solomon" prefix from the company's name erased, leaving only the name Smith Barney.
On the 12th, "The Wall Street Journal" quoted unnamed sources as saying that Citigroup will pay big Moreton about 2.5 billion U.S. dollars, the acquisition of Smith Barney brokerage subsidiary of the two companies control 51% of the transaction the two sides will set up a company named Morgan Stanley Smith Barney (Morgan Stanley Smith Barney) joint venture, by the operator responsible for the management of Moldova. Great Moreton might 3 years after the holdings of shares, and in 5-6 years to hold all the shares.
Once the transaction is completed, the newly formed joint venture company will exceed the Bank of America became the world's largest brokerage firm, is expected to be about 22,000 brokers. Bank of America completed the acquisition of Merrill Lynch, has about 20,000 brokers.
Oppenheimer & Co analyst Meredith Whitney (Meredith Whitney) in the latest report of customer forecasts in the deal, Citigroup will receive large motorized 2-3 billion US dollars, after tax in accordance with the accounting rules, Citigroup will continue to receive from 5,000,000,000 to 6,000,000,000 US dollars of after-tax profit of capital.
Fox-Pitt Kelton analyst David Tronchet (David Trone) 1 on 9 interview that Moldova is likely to use large 700 billion U.S. dollars from the issue of asset relief plan (Troubled Asset Relief Program, TARP) obtained funding to pay for the deal.
Sell future
Citigroup's move to sell high-quality assets, exacerbated by the market condition of the assets of the Group of real concern.
"Fund remains the major challenges facing the United States, although we believe that the deal shortly to be able to ease the financial pressure, but only those most likely is not enough." Meredith Whitney that. She said that Citigroup Smith Barney to sell its shares, suggesting that the previous government a series of assistance and can not meet the needs of the world's largest banks.
2008, in the stock crash in November, Citigroup again obtained from the U.S. government assistance. November 24, led by the U.S. Treasury Department issued a joint statement that the U.S. government 700 billion U.S. dollars from the TARP plan to 20 billion U.S. dollars to fund the purchase of Citigroup shares, so that Citigroup accumulated from the TARP plan was 45 billion U.S. dollars capital injection. In addition, the U.S. government also said that Citigroup will be 306 billion U.S. dollars of the risk of loans and guarantee bonds.
Citigroup holds a large number of high-risk exposure to the financial crisis has suffered serious losses. KBW Bank Index, Citigroup became the worst performance for two consecutive years in the U.S. banking stocks.
In October 2008 announced third-quarter financial results, Citigroup quarter loss of 2.8 billion U.S. dollars, mainly because up to 61 billion U.S. dollars of property-related losses. Up to now, Citigroup has reported four consecutive quarterly losses, accumulated losses have exceeded 20 billion U.S. dollars.
"Citigroup not hesitate to sell their future to resolve the current financial problems, it is regrettable that they now do not have much choice." For the United States and the deal between Moreton, David Tronchet evaluation that he expected Smith Barney, worth about in the 15-20 billion U.S. dollars between.
In order to address funding pressures, Citigroup has announced plans to divest the four major assets, including its Global Services, the German retail banking business, as well as welfare services business CitiStreet, and Citigroup's technical services department, and said that there will be more similar to the sale of plan. In addition, Citigroup has come through layoffs and other cost reduction. December 5 last year, Citigroup's German retail banking business to 5.2 billion euros (about 6.6 billion U.S. dollars) sold to French bank Credit Mutuel-CIC, from four billion U.S. dollars trading income.
January 22, that is, Obama formally became the President of the United States two days later, Citigroup will release fourth quarter results, the market is expected that the Group will be released nearly 10 billion U.S. dollars for the huge losses. Germany to sell its retail banking profits in 2008 the year the Group will continue to hit 20 billion U.S. dollars more than "the worst annual loss."
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http://chinasfinancial.blogspot.com
Deutsche Bank 9 years or the first loss of the securities sector deficit is 1.5 billion U.S. dollars
2 According to informed sources, Deutsche Bank in the past quarter because of hedging transactions engaged in bonds and a loss of one billion U.S. dollars. In addition, the bank also suffered a 500 million U.S. dollars of stock. Analysts believe that Deutsche Bank may be a loss in the fourth quarter, which is Deutsche Bank Securities Sector 9 years for the first time showing a loss.
NetEase Financial inquiry: According to the U.S. Bloomberg News reported January 12, the two informed sources, Deutsche Bank in the past quarter because of hedging transactions engaged in bonds and a loss of one billion U.S. dollars. In addition, the bank also suffered a 500 million U.S. dollars of stock. Analysts believe that Deutsche Bank may be a loss in the fourth quarter, which is Deutsche Bank Securities Sector 9 years for the first time showing a loss.
Weak performance of the collective financial giant
Goldman Sachs, Morgan Stanley, JP Morgan Chase, Credit Suisse had a bad day for the same. Since the Lehman Brothers bankruptcy in September since four financial giants have suffered similar losses. In addition to Goldman Sachs, all the banks have declared they are to close a number of proprietary trading business. LBB Invest in Berlin asset manager Lutz - Meyer (Lutz Roehmeyer) said: "At present, the financial crisis has been brought to the Deutsche Bank have to shocks, the bank need to reduce the risk and reduce the size of transactions in order to adapt to the changing market conditions. "
In 2007, in addition to Goldman Sachs, the Deutsche Bank's trading debt than all the other banks higher. It is reported that Deutsche Bank's securities department 9 years may be a loss for the first time, reflecting the bank has not been able to deal with a very good market changes. While in the bank on February 5 before the publication of results, Jain refused to comment on the reports. Goldman Sachs and JP Morgan Chase and Deutsche Bank, together, are subject to the U.S. sub-loan market, as well as weak investment performance bond of at least 35 years to the worst, as well as the stock market's worst performance of the impact. Deutsche Bank CEO Ackermann (Josef Ackermann) at the end of last year, 12 said that its wrong to estimate the severity of this crisis. Diamond, CEO of JP Morgan Chase (Jamie Dimon) pointed out pointed out that the business of trading, the 11 and in December is very terrible.
Since 2008, Goldman Sachs has become the world's most profitable securities firms, but the fourth quarter still suffered the loss of 2.1 billion U.S. dollars. It is worth mentioning is that this is its listing since 1999 for the first time since the loss. In addition, the company's fixed income, currency and commodity sector a loss of 3.4 billion U.S. dollars, reflecting its is faced with a difficult trading environment.
Difficult difficult environment
Switzerland's second-largest bank Credit Suisse (Credit Suisse) in December 4, 2008 said that the previous two months, about 2.7 billion U.S. dollars to suffer losses, their will be laid off 5,300 people. In addition, the bank in October last year and in November the same suffered not a small pre-tax loss of income. According to Bloomberg News by the aggregate data, the world's largest banks and brokerage firms have suffered more than 1 trillion U.S. dollars of assets as well as the reduction of credit losses. Since the beginning of 2007, such cases are forced to finance its 946 billion U.S. dollars.
Deutsche Bank co-head of global credit trading by the end of 2008 in Boaz Weinstein sector losses will leave. 35-year-old Weinstein plans to take away 15 colleagues, the second quarter of his company will set up a hedge fund. Deutsche Bank global credit trading, another supervisor, also his partner Colin Fan also to join his company. People familiar with the situation on December 12 has pointed out that Lehman Brothers in September after the bankruptcy, Weinstein operation exchange credit default (CDS) contracts for the bond hedge, resulting in loss of one billion U.S. dollars, while the Weinstein has worked in Deutsche Bank for 11 years. Merck Finck & Co. Analyst Konrad Becker said Deutsche Bank intends to reduce the risk of self-Ministry is the main reason, it is reasonable to leave Weinstein.
In addition, Credit Suisse said its investment in complex products and will give up some proprietary trading (proprietary trading). JPMorgan Chase Bank analyst Kian Abouhossein said: "The current environment, everyone is under pressure, almost no one can avoid losses. Deutsche Bank the situation is relatively good, but in response to the current market uncertainty, the Bank financing may also be very large scale. "
By the assets by taking into account the impact of reduced transaction volume in 2008, before the nine months, Jain, Deutsche Bank earned only help all of its revenue 28 percent, while the figure in 2007 was as high as 54%. In 2008 the first three quarters, the consumer banking sector is the line in all sectors of the most profitable sector. In addition, foreign exchange and commodity trading to some extent make up for the Deutsche Bank in structured products revenue losses.
At present, Jain is working with several other bank executives to work together to give up their year-end bonuses. According to sources, Jain's global market sector plans 900 job cuts, the total number of employees by 15%. Merck Finck & Co. Companies in Munich analyst Konrad Becker (Konrad Becker) said: "In the past, when Jain department is the most profitable. In our view, he is the CEO of Deutsche Bank the next candidate. "further deepen the financial crisis could force Deutsche Bank to obtain from the investor more money, so Becker recommends selling shares of Deutsche Bank.
Transaction risk
According to Morgan Stanley (Morgan Stanley) banking analyst Van Steenis (Huw van Steenis) 12 dated 16 that, in spite of Goldman Sachs has the world's largest mergers and acquisitions advisory business, but Deutsche Bank's leverage ratio than Goldman Sachs Group more than twice, but also far higher than is located in London, Barclays Bank.
Third quarter of last year, due to intensified global economic recession, the risk increased, large-scale integrated-type financial institutions are facing the prospect of enormous pressure, Standard & Poor's Ratings Services (Standard & Poor's Ratings Services) lower than the United States and the European Bank's credit rating Deutsche Bank ranked one.
Van Steenis said: "We recognize that Deutsche Bank has its own good financial team, and the bank's risk management should be significantly better than many other banks. But it is not the usual time, is now such a serious credit crunch, credit market liquidity serious disruption to the flow, small-scale high-cost credit requirements, although more, but for the Deutsche Bank, such as large financial groups and there is not much benefit. On the contrary, we believe that the cost of diluting the risk remains high. "
Van Steenis said in London, Deutsche Bank, he predicted will increase by at least 6.5 billion euros the amount of capital injection, but the bank is likely to cut shareholder dividend income to improve their own balance sheet situation. This projection has great credibility. Van Steenis forecast with JPMorgan Chase Bank analyst Kian Abouhossein previous forecast made by the same amount of money. Kian Abouhossein, said: "Under the current circumstances, all the assets in the event of the diminution in value of the risks, the risks and therefore almost impossible to avoid." He also said: "Deutsche Bank's situation is relatively good, but in response to the current market uncertainty , the bank's financing may also be very large scale. "
Kian Abouhossein that Deutsche Bank's stock price changes can not indicate to the problems. But in 2008, Deutsche Bank in Frankfurt trading market share prices have fallen more than 69%, which is what investors obviously not good news, investors sold the bank's retaliatory in turn, will inevitably result in Deutsche Bank's market value has shrunk sharply . So far, Deutsche Bank's market value was only 13.9 billion euros poor.
Capital requirements
Deutsche Bank CEO Ackermann (Josef Ackermann) in November 12, 2008 made it clear that Deutsche Bank does not require government financial aid. He claimed that Deutsche Bank can fully rely on the internal self-rescue measures, such as the sale of company stock, the issuance of new corporate bonds. According to an informed source said last week, until now, Deutsche Bank does not accept government assistance plan also nothing has changed.
Germany's second-largest bank - Germany's commercial banks (Commerzbank AG) chief executive Martin - Blaesing (Martin Blessing) said that the German commercial banks would study carefully the government package of rescue package in order to determine "whether the plan to the line constitutes a practical significance, and then be taken into account. " January 9, the company announced the second phase of the Government grants have all到账a total of 10 euros, which the company will account for 25 percent of the total market value.
Although Deutsche Bank declined to accept government assistance, but that does not mean that the bank's financial situation is not without any problems. The bank December 17 aimed at the adoption of a cash fund programs involve a total sum of 10 euros, which shows that the banks have also resulted in a serious financial crisis. In view of people's doubts, Deutsche Bank made a clear response: "to make this decision because the replacement cost of funds to increase rapidly." Sanford Bernstein analyst Dirk - Hoffman - Menachem Begin (Dirk Hoffmann-Becking) pointed out that the : Deutsche Bank is seeking all possible ways to prevent the cost of capital growth.
Favorable accounting standards
According to the statistics show Abouhossein: Deutsche Bank in 2008 by total assets of the whole year is obviously much less than many U.S. banks, but also lower than the two rival UBS of Switzerland and Credit Suisse. According to statements by the end of 2008 third quarter showed that benefit from the new accounting standards by bringing the assets of reduction, the bank the third quarter of 435 million euros profit. Quarterly Bulletin revealed that the key to profits accounting rules change, which makes the bank the third quarter of assets decreased by 845 million euros, for a total of 1.2 billion euros to mention, by Assets of assets, including leveraged buyout loans, housing mortgage-backed securities and bonds and commercial real estate. Since last year, Deutsche Bank cut the total assets of 8.5 billion euros. Deutsche Bank's investment banking sector for the third quarter pre-tax loss of 789 million euros for the third consecutive quarter showing a loss. And before the once considered a stable business in the retail banking sector, asset management and global transaction banking sector pre-tax profit from the same period last year 832 million euros to 449 million euros decline.
Consumer banking business
Ackerman, president of Deutsche Bank in December 29 last year to accept a television interview that he completely failed to properly estimate the extent of the damage the financial crisis, but his quick recovery in financial markets have high confidence, the situation is expected to good changes will soon occur. But it was not until Lehman Brothers came tumbling down, the financial experts view of the financial markets should be changed. He said: "Until then I was well aware that this so bad."
Ackerman has been on the financial crisis, declined to comment, but rather focus on how to expand the Bank's business. He bought shares of Deutsche Post 30% stake in the company. Deutsche Post AG owns Germany's largest consumer banking business through the acquisition Ackerman plans to improve its private clients and corporate customer base.
Credit rating has been falling
Because of the financial market situation is too grim, Deutsche Bank's credit ratings have suffered a corresponding reduction. December 19 last year, Standard & Poor's ratings will be Deutsche Bank lowered to AA-from A +. The well-known rating agency, said Deutsche Bank in 2008 fiscal year can not be optimistic about Q4 Quarterly Bulletin, and by the market impact of the larger environment, and its level of profitability in 2009 will also be more in 2007 the level has dropped significantly. In a Bloomberg News survey of 43 analysts, only less than one-third think that investors should buy shares of Deutsche Bank. Correspondingly, more than 40% of the analysts recommended the purchase of UBS and Credit Suisse shares
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NetEase Financial inquiry: According to the U.S. Bloomberg News reported January 12, the two informed sources, Deutsche Bank in the past quarter because of hedging transactions engaged in bonds and a loss of one billion U.S. dollars. In addition, the bank also suffered a 500 million U.S. dollars of stock. Analysts believe that Deutsche Bank may be a loss in the fourth quarter, which is Deutsche Bank Securities Sector 9 years for the first time showing a loss.
Weak performance of the collective financial giant
Goldman Sachs, Morgan Stanley, JP Morgan Chase, Credit Suisse had a bad day for the same. Since the Lehman Brothers bankruptcy in September since four financial giants have suffered similar losses. In addition to Goldman Sachs, all the banks have declared they are to close a number of proprietary trading business. LBB Invest in Berlin asset manager Lutz - Meyer (Lutz Roehmeyer) said: "At present, the financial crisis has been brought to the Deutsche Bank have to shocks, the bank need to reduce the risk and reduce the size of transactions in order to adapt to the changing market conditions. "
In 2007, in addition to Goldman Sachs, the Deutsche Bank's trading debt than all the other banks higher. It is reported that Deutsche Bank's securities department 9 years may be a loss for the first time, reflecting the bank has not been able to deal with a very good market changes. While in the bank on February 5 before the publication of results, Jain refused to comment on the reports. Goldman Sachs and JP Morgan Chase and Deutsche Bank, together, are subject to the U.S. sub-loan market, as well as weak investment performance bond of at least 35 years to the worst, as well as the stock market's worst performance of the impact. Deutsche Bank CEO Ackermann (Josef Ackermann) at the end of last year, 12 said that its wrong to estimate the severity of this crisis. Diamond, CEO of JP Morgan Chase (Jamie Dimon) pointed out pointed out that the business of trading, the 11 and in December is very terrible.
Since 2008, Goldman Sachs has become the world's most profitable securities firms, but the fourth quarter still suffered the loss of 2.1 billion U.S. dollars. It is worth mentioning is that this is its listing since 1999 for the first time since the loss. In addition, the company's fixed income, currency and commodity sector a loss of 3.4 billion U.S. dollars, reflecting its is faced with a difficult trading environment.
Difficult difficult environment
Switzerland's second-largest bank Credit Suisse (Credit Suisse) in December 4, 2008 said that the previous two months, about 2.7 billion U.S. dollars to suffer losses, their will be laid off 5,300 people. In addition, the bank in October last year and in November the same suffered not a small pre-tax loss of income. According to Bloomberg News by the aggregate data, the world's largest banks and brokerage firms have suffered more than 1 trillion U.S. dollars of assets as well as the reduction of credit losses. Since the beginning of 2007, such cases are forced to finance its 946 billion U.S. dollars.
Deutsche Bank co-head of global credit trading by the end of 2008 in Boaz Weinstein sector losses will leave. 35-year-old Weinstein plans to take away 15 colleagues, the second quarter of his company will set up a hedge fund. Deutsche Bank global credit trading, another supervisor, also his partner Colin Fan also to join his company. People familiar with the situation on December 12 has pointed out that Lehman Brothers in September after the bankruptcy, Weinstein operation exchange credit default (CDS) contracts for the bond hedge, resulting in loss of one billion U.S. dollars, while the Weinstein has worked in Deutsche Bank for 11 years. Merck Finck & Co. Analyst Konrad Becker said Deutsche Bank intends to reduce the risk of self-Ministry is the main reason, it is reasonable to leave Weinstein.
In addition, Credit Suisse said its investment in complex products and will give up some proprietary trading (proprietary trading). JPMorgan Chase Bank analyst Kian Abouhossein said: "The current environment, everyone is under pressure, almost no one can avoid losses. Deutsche Bank the situation is relatively good, but in response to the current market uncertainty, the Bank financing may also be very large scale. "
By the assets by taking into account the impact of reduced transaction volume in 2008, before the nine months, Jain, Deutsche Bank earned only help all of its revenue 28 percent, while the figure in 2007 was as high as 54%. In 2008 the first three quarters, the consumer banking sector is the line in all sectors of the most profitable sector. In addition, foreign exchange and commodity trading to some extent make up for the Deutsche Bank in structured products revenue losses.
At present, Jain is working with several other bank executives to work together to give up their year-end bonuses. According to sources, Jain's global market sector plans 900 job cuts, the total number of employees by 15%. Merck Finck & Co. Companies in Munich analyst Konrad Becker (Konrad Becker) said: "In the past, when Jain department is the most profitable. In our view, he is the CEO of Deutsche Bank the next candidate. "further deepen the financial crisis could force Deutsche Bank to obtain from the investor more money, so Becker recommends selling shares of Deutsche Bank.
Transaction risk
According to Morgan Stanley (Morgan Stanley) banking analyst Van Steenis (Huw van Steenis) 12 dated 16 that, in spite of Goldman Sachs has the world's largest mergers and acquisitions advisory business, but Deutsche Bank's leverage ratio than Goldman Sachs Group more than twice, but also far higher than is located in London, Barclays Bank.
Third quarter of last year, due to intensified global economic recession, the risk increased, large-scale integrated-type financial institutions are facing the prospect of enormous pressure, Standard & Poor's Ratings Services (Standard & Poor's Ratings Services) lower than the United States and the European Bank's credit rating Deutsche Bank ranked one.
Van Steenis said: "We recognize that Deutsche Bank has its own good financial team, and the bank's risk management should be significantly better than many other banks. But it is not the usual time, is now such a serious credit crunch, credit market liquidity serious disruption to the flow, small-scale high-cost credit requirements, although more, but for the Deutsche Bank, such as large financial groups and there is not much benefit. On the contrary, we believe that the cost of diluting the risk remains high. "
Van Steenis said in London, Deutsche Bank, he predicted will increase by at least 6.5 billion euros the amount of capital injection, but the bank is likely to cut shareholder dividend income to improve their own balance sheet situation. This projection has great credibility. Van Steenis forecast with JPMorgan Chase Bank analyst Kian Abouhossein previous forecast made by the same amount of money. Kian Abouhossein, said: "Under the current circumstances, all the assets in the event of the diminution in value of the risks, the risks and therefore almost impossible to avoid." He also said: "Deutsche Bank's situation is relatively good, but in response to the current market uncertainty , the bank's financing may also be very large scale. "
Kian Abouhossein that Deutsche Bank's stock price changes can not indicate to the problems. But in 2008, Deutsche Bank in Frankfurt trading market share prices have fallen more than 69%, which is what investors obviously not good news, investors sold the bank's retaliatory in turn, will inevitably result in Deutsche Bank's market value has shrunk sharply . So far, Deutsche Bank's market value was only 13.9 billion euros poor.
Capital requirements
Deutsche Bank CEO Ackermann (Josef Ackermann) in November 12, 2008 made it clear that Deutsche Bank does not require government financial aid. He claimed that Deutsche Bank can fully rely on the internal self-rescue measures, such as the sale of company stock, the issuance of new corporate bonds. According to an informed source said last week, until now, Deutsche Bank does not accept government assistance plan also nothing has changed.
Germany's second-largest bank - Germany's commercial banks (Commerzbank AG) chief executive Martin - Blaesing (Martin Blessing) said that the German commercial banks would study carefully the government package of rescue package in order to determine "whether the plan to the line constitutes a practical significance, and then be taken into account. " January 9, the company announced the second phase of the Government grants have all到账a total of 10 euros, which the company will account for 25 percent of the total market value.
Although Deutsche Bank declined to accept government assistance, but that does not mean that the bank's financial situation is not without any problems. The bank December 17 aimed at the adoption of a cash fund programs involve a total sum of 10 euros, which shows that the banks have also resulted in a serious financial crisis. In view of people's doubts, Deutsche Bank made a clear response: "to make this decision because the replacement cost of funds to increase rapidly." Sanford Bernstein analyst Dirk - Hoffman - Menachem Begin (Dirk Hoffmann-Becking) pointed out that the : Deutsche Bank is seeking all possible ways to prevent the cost of capital growth.
Favorable accounting standards
According to the statistics show Abouhossein: Deutsche Bank in 2008 by total assets of the whole year is obviously much less than many U.S. banks, but also lower than the two rival UBS of Switzerland and Credit Suisse. According to statements by the end of 2008 third quarter showed that benefit from the new accounting standards by bringing the assets of reduction, the bank the third quarter of 435 million euros profit. Quarterly Bulletin revealed that the key to profits accounting rules change, which makes the bank the third quarter of assets decreased by 845 million euros, for a total of 1.2 billion euros to mention, by Assets of assets, including leveraged buyout loans, housing mortgage-backed securities and bonds and commercial real estate. Since last year, Deutsche Bank cut the total assets of 8.5 billion euros. Deutsche Bank's investment banking sector for the third quarter pre-tax loss of 789 million euros for the third consecutive quarter showing a loss. And before the once considered a stable business in the retail banking sector, asset management and global transaction banking sector pre-tax profit from the same period last year 832 million euros to 449 million euros decline.
Consumer banking business
Ackerman, president of Deutsche Bank in December 29 last year to accept a television interview that he completely failed to properly estimate the extent of the damage the financial crisis, but his quick recovery in financial markets have high confidence, the situation is expected to good changes will soon occur. But it was not until Lehman Brothers came tumbling down, the financial experts view of the financial markets should be changed. He said: "Until then I was well aware that this so bad."
Ackerman has been on the financial crisis, declined to comment, but rather focus on how to expand the Bank's business. He bought shares of Deutsche Post 30% stake in the company. Deutsche Post AG owns Germany's largest consumer banking business through the acquisition Ackerman plans to improve its private clients and corporate customer base.
Credit rating has been falling
Because of the financial market situation is too grim, Deutsche Bank's credit ratings have suffered a corresponding reduction. December 19 last year, Standard & Poor's ratings will be Deutsche Bank lowered to AA-from A +. The well-known rating agency, said Deutsche Bank in 2008 fiscal year can not be optimistic about Q4 Quarterly Bulletin, and by the market impact of the larger environment, and its level of profitability in 2009 will also be more in 2007 the level has dropped significantly. In a Bloomberg News survey of 43 analysts, only less than one-third think that investors should buy shares of Deutsche Bank. Correspondingly, more than 40% of the analysts recommended the purchase of UBS and Credit Suisse shares
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1/10/2009
German Finance Minister: Bank mergers and acquisitions benefit the German economy
German Finance Minister Peer Steinbrueck said the German Dresdner Bank mergers and acquisitions of commercial banks the benefit of the German economy, to strengthen Germany as a financial center.
German Finance Minister Peer Steinbrueck (Peer Steinbrueck) said that the German commercial banks (Commerzbank AG) acquisition of Allianz Insurance Group (Allianz SE)'s Dresdner Bank (Dresdner Bank) will help strengthen Germany as a financial center.
German Finance Ministry spokesman Torsten Albig said Steinbrueck said, "This is beneficial to the German economy", the German government of Germany's Commerzbank Dresdner Bank M & A transactions is not political bias.
German Deputy Finance Minister Joerg Asmussen said the deal is "progress in the right direction."
German commercial banks after the acquisition of Dresdner Bank, and its retail customers in Germany will be doubled to 11 million, more than Deutsche Bank (Deutsche Bank) of 9,700,000.
Germany, Mr Michael Meister said that the German commercial banks and Dresdner Bank M & A will become the second largest bank in Germany, "I congratulate all the relevant groups."
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German Finance Minister Peer Steinbrueck (Peer Steinbrueck) said that the German commercial banks (Commerzbank AG) acquisition of Allianz Insurance Group (Allianz SE)'s Dresdner Bank (Dresdner Bank) will help strengthen Germany as a financial center.
German Finance Ministry spokesman Torsten Albig said Steinbrueck said, "This is beneficial to the German economy", the German government of Germany's Commerzbank Dresdner Bank M & A transactions is not political bias.
German Deputy Finance Minister Joerg Asmussen said the deal is "progress in the right direction."
German commercial banks after the acquisition of Dresdner Bank, and its retail customers in Germany will be doubled to 11 million, more than Deutsche Bank (Deutsche Bank) of 9,700,000.
Germany, Mr Michael Meister said that the German commercial banks and Dresdner Bank M & A will become the second largest bank in Germany, "I congratulate all the relevant groups."
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