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Deutsche Bank Pessimism: Ackermann Warns of Renewed Financial Crisis

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Josef Ackermann, the CEO of Deutsche Bank, has said that the current market volatility reminds him of the days immediately preceding the collapse of Lehman Brothers. He also blasted the IMF, saying that calls for the mandatory recapitalization of European banks are "not helpful."


It has been a mere three years since the collapse of the investment bank Lehman Brothers plunged the world into a deep financial crisis. But now, with economic indicators offering little room for optimism, a new crisis may be on the horizon.


That, at least, was the message offered by Deutsche Bank CEO Josef Ackermann on Monday in comments delivered at a conference in Frankfurt. "We should resign ourselves to the fact that the 'new normality' is characterized by volatility and uncertainty," Ackermann said. "All this reminds one of the autumn of 2008."


Read the article here: http://www.spiegel.de/international/business/0,1518,784497,00.html

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