Josef Ackermann

FRANKFURT (Reuters) - Germany's Bundesbank urged banks to use a markets recovery to restructure and prevent a rerun of the financial crisis even as Deutsche Bank's chief called for a common bailout fund with taxpayer backing. "The responsibility for avoiding future financial crisis lies with the credit industry itself," said Bundesbank President Axel Weber, who also sits on the European Central Bank's policymaking Governing Council. "Our contribution as regulators will be that we help to make sure that that is recognized and carried out." Speaking at the same conference in Frankfurt, Deutsche Bank <DBKGn.DE> CEO Josef Ackermann defended the need for large global banks ... Read Full Story

Deutsche Bank is set to become the largest shareholder in China's Huaxia Bank after agreeing to increase its stake in the mid-sized lender to 17.12 percent, the Chinese bank said Thursday. Deutsche Bank will buy 171.2 million shares, or a 3.43 percent stake, from German private investment firm Sal Oppenheim Jr and Cie for 81.6 million euros (121.8 million dollars), Huaxia said in a statement to the Shanghai Stock Exchange. After the deal is completed, Deutsche Bank, which currently owns 13.69 percent of Huaxia Bank, will overtake state-run steel maker Shougang Group as the Chinese lender's largest shareholder. The stake a single foreign investor ... Read Full Story

Deutsche Bank AG, Germany's biggest bank by assets, said Thursday that tax credits and increased trading revenue pushed its third-quarter earnings more than three times higher. The company made a net profit of euro1.4 billion ($2.1 billion) in the July-September period compared with euro414 million a year earlier. The gain was propelled by some euro369 million in tax benefits. Revenue rose 64 percent to euro7.2 billion compared with euro4.4 billion in the same quarter last year. The figures beat expectations with analysts polled by Thomson Reuters expecting euro836 million in net profit and euro6.7 billion in revenue. The results were in line with the ... Read Full Story

Deutsche Bank, the biggest German bank, presented crisis-beating results on Thursday, cutting provisions against bad loans and reporting its third big net profit in a row. Net profit for the third quarter was 1.4 billion euros, the third in a row to exceed one billion euros (1.47 billion dollars). "All our business segments were profitable in the quarter," chairman Josef Ackermann was quoted by a statement as saying. A strong contribution came from the Corporate Banking and Securities division which showed earnings of 4.4 billion euros, four times the amount posted in the third quarter of 2008. Provisions against bad loans, an indicator of ... Read Full Story

Germany's largest bank, Deutsche Bank, said Wednesday that its third quarter profits had more than tripled, the latest good news from major banks as they recover from the Lehman Brothers debacle. The result stemmed largely from one-off tax effects however and Deutsche Bank shares fell on the Frankfurt stock exchange owing to fears the bank might have to raise capital to fund pending acquisitions, an analyst said. Deutsche Bank said that according to preliminary estimates, net profit was 1.4 billion euros (2.1 billion dollars), up from 414 million euros in the same period a year ago. Deutsche Bank declined German state aid, taken up ... Read Full Story