Deutsche Bank chief sees signs of market recovery
September 24, 2007 - 0:0
FRANKFURT (AFP) -- Deutsche Bank Chief Executive Josef Ackermann said there were ""encouraging"" signs that financial markets were recovering after a global credit crisis.
""I expect investors to return in the coming months, and for the markets to get back to normal,"" the head of Germany's largest bank told an edition of Der Spiegel magazine.The conditions were set, he said, ""and we can already see the first encouraging signs in that direction"".
Ackermann acknowledged in an interview that Deutsche Bank had ""made errors"" during the crisis, which was sparked by the collapse of the U.S. market for high-risk mortgages, and its results would be affected.
The comment prompted a strong response in the markets, as the banking sector had until then considered Deutsche Bank to have weathered the storm.
Ackermann said those reactions showed ""the extent of the nervousness"" about the impact of the crisis on the viability of financial institutions, and called for as much transparency as possible to remove uncertainty from the markets.
He had calmed the markets at the beginning of September by declaring that the effects of the global credit crunch on Deutsche Bank would be limited