Deutsche Bank, padli angel

Finančni in moralni padec Deutsche Bank, največje nemške banke, lahko še najlažje primerjamo s finančnim in moralnim padcem slovenske rimskokatoliške cerkve. Obe instituciji, simbola stabilnosti, vsaka na svojem področju, sta se prepustili nenasitnemu pohlepu nekaj posameznikov in se pustili zvleči v finančno in moralno brezno. Der Spiegel ima dobro reportažo o padcu Deutsche Bank.

What we have found in the course of these myriad interviews — combined with the hours spent analyzing bank balance sheets, thousands of pages of files, committee meeting minutes and archive material — is that the collapse of Deutsche Bank is the result of years, decades, of failed leadership, culminating in the complete loss of control of the company by top managers during the period between 1994 and 2012.

It is a story about how Hilmar Kopper, Rolf E. Breuer and Josef Ackermann, the leaders of Deutsche Bank during those fateful years, essentially turned over the bank to a hastily assembled group of Anglo-American investment bankers before Anshu Jain, the prince of these traders, rose to the top and spent three more years sailing the bank full-speed-ahead into the shoals.

It is also a story of how these bank heads, along with numerous other members of the management and supervisory boards, stood aside as Jain and the many other new investment banking heroes modified the staid German financial institution to serve their own purposes — essentially looting it and robbing it of its very soul — without leaving behind a better, stronger bank.

The subject is vast and convoluted, given the many aspects and paradoxes that come with the decline of such a large financial institution. One of those is the fact that, even as Deutsche Bank is rapidly losing value, it is still seen today as the largest systemic risk for the global finance world.

But their claims must be examined critically. When looking back at past decisions, one can easily seem like a know-it-all, but it’s just as inappropriate to fall prey to historical relativism. When a bank like Deutsche, once an icon of respectability and solidity, transforms into a caricature of “The Wolf of Wall Street,” something must have gone wrong and someone must have been responsible.

Deutsche Bank is broken. It might be able to extract itself from the 7,800 lawsuits it is currently involved in, or it may shrink to the point that it will no longer pose a systemic risk, or it may manage to find investors to help it scrape together sufficient capital to fulfill legal requirements. In the most extreme case, it may even be bailed out by the German state. But it is broken nonetheless when compared to that which it once was: a brand, a symbol, a German icon.

Vir: Der Spiegel

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