The high personal toll of Deutsche Bank's fall
New York
IN 2005, Deutsche Bank, then a powerhouse in the selling of risky derivatives on a global scale, was minting money. To mark the moment, the bank's profit engine - its global markets division - commissioned a book about itself. The remembrance would celebrate how Deutsche Bank, once a sleepy lender to German car companies, had transformed itself in just 10 years into a force in financial engineering, selling interest-rate swaps, credit derivatives and opaque tax-slashing investment vehicles to the world's wealthy elite.
In the view of one senior executive, it all came down to masterly salesmanship by a single man, Anshu Jain, the chief promoter of the bank's hottest product: risk.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
AI risks to financial stability are already a central bank worry
DBS CEO Piyush Gupta sells S$2.7 million worth of bank shares
Over S$646,000 spent to store, maintain, safeguard assets in money laundering case
Philippines eyes US$2 billion in its first global bond this year
UniCredit jumps past 60 billion euro market cap to join elite club
New Thai finance minister downplays row with central bank