Sunday, April 26, 2015

Future of German Bank – Fear of the investment bankers – Sü

  • The German bank will gradually shares of the subsidiary Postbank sale. 2018, the Group intends participation completely be rid
  • Detailed plans will introduce the head of Deutsche Bank on Monday
  • The Postbank staff welcome a change of ownership -.. And they consider their current continue strike. Some stores will remain closed.
  • Critics complain that move through the sale of Postbank the weights at Deutsche Bank towards investment bank.

By Harald Freiberger, Stephan Radomsky and Meike Schreiber

The mood was said to be pretty good, up on the 34th floor – very different down outside the door. On Friday, first met the Board in the twin towers of the Deutsche Bank to define the strategy for the coming years. He then presented the plans to the Supervisory Board. Co-chief Anshu Jain was there quite cheerful and relaxed, tell participants. Probably because he knew that things would go well for him

The meeting lasted nearly eight hours by 23 clock then the result. The Board concurred with the proposal of the Board unanimously. The core is the separation of the Postbank, in which it was entered in 2008. The Deutsche Bank branches remain in the group, but will shrink, as well as investment banking. Just as it had the co-chiefs Anshu Jain and Jürgen Fitschen willed, they can feel as the winner of this eventful Friday. Details they want to present on Monday.


Who are the losers? What will become of almost 15 000 employees of Postbank? Several hundred of them had lunch protested outside the headquarters and blown into their whistles, so loud it could be heard in the 34th floor. They are concerned with the stalled collective bargaining, they want 5.5 percent more content, but above all a job guarantee until 2020. The uncertainty of the future has driven along. “The German bank wanted us never have employees, but only the customers,” said an employee of the Frankfurt Postbank administration. “It is better if we get a new owner -. Even if you do not know what’s up”

Verdi boss Frank Bsirske brought workers camp on line

The German bank has so far only informed that she wants Postbank “deconsolidated” meaning their share, currently 94 percent, to first press below 50 percent. Should this happen to an IPO, which is being prepared now. From 2016, the shares should be sold gradually. At the end, probably in 2017 or 2018, which German bank wants to be completely rid of the participation. Even for a large investor it is still open. Are repeatedly mentioned the Spanish banking giant Santander and the French BNP Paribas.

On Sunday, the Institute published the results of the first quarter of 2015. Although the profit before tax fell by twelve percent to 1.48 billion euros, but it had 1.5 billion euros must be spent on litigation, especially for the Libor scandal. 200 million euro profit contributed the near future “deconsolidated” Postbank.

An important role is played at the board meeting, the union Verdi, which is traditionally strong at Postbank. She struggled long with whether she should accept the present model. At the end she decided because it is the best solution from their point of view to obtain jobs. Especially Verdi boss Frank Bsirske brought the workers camp on line.

The alternative would have been completely cleave the retail business of the Group, ie including Deutsche Bank branches. The core bank would then only as an investment bank continues to exist, the large corporations and large fortunes looked after. From this radical solution, the desired above all investors, and Jain hinge plates were removed last.

German bank admission of failure

The German Bank separates from her daughter Postbank. It is the biggest change in direction for years for the Institute – and shows that the double peak Jain and Fitschen has failed. The loser of the great change is now still another.

The employee stock approved the sale of Postbank, because it feared that a complete elimination of private banking business much more jobs would have cost. German Bank and Postbank would then have been well combined. The result would have been a strong reduction of branches and agencies on both sides. It is now hoped that the degradation keeps the frame. At Deutsche Bank, it is said, could one third of the approximately 750 branches and 5000 to 7000 of the 48 000 jobs eliminated. The employee is hoped that this can be done without layoffs.

And at Postbank? Verdi expected that the job guarantees in 2020 could now be granted even easier. For last, it was mainly the German bank owners, who refused to guarantees. He saw it as an obstacle for a large investor to buy the daughter. This argument has now disappeared as an IPO is sought, not for sale. The Deutsche Bank decision change but nothing on the labor dispute at Postbank, said Sunday of the trade union Verdi. It’ll go on a strike for an extension of employment protection, and to lay any new offer on the table.

Accordingly, Postbank need, but more also adjust postal customers in the coming days out in hundreds branches in front of closed Doors to stand. Basically, the union expressed at the weekend but cautiously positive. “That’s not the worst of possible options,” said a representative of Verdi.

Your Forum Postbank separation: Will the German bank so profitable?

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Positive finds Verdi also that “can build on the good development in recent years, Postbank, without continue to be subject to “the restrictions of a particular regulated global bank. It was feared that the expensive investment banking had been financed by savings at Postbank.

Investment Banking is returned

The regulation was the main reason why the strategy turnaround was needed at all. The guards broke the world on to underpin the Bank’s risks with more equity. For future will not return taxpayers foot the bill if the transactions go wrong. In particular, the trade in stocks, bonds and currencies was so expensive.

Other large banks such as Barclays and UBS already drove investment banking sharply. Jain, however, hoped to be able to benefit and grow from their retreat. The Killing, especially as the Mini interest and penalties expensive burden on the profits. All this pushed the yield on the German bank, they should be at twelve percent, was last but not even three percent. Investors are urged to turn – and that means especially shrinkage

In the investment banking transactions should be eliminated up to 200 billion euros, about one-fifth of total assets.. Nevertheless, critics complain that move through the sale of Postbank the weights towards investment bank.

The old trenches have deepened through the skirmish over the past weeks. There are the bonus supposedly selfish investment bankers on the one hand, and the good folks residential customers on the other. The private client division with her boss Rainer Neske (see below left) is for observers of the real loser of the previous Fridays. “The German bank is managed from London by the strategic change even less German and future final,” said a representative of this camp. He fears that “the once proud German Bank as an investment boutique or in the arms of a major international bank.”


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