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Deutsche Bank: Global markets stabilizing

Sept. 4, 2007 at 9:49 AM   |   Comments

FRANKFURT, Germany, Sept. 4 (UPI) -- The chief executive officer of Germany's Deutsche Bank AG said Tuesday he saw signs global financial markets were stabilizing.

"I am optimistic about the environment globally for financial institutions,'' Josef Ackermann said in a statement, without offering details.

He said he believed the global economic system, supported by regulators and central banks, would contain the U.S. subprime-loan crisis, which Germany's largest bank described last month as creating "very challenging" market conditions as the crisis spread.

"The turbulent market conditions during the month of August inevitably affected Deutsche Bank, notably in sales and trading and corporate finance," Ackermann said.

But "thanks to Deutsche Bank's strong risk management, our counterparty and credit exposures remained well controlled," he said.

© 2007 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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