Deutsche's Hit Kept to Pounds 1.5 Billion ; Subprime Crunch

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GERMANY'S biggest bank, Deutsche Bank, emerged from this summer's credit crisis much less scarred than many of its rivals, and its chief executive Josef Ackermann even believes the meltdown may prove advantageous.

He expects clients to return to big high-quality banks rather than flirt with boutique operators. Deutsche was hit by the US subprime mortgage collapse and its knock-on effects. But the e2.2 billion (Pounds 1.5 billion) writedowns it made in its third quarter were less than the stock market had expected and exactly half the amount announced by Swiss rival UBS yesterday.

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Deutsche's Hit Kept to Pounds 1.5 Billion ; Subprime Crunch

Ackermann said: "Challenges undoubtedly remain; however, this is also a...

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