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« Janet Yellen Might Ruin Your Summer Vacation | Main | Buy Gold Since Low Rate Trend Will ‘End in Tears’ Warns Jim Grant »
Wednesday
Aug242016

Deutsche Bank CEO Warns Of "Fatal Consequences" For Savers

 

Deutsche Bank's war of words with the ECB is not new: it was first unveiled in February when, as we wrote at the time "A Wounded Deutsche Bank Lashed Out At Central Bankers: Stop Easing, You Are Crushing Us." Europe's largest bank, with the massive derivatives book, then upped the ante several months later in June, when its chief economist Folkerts-Landau launched a shocking anti-ECB rant inwhich it warned of social unrest and another Great Depression. Ironically, these infamous diatribes hurt more than helped: telegraphing to the market just how hurt DB was as a result of the ECB's monetary policy, the market punished its stock, which has been recently trading within spitting distance of all time lows, in effect making Deutsche Bank's life even harder as it now has to contend not only with its own internal profitability problems, but also has to maintain a market-facing facade that all is well. So far, it has not worked out very well.

So, in what may have been DB's loudest cry for help against the ECB's unwavering commitment to rock-bottom interest rates, the bank's CEO, John Cryan, warned in a guest commentary ahead of the Handelsblatt Banking Summit titled, appropriately enough "Banks in Upheaval", to be held in Frankfurt on August 31 and September 1, that “Monetary policy is now running counter to the aims of strengthening the economy and making the European banking system safer."


read more.....

Another reason not to keep your gold in a bank, something we have been covering for our subscribers for some time now.

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