Posted by: jhamon | August 1, 2009

Next Wave of Crisis? Bad Loans

Josef Ackermann

Josef Ackermann of Deutsche Bank

Josef Ackerman, CEO of Deutsche Bank AG, says foresees the next wave of the Great Unwind: bad loans.  From Bloomberg:

“This crisis has consisted of a series of earthquakes, with changing epicenters,” Ackermann said late yesterday at an event in Zurich. “Bad loans are the next wave. Banks that have fared relatively well so far will also be affected by this.”

“We were struck by the 44 percent increase in problem loans in the quarter,” Morgan Stanley analysts Huw van Steenis and Hubert Lam said in a note today…

“The crisis is not over,” Ackermann said. “When one looks at the developments of global economic growth, then it can be expected that starting in the second half of this year we slowly move into the positive territory. But we’re still moving on a low level.”

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  1. […] This post was Twitted by jhamon […]

  2. Pretty cool post. I just came by your blog and wanted to say that I have really enjoyed browsing your posts.

    Any way I’ll be subscribing to your feed and I hope you post again soon!

  3. Hey thanks for the kinds words. Just got back from a week in Kaua’i and I’m sure I’ll be back in the saddle in a day or two…

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