Bankrupt Banker: Deutsche Bank

Deutsche Bank banned staff from visiting brothels on expenses

<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjWddpw8x3AIOWrrwo0g316i4UUY7LE45kfUyoT57ugEKmZ0cVn5h5FnKZ0MZJRKSFDcD_iCp6fWbK74QNja5CD0XfCFy9TGNj6kkHVVMLAs5Tw3Ed4OQC5T1Ktw00WSffNBSw27WETkorP/s1600-h/2409747636_a38afba4d7.jpg"><img alt="" border="0" id="BLOGGER_PHOTO_ID_5191968019530156898" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjWddpw8x3AIOWrrwo0g316i4UUY7LE45kfUyoT57ugEKmZ0cVn5h5FnKZ0MZJRKSFDcD_iCp6fWbK74QNja5CD0XfCFy9TGNj6kkHVVMLAs5Tw3Ed4OQC5T1Ktw00WSffNBSw27WETkorP/s400/2409747636_a38afba4d7.jpg" style="float:left; margin:0 10px 10px 0;cursor:pointer; cursor:hand;" /></a>Germany's biggest bank today banned staff from visiting brothels on expenses and putting hotel TV porn channels on their company credit card. The crackdown came in new rules issued to executives as Deutsche Bank cuts costs after losing at least £2billion so far in the global credit crunch. "Deutsche Bank does not approve of any adult entertainments and such expenditures will not be reimbursed", according to the memo leaked to news magazine Spiegel. Strapped: Germany's biggest bank is suffering the offset from the subprime lending crisisAccording to Spiegel, the new edict was aimed at senior staff in the bank's communications and social responsibility department. The memo further warns that the bank's credit cards must not be used for such purposes. Whether the ruling was prompted by a recent upsurge in executives seeking erotic relief from subprime deals that have gone bad was not specified. Further belt-tightening at the bank includes prior approval from a boss before a taxi can be taken, a limit of £50 on a business meal and train rides in Germany must all be second class if they are under one hour. Sex, yes, but don't charge us for it: Deutsche Bank warns staff One further stiupulation is that employees stepping off of overnight flights who are expected in work or at a business meeting are now to shower at the airport instead of booking a hotel room to do so. The reason for the memo: apparently there have been "minor infringements" of late which the bank wants to stamp out in hard times.

Deutsche Bank banned staff from visiting brothels on expenses

Germany's biggest bank today banned staff from visiting brothels on expenses and putting hotel TV porn channels on their company credit ...

Deutsche Bank AG, Germany's biggest bank, will write down 2.5 billion euros ($3.9 billion) of loans and asset-backed securities and said markets are d

``Conditions have become significantly more challenging during the last few weeks,'' Deutsche Bank said today in a statement. The Frankfurt-based company's shares, which have declined 17 percent this year, rose on speculation the worst of the losses in the banking industry may almost be over. Deutsche Bank AG, Germany's biggest bank, will write down 2.5 billion euros ($3.9 billion) of loans and asset-backed securities and said markets are deteriorating. Deutsche Bank, which increased earnings in 2007, said a week ago its 2008 pretax profit target is under threat. Chief Executive Officer Josef Ackerman cited ``difficult'' market and economic conditions. UBS AG said today Chairman Marcel Ospel will depart after reporting an extra $19 billion of writedowns. ``The subprime crisis is catching up to Deutsche Bank,'' said Konrad Becker, a Munich-based analyst at Merck Finck & Co. who recommends holding the shares. ``This means that Deutsche Bank is at risk of reporting a first-quarter pretax loss.'' Deutsche Bank rose 2.9 percent to 73.81 euros at 1:05 p.m. in Frankfurt trading. The 60-member Bloomberg Europe Banks and Financial Services Index gained 2.2 percent, cutting this year's decline to 16 percent. ``The immediate stock reaction is hope among investors that we've touched bottom,'' said Derek Chambers, an analyst at Standard & Poor's Equity Research in London who has a ``hold'' rating on Deutsche Bank. ``Deutsche Bank shares are reacting more to the general financial sector trend than anything else.'' Deutsche Bank said today it will cut the value of leveraged-buyout and commercial real-estate loans and residential mortgage-backed securities in the first quarter. Markdowns on assets backed by residential mortgages ``principally'' involve 7.91 billion euros of so-called ALT-A mortgages, which fall between subprime and prime, the bank said. ``The market was prepared,'' said Thomas Nagel, a Frankfurt-based trader at Equinet AG. ``Bank stocks could even being nearing a turnaround because the drops have been exaggerated.'' Ackerman, attending a banking conference in London today, wouldn't answer questions. Deutsche Bank spokesman Christian Streckert cited last week's annual report when asked today about the 2008 pretax profit forecast of 8.4 billion euros, which excludes one-time effects. The bank on March 26 said writedowns and a worsening economy would ``adversely affect our ability to achieve our pretax profitability objective.''

Deutsche Bank AG, Germany's biggest bank, will write down 2.5 billion euros ($3.9 billion) of loans and asset-backed securities and said markets are d

``Conditions have become significantly more challenging during the last few weeks,'' Deutsche Bank said today in a statement. The Fr...