Financial markets should be ‘bearers of bad news’, Deutsche Bank CEO states

28 May 2010

The financial markets are supposed to act as “bearers of bad news”, the chief executive officer (CEO) of Deutsche Bank has said.

Josef Ackermann made the comments during a talk to shareholders at the financial institution’s annual general meeting.

His speech followed new legislation introduced in Germany by financial regulator BaFin, which last week banned short-selling in a bid to reduce risk within the markets.

Mr Ackermann, who was quoted by Reuters, said: “At present, the markets are bearers of bad news, for instance relating to Greece and the euro. However, bearing news is their intrinsic function. They cannot be held responsible for the actions of the actors sending out these signals.

“Especially here in Germany, where those responsible in business and politics live and work further apart geographically than in other countries, we must make a greater effort to listen to one another.”

Deutsche Bank was already holding talks about who would replace him when his term in the post finishes, the institution’s CEO added.

Mr Ackermann is due to stand down from his current role in 2013.

By Jim Ottewill

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