Dr. Beate Reszat is the greatest economist that I ever know.
Let us hope that this will not become a habit. As David Enrich (The Wall Street Journal) wrote the other day on Twitter
RBS becomes second big EU bank to pre-announce lousy 4Q results, following Deutsche Bank eight days ago. pic.twitter.com/X6jCWcrCq1
— David Enrich (@davidenrich) January 27, 2014
The tactics to choose a favorable moment (in case of Deutsche Bank a Sunday) ahead of the regular presentation of results to confront the markets with bad news illustrates how much, five years after the peak of the financial crisis, both institutions are still struggling to explain their activities and performance to the public in a damage-limiting way. What happened to the two banks which were once the biggest in the world? The following is a short compilation of information from banks’ press releases, media comments and other readily available sources to find out what the main problems are. Of course, this…
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