Deutsche Bank CEO Seeks 12 Billion-Euro Pretax Profit, DZ Says
By Aaron Kirchfeld - May 17, 2011 9:07 AM GMT+0200
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Business ExchangeBuzz up!DiggPrint Email .Deutsche Bank AG (DBK) Chief Executive Officer Josef Ackermann is targeting pretax profit of 11 billion euros ($15.6 billion) to 12 billion euros annually in the next two to three years, a DZ Bank AG analyst said, citing a roundtable with the manager yesterday evening.
The “main trigger” for the earnings growth will be the private and business client unit including Deutsche Postbank AG (DPB), DZ Bank’s Matthias Duerr wrote in a note today. Ackermann “seems to be very relaxed” about the potential impact of lawsuits on the bank’s profit and reputation, the analyst said.
To fulfill potential additional capital requirements for banks considered to be systemically important “we got the impression that CoCos should be the main instrument,” Duerr wrote. Contingent convertible bonds automatically become equity when capital falls below preset levels.
Ronald Weichert, a spokesman for Frankfurt-based Deutsche Bank, declined to comment on the meeting.
To contact the reporter on this story: Aaron Kirchfeld in Frankfurt at akirchfeld@bloomberg.net
To contact the editors responsible for this story: Frank Connelly at fconnelly@bloomberg.net; Edward Evans at eevans3@bloomberg.net
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