Chillin' out till it needs to be funded
Deutsche Bank had a Tier I Capital Ratio of 7% even in 2008 and was among the last to record the failed investments and their write downs to report huge 2008 losses. The bank however swung back the whole way reposing investors’ confidence in its scrip which has since doubled to close at EUR 45 or USD 64 on the NYSE It is paying payroll taxes of USD 225 million in London while its trading division in London has been one of the stronger divisions this year. Compensation ratios at other banks favor average bonuses of $400 K, ( Morgan Stanley?) and the London Bankers can’t complain guessing from the significant place of the tax payment in all bank communications.
Equities fared worse than American majors, down 60% while Debt remained subdued like everyone else, no surprises there for EUR 1.28 billion from the erstwhile Global Markets unit. the final profit reporting a big chunk of EUR 790 million from deferred tax assets as profit for the year. However, 2010 would expect a lot from the bank’s new crop pre selected from the innumerable 2009 exits at Lehman’s, Merrill and Goldman Sachs