More bad news for German banks as further losses and closures suggest worse is to come
Published:
26 July 2002 y., Friday
After last year's announcement that more than 27,000 jobs were in danger at four major German banks, more financial institutions find themselves victims of the slide after more bad news.
More bad news for German banks as further losses and closures suggest worse is to come.
At the end of last year, the main players in the German banking world - Commerzbank, Deutsche, Dresdner and HypoVereinsbank AG - released the grim news that more than 27,000 employees would lose their jobs in a bid to save the companies from potential ruin.
On Friday, further bad news for bankers surfaced as HypoVereinsbank AG announced the first operating loss in its history and news broke of the planned closure of 21 branches of Sparkasse Berlin.
HypoVereinsbank showed the true extent of the current weakness of the capital markets by presenting an operating loss, which would have been accompanied by a net loss had it not been for exceptional gains.
In its half-yearly report, HypoVereinsbank, the second largest in Germany, recorded an operating loss of 89 million euros ($89.4 million) after profits of 330 million in the first quarter and 286 million in the second quarter of 2002.
Šaltinis:
dw-world.de
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
Today, the Commission published a Communication which outlines the most serious tax problems that EU citizens face in cross-border situations and announces plans for solutions.
more »
The European Commission has opened a formal investigation under EU state aid rules to examine a number of support measures, including several capital injections and shareholder loans, that the Hungarian authorities granted to Malév-Hungarian Airlines in the context of its privatisation and subsequent renationalisation.
more »
Internet and lax customs enforcement drive growth of 600 billion US dollar counterfeit goods industry.
more »
350 million people rose out of poverty in the past decade, but 1.4 billion are still extremely poor, says the latest report into rural poverty.
more »
New plan sets out action to reach 75% employment target for the EU by 2020.
more »
Research Ministers of the EU Member States and Associated Countries, together with the European Commission, are announcing in Brussels today three new pan–European energy research infrastructures.
more »
Algirdas Šemeta, Commissioner for Taxation, Customs, Audit and Anti-fraud, is visiting Moscow today to discuss ways in which customs cooperation between the EU and Russia can be reinforced.
more »
Following on from Monday's debate with ECB President Jean-Claude Trichet, MEPs on Tuesday adopted a resolution, by a show of hands, gauging the ECB's performance in 2009 and suggesting actions to be taken in view of the economic situation.
more »
The European Parliament today approved €10.5 million in European Globalisation Adjustment Fund aid to over 3,000 people in the Netherlands who lost their printing and publishing sector jobs last year, due to the economic crisis.
more »
A diamond-studded gold coin engraved with a picture of the Taj Mahal and worth 100,000 euros is unveiled at the Paris mint.
more »