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
New rules for the EU's single market will make it easier to live and do business anywhere in Europe.
more »
MEPs were disappointed that the Commission's EU budget review document had not sought the radical revision that the EU needs, they told Budgets Commissioner Janusz Lewandowski in a Policy Challenges Committee debate on Thursday.
more »
On 25 October, the Commission adopted the decision to financially support the 2011 electoral process in the Central African Republic.
more »
New EU framework for crisis management in the financial sector for managing problems before they spiral out of control.
more »
The financial crisis laid bare the limits of self-regulation, demonstrating the need for strong EU economic governance, surveillance and policy co-ordination, say two non-legislative resolutions voted by Parliament on Wednesday.
more »
The European Commission has approved an application from Germany for assistance from the European Globalisation adjustment Fund (EGF).
more »
Global and EU- level taxes on financial sector would help to fund international challenges such as development or climate change and fix the fallout from the global economic crisis.
more »
The European Investment Bank and African Development Bank today agreed to provide EUR 45m to design, build and operate onshore wind farms on four islands in the Cape Verde archipelago.
more »
MEPs want future EU budgets to accommodate new policy priorities as well as negotiations on new sources of financing.
more »
The European Parliament's Budgets Committee on Monday backed EU funding for 3,731 workers in Portugal, the Netherlands, Spain and Denmark who were made redundant due to the closure of their companies.
more »