Banks ponder the meaning of life as Deutsche agonizesIt wasn’t just Deutsche Bank that was grappling with big questions about the future at the International Monetary Fund meetings in Washington last week. A statue is pictured next to the logo of Germany’s Deutsche Bank in Frankfurt, Germany September 30, 2016. “It is a game changer, not just for banks but for the whole financial industry,” he told an audience from the Institute of International Finance (IIF), a trade group for big banks that holds its annual meeting alongside the IMF. But Deutsche Bank’s fundamental problem is that its large investment banking business doesn’t fit the post-crisis era. Sergio Ermotti, the chief executive officer of Swiss bank UBS, said those defenses had proved their worth in recent weeks when other European banks were largely insulated from the lurch in Deutsche Bank’s shares.

Source: Manila Bulletin October 10, 2016 03:22 UTC