Late Lunchtime Links: The chairman of Commerzbank is actively hostile to the idea that bankers should make large sums of money; secrets of the Commerz executive washroom
People at Commerzbank probably know this already. So too will people who have already read Michael Lewis's immense German article in Vanity Fair.
For those for whom this is new news and who have not read Lewis's interesting opus on the state of Germans, Germany and German banking, here are some of his most salient points:
- Klaus-Peter Müller, chairman of Commerzbank, is, 'actively hostile to the idea that bankers should make huge sums of money' and questions why anyone would want to pay "$20m to a 32 year old trader."
- Commerzbank executives in Frankfurt have a toilet at the top of the building which affords them the sensation of urinating on Deutsche Bank.
- Even though German bankers earned far less than American bankers, they are vilified far more by the German public. The CEO IKB, Stefan Ortseifen, received a 10-month suspended sentence and has been asked to return his 705k salary.
- Germans are obsessed with rules and superficial cleanliness. They are also obsessed with scatological issues, however. This alleged combination can be used to explain the national character (at least Lewis uses it to).
Societe Generale said yesterday its performance in July and early August shows it will be able to post "solid" results in the future. (Bloomberg )
The head of the credit risk book at one of the largest French banks told me yesterday that his institution has seen a one-third reduction in the volume of credit available from U.S. counterparties. (Reuters)
How the Daily Mail spread false rumours about SocGen. (LeMonde)
Actually no one really knows how well banks are doing in the third quarter. (~Bloomberg)
"We have no current plans to introduce a short-selling ban in the UK." (Guardian)
Citadel has been looking for buyers to hire its investment bankers and take over any obligations to its employees, according to two people familiar with the matter. (Bloomberg)
"I can't think of one large investment banking deal they [Citadel] advised, or a new I.P.O. they brought to market. So why stay in that business?" (DealBook)
BofA can only sell its stake in China Construction Bank at a big discount. (DealBook)
If US growth slows, profit estimates for BofA may need to be slashed 30%. (Bloomberg)
One man shows how to make a properly impressive video pitch if you want to get yourself hired. (Brandflakesforbreakfast)
