deutsche bank 3.1 billion writedown in 2008

The survey reflects the opinions of more than 340 research analysts and port-folio managers at 235 institutions overseeing an estimated $3.4 trillion in European equities. Shareholders place a high premium on open lines of communication with the companies in which they invest, especially at a time when uncertainty is roiling markets, and no European bank is more receptive to the needs of its investors than Deutsche, according to participants in Institutional Investors third annual survey of Europes Most Shareholder-Friendly Companies. That was not only to tell people where we see our business headed but to give them the opportunity to ask questions. One of the things we did that we hadnt done previously was to arrange meetings with our head of sales and trading. It is important to be early, comprehensive, consistent and transparent, explains Di Iorio. Relieved investors drove up Deutsches share price by more than 2 percent that day. On October 3, two days after UBS and Citi-group disclosed the first major write-downs, Deutsche reported 2.2 billion ($3.1 billion) in mortgage-related losses for the third quarter, much less than -many analysts expected. The -iconic German financial institution was among the first banks to announce that it would write off subprime-related losses. One month later chief executive officer Josef Ackermann delivered a speech at a financial conference organized by German newspaper Handelsblatt in which he discussed Deutsches exposure in areas like leveraged loans, subprime mortgages and other asset-backed securities. On August 1, chief financial officer Anthony Di Iorio outlined the banks leveraged finance positions in a conference call with analysts and investors and explained its procedures with regard to mark to model valuation practices.

When the first winds of the U.S.-led subprime mortgage crisis began to rattle world financial markets last summer, top executives at Deutsche Bank decided to reach out to investors rather than wait to be approached.

Deutsche bank 3.1 billion writedown in 2008