MARKETS-STOCKS/EUROPE German DAX opens 0.3 percent lower into new week

Record ID: 150629

  • Title: MARKETS-STOCKS/EUROPE German DAX opens 0.3 percent lower into new week
  • Date: 8th June 2015
  • Summary: FRANKFURT, GERMANY (JUNE 8, 2015) (REUTERS) EXTERIOR FRANKFURT STOCK EXCHANGE TOP SHOT TRADING FLOOR TRADERS AT MONITORS ELECTRONIC BOARD SHOWING DAX CURVE VARIOUS OF TRADERS AT MONITORS ELECTRONIC BOARD SHOWING HIGH OF DAX TRADER VARIOUS OF ELECTRONIC BOARD SHOWING BANK SHARES TRADER ELECTRONIC BOARD SHOWING VARIOUS SHARES INDICES (SOUNDBITE) (German) CAPITAL MARKET ANALY
  • Embargoed: 23rd June 2015 13:00
  • Keywords:
  • Location: Germany
  • Country: Germany
  • Topics: General
  • Reuters ID: LVA8T7H1GQN416T9FZ4PAL4Z7TY9
  • Aspect Ratio: 16:9
  • Story Text: European shares fell on Monday (June 8) over renewed Greece worries, although Deutsche Bank outperformed to surge higher after boardroom changes at the German bank. The positions of the Greek government and the international financial backer in the debt crisis have become entrenched again in recent days.
    The German DAX lost 0.2 percent and opened with 11,174 points.
    Shares in Deutsche Bank rose 7.2 percent after the company purged its leadership on Sunday (June 7), appointing Briton John Cryan as chief executive to replace Anshu Jain just two weeks after Jain was given more power to reorganise the bank.
    "Deutsche Bank has not had the best reputation over the last three years. It was always regarded as the bank with scandals. That image shall be changed," said the analyst at the German private Baader bank, Robert Halver. "It is like in politics: new brooms sweep well. They want a clean slate, get rid of the problems, and they are well aware that new people are going to start new."
    Also very important is the change away from the dual leadership. It does not make sense according to Halver: "There is old proverb: On every ship with steam and sails, there is only one man in charge. And this one is Mr. Cryan."
    Halver is not too concerned that Deutsche Bank' new CEO is not German. "There is no way that a non-French could be boss of a French big bank. We here in Germany, we are more internationally, globally oriented."
    With Cryan beings also an investment banker, the course of Deutsche Bank is evident: "That means that Deutsche Bank remains an investment bank. Definitively. It also means that the private banking certainly will be cut down, Postbank sold and the number of branches will be also be cut down."
    The absence of any new developments in Greece lead to investors showing restraint.
    The big loser of the DAX was BASF and Bayer, whose shares dropped by roughly 1 percent respectively.
  • Copyright Holder: REUTERS
  • Copyright Notice: (c) Copyright Thomson Reuters 2015. Open For Restrictions - http://about.reuters.com/fulllegal.asp
  • Usage Terms/Restrictions: None
Register