Lars Seier Christensen, co-chief executive officer of Danish bank Saxo Bank A/S, said the euro’s recent rally is illusory and the shared currency is set to fail because the continent hasn’t supported it with a fiscal union.
“The whole thing is doomed,” Christensen said yesterday in an interview at the bank’s Dubai office. “Right now we’re in one of those fake solutions where people think that the problem is contained or being addressed, which it isn’t at all.”
Saxo Bank CEO Says Euro Is Doomed as Currency Woes Resurface – Bloomberg
Deutsche Bank AG (DBK), Europe’s biggest bank by assets, posted a fourth-quarter loss that exceeded estimates after the company eliminated more than 1,400 jobs and set aside 1 billion euros ($1.35 billion) for legal expenses.
The loss of 2.17 billion euros, the biggest in four years, was about eight times larger than the consensus analyst forecast. It compared with a profit of 147 million euros in the year-earlier period.
Deutsche Bank Beats Capital Adequacy Goal; Shares Rise – Bloomberg