Analysts at Credit Suisse First Boston have apparently recently met with Ackermann and came away believing that he was committed to Deutsche's retail network and plans to build upon its private banking operations.
CSFB has written: 'Ackermann covets a stable earnings stream. He therefore remains committed to retail banking and wants to improve the efficiency of private banking. We believe that only improved market conditions will help retail banking and that a deal is required to bolster the performance in private banking.'
Ackermann is Swiss. Swiss private banking is beginning to consolidate. Deutsche is thought to be seeking a private bank. Watch this space.
Deutsche Eyeing Private Bank Takeover
Reuters reports that there is increasing speculation that new Deutsche CEO Josef Ackermann will signal his arrival at the helm by going on a shopping spree and was likely to buy at least one private bank.
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