Opinion: (Josef Ackermann, Deutsche Bank Chief Executive): “Europe’s sovereign debt crisis will stunt bank profit for years and could kill off the weakest, Deutsche Bank Chief Executive Josef Ackermann told industry bosses, amid intense scrutiny of the sector’s finances.
“’Prospects for the financial sector overall … are rather limited,’ the CEO of Germany’s top bank said on Monday. ‘The outlook for the future growth of revenues is limited by both the current situation and structurally.’
“Ackermann said that the financial services industry needed to go beyond curbing the excesses of the past and reevaluate what role banks play in the global economy, signaling that the lender will not revive some of the risky businesses…”
My Comment: Surely, those who deal with economic relationships, more than anyone else, feel how impossible it is to manage them.
The problem can be solved only by changing the way we perceive the real state of society: We find ourselves in a interconnected world, and hence, we are obliged to change the strategy of our relationships. Unilateral egoistic profit should be substituted by multi-lateral mutual benefit to maximize our interconnection rather than individual profit—for the well-being of society. Economists in particular have to ponder over the crisis of their own perception(!) and its repair.