Deutsche Bank

Notes

• From a WSJ article:

But Europe’s recovery has been anemic, and the German financial system is in many ways stacked against banks making money. Commercial banks such as Commerzbank, the second largest after Deutsche Bank, compete against state-owned landesbanks and savings banks that offer cheap loans to consumers and businesses, with less pressure to make a profit.

• The “landesbanks” must be what Third Ave Funds were referring to when discussing German banks and the structurally difficult lending landscape in Germany

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Capital return announcement January 2022 — amounts to