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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED

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To: stockman_scott who wrote (51957)	5/23/2002 10:45:07 AM
From: H James Morris	Read Replies (2) of 65232

Deutsche Bank CEO advises successor Rolf Breuer bowed out yesterday after five years as chief executive of Deutsche Bank with a message to his successor, Swiss investment banker Josef Ackermann, that Germany's biggest bank needs to "reinvent itself" as it struggles to cut costs and become a global player. Breuer, 64, said cost-saving measures launched last year helped push up profit in this year's first quarter, but in his last address as CEO to shareholders cautioned that more needs to be done. Along with cutting costs, Breuer said the bank should maintain its focus on its core businesses of investment banking and Swiss-style private banking, while shedding or consolidating other, less profitable sectors. Associated Press

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