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From: John McCarthy	8/3/2009 12:05:38 AM
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Deutsche Bank Chief Expects ‘Next Wave’ of Defaults The chief executive of Deutsche Bank, Josef Ackermann, said that rising delinquencies among consumer and corporate borrowers were the “next wave” of the financial crisis and might affect banks that have avoided losses so far, Bloomberg News reported. “This crisis has consisted of a series of earthquakes, with changing epicenters,” Mr. Ackermann said late Thursday at an event in Zurich. “Bad loans are the next wave. Banks that have fared relatively well so far will also be affected by this.” Earlier this week, Deutsche Bank said it was setting aside 1 billion euros in provisions for credit losses, up sharply from the 135 million euros it set aside in the second quarter of 2008. dealbook.blogs.nytimes.com

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