GoSeigen wrote:seekingbalance wrote:Surely that is going to happen at some point?
Any signs yet? Especially the new startup alternative banks?
Update: No bank failed failed. It was a buying opportunity. The passage of time is a steadfast and patient teacher if one is willing to learn...
Today, first annual profit for Deutsche Bank since 2014 is announced -- in the year of COVID -- and the share price falls! Funny market. Added to my stupidly large holding.
https://www.ft.com/content/098222ba-770 ... 370be359cfDeutsche Bank has made a net profit for the first time in six years on the back of a global trading boom that has boosted the lender’s fixed-income trading revenue.
After racking up €5.7bn of net losses in 2019, Germany’s largest lender on Thursday reported a net profit of €113m for 2020, the first since 2014 and higher than expected by analysts. The bank’s performance was driven by a 28 per cent year-on-year surge in bond and rates trading revenue, which rose to the highest level since 2016. GS
Win/win situation. Post 2009 financial crisis and massive big bold German bank (over extended) bets - were swapped over to the ECB (a.k.a. rest of EU). The others in effect bailed them out, including Greece ... who didn't receive any assistance (other than a small drop in ocean token gesture). The EU clearly serves Germany well. Of course had those bets paid off, Germany would have kept the benefit as their own.
Today I see that the BoE is priming banks to prepare for negative interest rates within 6 months. Hmm! Same as QE really and no need for negative rates. The US is more inclined to print and hand out $1500 to everyone earning less than $50,000.