1. 'It is a Game Changer': Banks ponder the Meaning of life as Deutsche Bank Agonizes

    'It is a Game Changer': Banks ponder the Meaning of life as Deutsche Bank Agonizes

    WASHINGTON (Reuters) - It wasn't just Deutsche Bank that was grappling with big questions about the future at the International Monetary Fund meetings in Washington last week.

    The German bank is scrambling to overhaul its operations as it faces a multi-billion dollar fine for selling toxic mortgage-backed securities in the United States...

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    1. This new world of low interest rates and even negative interest rates is something that is very difficult.
    2. Crisis is the wrong word. We are in the middle inning of the reshaping of the financial landscape.
    3. Is it sustainable for any sector to have a return on equity in the long-term that is below what shareholders expect? I don't think so. Shareholders have been, so far, relatively patient. We should aim to sort out what can be sorted out.
    4. The big winner for Brexit will be New York; you'll see more business moving to New York.
    5. The transformation process is still ongoing and it is painful.
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