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Business

Deutsche CEO Slams Capitalism Debate

Deutsche Bank chief Josef Ackermann, under fire for his merciless job-cutting plans, hit out at the current debate over the excesses of capitalism at the bank's annual meeting in Frankfurt on Wednesday. "This is not the way to create the growth that we so badly need," the Swiss-born chief executive of Germany's biggest bank told shareholders. "No one wants 'pure capitalism' or 'wild capitalism.' That sort of vocabulary dates back to Communist times and we all know where that led," Ackermann said. Ackermann and Deutsche Bank have come under fire recently for their massive job-cutting plans. Even the ruling Social Democratic party, concerned about a potential disastrous showing in upcoming regional elections in the key state of North Rhine-Westphalia at the end of this month, has joined an attempt to win back left-wing and union votes. Around 100 Deutsche Bank employees, led by the services sector union Ver.di, protested outside the AGM on Wednesday against the group's plans to axe 6,400 jobs at a time when it was turning in record profits.

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