Word: dresdner
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...maintained unwavering faith in one institution: the Bundesbank, now a regional affiliate of the European Central Bank. Thus, the scandal around the bank's president, Ernst Welteke, has come as a shock. Welteke and his family stayed at Berlin's luxurious Hotel Adlon on New Year's Eve, 2001. Dresdner Bank picked up the tab - over 37,660 - landing Welteke under state investigation. Welteke paid his share last Monday and took a vacation. But government and opposition both want him to resign, and that's where politics comes in. Jürgen Stark is acting president, but insiders...
...next play, but he's up against a pair of other big Man U shareholders, Irish tycoons John Magnier and J.P. McManus. The two have recently increased their combined stake to about 29%. "It's extremely unlikely someone would buy the team," says Andrew Lee, an equity analyst at Dresdner Kleinwort Wasserstein in London, pointing to the stock's rich price, recently £2.67, which makes the team worth about $1.3 billion. Then again, he says, "you can never discount someone with more money than sense who wants to satisfy his hobby...
...market for more than a decade. While the big get bigger, the small will get smaller. "Microbreweries, meaning small operations generating less than 500,000 liters per year, and especially the new generation of brew-pubs, are still a healthy business in Germany," says Ralf Knabe, an analyst with Dresdner Kleinwort Wasserstein. "They account for most of Germany's breweries in number terms and can probably maintain their independence, but they generate just 2% of the volume." The real crunch is on mid-sized breweries like Sailer's. They got a temporary reprieve this year when the government implemented...
...workforce to 47,000, less than half its size two years ago. Even with declining sales, he promises a return to profitability by late this year. "Barring any further shocks, they should make it back to profit by the fourth quarter," says Per Lindberg, a telecom analyst at Dresdner Kleinwort Wasserstein in London. Though locks are relatively low tech, Svanberg - the first outsider chosen to lead Ericsson since 1942 - says he'll succeed by using the skills he picked up at Assa Abloy. "I took over a lot of companies in bad shape," he says. "We were constantly restructuring...
...Mack says much hard work has already been done. The unit has altered its asset mix - reducing its equity expo-sure and putting more money into bonds and cash. Credit Suisse also last week appointed Leonhard Fischer to head Winterthur. Does Fischer - who ran investment banking at Germany's Dresdner Bank - have the right background to run an insurance firm? Says Mack: "We have a lot of insurance experts. What we need are risk-management experts." Next, CSFB needs an overhaul. By year's end, the unit expects to have slashed 6,500 jobs since Mack's arrival...