Deutsche Bank Chief Expects ‘Next Wave’ of Defaults

Deutsche Bank Chief Expects ‘Next Wave’ of Defaults
Deutsche Bank Chief Executive Josef Ackermann said that rising delinquencies among consumer and corporate borrowers are the “next wave” of the financial crisis and may 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.”
By NY Times Dealbook