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The Week in Germany: Business, Technology and the Environment August 17, 2007 Greenspan Gets New Gig at Deutsche Bank Deutsche Bank said Monday it had hired Alan Greenspan, the 81-year-old economist who headed the US Federal Reserve for 18 years. Announcing the appointment, Deutsche Bank chief executive Josef Ackermann described Greenspan as one of the "architects of the modern financial system". Greenspan would "provide ongoing advice and insight to Deutsche Bank's investment banking team and its clients by sharing his perspective and opinions on a range of issues affecting markets," Ackermann said. Deutsche Bank's securities unit is Europe's largest by revenue. Greenspan told the Wall Street Journal that his decision to sign on at Deutsche Bank was influenced by his good working relationship with Peter Hooper, the unit's chief US economist. Hooper formerly worked as deputy director of international finance at the Fed. According to the Journal, Greenspan did not want to advise Deutsche Bank on asset management, as he already works in this role for Pacific Investment Management (PimCo). The former Fed chairman did not want more than a dozen clients and only one in each financial sector, in order to avoid conflicts of interest, according to the newspaper. Former Treasure secretary John Snow and former Senator George J. Mitchell also advise Deutsche Bank, which is the second-largest trader on Wall-Street after Goldman Sachs. (TWIG/dpa) |
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