Written by Timothy Blake on August 01, 2007 under Archives, International
US mortgage turmoil hit investor confidence on the other side of the Atlantic on Wednesday as details emerged of a German government rescue of a domestic lender that suffered heavy losses on subprime investments. The further government intervention suggested that the problems at IKB were much worse than thought. Mr Peer Steinbrück, German finance minister, phoned several banking executives – including Josef Ackermann, chief executive of Deutsche Bank – on Sunday to bring them on board.
