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Migrants Pour Into Austria From Hungary

About 4,000 migrants, desperate to leave Hungary for Western Europe, reached Austria in the early hours of Saturday, police said, adding that the number could double.

G-20 Countries Vow to Refrain From Currency Depreciation

The world’s largest economies, including China, will renew their commitment to avoid depreciating their currencies to gain a competitive trading advantage, a senior U.S. Treasury official said Saturday.

Google Pursuing a Return to China

Google is in talks with the Chinese government and handset makers about launching a new Android app store there, a move that would mark the company’s return to China.

U.S. Veterans Who Fight ISIS

A former Army Ranger and a decorated Marine are among U.S. veterans volunteering to join Kurdish fighters against Islamic State in Syria. 75

From Piles of Trash Sprout Demands for Change in Lebanon

Protests demanding political reform bridge country’s longtime political, religious and ethnic divides.

Blurry Job Picture Poses Test for Fed

U.S. employment growth slowed in August but the jobless rate fell to the lowest level since 2008, a mixed labor-market reading less than two weeks before a crucial Federal Reserve meeting. 242

Judge Orders Credit Suisse to Pay Highland $287.5M in Suit Over Loan

A judge on Friday said Credit Suisse must pay a unit of Highland Capital Management $287.5 million over a soured real-estate loan, a win for James Dondero’s hedge-fund firm in its multipronged fight against the Swiss bank over luxury developments.

Houthi Rebels Were Behind Attack That Killed 45 U.A.E. Soldiers in Yemen

Yemen’s Iran-backed Houthi rebels were behind a rocket attack that killed 45 soldiers from the United Arab Emirates, as the country increased airstrikes against the militants in retaliation.

London Jewel Thieves Plead Guilty in Easter Heist

Four men pleaded guilty on Friday to conspiracy for a jewel heist in London’s Hatton Garden diamond district over the Easter weekend.

Putin Pitches for Foreign Investment in Russia’s Far East

Russian President Vladimir Putin has made a pitch for greater investment in his country’s resource-rich Far East region, despite a slowdown in the Chinese economy that has shaken global markets.

G-20 Increasingly Concerned About Slowing Chinese Economy

China’s market routs and a string of weak data are fueling concern among Group of 20 officials that a slowing Chinese economy could fuel further market instability and push global growth deeper into a long-term rut.

U.S. Prosecutors Cite ‘Spoofing’ Software Allegedly Used by U.K. Trader

U.K. trader Navinder Sarao, who faces a U.S. extradition hearing later this month, allegedly worked with a customized version of software known as the “matrix” in a deliberate attempt to “spoof” markets, according to a U.S. court filing.

Public Pension Funds Roll Back Return Targets

The cuts to their lowest levels since the 1980s portend greater hardships for employees and cash-strapped governments as Americans age. 122

U.K. Regulator Warns Commodity Firms About Market Abuse

The U.K.’s financial regulator said firms that trade commodities have learned little from recent high-profile cases of market abuse and are failing to adequately monitor the risks of such abuse.

Heard on the Street

This Plastics IPO Is Timed Right – For the Seller

Bayer’s material science division, now called Covestro, had a strong first-half ahead of a planned initial public offering. That looks hard to keep up.

Brussels Beat

EU Displaces U.S. as Top Antitrust Cop

The European Union’s antitrust activism has put it in prime position to shape the Internet and is encouraging some U.S. technology executives to focus on Brussels.

Daimler, Renault Reboot Tiny Car

Daimler is taking another crack at the U.S. market for ultra-compacts with a retooled version of its ForTwo Smart car built through a collaboration that could become a benchmark for other auto makers. 70

Volkswagen CFO Nominated as Board Chairman

The largest shareholder of Europe’s biggest auto maker nominated the company’s CFO to become the next chairman of VW’s supervisory board.

BASF, Gazprom Renew Abandoned Asset-Swap Plan

Germany’s BASF and Russia’s Gazprom will complete an asset-swap deal signed in 2013 but called off last year amid tension between Russia and the West.

GVC Wins Race to Acquire Bwin.party

Sports-betting and online-gambling operator GVC Holdings PLC said it had clinched a deal to buy Bwin.party Digital Entertainment PLC after beating an offer from online-gambling peer 888 Holdings PLC.

Fashion

How Fashion Experts Shop the High Street

Despite the crowds, the lines and the overpacked rails, there are real gems to be found in mainstream stores—you just need to know how to find them.

Will Lyons on Wine

What’s the Point of Scoring Wines?

A wine’s taste and character change almost daily, and taste is subjective—so is giving them marks a pointless exercise?

Theater

Michael Grandage: A Director’s DNA

With ‘Photograph 51’ at London’s Noël Coward Theatre, the acclaimed director coaxes Nicole Kidman back onstage for an exploration of the passion and poetry of science.

Going Native in NYC: 8 Things to Do as an Expat in the Big Apple

You’re relocating to the Center of the Universe, a.k.a. the Capital of the World, a.k.a. the City That Never Sleeps. So what do you do to embrace New York?

Video

Migrants Vow to March From Hungary to Austria

1:24

Migrants Refuse to Go to Refugee Camp in Hungary

1:59

Father of Aylan Kurdi Speaks at Funeral

0:58

Mind and Matter

The Power of Brains to Keep Growing

Not long ago, scientists thought that after infancy, our brains never added any neurons. Patricia Churchland on how brains keep growing

Film Review

‘La Jaula de Oro (The Golden Dream)’ Review: Dark Immigrant Odyssey

In Diego Quemada-Diez’s celebrated directorial debut, a trio of teenagers flee from Guatemala and make their way through a treacherous Mexico, where police and gangsters prey on vulnerable travelers.

WSJ Blogs

Real-time commentary and analysis from The Wall Street Journal
Die Seite Drei
Schnelle Analysen und Beobachtungen zum Zeitgeschehen

Ein Anflug von Kulturwandel

Getty Images
Stecken die Köpfe zusammen: Jürgen Fitschen uand Anshu Jain, die beiden Chefs der Deutschen Bank.

Drei rechts, drei links und in der Mitte das Führungsduo – das ist die neue Sitzverteilung bei der Jahrespressekonferenz der Deutschen Bank. Vorbei sind die Zeiten, als Josef Ackermann alle Blicke auf sich zog und das Rampenlicht alleine genoss, während der restliche Vorstand kaum zu Wort kam. Jetzt wird geteilt.

Nach einem Lächeln für die Fotogalerie geht es selbstkritisch los, denn die jüngsten Zahlen der Bank laden nicht gerade zum Strahlen ein. Zudem will man ja den Kulturwandel verkaufen. Also ist alles eine Spur gedämpfter als beim Vorgänger, dessen Erbe noch immer spürbar ist – besonders bei den Problemen, die das Duo zu bewältigen hat.

Und so merkt man den beiden Chefs Jürgen Fitschen und Anshu Jain die Anspannung an, als sie sich durch ihre Reden arbeiten – mit ernster Miene, hoch konzentriert. Fitschen hat seine Brille auf die Mitte seiner Nase gerückt und schaut ab und zu über den oberen Brillenrand in die Runde. „Ein kultureller Wandel ist zwingend erforderlich“, erklärt er mit fester Stimme. Jain mit dem Übersetzungsknopf im Ohr nickt zustimmend.

Ebenso genau werden die Fragen der Journalisten abgearbeitet – wenn auch einige unbeantwortet bleiben. Trotzdem: Das Management übt sich in neuer Offenheit. Beobachter erleben das Führungsduo in Aktion. Regelmäßig stecken beide die Köpfe zusammen – begleitet vom Blitzlichtgewitter der Fotografen.

Zumeist ist es Jain, der die Fragen an den Vorstand verteilt – nach Rücksprache mit Fitschen. Die nonverbale Botschaft ist klar. Hier agiert ein Team, das den beiden Hauptdirigenten folgt. Nur einmal kommt es zu einem kleinen Patzer. Da ist Finanzvorstand Stefan Krause so in seinem Element, dass er direkt auf eine Frage antworten möchte. Er schaltet sein Mikro ein, setzt an, um dann etwas verschämt nachzuhaken, ob er denn wirklich antworten solle.

Mit dieser Episode ist das Eis gebrochen, denn Fitschen und Jain lächeln Krause aufmunternd zu. Zudem ist das Ende der Veranstaltung absehbar, und die Vorstände werden sichtlich lockerer.

Ackermann hätte die Jahresshow sicherlich ganz anders geschmissen. Natürlich mit dem nötigen Quäntchen Reue, dafür dass im vierten Quartal unterm Strich Verluste von fast 2,2 Milliarden Euro stehen. Aber er hätte der Veranstaltung trotzdem den gewissen Glamour verliehen mit seinem Strahlemann-Lächeln.

Fitschen und Jain sind da anders: Sie wirken unprätentiös, fast lässig. Sie wollen nicht strahlen, sondern vermitteln, dass der Grundstein für einen kulturellen Wandel bei der Deutschen Bank endlich gelegt ist. Noch mag ihnen das keiner abnehmen, denn die Schlagzeilen der vergangenen Wochen zeichnen ein anderes Bild.

Zumindest an die Adresse ihrer Mitarbeiter geht ein eindeutiges Signal: Entweder Ihr identifiziert Euch mit unserem Kulturwandel, oder Ihr könnt gehen. Bis diese Botschaft bei einer Bank mit knapp 100.000 Mitarbeitern wirklich angekommen ist, wird es bestimmt noch eine Weile dauern. Aber die Konzernspitze versichert, sie sei bereit, „den unbequemen Weg der Veränderungen weiter zu gehen“.

Fitschen und Jain müssen hoffen, dass Deutschlands größte Bank in den nächsten Monaten von Skandalen und Durchsuchungen weitgehend verschont bleibt, damit ihnen der Wandel auch von außen abgekauft wird. Bislang steht der Kulturwandel wohl noch hauptsächlich auf dem Papier.

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Die Seite Drei – Über uns

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The Wall Street Journal & Breaking News, Business, Financial and Economic News, World News and Video
Search

Migrants Pour Into Austria From Hungary

About 4,000 migrants, desperate to leave Hungary for Western Europe, reached Austria in the early hours of Saturday, police said, adding that the number could double.

G-20 Countries Vow to Refrain From Currency Depreciation

The world’s largest economies, including China, will renew their commitment to avoid depreciating their currencies to gain a competitive trading advantage, a senior U.S. Treasury official said Saturday.

Google Pursuing a Return to China

Google is in talks with the Chinese government and handset makers about launching a new Android app store there, a move that would mark the company’s return to China.

U.S. Veterans Who Fight ISIS

A former Army Ranger and a decorated Marine are among U.S. veterans volunteering to join Kurdish fighters against Islamic State in Syria. 75

From Piles of Trash Sprout Demands for Change in Lebanon

Protests demanding political reform bridge country’s longtime political, religious and ethnic divides.

Blurry Job Picture Poses Test for Fed

U.S. employment growth slowed in August but the jobless rate fell to the lowest level since 2008, a mixed labor-market reading less than two weeks before a crucial Federal Reserve meeting. 242

Judge Orders Credit Suisse to Pay Highland $287.5M in Suit Over Loan

A judge on Friday said Credit Suisse must pay a unit of Highland Capital Management $287.5 million over a soured real-estate loan, a win for James Dondero’s hedge-fund firm in its multipronged fight against the Swiss bank over luxury developments.

Houthi Rebels Were Behind Attack That Killed 45 U.A.E. Soldiers in Yemen

Yemen’s Iran-backed Houthi rebels were behind a rocket attack that killed 45 soldiers from the United Arab Emirates, as the country increased airstrikes against the militants in retaliation.

London Jewel Thieves Plead Guilty in Easter Heist

Four men pleaded guilty on Friday to conspiracy for a jewel heist in London’s Hatton Garden diamond district over the Easter weekend.

Putin Pitches for Foreign Investment in Russia’s Far East

Russian President Vladimir Putin has made a pitch for greater investment in his country’s resource-rich Far East region, despite a slowdown in the Chinese economy that has shaken global markets.

G-20 Increasingly Concerned About Slowing Chinese Economy

China’s market routs and a string of weak data are fueling concern among Group of 20 officials that a slowing Chinese economy could fuel further market instability and push global growth deeper into a long-term rut.

U.S. Prosecutors Cite ‘Spoofing’ Software Allegedly Used by U.K. Trader

U.K. trader Navinder Sarao, who faces a U.S. extradition hearing later this month, allegedly worked with a customized version of software known as the “matrix” in a deliberate attempt to “spoof” markets, according to a U.S. court filing.

Public Pension Funds Roll Back Return Targets

The cuts to their lowest levels since the 1980s portend greater hardships for employees and cash-strapped governments as Americans age. 122

U.K. Regulator Warns Commodity Firms About Market Abuse

The U.K.’s financial regulator said firms that trade commodities have learned little from recent high-profile cases of market abuse and are failing to adequately monitor the risks of such abuse.

Heard on the Street

This Plastics IPO Is Timed Right – For the Seller

Bayer’s material science division, now called Covestro, had a strong first-half ahead of a planned initial public offering. That looks hard to keep up.

Brussels Beat

EU Displaces U.S. as Top Antitrust Cop

The European Union’s antitrust activism has put it in prime position to shape the Internet and is encouraging some U.S. technology executives to focus on Brussels.

Daimler, Renault Reboot Tiny Car

Daimler is taking another crack at the U.S. market for ultra-compacts with a retooled version of its ForTwo Smart car built through a collaboration that could become a benchmark for other auto makers. 70

Volkswagen CFO Nominated as Board Chairman

The largest shareholder of Europe’s biggest auto maker nominated the company’s CFO to become the next chairman of VW’s supervisory board.

BASF, Gazprom Renew Abandoned Asset-Swap Plan

Germany’s BASF and Russia’s Gazprom will complete an asset-swap deal signed in 2013 but called off last year amid tension between Russia and the West.

GVC Wins Race to Acquire Bwin.party

Sports-betting and online-gambling operator GVC Holdings PLC said it had clinched a deal to buy Bwin.party Digital Entertainment PLC after beating an offer from online-gambling peer 888 Holdings PLC.