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

Stocks Fall to Cap Wild Month

Global stock markets headed lower at the end of a turbulent month that was dominated by concerns over China and the timing of a U.S. interest rate rise.

Iran Deal Could Open Door to Gulf Businesses

While executives in the Gulf see opportunities, the region’s governments remain at loggerheads on other issues.

Fed Appears to Hold Line on Rate Plan

Federal Reserve officials emerged from a week of head-spinning financial turbulence largely sticking to their plan to raise U.S. interest rates before the end of the year. 88

Austria Toughens Controls Amid Migrant Crisis

Austrian police have toughened controls in the country’s eastern border region close to Hungary in response to last week’s discovery of 71 dead migrants in an abandoned truck.

National Guard Officer Killed in Ukraine Protest Blast

One member of Ukraine’s National Guard was killed and at least 50 others injured as fighting broke out between protesters and law-enforcement personnel after a vote on the country’s constitution.

Eurozone Inflation Stays Low

Eurozone consumer prices were barely higher than a year earlier in August, keeping pressure on the European Central Bank to consider additional stimulus measures to bring inflation closer to its target near 2%.

Islamic State Blows Up Temple of Bel in Syria’s Palmyra

Islamic State has partially destroyed Palmyra’s 2,000-year-old Temple of Bel in a massive explosion, the latest in a series of attacks by the militants on the Syrian city’s famed historic sites. 145

Google, Sanofi Team Up on Diabetes Research

The Internet company said its health-care research unit plans to work with European pharmaceutical major Sanofi on new ways to monitor and treat the condition.

Apple’s Ad Blockers Rile Publishers

Apple’s move to make it easier to block ads on iPhones and iPads is troubling publishers and heightening tensions with its Silicon Valley neighbors like Google. 105

Personal Tech

Google OnHub Review: The Wi-Fi Router Gets a Brain

The search giant enters the home networking category, and makes your old router look stupid.

Iliad Lifted by New Mobile Clients

Iliad said net profit rose 16% in the first half as the French low-cost telecom company continued to win over new mobile clients with its ultracheap tariff plans.

Abreast of the Market

Rocky Markets Could Be Good for These Stocks

Exchanges and market makers are getting a fresh look from portfolio managers seeking out investments likely to benefit from the large market swings.

Oil Rallies Into Bull Market Territory

Oil prices turned higher Monday on speculation that oil-producing nations might be willing to agree to output cuts to shrink the global glut of crude oil.

China’s Two-Yuan Dilemma

Since China devalued the yuan on Aug. 11, the spread between its value in Hong Kong and in the mainland has widened—a complication for Beijing’s ambitions to raise the currency’s global profile.

Gold Prices Fall as Traders Mull U.S. Monetary Policy

Gold prices fell on Monday as investors focused on the impact of recent upbeat U.S. economic reports on future monetary policy action from the Federal Reserve.

China ‘Punishes’ Nearly 200 People for Spreading Rumors

Sweep targets people who the government said spread false Internet rumors regarding the stock-market turmoil and deadly blasts in Tianjin.

U.A.E. Takes Lead in Southern Yemen

U.A.E. forces prevented Houthi rebels in Yemen from overrunning the Yemeni port city of Aden and now also reluctantly find themselves in the business of nation-building.

Biden Faces Narrow Path

As Vice President Joe Biden weighs a presidential bid, he must confront a number of fundamental questions. Among them: Does he have a viable path through an electoral map that is becoming more treacherous? 309

France to Finance Tax Cuts With Cost Savings

The French government says it can find $2.2 billion worth of savings in 2016 to pay for tax cuts for households without sacrificing France’s commitment to reduce the budget deficit.

Climate Change Builds as 2016 Issue

President Barack Obama’s trip to Alaska’s Arctic on Monday will likely reverberate much farther south, on the 2016 presidential campaign trail, where global warming is expected to emerge as a key issue. 516

Suppliers Feel Pain as Coal Miners Struggle

As big coal miners struggle, their equipment suppliers—thousands of businesses sprinkled throughout Pennsylvania, West Virginia, Ohio and Kentucky—are scrambling to find new customers anywhere they can. 122

Eni Reports Huge Natural-Gas Discovery off Egypt

Eni SpA said it made a massive natural-gas discovery off the coast of Egypt in what the Italian oil-and-gas company is calling the largest ever find in the Mediterranean Sea.

China Slowdown to Hit Asia Electronics Supply Chain

After several years of torrid expansion, the slowdown in smartphone sales in China is expected to hit Asian parts suppliers.

U.K. Approves Giant North Sea Gas Project

A.P. Møller-Maersk A/S said it has received approval to develop the $4.5 billion Culzean gas field, the largest new find in the U.K. North Sea for a decade.

Canadian Oil Sands Halts Crude Production at Syncrude

Canadian Oil Sands Ltd. has halted production at its Syncrude project in northern Alberta after a fire damaged equipment at its synthetic crude oil processing facility.

Video

Body Count Rises in Migrant Effort to Reach Europe

1:38

Lebanese ‘Stink’ Protest Turns Toward Politicians

2:11

Buzz Aldrin Developing Plan to Colonize Mars

1:09

For a Triathlon Junkie, Training In Wind, in Water and on Weekends

Triathlete Tony Pritzker, who has completed 10 Half Ironman and eight Ironman races, packs training into his social life to keep up with his schedule of endurance events.

IMAGE 1 of 12

Video Music Awards 2015

Kanye West gave a long rant at the MTV Video Music Awards as he apologized to Taylor Swift for taking her microphone in 2009. Swift presented West with the Michael Jackson Video Vanguard Award. Earlier, she and Nicki Minaj buried their beef by joining forces onstage.

WSJ Blogs

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

Der joviale Herr Müller

  • Kommentar

Es gibt kein Thema, das Klaus-Peter Müller ins Schwitzen bringen könnte. Der umtriebige, bestens verdrahtete Ex-Chef der Commerzbank ist ein Meister des richtigen Tons. Wie geschickt er sich anstellt, hat er bewiesen, als er geräuschlos den Stuhl des Vorstands mit dem des Aufsichtsratschefs austauschte. Das ist besonders bemerkenswert, weil der Rheinländer ganz nebenbei auch die Kommission für gute Unternehmensführung leitet. Ob es gute Unternehmensführung ist, die eigenen Entscheidungen zu bewachen, das ist – nun ja – umstritten.

Während Josef Ackermann nach eigenen Worten „keine Lust“ hatte, mit Investoren der Deutschen Bank über die Regeln der guten Unternehmensführung zu diskutieren, und es vorzog, sich von seinem Traum, an die Spitze des Aufsichtsrats zu wechseln, zu verabschieden, ist Müller da ganz anders.  Sicher haben die Investoren auch ihm Fragen gestellt. Doch Müller hat einen großen Vorzug: Er lässt nichts an sich ran.

Sein Spitzname lautet nicht umsonst: der Teflon-Banker. An Teflon bleibt nichts hängen.

Bei kritischen Fragen, auch von Journalisten, runzelt er nur leicht mit der Stirn, um dann mit Inbrunst seine Haltung als den einzig richtigen Weg zu verteidigen. Müllers wahre Kunst besteht dahin, dass am Ende alle zufrieden nach Hause gehen.

Doch diesmal ist der Karnevalfan zu weit gegangen. In einem Interview mit der Wirtschaftswoche lässt er als Chef-Kontrolleur der Commerzbank nicht nur die Muskeln spielen, indem er den krisengeplagten Vorstandschef Martin Blessing vor Misserfolgen beim Umbau der Bank warnt. Nein, er verteidigt den verlustreichen Kauf der Dresdner Bank gar als richtig.

„Ich würde die Dresdner Bank heute wieder kaufen, denn die Fusion wird sich im historischen Rückblick als strategisch richtig für die Commerzbank erweisen“, sagt Müller. Und räumt dann mit Nonchalance ein: „Es dauert allerdings länger als gedacht, bis die Übernahme sich voll auszahlt.“

Wann genau sich die Dresdner-Übernahme überhaupt auszahlen wird, steht in den Sternen. Hier die Fakten: Müller hatte die Milliardenübernahme der längst kriselnden Allianz-Tochter eingefädelt, als der Sturm der Finanzkrise bereits wütete.  Kurze Zeit nach dem Deal musste die Commerzbank vor dem Zusammenbruch vom Staat gerettet werden. Insgesamt erhielt sie 18,2 Milliarden Euro Staatshilfe. Seitdem hält der Staat einen Anteil von 25 Prozent plus eine Aktie. Für die Steuerzahler jedenfalls hat sich das Investment nicht ausgezahlt. Sie dürfen für 2012 erstmals mit einer Zinszahlung rechnen.

Was haben die Mitarbeiter von der Übernahme gelernt: 9.000 Mitarbeiter mussten gehen. Jetzt kommt der Abbau von bis zu 6.000 Stellen hinzu.

Und was hat Müller daraus gelernt? Offenbar nichts.

Mitarbeit: Ulrike Dauer

Kommentar abgeben

Wir begrüßen gut durchdachte Kommentare von Lesern. Bitte beachten Sie unsere Richtlinien.

Kommentare (1 aus 1)

Alle Kommentare »
    • dann runzelt mal schön weiter

Die Seite Drei – Über uns

  • Schnell und kurz bringt „Die Seite Drei“ Einschätzungen, Hintergründe und Ergänzungen zu den Berichten des Wall Street Journal Deutschland. Hier bloggt die ganze Redaktion.

    Hinweise zu Themen, Anregungen und Ihre Fragen nehmen wir unter redaktion@wallstreetjournal.de entgegen.

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

Stocks Fall to Cap Wild Month

Global stock markets headed lower at the end of a turbulent month that was dominated by concerns over China and the timing of a U.S. interest rate rise.

Iran Deal Could Open Door to Gulf Businesses

While executives in the Gulf see opportunities, the region’s governments remain at loggerheads on other issues.

Fed Appears to Hold Line on Rate Plan

Federal Reserve officials emerged from a week of head-spinning financial turbulence largely sticking to their plan to raise U.S. interest rates before the end of the year. 88

Austria Toughens Controls Amid Migrant Crisis

Austrian police have toughened controls in the country’s eastern border region close to Hungary in response to last week’s discovery of 71 dead migrants in an abandoned truck.

National Guard Officer Killed in Ukraine Protest Blast

One member of Ukraine’s National Guard was killed and at least 50 others injured as fighting broke out between protesters and law-enforcement personnel after a vote on the country’s constitution.

Eurozone Inflation Stays Low

Eurozone consumer prices were barely higher than a year earlier in August, keeping pressure on the European Central Bank to consider additional stimulus measures to bring inflation closer to its target near 2%.

Islamic State Blows Up Temple of Bel in Syria’s Palmyra

Islamic State has partially destroyed Palmyra’s 2,000-year-old Temple of Bel in a massive explosion, the latest in a series of attacks by the militants on the Syrian city’s famed historic sites. 145

Google, Sanofi Team Up on Diabetes Research

The Internet company said its health-care research unit plans to work with European pharmaceutical major Sanofi on new ways to monitor and treat the condition.

Apple’s Ad Blockers Rile Publishers

Apple’s move to make it easier to block ads on iPhones and iPads is troubling publishers and heightening tensions with its Silicon Valley neighbors like Google. 105

Personal Tech

Google OnHub Review: The Wi-Fi Router Gets a Brain

The search giant enters the home networking category, and makes your old router look stupid.

Iliad Lifted by New Mobile Clients

Iliad said net profit rose 16% in the first half as the French low-cost telecom company continued to win over new mobile clients with its ultracheap tariff plans.

Abreast of the Market

Rocky Markets Could Be Good for These Stocks

Exchanges and market makers are getting a fresh look from portfolio managers seeking out investments likely to benefit from the large market swings.

Oil Rallies Into Bull Market Territory

Oil prices turned higher Monday on speculation that oil-producing nations might be willing to agree to output cuts to shrink the global glut of crude oil.

China’s Two-Yuan Dilemma

Since China devalued the yuan on Aug. 11, the spread between its value in Hong Kong and in the mainland has widened—a complication for Beijing’s ambitions to raise the currency’s global profile.

Gold Prices Fall as Traders Mull U.S. Monetary Policy

Gold prices fell on Monday as investors focused on the impact of recent upbeat U.S. economic reports on future monetary policy action from the Federal Reserve.

China ‘Punishes’ Nearly 200 People for Spreading Rumors

Sweep targets people who the government said spread false Internet rumors regarding the stock-market turmoil and deadly blasts in Tianjin.

U.A.E. Takes Lead in Southern Yemen

U.A.E. forces prevented Houthi rebels in Yemen from overrunning the Yemeni port city of Aden and now also reluctantly find themselves in the business of nation-building.

Biden Faces Narrow Path

As Vice President Joe Biden weighs a presidential bid, he must confront a number of fundamental questions. Among them: Does he have a viable path through an electoral map that is becoming more treacherous? 309

France to Finance Tax Cuts With Cost Savings

The French government says it can find $2.2 billion worth of savings in 2016 to pay for tax cuts for households without sacrificing France’s commitment to reduce the budget deficit.

Climate Change Builds as 2016 Issue

President Barack Obama’s trip to Alaska’s Arctic on Monday will likely reverberate much farther south, on the 2016 presidential campaign trail, where global warming is expected to emerge as a key issue. 513

Suppliers Feel Pain as Coal Miners Struggle

As big coal miners struggle, their equipment suppliers—thousands of businesses sprinkled throughout Pennsylvania, West Virginia, Ohio and Kentucky—are scrambling to find new customers anywhere they can. 122

Eni Reports Huge Natural-Gas Discovery off Egypt

Eni SpA said it made a massive natural-gas discovery off the coast of Egypt in what the Italian oil-and-gas company is calling the largest ever find in the Mediterranean Sea.

China Slowdown to Hit Asia Electronics Supply Chain

After several years of torrid expansion, the slowdown in smartphone sales in China is expected to hit Asian parts suppliers.

U.K. Approves Giant North Sea Gas Project

A.P. Møller-Maersk A/S said it has received approval to develop the $4.5 billion Culzean gas field, the largest new find in the U.K. North Sea for a decade.

Canadian Oil Sands Halts Crude Production at Syncrude

Canadian Oil Sands Ltd. has halted production at its Syncrude project in northern Alberta after a fire damaged equipment at its synthetic crude oil processing facility.

Video

Body Count Rises in Migrant Effort to Reach Europe

1:38

Lebanese ‘Stink’ Protest Turns Toward Politicians

2:11

Buzz Aldrin Developing Plan to Colonize Mars

1:09