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Aebersold Szalay, Claudia

NZZ


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4 articles of this author have been cited in the European Press Review so far.


Neue Zürcher Zeitung - Switzerland | 08/06/2015

Old guard leaves Deutsche Bank at last

The two Deutsche Bank co-CEOs Anshu Jain and Jürgen Fitschen have announced their resignation. At last! writes the liberal-conservative daily Neue Zürcher Zeitung in delight, pointing out that "right from the start the old guard at the bank didn't come across as the right team to set the bank on a new course after the turmoil of the financial crisis. Jain in particular stands for the very culture that landed the bank with billions in fines because of the dubious dealings of its employees across the globe. … When the new leading duo Fitschen/Jain took the helm in 2012 they proclaimed 'a change of culture': from then on not only would the bank earn its money cleanly but the transgressions of individuals would no longer be tolerated. However this creed never sounded very plausible coming from the hardcore investment banker who raked in the huge sums for the bank during the glory days of investment banking that preceded the subprime crisis."

Neue Zürcher Zeitung - Switzerland | 09/09/2014

Export nation Germany a role model

German exports reached the record sum of over 100 billion euros for the month of July, the Federal Statistical Office announced on Monday. Germany is a real role model, the liberal-conservative daily Neue Zürcher Zeitung writes in answer to accusations that the country is hurting the rest of the Eurozone with its high trade surplus: "It is possible to have high exports even in times of economic insecurity. ... Germany's export success, which is also due to the summer holidays having started late this year, does not come at the expense of its euro partners. ... Between January and July this year Germany exported just two billion euros more to the Eurozone than it imported from the monetary union. The large surplus in Germany's balance of trade comes from countries outside the monetary union, and is therefore not only the result of the sector's competitiveness, but also of its well developed geographic diversification."

Neue Zürcher Zeitung - Switzerland | 04/12/2013

Banks continue to take legal risks

Given that they continue to make risky deals, Europe's financial institutes must reckon with more cartel fines in the future, the liberal-conservative Neue Zürcher Zeitung warns: "The big banks all over the world are increasing their reserves earmarked for legal risks and switching from vaguely calculated off-balance-sheet reserves to tangible on-the-books reserves as soon as concrete fines start looming in a certain area. The bank managers are learning the hard way about the operational risks of reckless behaviour at their institutes. But after a brief glance at the last two to three financial crises, it seems highly unlikely that the various initiatives born of momentary fear and aimed at changing the culture at these institutions will make similar investigations superfluous in the future, and avert the corresponding fines."

Neue Zürcher Zeitung - Switzerland | 02/03/2010

Speculation not the root of Greece's problem

The idea that speculation with credit default swaps (CDSs) is responsible for Greece's financial crisis and the consequent pressure on the euro is nothing but a fantasy made up by politicians seeking scapegoats for the crisis, writes the daily Neue Zürcher Zeitung: "From this perspective the image of greedy financiers who intentionally bring about a national bankruptcy is absurd. Certainly, speculation can inflate CDS prices in the short term, which certainly doesn't help Greece. Nevertheless risk premiums for Greek bonds are primarily determined by their probability of failure. Speculation exacerbates the problem, but it is not the root of the problem."

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