Jochen Friedrich arrived at DZ Bank last year to
become head of fixed income. This bank, along with WGZ Bank,
is one of the two central institutions linking Germany's
mutual banking network. Consolidation is under way among the
cooperatives as well as the Landesbanken. DZ itself is the
product of a difficult merger between DG Bank and GZ Bank,
and expects the total number of German cooperative banks to
fall from about 1,600 today to roughly 800 by
2008.
Motive for
movingFriedrich used to run German
capital markets at JPMorgan, so moving to DZ's headquarters
was something of a cultural shift. He says he made it because
he thinks DZ is where he can make the biggest difference in
addressing the biggest structural...
