Lifetime achievement award - Josef Ackermann: Banking industry cannot shy away from making tough choices
The Deutsche Bank chief executive received an award for his outstanding services to financial markets at Euromoney’s Awards for Excellence dinner. In his acceptance speech, he explained how the industry should face up to its next set of challenges.
Josef Ackermann receives his lifetime achievement award from Euromoney’s chairman, Padraic Fallon
THROUGHOUT MUCH OF the turmoil of the past 18 months, bank leaders have been noticeably reticent in defending the industry that they control. Perhaps this is understandable – they were rightly preoccupied with saving their own institutions at times. But with banking and finance facing changes the likes of which have not been seen since the 1930s, the industry needs to speak up for itself. And one banker has stepped up to the challenge – Josef Ackermann. In his role as chairman of the Institute of International Finance, his many and timely interventions have always been rooted in the reality of the situation that the industry has found itself in. They have been thoughtful and considered, not reactionary.
Ackermann has not been a cheerleader. His honesty about the mistakes that have been made, the challenges that have to be faced, and the lessons that have to be learnt are to be highly commended.