Alexander Stuhlmann, CEO of WestLB, told investors that the US subprime meltdown would result in further losses for the German bank. WestLB posted a €1.5 billion pre-tax loss for 2007 and is now planning to reduce its staff and "focus on core competencies" in a reduced number of locations. Stuhlmann also indicated that the bank is looking to merge with another bank. "We will now concentrate all our efforts on the required restructuring of the bank so that WestLB can make an active contribution to the consolidation of the Landesbank sector," he said.

Related Summaries