DHL 2001 Annual Report Download - page 18
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18
Financial market turmoil, cost pressure and consolidation in the banking sector
2001 was not a good year for the stock markets. Stock market prices fell from
one low to the next.
The sliding prices unsettled the majority of investors,who became increas-
ingly unwilling to invest in shares and fund products. Commission-based
securities trading at banks suffered as a result. The steady fall in interest rates
throughout the year hit margins from interest-based business.This saw earn-
ings from retail business collapse at the large banks, and even losses in some
cases.
The economic slowdown led to larger loan write-downs in corporate bank-
ing. Overall, the investment business declined,with the banks’ issuing business
more or less grinding to a halt.Against this backdrop,operating income fell
considerably on the previous year’s figures. The banks have reacted by intro-
ducing cost-cutting programs, streamlining their sales organizations in order
to improve efficiency, and shedding large numbers of jobs.
In this economic environment, the pressure on financial service providers
in Germany to consolidate increased still further. In some cases, former com-
petitors are now cooperating in order to boost earnings, as in the case of the
merger announced between the three mortgage bank subsidiaries of Deutsche
Bank, Dresdner Bank and Commerzbank.In other cases,mergers were aimed at
expanding service portfolios,leveraging the existing customer base and opening
up new sales channels. This applies in particular to the takeover of Dresdner
Bank by Allianz.