Ackermann Rejects Lagarde Call for Recapitalization of Banks

Deutsche Bank AG Chief Executive Officer Josef Ackermann rejected a call by International Monetary Fund Managing Director Christine Lagarde to force European banks to increase capital levels.

“What’s been demanded from well-known figures, that banks face mandatory recapitalizations, I think nothing at all of that,” he said yesterday at a conference in Berlin. Ackermann is also chairman of the Institute of International Finance, a Washington-based lobby group for the global banking industry.