14/04/2011
Dr. Josef Ackermann was invited by Sabancı University Board of Trustees Chair Güler Sabancı and Akbank CEO Suzan Sabancı Dinçer to give a speech titled Global Financial System After The Crisis at Sabancı University.
Deutsche Bank CEO Dr. Josef Ackermann gave a speech as part of the Sabancı University School of Management’s Conversations with Executives series. The seminar took place on Sabancı University in Tuzla on Monday, April 11, and Josef Ackermann gave a speech titled “Global Financial System After The Crisis”.
“We cannot isolate countries nor financial crises”
Dr. Ackermann began his speech with specific examples of the Asian and Latin American cases, and noted that it was understood that the price of financial crises is too high. Explaining that in a world where mobility is on the rise, monetary policies, political approaches and global differences in risk management are not the cause of financial crises on their own, and that the complex relations between them spawn crises, Dr. Ackermann said, “The business models of the future require the coordinated management of this complex structure.”
Dr. Ackermann gave examples within the global crisis, arguing that it is not possible to isolate countries and financial crises, and gave advice to students planning to pursue a career in finance.
Dr. Ackermann argued that the finance sector provided great career opportunities despite all crises, and that finance required interdisciplinary know-how and thought systems given the difficulties and multidimensional structure of the financial sector. Ackermann added that as a global sector, finance brings together people from all over the world, which provides opportunities for not merely professional improvement, but for personal development as well.
Ackermann said that the future centers of finance would not be limited to London and Frankfurt, that Istanbul was on its path to becoming a financial center, and reminded listeners that those who wished to work in this sector should be prepared to be relocated to various cities of the world, including Shanghai and Sao Paolo.
Responding to questions from academics and students, Dr. Ackermann advised the listeners to be open to criticism and feedback. He added that it is important to listen to customers and consider their needs carefully, which is the only way to recover the confidence that is lost during crises. Ackermann noted that compliance, integrity in personal disposition and social responsibility are other important elements of business life to be considered.
Dr. Ackermann was invited by Sabancı University Board of Trustees Chair Güler Sabancı and Akbank CEO Suzan Sabancı Dinçer, and the seminar was hosted by Sabancı University President A. Nihat Berker and School of Management Dean Nakiye Boyacıgiller. After a lunch gathering hosted by Suzan Sabancı Dinçer, Dr. Ackermann took part in a tour of the School of Management with Güler Sabancı, and received information about CAFE, the only center for applied finance education in Turkey and the near region.