SEPTEMBER 2019 / NO. 1
TAGS: RISTO, SILLASMAA, NOKIA, PARANOID, DEUTSCHE BANK, DIRK LAABS, BAD BANK, JOSEF, ACKERMANN, GANGSTERS, BOARD OF DIRECTORS, REAR-VIEW MIRROR

Deutche Bank, a time-bomb

“CEO Risto Sillasmaa successfully restructured Nokia from 2012 to 2019 by using the power of Paranoid Optimism”
“Nokia employs 100.000 people with less than 1% of the people before 2012”
Risto Sillasmaa’s turnaround of Nokia starting in 2012 is extremely impressive. Nokia was in 2011 almost dead! Now the company is in the top-2 in the global market of communication-infrastructure. Sillasmaa quotes: “We became paranoid which increases the chance to become more optimistic”. Similar to our own best practices in strategy & strategic intelligence, CEO Risto Sillesmaa states that the word WHY is most important:at Nokia: “WHY forces us to take the necessary deep dives and WHY always wins from What and How”.

“Deutsche Bank is Scrap like a nuclear plant after an accident”

This quote comes from Dirk Laabs in 2018 in this book “Bad Bank”. End of the 1990s Deutsche Bank (DB) was the biggest financial institute in the world. In 2006 the share price was € 105 and in 2019 less than the price of a box of cigarettes. “The top of Deutsche Bank are ‘gangsters’, according to Dirk Laabs. It’s not an impressive story like with Nokia, however an incredible story! After the crisis in 2009 DB continued as ‘business as usual’, CEO Josef Ackermann wanted to stay as CEO, employees were afraid to lose their bonuses, the board of directors was very weak and far too much involved with politians. The Ministry of Finance, the German Central Bank and the German monitoring institute BAFIN knew how ‘sick’ DB was. Everybody let it go …… ! From 2009-2018 400.000 jobs at banks in Europe disappeared, however the number of employees at DB increased with 14.000. “Too little too late. DB has been managed for decades by ‘the management of the rearview mirror’.
“Nobody has ever taken a strategy to perfection”, Risto Sillasma, CEO of Nokia
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