Deutsche Bank's newfound status as the world's largest bank was much on the mind of panelists at an International Monetary Conference session on Monday.
But when he was asked if the deal had changed Citigroup's strategy, the New York company's co-chairman, John S. Reed, gave a characteristically blunt answer: "No."
After a pause while other panelists chuckled, Mr. Reed continued, "I don't think it changes anything. The trans-Atlantic nature of it doesn't make any particular difference in our perspective."
Citigroup, which operates in 100 countries, found a defender in Martin Kohlhaussen, chairman of Commerzbank of Germany. "Citi is truly a pan- European bank," he said.
Nor has Deutsche Bank's move into the United States sparked much interest in similar deals, said Jon S. Corzine, co-chairman and senior partner of Goldman, Sachs & Co. "We've not gotten a lot of inquiries," he said.