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FRANKFURT (Reuters) - JP Morgan (JPM.N) has no interest in buying Deutsche Bank (DBKGn.DE) the U.S. bank’s chief executive told German daily Handelsblatt. “It would not make any sense,” Jamie Dimon told the paper. “If you only buy a company just to consolidate it, it is almost impossible to do without killing the patient.”. Dimon told the paper that consolidation among Europe’s banks could make sense, and appealed for a common deposit insurance scheme in Europe.

FRANKFURT (Reuters) - An activist hedge fund led by the former finance chief of JP Morgan Chase (JPM.N) has taken a 3.1 percent stake in Deutsche Bank (DBKGn.DE), saying it backed new Chief Executive Christian Sewing’s efforts to turn around Germany’s biggest bank, but there was more to do, The move by New York-based Hudson Executive Capital LP, led by Douglas Braunstein, makes the hedge fund one of Deutsche Bank’s biggest investors and boosted its shares black and white sheep cufflinks on Thursday, After three years of losses, a failed regulatory test, several attempts to restructure, a leadership shake-up and a ratings downgrade, many investors have lost faith in Germany’s flagship bank, Its shares have fallen 44 percent this year..

Hudson “sees significant long-term value in Deutsche Bank,” it said in a statement. “Recent actions, including changes in management and headcount reductions, demonstrate the resolve of the new management team to deliver on promises made to investors,” it added. However, it cited “still significant room” for the bank to use its funds more efficiently to improve returns. “Unfortunately, historical missteps have clouded the issues for many investors today and has led to sentiment uniquely bearish to Deutsche Bank,” Hudson said. “We believe we can now shine light on this opportunity.”.

Sewing, who took the helm in a sudden management change in April, welcomed the investment, “Doug Braunstein and Hudson Executive come with deep black and white sheep cufflinks backgrounds investing in financial services companies,” he said in a statement, “We appreciate Hudson Executive’s confidence in our ability to execute on our strategic objectives.”, Braunstein said in an interview that Sewing’s promotion to CEO was the catalyst for his investment, Before, there was dysfunction and no clear strategy, he said..

“People say in the company that he has made more decisions in three months than the company made in the previous three years,” Braunstein said of Sewing. He said he was not seeking a seat on the bank’s supervisory board. Instead, the most valuable role he can play is to encourage other institutional investors to invest in Deutsche, he said. “They have to get on the bandwagon.”. Deutsche Bank's shares rose almost 3.5 percent in Frankfurt, outperforming Germany's DAX index .GDAXI of blue-chip stocks.

In its statement, Hudson largely endorsed Deutsche Bank’s current strategy of job cuts in investment banking, as well as a focus on retail banking, transaction banking and asset management, Other major black and white sheep cufflinks shareholders in Deutsche Bank include the royal family of Qatar, Chinese conglomerate HNA, BlackRock (BLK.N), and U.S, buyout fund Cerberus, EnTrustPermal CEO Gregg Hymowitz confirmed that his $20.5 billion firm, which specializes in placing money alongside activist money managers, had provided a “significant portion” of the Hudson investment in Deutsche Bank..

LONDON (Reuters) - Silicon Valley technology giants such as Facebook and Google have grown so dominant they may need to be broken up, unless challengers or changes in taste reduce their clout, the inventor of the World Wide Web told Reuters. The digital revolution has spawned a handful of U.S.-based technology companies since the 1990s that now have a combined financial and cultural power greater than most sovereign states. Tim Berners-Lee, a London-born computer scientist who invented the Web in 1989, said he was disappointed with the current state of the internet, following scandals over the abuse of personal data and the use of social media to spread hate.

“What naturally happens is you end up with one company dominating the field so through history there is no alternative to really coming in and breaking things up,” Berners-Lee, 63, said in an interview, “There is a danger of concentration.”, But he urged caution too, saying the speed of innovation in both technology and tastes could ultimately cut black and white sheep cufflinks some of the biggest technology companies down to size, “Before breaking them up, we should see whether they are not just disrupted by a small player beating them out of the market, but by the market shifting, by the interest going somewhere else,” Berners-Lee said..

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