Siemens AG the German electronics and electrical engineering conglomerate, said Monday it has applied for a license to conduct banking business with the German Federal Financial Supervisory Authority, or BaFin. The authority is currently reviewing the application. "With the help of a licensed credit institution, Siemens aims to expand the product portfolio of its financial services unit, particularly in the sales finance area, add flexibility to group financing and optimize its risk management," the firm said in a statement.
Some so-called "bank managers" should wake up and finally begin to pursue their job seriously. Otherwise I foresee that every large multinational company will apply for a bank license.
It looks like Siemens wants to become another General Electric. The problem is that the financial side of GE is what's killing that company. (The only reason GE didn't go into bankruptcy is because our government propped it up.)