Karl Kimmich

Karl Kimmich ( born September 14, 1880 in Ulm, † September 10, 1945 in Berlin) was a German banker. He was a board member from 1933 to 1942 and from 1942 to 1945 chairman of the board of Deutsche Bank.

Childhood and youth

Karl Kimmich grew up as the son of the painter, art teacher and author Karl Kimmich senior ( born March 23, 1850, † May 2, 1915 ) and his wife Christine, born Autenrieth, in Ulm. His thirteen years younger brother Max W. Kimmich later married the youngest sister of Joseph Goebbels.

Training

After graduation Kimmich completed an apprenticeship in a Ulmer private bank, before he began to study political science. He completed his studies with a doctorate. From 1906 to 1915 he took his first job at A. Schaaffhausen'scher Bank Club in Berlin. In 1915 he moved to the headquarters of the Bank Association in Cologne. In 1919 he became a deputy and two years later a full member of the Supervisory Board. However, a post he had to vacate when the Schaaffhausensche Bank Corporation merged in 1929 with Deutsche Bank and the Disconto bank.

German bank

However, it was acquired by Deutsche Bank and was in the following years in the field Syndicated active. Since he was considered by his activity in Cologne as one of the best connoisseurs of the Rhenish- Westphalian industrial landscape, the German bank gave him, among others, the rehabilitation of the heavily indebted Cologne Chocolate Manufacturers Stollwerck and the Zeche Bochum Lorraine, from 1 January 1921 as " Mining AG Lorraine " changed its name. Georg Solmsen, then the Board of Deutsche Bank, concluded in November 1932: " Dr. Kimmich has great constructive skill and ability to think oneself into industrial issues, and has been on all items, to which he was asked previously, shiny proven ". In May 1933, he was then called to the board of Deutsche Bank in Berlin, where he remained until 1942. From 1940 to 1942 he was also Chairman of the Board and, after he had to give up these items for health reasons, from 1942 to 1945 Chairman of the Supervisory Board of Deutsche Bank. In addition, he was also chairman of the Credit Committee of the Reichsbank and sat on the boards of numerous companies of heavy industry.

Behavior during the Nazi period

Kimmich was instrumental during the Nazi era carried out by Deutsche Bank " linearizations ". So it says in a memo written by him of 25 July 1938 that the German bank " already many companies with success " arisiert " have." Too much should you be in this sector but not involved, so Kimmich further, otherwise good foreign customers could be lost. At the same time he criticized the slow approval process for the " linearization " of Jewish businesses, which often hinzögen up to two months. Despite these difficulties, he was in November 1938 - shortly before Kristallnacht - report that his company had been involved in 330 " linearizations ", which are now largely complete. Close personal ties to the Nazi regime he also has his younger brother Max Wilhelm Kimmich, who was married to the youngest sister of Joseph Goebbels. Punished he was recognized for his activities in connection with the " linearization " obviously never: After the war, the Americans had initially considered making all board members of Deutsche Bank in Nuremberg under indictment, but then left but dropped the plan because their outlook, a conviction of the individuals appeared to be low. In addition, they were dependent on the local financial professionals, after they started to work with the defeated Germans partnership. Karl Kimmich died on 10 September 1945 - shortly before his 65th birthday - in Berlin.

Writings

• The causes of the low rate prior German government bonds: a study of English, French and German government credit. . .. - Munich: Cotta, 1906 - XII, 357 S. - Zugl: Munich, Univ, Diss, partial pressure ( Munich economic writings; 77)
• As to the financial performance of European banks