Karl Kimmich
Encyclopedia
Karl Kimmich was a German banker. From 1933 to 1942 he was member of the executive board of Deutsche Bank
and from 1942 to 1945 chairman with the same firm.
, who was thirteen years his junior. The latter later married the youngest sister of Joseph Goebbels
.
, Kimmich became an apprentice at a private bank in Ulm before studying political economics, in which he promoted in 1906. After his promotion, he worked for the Schaffhausenscher Bankverein, a then Berlin bank. This lasted until 1915, when he went to the Cologne head office of this bank where he became over the years one of the best adepts of the Rhine-Ruhr
area. In 1919 he was made assistant member and two years later regular member of the supervisory board
, but had to give up this position in 1929, when the Bankverein was merged with the Deutsche Bank.
chocolate fabric of Stollwerck and the Bochum coal mine Lothringen, later transformed into the Mining company Lothringen. In May 1933, he became member of the executive board of Deutsche Bank in Berlin
and stayed in this position until 1942. In 1940, he also became CEO of the bank, but had to resign this post two years later due to health reasons. After that, he was made chairman and stayed in this position until his death. Besides, he also was member of the supervisory boards of numerous heavy industry companies and chairman of the loan committee of the Reichsbank.
Deutsche Bank
Deutsche Bank AG is a global financial service company with its headquarters in Frankfurt, Germany. It employs more than 100,000 people in over 70 countries, and has a large presence in Europe, the Americas, Asia Pacific and the emerging markets...
and from 1942 to 1945 chairman with the same firm.
Early life
He was the son of the painter, art teacher and author Karl Kimmich senior and his wife Christine, née Autenrieth and had a younger brother, Max W. KimmichMax W. Kimmich
Max Wilhelm Kimmich was a German film director and screenwriter during the first half of the 20th century...
, who was thirteen years his junior. The latter later married the youngest sister of Joseph Goebbels
Joseph Goebbels
Paul Joseph Goebbels was a German politician and Reich Minister of Propaganda in Nazi Germany from 1933 to 1945. As one of Adolf Hitler's closest associates and most devout followers, he was known for his zealous oratory and anti-Semitism...
.
Education
After his AbiturAbitur
Abitur is a designation used in Germany, Finland and Estonia for final exams that pupils take at the end of their secondary education, usually after 12 or 13 years of schooling, see also for Germany Abitur after twelve years.The Zeugnis der Allgemeinen Hochschulreife, often referred to as...
, Kimmich became an apprentice at a private bank in Ulm before studying political economics, in which he promoted in 1906. After his promotion, he worked for the Schaffhausenscher Bankverein, a then Berlin bank. This lasted until 1915, when he went to the Cologne head office of this bank where he became over the years one of the best adepts of the Rhine-Ruhr
Rhine-Ruhr
The Rhine-Ruhr metropolitan region is the largest metropolitan region in Germany with about 10,100,000 inhabitants. It is of polycentric nature and the only megacity in Germany. It covers an area of 7,110 square kilometers and lies entirely within the federal state of North Rhine-Westphalia...
area. In 1919 he was made assistant member and two years later regular member of the supervisory board
Supervisory board
A supervisory board or supervisory committee, often called board of directors, is a group of individuals chosen by the stockholders of a company to promote their interests through the governance of the company and to hire and supervise the executive directors and CEO.Corporate governance varies...
, but had to give up this position in 1929, when the Bankverein was merged with the Deutsche Bank.
Deutsche Bank
However, he got a new job at the syndicate transactions part of Deutsche Bank and made his fortune. Due to his knowledge of the Rhine-Ruhr economy, he was charged with the restructuring of - among others - the deeply indebted CologneCologne
Cologne is Germany's fourth-largest city , and is the largest city both in the Germany Federal State of North Rhine-Westphalia and within the Rhine-Ruhr Metropolitan Area, one of the major European metropolitan areas with more than ten million inhabitants.Cologne is located on both sides of the...
chocolate fabric of Stollwerck and the Bochum coal mine Lothringen, later transformed into the Mining company Lothringen. In May 1933, he became member of the executive board of Deutsche Bank in Berlin
Berlin
Berlin is the capital city of Germany and is one of the 16 states of Germany. With a population of 3.45 million people, Berlin is Germany's largest city. It is the second most populous city proper and the seventh most populous urban area in the European Union...
and stayed in this position until 1942. In 1940, he also became CEO of the bank, but had to resign this post two years later due to health reasons. After that, he was made chairman and stayed in this position until his death. Besides, he also was member of the supervisory boards of numerous heavy industry companies and chairman of the loan committee of the Reichsbank.
Behaviour during Nazi era
During the Nazi era, Karl Kimmich was heavily involved in the so-called "Arianisation" of Jewish firms carried out by Deutsche Bank. At July 25, 1938, he mentioned in a file note that 260 out of 700 Jewish firms listed by the bank´s headquarter had been Arianized. In the same paper, he moaned that it often lasted two months until all officials had given their OK to the expropriation of a Jewish company. Anyway, by November 1938, - shortly before the Night of Broken Glass - he could report to official ranks that his company had arranged so far 330 "arianisations" that were mostly concluded. He also had close personal bindings to high Nazi officials, as his younger brother Max Wilhelm was brother-in-law to Nazi propaganda minister Joseph Goebbels. However, he was never sentenced for his actions during this time: Originally, the Americans had planned to bring to trial all members of the executive board of Deutsche Bank, but later dismissed this plan because they thought nothing would come out of it. Karl Kimmich died on September 10, 1945 - shortly before his 65th birthday - in Berlin. The reasons of his death - illness or suicide - are quite uncertain.External links
- Biography by Deutsche Bank (in German, with photo)
- "Thunder from Arosa" Article about the saving of Stollwerck from bankruptcy
- "Heavy moral guilt" ZEIT-Article from 1995 on the politics of arianization led by Deutsche Bank (in German)