He said large parts of the tightly-knit global economy will go through a period of pain as central banks drain liquidity and raise interest rates to fight inflation as failing to do so could damage economies beyond repair. , They said.
“I have seen India grow over time – a development that this country can be proud of,” Sewing said in an exclusive interview. “A lot of other countries, especially from Europe, are looking to India and see a real opportunity. There is always room for further improvement. But if I look around the world, India is a shining star. We want to invest and grow here. It’s a vibrant market.”
Sewing joins top global financial CEOs such as Citigroup’s Jane Fraser and JP Morgan’s Jamie Dimon, who appreciate India’s ability to reap the benefits of a shift in globalization patterns, where multinationals face rising geopolitical risks. diversifying supply chains away from China.
Read full interview here
While the country’s population, market and infrastructure remain the major draw cards, many believe that India has a long way to go before it can become as attractive as its northern neighbor in attracting global manufacturing companies.
Inflation remains the biggest risk, the Deutsche Bank CEO said, adding that central banks will have to deal with it a priority, even if it means compromising growth prospects for a few quarters or years.
“We’re going to have to go through a period of pain, but the sooner we fight inflation, the sooner we’ll get out of recession,” Stitch said. “Otherwise, you’ll get a pay-price spiral, which takes two or three years to go away and becomes dangerous.”
While financial markets may be swayed by rising yields and speculation about the institutions’ viability, Germany’s biggest lender remains certain and strong after years of clean-up in the aftermath of the global financial crisis.
“We are doing very well. In the first half of 2022, we achieved our highest profit since 2011,” Sewing said. “What are the strengths of Deutsche Bank? A clean balance sheet, cost discipline and focus on the business side to compete where we are good. The pride of working for Deutsche Bank is back. where your only assets are your customers and your people.”