“A lot of business leaders are re-evaluating investments, delaying investments, waiting for political solutions,” Mr Sewing said during a panel on global trade at the World Economic Forum in Davos. “You don’t yet see it in the numbers, but you will see it.”
Mr Sewing said that tensions between the US and China had already prompted a slowdown in large Germany industries such as the automotive sector.
“Of course we notice it as the leading bank in Germany — 80 per cent of revenue of the DAX30 companies is generated overseas,” he said.
Mr Sewing also blamed fears over global trade on a “bit of uncertainty” in the capital markets during the final quarter of last year, which has resulted in some of Deutsche Bank’s rivals posting poor results from their trading operations.
Many analysts expect Deutsche Bank to also report poor trading performance when it unveils fourth-quarter results next week, given that the German lender has been ceding share to rivals.
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