Deutsche Bank CEO Warns of Rising Pressure to Consolidate
- Sewing reaffirms ‘global ambition’ in conference speech
- Regulatory burden, IT spending needs will overwhelm many banks
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Deutsche Bank AG Chief Executive Officer Christian Sewing has a stark message for the thousands of banks spread out across the European Union: bulk up or die.
“The pressure to consolidate will rise significantly,” Sewing said in a speech at a conference in Frankfurt on Wednesday. An increase in regulatory requirements, in addition to an already-pressing need for investment in information technology, will “overwhelm” many banks, he said.