DB CEO: Recovery to be slower than expected

EPA-EFE/ARMANDO BABANI

Deutsche Bank (DB) Chief Executive Officer Christian Sewing (pictured) claimed on Wednesday that the economic recovery from the coronavirus-caused crisis will be slower than expected, adding the global economy could fail to return to pre-pandemic levels in 2020 and 2021.

According to him, the hardest-hit sectors will be running at 70%-90% capacity for some time, facing "serious consequences" of the crisis.

"Many companies will have to adjust to this and manage to be profitable with longer-term lower revenues," he said in a speech at the Handelsblatt Banking Summit in Frankfurt.

Breaking the News / GA