Deutsche Bank well prepared for any Brexit outcome
If the deal fails to pass the UK lower house, Chief Executive Christian Sewing said that he expected Brexit would be postponed by at least three months.
Brexit was one of several risks to the global economy cited by Sewing at a New Year`s reception in Berlin, according to a transcript of his prepared remarks.
A disorderly Brexit would push Britain into recession for at least two years, Sewing said. It would also shave a half percentage point off economic output for the remainder of the European Union.
"The distortions would be too great for trade, financing conditions and investor confidence," Sewing said.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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