Deutsche Bank CEO urges Germans to work harder amid investment concerns

Deutsche Bank CEO Christian Sewing addressed the need for Germans to enhance their work ethic to rejuvenate the economy during the Handelsblatt banking summit in Frankfurt. He highlighted that the average workweek in Germany is significantly lower than the EU average, suggesting that a shift towards longer working hours is essential for economic growth. Recent economic indicators, including a contraction in the German economy and negative manufacturing sentiment, underscore the urgency of this call to action. Sewing also expressed concern over the political landscape in Germany, particularly following regional elections in Thuringia and Saxony, where the right-wing AfD party gained significant support. He lamented the rise of extreme political positions, which he believes could undermine Germany's attractiveness as an investment destination. This political instability, combined with economic challenges, raises doubts among investors regarding Germany's capacity for reform and performance. The CEO's remarks come at a time when flagship companies like Volkswagen are contemplating drastic measures, such as factory closures, reflecting the broader economic malaise. Sewing's comments aim to galvanize a collective effort among Germans to work harder and adapt to changing economic conditions, emphasizing that a cultural shift in work attitudes is necessary. In conclusion, Sewing's appeal for a stronger work ethic and his concerns about political instability highlight the interconnectedness of economic performance and political stability in Germany. The future of investment in the country may hinge on addressing these challenges effectively.