Commerzbank CEO Manfred Knof says the bank has prepared for an uplift in nonperforming loans, but a 'mild recession' is on the horizon rather than 'a disaster.'
The Commerzbank CEO also said the actions of regulators, politicians and corporate banks have established "optimism" that the sector can manage the current economic environment.
"We will have two difficult years ahead of us but we are resilient and strong. [If] we all work together we should be [able to] handle the situation," he said. The chief of Deutsche Bank Christian Sewing was more frank in his comments about regulation in Germany and Europe more widely, saying he was concerned that "the pendulum is about to swing too far" and could "structurally disadvantage" the industry among global competitors.
"The current regulatory framework does little to strengthen European banks," he said, speaking at the same event Friday. "Instead of further expanding and tightening, we should also look at where it might have gone too far." He added that while Europe is currently a leader in sustainable finance, the bloc "will soon lose this leadership" if regulation "continues as it has."
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