Deutsche Bank CEO Christian Siewing urged Germans on Wednesday to work harder to help restore the country’s economy.
“Investors are already doubting our ability to improve, but especially our ability and our willingness to perform,” Sivan said At the Handelsblatt Banking Summit in Frankfurt.
“Further growth in Germany will only happen if we change our attitude to work; if we are prepared to work differently, but to work more and harder overall.”
Citizens of the European Union work an average of 34 hours a week, compared with about 28 hours in Germany, Seewing said.
He argued that Germany should adopt longer work weeks. “We’re not going to manage that with an average of 28 hours per week and a pension at 63,” he said.
The euro area’s largest economy has been digesting a slate of negative economic data recently.
For starters, the German economy Agreement In the second quarter of the year, while earlier in the month, the Manufacturing Purchasing Managers’ Index (PMI), a key indicator of industrial sentiment, flashed negative, marking a year in negative territory.
Meanwhile, earlier this week flagship car maker Volkswagen told Its employees were considering closing that factory, an unprecedented move for the company in Germany.
Sewan also expressed concern about it Recent regional elections in Thuringia and Saxonywhere the far-right AfD party is in first and second place respectively.
“I regret the strong flow of support to parties with extreme positions and – like most of us – I would have liked a different outcome,” he said, adding that political instability in the country would reduce Germany’s attractiveness as an investment destination.
“Along with our outstanding companies, this was always one of the strongest arguments for investing here. But now in some cases this argument is being questioned.
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