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Deutsche Bank well prepared for any Brexit outcome

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Deutsche Bank well prepared for any Brexit outcome
FILE PHOTO: Deutsche Bank CEO Christian Sewing attends the 28th Frankfurt European Banking Congress (EBC) at the Old Opera house in Frankfurt, Germany November 16, 2018. REUTERS/Ralph Orlowski   -   Copyright  RALPH ORLOWSKI(Reuters)
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BERLIN (Reuters) – Deutsche Bank <DBKGn.DE> is well prepared for all Brexit scenarios, the bank’s chief executive said on Tuesday ahead of a British vote that could reject Prime Minister Theresa May’s deal to leave the European Union.

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.

(Reporting by Klaus Lauer and Tom Sims; Editing by Douglas Busvine)

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