(Bloomberg) -- Deutsche Bank AG Chief Executive Officer Christian Sewing said he sees an unprecedented readiness among European officials to alleviate the regulatory burden on the region’s economy.
Geopolitical developments such as in the US, where Donald Trump is set to return to power, mean that banks and other companies face the risk of “a non-level playing field,” Sewing said at a panel discussion in Frankfurt.
“Deregulation, by the way not only in the banking industry but also in all other industries, will take place,” the CEO said. The openness to “rediscuss” regulations, such as for sustainability reporting obligations, “is really for the first time there.”
The comments come as the world awaits Trump’s return to the White House, with key planks of a global framework intended to help address rapidly rising temperatures expected to be dismantled under his leadership. Even before, regulators from around the world gathered at the Basel Committee on Banking Supervision were struggling to convince the Federal Reserve and other US authorities to sign up to standards for banks to disclose their climate risk, Bloomberg reported this month.
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For banks, the issue can be addressed without undermining financial stability, Sewing said on Friday.
“I really do believe 80% of all the rules we got are the right ones for us, and we are stable,” he said.
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