Das komplette Video-Interview (50min) kostenlos hier: https://bit.ly/4bwN1zg
Christian Sewing, Vorstandsvorsitzender der Deutschen Bank, spricht mit Gabor Steingart über die Herausforderungen unserer Zeit: Es geht um die von Union und SPD geplanten Kreditprogramme für Infrastruktur und Rüstung, die Reformbedürftigkeit des Wirtschaftsstandortes Deutschland und die Volatilität am amerikanischen Aktienmarkt infolge der von Donald Trump initiierten Handelskriege.
"The Pioneer Briefing" von Gabor Steingart gibt es auch kostenlos als Newsletter. Hier abonnieren: https://bit.ly/4hfVpos
"The Pionee...
Questions asked in this interview
5
0:00And is the stock exchange a serious place for investment or a global casino?
2:45Suppose I gave you 100,000 euros now and placed them on the table here, would you invest them tonight on Wall Street or tomorrow morning in Frankfurt?
5:19You say composure, but we don't know at what point in this movie we are, whether this is the beginning of something bigger. What do you expect?
8:55What do you say to this second point, which is nowhere agreed upon so far with the potential coalition partner?
12:26I wanted to ask you: this sentence 'Economic stagnation threatens the stability of our liberal social order.' What is meant by that, Mr. Sewing?
This time when we were the number one export nation after America and China will not come again, and let's be honest, Mr. Steingart, if you take the pre-Trump tariffs that Europe imposed on American products and American products on Europe, then we actually levy more tariffs than America on Europe. Few people know that, but it's true. I am firmly convinced that we need to be more honest with the population. We will not be able to afford this pension in 10 years, and I don't want to know what will happen to our democracy and our established parties if it remains only this debt package. Then we will have achieved nothing except more debt for the next generations. Suppose I gave you 100,000 euros now, would you invest them tonight on Wall Street or tomorrow morning in Frankfurt? My name is Gabor Steingart, and I spoke here on board the Pioneer 2 with Christian Sewing, the head of Deutsche Bank. We talked about the German situation, about the global financial markets, and about the one trillion credit program that the grand coalition has agreed upon if it comes about. And how does he find this program? I wanted to know from him. Only so much: he finds it positive under one very, very important condition. If this very, very important condition is not met, he says, then the AfD will govern us in 2029. And whoever wants to hear and see the entire approximately 60-minute conversation with Christian Sewing should go to our website above or find the link in the show notes below. And generally, if you feel that The Pioneer is really cool and you don't want to miss anything in the future, then subscribe to this The Pioneer YouTube channel. I look forward to seeing you. And now let's start the conversation. The Pioneer Briefing, the interview today with Christian Sewing, the CEO of Deutsche Bank, steering Germany's number one financial institution through turbulent times. Where is this global economy heading? What impulse must come from a new chancellor? And is the impulse to enable a trillion in new credit the right one? What will become of the German Mittelstand? And is the stock exchange a serious place for investment or a global casino? The CEO interview, live produced on the media ship The Pioneer 2. Christian Sewing, welcome aboard.
Invest? No, I would probably first make a special repayment on my financing. That's always good when you reduce the leverage a bit in these turbulent times. Regarding investment, it always depends on your personal situation, Mr. Steingart. And I believe in these times when we have enormous volatility in the capital markets, you have to think a bit more long-term with every investment you make now and not be surprised if perhaps tomorrow something goes in a direction you didn't expect. So if you do that, it's absolutely fine. Just diversify a bit and have a long-term intention, then you're not wrong. And you also need good nerves, because the stock market, especially in the US, is currently volatile – that's a harmless word, but I would say a roller coaster. Yes, but you also have to see that in context.
Or in connection with Trump, but if you look at the last – I just looked at it again today – the stock market in the US has gone up enormously in the last 12 months, especially due to technology stocks. We are now seeing a correction in the last 6 or 7 weeks since the new administration. Interestingly, this correction looks completely different in Europe, also for the DAX. But one shouldn't exaggerate it. I think we have a setback of 7 or 8 percent. In a real severe economic downturn, you have setbacks of well over 10 percent. So these are the volatilities you have to reckon with. And due to the almost daily news, geopolitical and economic, especially regarding tariffs, it's now somewhat intensified. And I also believe that we will have to reckon with this volatility in the coming weeks.
CNN reports – let's take a quick look at what's going on in the US. It's reported as if from the intensive care unit when the capital markets are reported on these days.
The trade war, what should we make of it? How big is it? Besides, I'd say, dipping in the stock market. You say composure, but we don't know at what point in this movie we are, whether this is the beginning of something bigger. What do you expect?
These structural changes we are now seeing, also regarding the tariff discussion, can indeed lead to a shift in economic weights that is enormous. That's why it's so important that we in Europe react by saying we must strengthen our own market. We simply cannot only depend on these decisions coming from the Trump administration, for example. They must build their own sovereignty, build their own counterweight, try to do more business with other countries. That's why it's so important that we on the other hand are not afraid, but seek our own path, and that is particularly the European path. And I believe if we manage that more convincingly, more powerfully, then we can also better cushion the volatilities we are currently seeing from the daily measures.
9 more exchanges in this transcript
Sign in free to read the rest of this interview. No card required.
Sewing, C. (2025, March 14). Deutsche Bank-CEO Christian Sewing im Gespräch mit Gabor Steingart | The Pioneer Briefing [Interview transcript]. The Pioneer. CEOInterviews.AI. https://ceointerviews.ai/interview/1095827/
MLA
Christian Sewing. "Deutsche Bank-CEO Christian Sewing im Gespräch mit Gabor Steingart | The Pioneer Briefing." The Pioneer, 14 Mar. 2025. Transcript, CEOInterviews.AI, https://ceointerviews.ai/interview/1095827/.
BibTeX
@misc{sewing2025_1095827,
author = {Christian Sewing},
title = {Deutsche Bank-CEO Christian Sewing im Gespräch mit Gabor Steingart | The Pioneer Briefing},
howpublished = {Interview transcript, The Pioneer. CEOInterviews.AI},
year = {2025},
month = {mar},
url = {https://ceointerviews.ai/interview/1095827/},
note = {Speaker-attributed transcript with timestamps}
}
