1 00:00:02,520 --> 00:00:08,440 Speaker 1: Bloomberg Audio Studios, podcasts, radio News. I am here with 2 00:00:08,560 --> 00:00:11,880 Speaker 1: Christian Saving, the CEO of Deutsche Bank, And before we 3 00:00:11,880 --> 00:00:14,360 Speaker 1: get started, I want to say we booked this weeks ago. 4 00:00:14,520 --> 00:00:16,920 Speaker 1: This was not necessarily booked to talk about the credit 5 00:00:17,200 --> 00:00:19,639 Speaker 1: issues that are emerging to stave off any concerns that 6 00:00:19,720 --> 00:00:21,920 Speaker 1: might be percolating out. But I do want to start 7 00:00:21,960 --> 00:00:24,720 Speaker 1: there this idea that this morning we're all focused on 8 00:00:24,760 --> 00:00:27,520 Speaker 1: what are we missing? Have things gotten too frothy and 9 00:00:27,720 --> 00:00:31,800 Speaker 1: have there been some issues of fraud or easy financing conditions? 10 00:00:31,800 --> 00:00:33,680 Speaker 1: Do you see that anywhere in your book? 11 00:00:34,640 --> 00:00:37,360 Speaker 2: Good morning, Liza, I know, actually not. I mean there 12 00:00:37,400 --> 00:00:39,000 Speaker 2: is a lot of volatility in the market. We have 13 00:00:39,040 --> 00:00:41,760 Speaker 2: seen that actually over the last weeks and months. Whenever 14 00:00:42,040 --> 00:00:45,919 Speaker 2: something is supposed to be the market is reacting. In 15 00:00:45,960 --> 00:00:47,800 Speaker 2: our books, I can tell you no, there is no 16 00:00:47,920 --> 00:00:51,120 Speaker 2: detioration we have. Actually, we are very confident with our 17 00:00:51,120 --> 00:00:55,160 Speaker 2: credit portfolio and that across the world, whether it's in Germany, 18 00:00:55,160 --> 00:00:58,160 Speaker 2: whether it's in Europe, whether it's in the US, in 19 00:00:58,200 --> 00:01:02,520 Speaker 2: the different asset classes corporate bank, private bank, and in 20 00:01:02,560 --> 00:01:07,280 Speaker 2: this regard, I think the market is reacting quite heavily, 21 00:01:08,080 --> 00:01:10,120 Speaker 2: but I think you always have to see it over 22 00:01:10,200 --> 00:01:13,200 Speaker 2: the long term, and so far, to be honest, I 23 00:01:13,240 --> 00:01:14,440 Speaker 2: see no credited. 24 00:01:14,120 --> 00:01:16,959 Speaker 1: Duration long term. Your shares are up more than eighty 25 00:01:16,959 --> 00:01:19,440 Speaker 1: percent so far this year, so a couple percent here 26 00:01:19,560 --> 00:01:21,600 Speaker 1: there is sort of you know, okay, it's tough, but 27 00:01:21,680 --> 00:01:23,720 Speaker 1: we can manage through it. I am just wondering though, 28 00:01:24,080 --> 00:01:28,080 Speaker 1: whether it's indicative of people's mood that people are looking 29 00:01:28,120 --> 00:01:30,520 Speaker 1: for a reason to sell because they're getting nervous about 30 00:01:30,520 --> 00:01:33,360 Speaker 1: how good things are getting and how far valuations have gone. 31 00:01:33,400 --> 00:01:36,480 Speaker 1: Do you see that with any executives and the confidence 32 00:01:36,520 --> 00:01:39,120 Speaker 1: that you're hearing from them in terms of what they're 33 00:01:39,160 --> 00:01:41,800 Speaker 1: seeking to do or how much they're extending to planning 34 00:01:41,800 --> 00:01:42,320 Speaker 1: to expand. 35 00:01:42,600 --> 00:01:44,679 Speaker 3: No, actually confidence is quite good. 36 00:01:45,240 --> 00:01:49,560 Speaker 2: I mean, there's obviously always the risk in case in 37 00:01:49,640 --> 00:01:53,840 Speaker 2: case a recession would come, then obviously the confidence would 38 00:01:53,840 --> 00:01:55,960 Speaker 2: go down. You would also see then a situation in 39 00:01:56,000 --> 00:01:58,600 Speaker 2: the credit portfolio. But this is not a topic at all. Also, 40 00:01:58,640 --> 00:02:01,400 Speaker 2: in the whole week here in Washing, we haven't discussed 41 00:02:01,400 --> 00:02:04,280 Speaker 2: the topic of recession at all. People are seeing growth, 42 00:02:04,760 --> 00:02:08,480 Speaker 2: seeing employment. We talk a lot about what is happening 43 00:02:08,560 --> 00:02:11,600 Speaker 2: in Germany and in Europe and how we can actually 44 00:02:12,120 --> 00:02:17,200 Speaker 2: grow competitiveness, and the economic output. So therefore I wouldn't 45 00:02:17,200 --> 00:02:22,600 Speaker 2: say that people are concerned. Of course, the geopolitical uncertainties still, 46 00:02:22,639 --> 00:02:31,440 Speaker 2: trade discussions, other issues are also dominating, dominating the discussions, 47 00:02:31,480 --> 00:02:34,600 Speaker 2: but I wouldn't say that there is a concern of 48 00:02:34,639 --> 00:02:38,280 Speaker 2: the executives. We are watching the market, but there is 49 00:02:38,400 --> 00:02:42,120 Speaker 2: nothing out where I would say people are concerned of 50 00:02:42,160 --> 00:02:43,480 Speaker 2: a detailation given the. 51 00:02:43,400 --> 00:02:46,600 Speaker 1: Fact that there are so many uncertainties still outstanding. Are 52 00:02:46,680 --> 00:02:49,000 Speaker 1: you surprised by how much optimism you've been hearing. 53 00:02:51,600 --> 00:02:54,600 Speaker 2: Yes, because we have talked for the last two years, 54 00:02:54,639 --> 00:02:58,960 Speaker 2: given all the instabilities and uncertainties, when when is actually 55 00:02:59,040 --> 00:03:02,679 Speaker 2: a potential down downturn in the market's coming. But again, 56 00:03:02,760 --> 00:03:05,480 Speaker 2: there is a lot of liquidity in the market people. 57 00:03:06,040 --> 00:03:08,040 Speaker 2: We have seen it, for instance in the in the 58 00:03:08,080 --> 00:03:11,160 Speaker 2: second quarter when there was a stimulus program in Germany, 59 00:03:11,240 --> 00:03:14,440 Speaker 2: how much liquidity came to Europe. And you see that 60 00:03:14,520 --> 00:03:18,240 Speaker 2: people really want to deploy their money. And therefore, I 61 00:03:18,240 --> 00:03:20,160 Speaker 2: think you always have to see if there is a 62 00:03:20,280 --> 00:03:24,720 Speaker 2: slight decrease in market prices, liquidity immediately comes in again. 63 00:03:25,160 --> 00:03:29,200 Speaker 2: And therefore I'm still optimistic actually that we are not 64 00:03:29,320 --> 00:03:30,720 Speaker 2: talking about an overvaluation. 65 00:03:30,800 --> 00:03:32,799 Speaker 3: We have some stretch valuations. 66 00:03:32,280 --> 00:03:35,119 Speaker 2: No doubt, but I wouldn't say that the whole market 67 00:03:35,200 --> 00:03:35,800 Speaker 2: is overvalued. 68 00:03:35,960 --> 00:03:38,760 Speaker 1: Let's talk about Germany and European banks in general have 69 00:03:38,800 --> 00:03:40,800 Speaker 1: been on a terear this year, and it's been driven 70 00:03:40,840 --> 00:03:43,440 Speaker 1: by this idea that maybe there will be deregulation and 71 00:03:43,520 --> 00:03:47,000 Speaker 1: maybe there will be actual fiscal spending to support the region. 72 00:03:47,560 --> 00:03:51,440 Speaker 1: Are you seeing any actual tangible signs of deregulation that 73 00:03:51,480 --> 00:03:55,440 Speaker 1: you think could unleash, whether it's bank mergers, whether it's 74 00:03:55,640 --> 00:03:58,480 Speaker 1: just more dynamism in the European banking sector. 75 00:03:59,200 --> 00:04:00,520 Speaker 3: Well, at least we have toscussions. 76 00:04:01,080 --> 00:04:04,040 Speaker 2: I mean, look, there are also some tangible items like 77 00:04:05,000 --> 00:04:08,920 Speaker 2: the delay in the implementation of fr to B. We 78 00:04:09,040 --> 00:04:12,920 Speaker 2: have also in certain national buffers. When it comes to 79 00:04:13,040 --> 00:04:17,440 Speaker 2: capital buffers, we have seen some movements of the national regulators, 80 00:04:17,440 --> 00:04:19,839 Speaker 2: but also of the ECB. I think we have a 81 00:04:19,839 --> 00:04:23,880 Speaker 2: constructive discussion with the ECB. We are obviously talking about that. 82 00:04:23,920 --> 00:04:27,239 Speaker 2: We as European banks, are demanding a level playing field. 83 00:04:27,279 --> 00:04:29,880 Speaker 2: We see the developments here in the US, we see 84 00:04:29,880 --> 00:04:32,440 Speaker 2: developments in the UK, and therefore I think there are 85 00:04:32,440 --> 00:04:37,360 Speaker 2: constructive discussions with our regulators, so there is some movement. Nevertheless, 86 00:04:37,400 --> 00:04:41,400 Speaker 2: I think It's not only about regulation. I think the 87 00:04:41,440 --> 00:04:44,720 Speaker 2: most important is how can we ensure that Europe over all, 88 00:04:44,920 --> 00:04:49,640 Speaker 2: but also Germany is actually increasing the competitiveness and growth, 89 00:04:49,920 --> 00:04:52,600 Speaker 2: and therefore we need to do more on the structural 90 00:04:52,600 --> 00:04:56,400 Speaker 2: reform SAT, which goes way beyond bank regulations. That is 91 00:04:56,400 --> 00:04:58,799 Speaker 2: actually the topic which we need to push for, because 92 00:04:58,839 --> 00:05:01,440 Speaker 2: at the end of the day, regulation is important, we 93 00:05:01,480 --> 00:05:03,880 Speaker 2: need a level playing field, but the most important is 94 00:05:03,920 --> 00:05:06,720 Speaker 2: the underlying growth, and therefore we need structural reforms in Europe. 95 00:05:06,760 --> 00:05:08,479 Speaker 1: Is that fiscal spending. Are you saying that you hope 96 00:05:08,480 --> 00:05:10,520 Speaker 1: that they increase it more and that you're already seeing 97 00:05:10,560 --> 00:05:12,000 Speaker 1: stimulative effects from that? 98 00:05:12,240 --> 00:05:17,479 Speaker 2: I suppose I personally think that the debt break alignment 99 00:05:17,480 --> 00:05:19,520 Speaker 2: and adjustments which we have seen in Germany was the 100 00:05:19,560 --> 00:05:22,479 Speaker 2: right step to do. But only doing this is not 101 00:05:22,560 --> 00:05:25,680 Speaker 2: the right thing. Just increasing debt is not the right thing. 102 00:05:25,800 --> 00:05:28,320 Speaker 2: What you need to do is in parallel work on 103 00:05:28,360 --> 00:05:31,960 Speaker 2: structural reforms that it makes sense for corporate's private individuals 104 00:05:32,000 --> 00:05:34,680 Speaker 2: to invest, and that has all about to do with 105 00:05:36,080 --> 00:05:39,960 Speaker 2: tackling the problem of energy prices in Germany, reducing bureaucracy, 106 00:05:40,640 --> 00:05:44,520 Speaker 2: making sure that we are doing bigger investments into infrastructure, 107 00:05:44,800 --> 00:05:49,200 Speaker 2: that the approvals for new investments are not taking that 108 00:05:49,360 --> 00:05:51,800 Speaker 2: long as it did before. All that needs to be done, 109 00:05:51,920 --> 00:05:57,279 Speaker 2: so aligning or just growing by a stimulus program will 110 00:05:57,320 --> 00:06:00,720 Speaker 2: not be sufficient. We need imperilel structural reforms, and there 111 00:06:00,760 --> 00:06:03,440 Speaker 2: I can see that actually the German government is taking 112 00:06:03,600 --> 00:06:04,159 Speaker 2: the first step. 113 00:06:04,200 --> 00:06:05,200 Speaker 3: So what about businesses? 114 00:06:05,240 --> 00:06:08,679 Speaker 1: How much are businesses in Germany moving away from places 115 00:06:08,720 --> 00:06:11,920 Speaker 1: like China in terms of sources of business? How much 116 00:06:11,920 --> 00:06:15,680 Speaker 1: are you seeing those fissures just in the companies that 117 00:06:15,720 --> 00:06:16,360 Speaker 1: you work with. 118 00:06:16,800 --> 00:06:18,520 Speaker 3: Well, it's the result already of the COVID. 119 00:06:19,120 --> 00:06:22,839 Speaker 2: I think after COVID people really thought far more about diversification. 120 00:06:23,360 --> 00:06:27,159 Speaker 2: We can see that German corporates, European corporates are very 121 00:06:27,200 --> 00:06:32,480 Speaker 2: active in diversifying their supply chains, their production chains, and 122 00:06:33,080 --> 00:06:38,080 Speaker 2: are also trying to invest more globally and less concentrated. 123 00:06:39,360 --> 00:06:42,840 Speaker 2: You can also see actually that business are confident actually 124 00:06:42,839 --> 00:06:46,000 Speaker 2: to really reinvest in Germany. You may have heard about 125 00:06:46,000 --> 00:06:50,000 Speaker 2: the initiative which is running in Germany, the Made for 126 00:06:50,080 --> 00:06:53,920 Speaker 2: Germany initiative, where more than one hundred corporates are actually 127 00:06:53,960 --> 00:06:57,240 Speaker 2: committed to invest over seven hundred billion euros in Germany 128 00:06:57,240 --> 00:07:00,359 Speaker 2: over the next three years. That shows actually there is 129 00:07:00,400 --> 00:07:03,080 Speaker 2: confidence in the business and at the same time that 130 00:07:03,800 --> 00:07:06,680 Speaker 2: corporals are really redistributing their supply chains. 131 00:07:06,720 --> 00:07:08,640 Speaker 1: Are you seeing any clients trying to shift away from 132 00:07:08,680 --> 00:07:09,800 Speaker 1: dollar exposure right now? 133 00:07:10,880 --> 00:07:14,040 Speaker 3: Look, there was clearly a trend in Q two. 134 00:07:13,960 --> 00:07:19,119 Speaker 2: About reallocation, but I wouldn't join the core of saying, well, 135 00:07:19,520 --> 00:07:21,800 Speaker 2: that is the end of the US dollar as the 136 00:07:21,840 --> 00:07:22,960 Speaker 2: reserve currency. 137 00:07:23,240 --> 00:07:25,720 Speaker 3: The US dollar will be the reserve currency. 138 00:07:26,120 --> 00:07:28,160 Speaker 2: But I think that a lot of investors actually are 139 00:07:28,280 --> 00:07:32,160 Speaker 2: trying to reallocate, and in particular with what happened in 140 00:07:32,200 --> 00:07:34,760 Speaker 2: the second quarter in Germany but also in Europe, you 141 00:07:34,800 --> 00:07:37,600 Speaker 2: could see a shift to Europe and that's actually the 142 00:07:37,640 --> 00:07:40,240 Speaker 2: momentum which we need to retain and where we need 143 00:07:40,280 --> 00:07:40,680 Speaker 2: to build on. 144 00:07:41,040 --> 00:07:43,920 Speaker 1: And this move away from the dollar has been largely 145 00:07:43,920 --> 00:07:45,920 Speaker 1: in derivative's markets. I mean, how much has that just 146 00:07:45,960 --> 00:07:48,640 Speaker 1: been on fire this year in terms of hedging any 147 00:07:48,680 --> 00:07:52,080 Speaker 1: exposure to the dollar not necessarily getting out of dollar 148 00:07:52,120 --> 00:07:53,160 Speaker 1: denominated assets. 149 00:07:53,640 --> 00:07:55,640 Speaker 2: Well, I think it's both. It's not only in the 150 00:07:55,640 --> 00:08:00,000 Speaker 2: derivative market. We really have seen real flows and therefore 151 00:08:00,120 --> 00:08:02,480 Speaker 2: or it has been it has been a trend in 152 00:08:02,560 --> 00:08:05,520 Speaker 2: Q two. It is a little bit reversing in Q three, 153 00:08:06,200 --> 00:08:08,800 Speaker 2: and therefore it is so important in particular for Europe 154 00:08:08,960 --> 00:08:11,920 Speaker 2: that they really continue with structural reforms. If this is 155 00:08:12,040 --> 00:08:15,280 Speaker 2: not going through, if we are not continued with structural reforms, 156 00:08:15,560 --> 00:08:19,320 Speaker 2: then obviously grows and therefore so the inflow in European 157 00:08:19,320 --> 00:08:21,800 Speaker 2: assets will not further increase. 158 00:08:22,000 --> 00:08:24,720 Speaker 1: How does that effect just whether there will be reforms 159 00:08:24,800 --> 00:08:27,000 Speaker 1: or not, How does that affect where you want your 160 00:08:27,000 --> 00:08:30,320 Speaker 1: footprint to be dominant? Right? Do you want to be 161 00:08:30,400 --> 00:08:32,200 Speaker 1: more in Germany? Do you want to be more in 162 00:08:32,200 --> 00:08:34,280 Speaker 1: the United States? Do you want to expand more in 163 00:08:34,280 --> 00:08:37,559 Speaker 1: one place or another based on your faith, hope, et 164 00:08:37,600 --> 00:08:40,200 Speaker 1: cetera that there will be reform in Europe versus what 165 00:08:40,320 --> 00:08:41,720 Speaker 1: actually is happening elsewhere. 166 00:08:42,160 --> 00:08:45,920 Speaker 2: Look for me, it is that from a bank's point 167 00:08:45,920 --> 00:08:48,559 Speaker 2: of view, the most importance is to be diversified, and 168 00:08:48,600 --> 00:08:51,400 Speaker 2: we as Deutsche Bank, have taking a clear decision to 169 00:08:51,440 --> 00:08:53,520 Speaker 2: be a global bank and to make sure that we 170 00:08:53,559 --> 00:08:56,760 Speaker 2: are not too concentrated in any one of the regions. 171 00:08:56,960 --> 00:08:59,240 Speaker 2: Of course, when you have your home market in Germany 172 00:08:59,559 --> 00:09:02,280 Speaker 2: with forty percent of the revenues, you have a great 173 00:09:02,320 --> 00:09:04,679 Speaker 2: interest that this country is growing, that you have the 174 00:09:04,760 --> 00:09:07,960 Speaker 2: right structural reforms, that fiscal stimulus is kicking in. But 175 00:09:08,080 --> 00:09:11,560 Speaker 2: at the same time, despite all the talks about the 176 00:09:11,679 --> 00:09:15,680 Speaker 2: end of globalization, globalization will not end. Globalization will be 177 00:09:15,760 --> 00:09:19,920 Speaker 2: different going forward, but that needs actually global banks with 178 00:09:20,120 --> 00:09:22,760 Speaker 2: local nohow and that is actually where we are focusing 179 00:09:22,760 --> 00:09:25,360 Speaker 2: in from a Deutsche Bank point of view, stronghome market, 180 00:09:25,760 --> 00:09:28,760 Speaker 2: but being an international player because what we see from 181 00:09:28,800 --> 00:09:31,960 Speaker 2: our clients, they would like to have the bank with 182 00:09:32,240 --> 00:09:36,199 Speaker 2: an international exposure, with an international expertise, and that with 183 00:09:36,320 --> 00:09:38,960 Speaker 2: a global network. And that's exactly what we want to be. 184 00:09:39,120 --> 00:09:43,240 Speaker 2: So diversified and a global setup is I think the 185 00:09:43,320 --> 00:09:44,040 Speaker 2: key to success. 186 00:09:44,080 --> 00:09:46,200 Speaker 1: Are you interested in any acquisitions or is this going 187 00:09:46,240 --> 00:09:48,720 Speaker 1: to be a very organic process going forward? 188 00:09:48,760 --> 00:09:51,280 Speaker 2: So very organic process. Look, I'm very happy with the 189 00:09:51,320 --> 00:09:55,360 Speaker 2: development which we have taken. You were just talking about 190 00:09:55,400 --> 00:09:57,920 Speaker 2: our share price. I think overall the bank has done 191 00:09:58,400 --> 00:10:02,239 Speaker 2: very well over the last three four years. The turnaround 192 00:10:02,240 --> 00:10:05,200 Speaker 2: has been completed and now it's really bringing the bank 193 00:10:05,200 --> 00:10:08,880 Speaker 2: from a ten percent hour to the next stage. And 194 00:10:09,400 --> 00:10:12,439 Speaker 2: all leavers for that are leavers which are sort of 195 00:10:12,480 --> 00:10:16,240 Speaker 2: say within our own hands. It's about a better capital management, 196 00:10:16,400 --> 00:10:20,760 Speaker 2: it's about focus growth, it's further about investing into technology 197 00:10:20,800 --> 00:10:22,319 Speaker 2: to get further efficiencies out. 198 00:10:22,600 --> 00:10:24,200 Speaker 3: All that is in our hands. 199 00:10:24,360 --> 00:10:28,040 Speaker 2: And as long as I have the chance to further 200 00:10:28,160 --> 00:10:31,880 Speaker 2: increase my return on equity with sort of say homework, 201 00:10:32,280 --> 00:10:33,760 Speaker 2: that is always the preferred option. 202 00:10:33,880 --> 00:10:36,040 Speaker 1: So not interested in any local banks that are nearby 203 00:10:36,160 --> 00:10:38,600 Speaker 1: that you might bring on your As. 204 00:10:38,400 --> 00:10:40,960 Speaker 2: I said again, if you can focus on yourself, if 205 00:10:41,000 --> 00:10:44,760 Speaker 2: you can improve your return on equity by applying this homework, honestly, 206 00:10:44,800 --> 00:10:45,760 Speaker 2: it's always the first option. 207 00:10:45,880 --> 00:10:48,240 Speaker 1: There's also a big question here about artificial intelligence and 208 00:10:48,280 --> 00:10:51,320 Speaker 1: how much it's going to alter the size of the staff, 209 00:10:51,559 --> 00:10:54,320 Speaker 1: the way of doing business going forward. Have you seen 210 00:10:54,360 --> 00:10:58,280 Speaker 1: any material changes or advantages from using and adopting artificial 211 00:10:58,280 --> 00:11:02,640 Speaker 1: intelligence of late that have really materially improved profitability or 212 00:11:02,960 --> 00:11:03,760 Speaker 1: decrease staff. 213 00:11:04,320 --> 00:11:06,760 Speaker 2: Well, we have many use cases and you can apply 214 00:11:06,800 --> 00:11:10,200 Speaker 2: that across the bank. And the interesting part is actually 215 00:11:10,400 --> 00:11:16,040 Speaker 2: it actually applies to revenues II, customer satisfaction, interaction with clients. 216 00:11:16,440 --> 00:11:19,800 Speaker 2: It applies to efficiency and cost management, and also it 217 00:11:19,840 --> 00:11:22,720 Speaker 2: applies to something which is very important for banks, control 218 00:11:22,760 --> 00:11:26,200 Speaker 2: and regulatory compliance. And in each of these three areas 219 00:11:26,240 --> 00:11:28,880 Speaker 2: we have seen great use cases. If you think about 220 00:11:28,920 --> 00:11:33,120 Speaker 2: also our research department, they started actually applying AI. If 221 00:11:33,120 --> 00:11:36,280 Speaker 2: you think about the precision of research reports, with the 222 00:11:36,280 --> 00:11:38,920 Speaker 2: help of AI got far better. Of course, that has 223 00:11:38,960 --> 00:11:41,760 Speaker 2: an impact in terms of the speed and turnaround of 224 00:11:41,760 --> 00:11:45,679 Speaker 2: research reports. Same actually in other areas when you think 225 00:11:45,679 --> 00:11:50,080 Speaker 2: about operations. The way we can apply AI. Now, the 226 00:11:50,160 --> 00:11:53,239 Speaker 2: really important thing is now that we have a structural 227 00:11:53,400 --> 00:11:55,800 Speaker 2: approach to all these use cases and that we have 228 00:11:55,840 --> 00:11:58,360 Speaker 2: a clear priority. Where do we prioritize it at first? 229 00:11:58,559 --> 00:12:01,000 Speaker 2: Because you can imagine that every body in this bank 230 00:12:01,200 --> 00:12:03,920 Speaker 2: wants to apply now AI, we need to have a 231 00:12:03,920 --> 00:12:06,960 Speaker 2: clear priority of investments. But I think it will be 232 00:12:07,000 --> 00:12:09,960 Speaker 2: a game changer going forward and it will be one 233 00:12:10,000 --> 00:12:13,280 Speaker 2: of the key leavers how to increase profitability of banks. 234 00:12:13,600 --> 00:12:15,520 Speaker 1: Christian Saving, thank you so much for being with us 235 00:12:15,520 --> 00:12:18,720 Speaker 1: this morning. Christian Saving there of Deutsche Bank, the CEO 236 00:12:18,960 --> 00:12:21,440 Speaker 1: here in New York, and John. It really is a 237 00:12:21,480 --> 00:12:24,560 Speaker 1: tale for the Europeans of looking to what levers can 238 00:12:24,600 --> 00:12:27,520 Speaker 1: be pulled going forward, given some of the concerns and 239 00:12:27,600 --> 00:12:28,800 Speaker 1: challenges facing the region.