The German lender’s chief financial officer cannot quite believe how the world’s largest economies have weathered multiple shocks.
One of the most senior Australians on Wall Street cannot quite fathom how well markets have behaved despite a sharp rise in inflation, a two-year war in Ukraine and a conflict in the Middle East engulfing multiple nations.
“With the enormity of shocks that we have gone through in the past five years, you would have expected the outcomes to be more dramatic in some ways,” von Moltke, Deutsche Bank’s global chief financial officer, said in an interview with“Inflation rose sharply, but it was contained relatively quickly. A number of geopolitical events that have taken place, although significant, have had surprisingly contained knock-on effects. And so we are still in a ‘pinch me’ moment.
“If I am looking for problems, I think that the non-bank financial sector is a place where some of the problems may be sitting,” he said.“What has happened since the crisis is regulated banks are being constrained by regulation to the point where banks are not really the best place to hold credit assets.”
“What the regulator then attempts to do is observe what they can through the window the banking sector provides to it. That may not be perfect, but at least it provides some visibility into ,” he said. von Moltke – an Australian-German whose grandfather was part of a resistance group that opposed Adolf Hitler – helped Citi through an unforgiving restructuring that included weeding out the US lender’s toxic credit products that all-but-upended the global financial system.
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