On Wednesday, Deutsche Bank (DBKGn.DE) CEO Christian Sewing reported incoming deposits over the past three to four days as clients hurried to quality.
Germany’s top banker addressed a banking conference after Silicon Valley Bank failed and bank shares plunged.
Deutsche has received deposits “because individuals are doing that what is typical in these circumstances—fly to quality,” Sewing added. Figures weren’t provided.
“We should also be extremely clear that there is in my perspective no parallel” between West Coast and European Bank situations, Sewing said.
Sewing also previewed the first quarter, stating that investment bank fixed-income and currency trading will be lower than a year earlier and that revenue was “probably a little bit lower” than analysts expected.
Mergers and acquisitions have “much to do,” according to Sewing.
