CNBC: ‘No reason to panic’: Commerzbank CEO says lenders are better prepared to deal with loan defaults
* “The German economy is facing a difficult time ahead of us due to the Ukraine conflict, China, supply chain problems and the energy crisis,” Commerzbank CEO Manfred Knof told CNBC on Thursday.
* “Probably the German economy is going into a downward [trajectory] and maybe into a recession but the good news is there no reason to panic,” he added.
* Fears of a recession have been exacerbated amid the possibility of a winter gas shortage in Europe.
The chief executive of one of Germany’s biggest banks, Commerzbank, sought to reassure investors Thursday about the prospect of non-performing loans this winter, saying banks are far better placed to cope compared to previous crises.
“The German economy is facing a difficult time ahead of us due to the Ukraine conflict, China, supply chain problems and the energy crisis,” Commerzbank CEO Manfred Knof told CNBC’s Annette Weisbach at a Handelsblatt conference in Frankfurt, Germany.
Read more ....
Update: Deutsche Bank CEO Sewing Says Germany Is Destined for Recession (Bloomberg)
WNU editor: Commerzbank CEO Manfred Knof sounds desperate. Repeating the word panic a few times.
Here is one of my golden rules when it comes to money and finance. When a CEO of a bank tells you to not panic .... that is the time when you better start getting anxious and suspicious on what governments and banks are doing.
No comments:
Post a Comment