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Living through a pinching moment, says Deutsche Bank’s finance chief.

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Deutsche Bank CFO James von Moltke describes the current state of the economy as a “pinch me” moment, as it has proven to be unexpectedly resilient. At the beginning of 2023, many economists predicted a recession and a contraction in the industry, but this has not occurred. Consumers have been surprisingly resilient, supporting businesses and boosting stocks. Von Moltke is optimistic about the outlook for 2024, citing the resilience of both economies and financial markets to geopolitical crises, rising interest rates, and inflation. Despite concerns about potential economic disruptions, such as elections and conflicts, von Moltke believes industries will be able to absorb any issues that arise, including in the commercial real estate sector. Other experts, such as JPMorgan CEO Jamie Dimon, also express calm about potential economic fluctuations. However, on a less positive note, von Moltke suggests that variable pay at Deutsche Bank may be lower due to a difficult market in 2023.

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