Deutsche Bank's chairman says Brexit would be a disaster

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Deutsche Bank Chairman Paul Achleitner has become the latest global banking leader to warn about the potential fallout if U.K. voters decide to leave the European Union.

Bloomberg News reports that a yes vote next week on the so-called Brexit would be an “economic disaster for the U.K. and a political disaster for the EU,” Achleitner said at a dinner Wednesday night in New York hosted by the American Council on Germany. During his speech, he drew a contrast between public opinion polls, which point to a vote to leave the EU, and gambling odds, which reflect a preference to remain politically and economically attached to the continent.

Achleitner also lamented the growing strains of populism in the U.S. and Europe and the regulatory pressures, which he said are preventing many European banks from making loans and stimulating economic activity. But he reserved his strongest words for the Brexit vote.

“London bookies and the betting industry are still in the ‘remain’ camp,” he said. “I hope they’re right, because if it works the other way, it’s an economic disaster for the U.K. and a political disaster for the EU.”

To access the complete Bloomberg News article hit the link below:

Deutsche Bank Chairman Says Brexit Would Be ‘Disaster’ for U.K.

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