Deutsche Bank chairman believes Brexit would be a "disaster" for UK
Paul Achleitner's speech on Wednesday outlines his reasons for Britain to stay in the EU
- Several banking leaders have come out in support of UK Remain campaign
- Achleitner also complains about the increasing influence of populism in US and Europe
Deutsche Bank chairman Paul Achleitner has become the latest in a long line of banking experts to publically support a Remain vote in Britain's historic referendum on June 23rd.
Britons go to the polls next Thursday, and Achleitner has said that it would be a "disaster" for Britain to leave the European Union. Speaking during a dinner on Wednesday night in New York for the American Council on Germany, he highlighted his preference for a strong EU
“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.”
“London bookies and the betting industry are still in the ‘remain’ camp,” Paul Achleitner
Achleitner also lamented the growing populism in the U.S. and Europe and regulatory pressures, which he said are preventing many European banks from making loans and stimulating economic activity.
The German bank's chairman follows the lead of other highly-placed bankers, including JPMorgan Chase & Co.’s Jamie Dimon and HSBC Holdings Plc’s Stuart Gulliver. Both have issued warnings that a UK exit would lead to market volatility and uncertainty, and job losses.
Deutsche Bank CEO John Cryan said in May that the Frankfurt-based company would probably transfer some trading activities if a Brexit vote wins out. It would be “counterintuitive” to trade euro-zone products such as Italian government bonds out of London if Britain was no longer part of the EU, he said.