Deutsche Bank boss Christian Sewing warns of AfD success in Saxony-Anhalt

This Sunday there will be elections in Saxony-Anhalt - and the AfD is way ahead in the polls. Deutsche Bank boss Christian Sewing sees this as a major threat to the economy and society.

Deutsche Bank boss Christian Sewing warns of the rise of populist parties. (Archive image) Photo: Florian Wiegand/dpa

Frankfurt/Main. A few days before the state elections in Saxony-Anhalt, Deutsche Bank boss Christian Sewing warned of the rise of populist parties. “Populist parties pretend to have simple answers,” said Sewing at the start of the “Handelsblatt Banking Summit” in Frankfurt. “In fact, they propagate concepts that contradict the foundations of our success: openness, diversity, a strong Europe, reliable institutions and international cooperation.”

The state association of the AfD in Saxony-Anhalt is classified as right-wing extremist by the Office for the Protection of the Constitution. In polls for the election this Sunday (September 6th), the AfD is far ahead of all other parties, so an absolute majority cannot be ruled out.

He “personally hopes that this doesn’t happen,” said Sewing. From conversations with investors, he knows that many are very worried about such an election outcome. "I'm not saying that all investment decisions will be reversed on Monday. But it will change the view of Germany very, very much."

“Isolation and nationalism do not solve any problems”

Sewing emphasized that he believes the path of a party that wants isolation and nationalism is “absolutely wrong for Germany.” Leaving the euro would be “poison for German prosperity”.

The manager warned: "Isolation, nationalism and the fomenting of mistrust do not solve any of our problems. In fact, all of this weakens the location, deters investment and skilled workers and endangers the most important thing we need now, namely growth."

Growth is crucial right now: “It ensures prosperity, enables advancement and strengthens social cohesion.” Without growth, distribution conflicts would become more severe, the state's scope for maneuver would become narrower and trust in the ability of democracy to act would weaken.

“The elections encounter a polarized society and a political center under pressure,” said Sewing. “The result can further complicate the political situation in the states, parties and the federal government.”