Reform plans: Deutsche Bank boss Sewing calls for more speed in reforms

Berlin. Deutsche Bank boss Christian Sewing does not believe the federal government's current pace of reform is sufficient.

The black-red government has recognized what needs to be done, Sewing told “Bild am Sonntag”. "However, I believe that we have to improve in terms of the speed of implementation and also in consistency. And we must not always allow ourselves to compromise."

The government must “substantially reduce bureaucracy”. “I'm afraid we also have to work on things that we've all become fond of: that's protection against dismissal!” said Sewing.

In such a fast-moving world you have to think more flexibly. That also means you have to be able to react more quickly.

A first step - restricting protection against dismissal for employees who earn over 180,000 euros - has already been done correctly. “We have to pull it down a little further,” he demanded.

Sewing described the political developments as “extremely dangerous”. He sees a significant risk for Germany as a business location.

“Whether it’s Saxony-Anhalt with regard to the AfD, or whether it’s what’s happening here in Berlin: That’s anything but economical, and that’s anything but investment-friendly.”

Reforms for growth from the democratic center are “the only answer” “to the right-wing and left-wing extremists that we have in this country”.

Sewing congratulated the federal government on the new retirement savings account, which is coming at the turn of the year, and also appealed: "Whether it's the retirement savings account product or the entire pension reform as proposed: my greatest request to the federal government is to implement it exactly as it came. Any dilution is difficult and must not happen."

Sewing, however, says he is “not a fan” of the fuel discount. Since he doesn't believe the situation in the Middle East will "resolve tomorrow," he doesn't believe the fuel discount will help in the long run.

“When you see what it costs every month, when you see where we already are in the national debt situation, then we can’t just keep adding on top.”