Editorial

Werte / N° 22

DEAR

READERS,

MARCO PAGLIARA

Head of International Private Bank EMEA and CEO of Deutsche Bank (Switzerland)

Illustration: Oriana Fenwick

COVID-19 has shaken our world to its very core. The impact of the pandemic can be seen everywhere we look: Millions of people around the world have fallen ill, thousands have died, and the threat of a second wave keeps us awake at night. Unemployment is climbing. Many companies have plunged into the red, are facing bankruptcy or are now dependent on infusions of government aid. Travellers will stay at home, and consumers will become habitual penny-pinchers. A recovery that will restore our past economic strength will most likely take longer than is generally assumed. Our society is facing gigantic challenges.

The pandemic has exposed the chinks in our system’s armour as well as the protective layers that are particularly strong. Economies that invested early and massively in digitalisation have come to grips with the crisis better than those who did not. Com- panies that recognised the opportunities offered by digital struc- tures and strategies at an early stage had a clear edge on other companies during the lockdown. Europe’s deficiencies in digitalisa- tion have grown as a result of the pandemic.

Despite these concerns, one other thing is true as well: Every cri- sis presents opportunities – the desire for long-range social, polit- ical and economic change is palpable everywhere you turn. COVID- 19 is taking us in a new, positive direction and fuelling our desire to change things.

For WERTE, we spoke with entrepreneurs and economists. We learned about the reforms and changes that they think are needed and about the need for social consensus and the elimination of barriers and borders in this process. We as a bank will have to fo- cus intensely during this phase. On the things that you, our cus- tomers, and the economy need from us right now. And on the things that we can do best. Working together, we can shape our new normality and gird ourselves for future crises. We at Deutsche Bank Wealth Management stand closely at your side.

We hope you enjoy this issue of WERTE very much.


MARCO PAGLIARA