Finance
Private Credit Noise to Continue, Deutsche Bank CEO Predicts
Published by Global Banking & Finance Review®
Posted on March 17, 2026
2 min readLast updated: March 17, 2026
Quick Summary
Deutsche Bank CEO Christian Sewing said private credit remains a noisy but non‑systemic concern, affirming the bank’s strong underwriting record and zero losses in the sector, while Q1 2026 revenue is expected to be flat and trading may be slightly lower.
Deutsche Bank CEO Says Private Credit Noise Will Persist Without Systemic Risks
Deutsche Bank's Perspective on Private Credit and Financial Outlook
CEO's View on Private Credit Risks
FRANKFURT, March 17 (Reuters) - Fears around private credit will persist but they don't amount to a systemic risk, CEO Christian Sewing said on Tuesday.
At the same time, the CEO of Germany's largest bank said the lender was strict about its underwriting in the sector and the bank hasn't "lost one cent in private credit".
Systemic Risk Assessment
"I don't think that private credit...is a systemic risk. But I'm also not saying that the noise level will end quickly," Sewing told a financial conference.
Underwriting Standards and Future Outlook
"It really depends on how your underwriting standards are. And therefore, I think private credit will be with us for the next foreseeable future. But at the end of the day, it depends on the way you underwrite," he added.
Recent Developments in Deutsche Bank's Private Credit Portfolio
Last week, Deutsche Bank disclosed details on its private credit portfolio and highlighted risks to the headline-grabbing sector.
Financial Performance and Revenue Projections
Meanwhile, Sewing said that the lender's revenue was looking to be "flattish" in the first quarter of 2026.
He said trading revenue at the investment bank division could be "potentially a little bit lower", hurt in part by unfavourable exchange rates.
(Reporting by Tom SimsEditing by Madeline Chambers)
Key Takeaways
- •Private credit “noise” likely to persist but not systemic risk, per Deutsche Bank CEO Christian Sewing, who emphasized strict underwriting standards and zero losses.
- •Deutsche Bank disclosed a €26 billion private credit exposure (~5% of its loan book), described as conservative, heavily U.S.‑focused and investment‑grade, which rattled markets.
- •Global private credit is booming—$224 billion raised in 2025 globally, with Europe seeing record €56 billion through Q3 2025—but faces rising scrutiny over defaults, redemptions and opaque liquidity structures.
Frequently Asked Questions about Private credit noise to continue, Deutsche Bank CEO predicts
1What is Deutsche Bank's stance on private credit risks?
Deutsche Bank CEO Christian Sewing believes private credit fears will continue but do not pose a systemic risk.
2How has Deutsche Bank performed in private credit?
The bank has been strict in underwriting and claims it hasn't 'lost one cent in private credit.'
3What could impact Deutsche Bank's investment bank revenue?
Unfavourable exchange rates could potentially lower trading revenue in their investment bank division.
4How long will concerns about private credit last?
Christian Sewing expects concerns to persist for the foreseeable future, depending on underwriting standards.
5Did Deutsche Bank recently disclose information about its private credit portfolio?
Yes, last week the bank disclosed details and highlighted risks in the private credit sector.
