cc may contain inaccuracies this year was sort of characterized with a lot of clouds on the horizon you said that as the year has gone on those have cleared up kind of what is the outlook going forward what are you seeing in the next couple of quarters well it has been a very sort of interesting in some ways mixed environment this year so far but one that i think weve been trading through quite well as an organization you know were delivering revenue growth 11 on the top line were executing on our expense agenda and thats helping us to deliver operating leverage we had three positive ratings actions in the quarter and were delivering on our on our capital return story having announced a 450 million buyback yesterday so we think in this environment the the profile were putting together is pretty strong and getting into kind of the specific silos of that of that business trading was always going to be tough this quarter we seen that across the industry its actually come in a bit better than you had guided towards you said that theres going to be a bounce back in the second half what does a bounce back mean and are you seeing it already now that were in the third quarter well id say two things one is we came in down 10 off a really good quarter last year so we think a decent performance in this environment volatility is clearly decline versus where we were last year again last year was the the war was still sort of in the markets and the uncertainty about the energy path weve gotten to a place now where i think the market sees the forward on interest rates and you know we do see the potential for a pickup as we get into the sort of the the downside of the cycle if you like you know as investors start to position for the timing and the extent of of policy rate declines i think thats early yet but but its its something that we do believe lies ahead and in terms of the revenue outlook what is that looking like for the rest of are you confident in kind of guiding either higher or towards the upper end of your range for the rest of the year well look theres it was sort of first of all in our range which we said at the beginning of the year 28 to 29 billion were now saying that we think were solidly in the middle of probably the upper end of that range which is which is really encouraging now of course a lot of that story this year in the banking industry not just deutsche bank has been a rate story and thats not just the rate rises but also questions about about you know deposit rate pass through into the you know for the banks you know whats interesting and especially for us given our our sort of business profile business mix we do see as that as that rate story abates somewhat its its normalizing and its itll normalize i think at a healthy level we think theres a story developing in terms of the noninterest income revenue sources that we have you know financial markets over the past you know four or five quarters have been sort of more difficult but we see that starting to come back and we think were very well positioned to to to take advantage of that and if things have got a little bit better in trading than we had anticipated you know rates may be topping out a little bit going forward where do you think the growth really comes from what what parts of the business are going to drive growth well look there are parts of the investment world that have been you know have been quite difficult id take wealth management as as an example where where investors have been sort of reticent to your point earlier you know in the uncertainties that that have have lain ahead whether its the rate the direction of the economy some of the geopolitical events that weve been living through as those things clear up and the direction of travel becomes more clear youd expect that that that individual investor that wealth investor to begin to reengage the other area by the way corporate finance activity been notably slow over the last four quarters and we do expect that to pick up as well and that all to do with the ecb so you know the market is priced in 25 basis points are you with the market yeah we agree with the market that that that both the fed and the ecb are likely to move by this week the 25 basis points question of what the step after that is our sense is that the ecb may have one more move to make and that the ease and that the fed may stay pat you know tim to us the real question now isnt whats the terminal rate but how long will it persist for how long will it take to wring core inflation out of the system i think thats the question thats still outstanding and at what cost i think is the other one we saw yesterday the ecb saying that corporate loan demand is off of a cliff you know weve had manufacturing of manufacturing in recession quarter of smes according to survey saying that theyre considering packing up and selling you are the lender to germany inc what are you seeing in the economy well look i think let me start with you know the case for a soft landing and i have to confess that we were sort of more pessimistic in our outlook at the beginning of the year but the case for the bid for a soft landing seems to be improving that entails though that and thats what the central banks have to achieve is that that there is some slowdown in the economy and the and the mechanism for for putting you know the impact of policy rates through the economy is is bank lending and while youve seen a decline in europe and also in the us and youve seen that in our book so loans are down in certain of our businesses im not sure if its a dramatic or a long lasting impact thats likely to take place i think theres an adjustment to this rate rate environment and then and then well find a level and begin to grow from that level but we noticed sort of a large or a kind of at least notable increase in provisions in kind of in this quarter what are you kind of expecting there you expecting kind of the portfolio to soften a little bit what are you seeing look we have seen some softening but its its its not at all broad based and and so were still basically comfortable with with the credit environment that were living through you know as i say there have been some some pockets commercial real estate has been an area of focus weve seen some softening in our home economy and in the midcap space but it remains sort of pockets of weakness and nothing that that we see is as more pervasive and i want to touch the buyback as well 450 million as you had sort of steered the market the market got that information and so of course the market wants to know what comes next and obviously this is part of a broader plan from deutsche bank to give back some money to shareholders can we expect as a kind of more or less of a one off and more of a something that we build in and can we expect increments of that kind of quantity 150 million something like that what are you seeing for that the plans for the buyback well i guess to think first of all weve been very clear about our our goal to return 8 billion over over four years to to our shareholders and so with the buyback announcement yesterday we have another installment and were were pleased to have taken that step know weve got a very clear dividend policy or path that we laid out in march of last year a 50 increase per year over several years bringing us back to a much more normalized and and at this level i think very competitive dividend yield obviously share repurchases are a big part of our return story as well and so this year weve been able to to keep pace 50 higher than last years repurchase and too early to say what well do next year in the years after but but we aim to continue on this trajectory and deliver on that that 8 billion and then in terms of cost cuts obviously this is the other long term project for deutsche bank is getting those cost down we saw some of them come up this quarter some one off but then you know one of the things that grabbed my attention 100 millions annually in savings on job reductions but a little bit of some contours around that what does that really mean sure well listen its its part of a program what weve what we said in last march was we want to deliver 2 billion of savings based on some programs and initiatives that offset the impact of of inflation the impact of investments that we need to make we actually up that target to two and a half billion thats just recently in april and were working on measures and delivering on measures that that that achieve that for us as you say a reduction in force was was part of that 5 of what we say is non client facing senior staff amounts to about 800 people and weve made really good progress on that so so a little over 80 of those people have either been informed or have left the platform and that should add you know in that and towards that goal of two two and a half billion about 100 million into the run rate by the end of the year i think the important thing is just just how we execute on these saves and essentially balance saves with with investments that we know we need to make weve been working hard on our control environment hard on on sort of renewing the technology estate that we work with and and also investing in the businesses for future growth and and working therefore hard on delivering these initiatives to offset those pressures weve delivered now three quarters in a row against the guidance that we had of essentially flat costs 49 billion in in run rate sort of operating costs thats something that looking towards the end of the year we would see increasing a little bit as we as we bring numerous on board and see the impact of of some of the of the first you know the front line investments that that weve been making but were very confident about our delivery on those savings initiatives you know its feels a little bit as though were starting to run downhill if you like within the delivery giving us sort of more confidence in our momentum there and you think that that combination is the recipe to kind of help with for example the valuation of deutsche bank and kind of getting more of the value yeah absolutely you know for us its an operating leverage story weve now delivered over the last four years pretty consistently 5 operating leverage year on year quarter on quarter and if you take out those the non operating sort of higher than normal litigation charges this quarter on an underlying basis thats again what were doing our our revenues are growing ahead of our plans and if you know as we as we deliver on the expenses the expense agenda we have it produces really strong operating leverage and more broadly kind of on the macro in the second half of the year there are reasons to be kind of optimistic in within the german economy you know again weve been awaiting the tailwind of the great china reopening story where we have stimulus coming into china but is there is there a reason to be optimistic kind of where there is yeah look its sort of a mixed picture as i said earlier but but but in part what i mean there is germany and and europe more broadly has has been somewhat stagnant in terms of its growth these past several quarters sort of at around zero we do expect that to be a little better in the second quarter but what youre seeing is the effect of certain sectors so building for example and real estate being in a recessionary territory other sectors like services you know growing quite strongly so theres a mix going on and to your question you know what is the dynamic going forward of of of recovery in those areas that are recessionary whats going to happen with sort of the industrial order books and the export market all of those things are in play but i think the conditions are in place to see sort of steady growth starting either either late this year or into 24 i just very quickly as we have not much time left when we think about the balance of risks for clients what are they most worried about now originally you know is inflation then recession then kind of geopolitics what do you think is the kind of guy who right now is i think geopolitics is is front and center i think as i say i think the direction of rates probably more clear people are getting more comfortable with the direction of the economy and that really leaves sort of geopolitics is as the big unknown that were dealing with so as more of these clouds begin to clear as i say the conditions are there for for a growing economy in a normalized rate environment which should be good for the banks