CARY – The workforce at the big Deutsch Bank technology center in Cary knows quite well just how had the global economoy has suffered from the side effects of the COVID-19 pandemic. For example, layoffs. But their CEO is grim about just how big an economic recovery will be.

“The pre-crisis level will be difficult to reach and it will take a long time. This is not going to happen this year and not next year either,” CEO Christian Sewing said at a conference in Germany on Wednesday.

“I do not want to be too pessimistic, ladies and gentlemen, I am just describing the current environment,” he added, according to CNBC.

“A return to our old economic strength will take much longer than we assume today,” he added.

“A lot of companies have to manage to live with reduced sales for quite a long time. We have to deal with an economic situation where we will have a recovery, yes, but only step by step and not in all industries.”