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Titans of Finance Gather and Sulk Over Low Rates, Deutsche Bank

  • Fiscal policy, rules and radical politics seen as obstacles
  • Goldman’s Gary Cohn calls central banks ‘ineffective cartel’

Mary Callahan Erdoes, one of JPMorgan Chase & Co.’s most senior executives, summed up her industry’s mood like this: “There is no excitement,” she told throngs of bankers gathered in Washington. “There is a lot of handwringing.”

Again and again, speakers at the Institute of International Finance’s three-day meeting in Washington, which wrapped up Saturday, bemoaned the inability of central banks to rev up economic growth, as well as the drag of tougher regulations and the looming impact of Brexit. Concerns over Deutsche Bank AG’s mounting legal costs deepened the gloom.