This is exchanges at Goldman Sachs where people from our firm share their insights on developments

currently shaping markets, industries, and the global economy.

I'm Jake Stewart, Global Head of Corporate Communications here at the firm.

While Germany is generally perceived to be in a position of economic strength,

the country faces the same disruptive forces currently rippling through economies around the world.

To discuss how Germany is adapting to 21st century market pressures.

I'm joined by Wolfgang Fink, the co- CEO of Goldman Sachs in Germany and Austria.

Wolfgang, welcome to the program.

Thank you.

So Germany's home to some of the world's best companies, best recognized companies.

What challenges are top of mind for your clients, your German clients, as they navigate an environment

that always seems to be changing.

Thank you.

Yeah, I think the key issue that occupies the German corporate landscape is clearly some

that sounds very familiar to people here.

It's the ever-changing environment and the

periods of change seem to accelerate. There's so many pressures coming from so many

angles that a globally active company and most of these companies are globally

active companies have to basically be on alert, non-stop, to adapt and to adjust.

When you compare this to the past we had much longer cycles where people

had something called planning security where they could make plans, strategic plans and

execute accordingly. These days the disruptive, which I'm sure we will be talking about, are massive so that

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