Two years after correctly abandoning his long-held bullish perspective on the US economy’s growth prospects, Deutsche Bank’s chief economist Joe LaVorgna has reportedly left the bank, “planning to work elsewhere in financial services.”
Some may recall, that back in 2013, we noted that when it comes to forecasting the future, even one Groundhog Phil has a success rate of 71%, or over a standard deviation more accurate compared to Joe “Coin Toss” LaVorgna’s 51%.
LaVorgna had long been optimistic about U.S. economic expansion. About two years ago he changed his view by correctly predicting a deceleration in gross domestic product growth. After Donald Trump was elected president of the U.S., the economist said the new leader was a “game changer” and that if the tax rate were lowered, stocks in the S&P 500 would rally.
Bloomberg reports that he left the German lender last week and is planning to work elsewhere in financial services, said one of the people, who asked not to be identified discussing personnel matters. Peter Hooper who worked alongside LaVorgna, will continue to handle duties tied to economic forecasts and analysis, said another person.
LaVorgna has worked at Deutsche Bank for about two decades, joining from Lehman Brothers Holdings Inc., according to Financial Industry Regulatory Authority records. A spokeswoman for Deutsche Bank declined to comment.
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