Deutche Bank CEO sees more problems ahead for the world economy

Deutsche Bank AG (DB) Chief Executive Josef Ackermann is not buying all the talk about economic recovery beginning to take hold.

In fact, the head of Germany's biggest bank went out of his way to raise red flags about things that may still go further south. Earlier this week, Deutsche Bank set aside about $1 billion for risky loans in the second quarter, a seven fold increase, according to Bloomberg News. Unemployment in the 27-member European Union hit a 13-year high in June of 9.4 percent. Many economists expect the U.S. joblessness rate to surpass 10 percent by the end of next year.