When Paul* landed a job as a trader at Deutsche Bank in Frankfurt in the early Nineties, he remembers viewing it as a mythical “cathedral” that every financier in Europe wanted to work at. This was Deutsche Bank, and there was nowhere better to be.
“I remember someone saying, aren’t you afraid of Goldman and Morgan Stanley? They were like no, who is that?” recalls the trader, who has now left the bank.
“Deutsche was the God in Germany – the most powerful, almighty thing. Now it’s a laughing stock. Most people don’t feel sorry for them because they were always so arrogant.”
Now Europe’s most troubled big bank, Deutsche Bank is on the cusp of a forced marriage with its German rival Commerzbank. Deutsche is struggling to move on from past misconduct, with probes into money laundering, sanctions