Frankfurt/New York — On his third anniversary as head of Deutsche Bank’s asset and wealth management unit, Michele Faissola held a town hall meeting at which staff were asked to wear black baseball caps embroidered with No 3. Even his new boss, then-CEO John Cryan, donned one.

It was September 2015, and the high-flying banker with an affinity for fast cars and complicated deals was at the pinnacle of power. Or so he thought...

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