A columnist in the Financial Times this week suggested that Deutsche Bank’s plan to cull about 20,000 jobs signalled a fundamental change in the world of investment banking: the terminal decline of listed equities as a capital markets business.

When the news broke at the beginning of July that Deutsche was capitulating, the bank’s share price had fallen 80% in 10 years. Either the bank’s traders were doing a really bad job of making money or the very market they were toiling in had turned rotten; listed equities themselves had slowly become a bad bet.

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