EDITORIAL: Deutsche Bank: from hubris to a tail between its legs
The bank’s decision to shed 18,000 jobs as it abandons its ambitions to compete with US banks makes for a cautionary tale
12 July 2019 - 05:08
In just over two months, it will be 11 years since the collapse of Lehman Brothers captivated audiences across the world, with the sight of just retrenched workers walking out with boxes containing their goods.
Even as that was unfolding, very few expected what would follow. It was an unprecedented event caused by the Federal Reserve defying what was then unanimously accepted orthodoxy, that the central bank would step in and save “too big to fail” financial institutions...
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