Deutsche Bank Standing on one leg

Deutsche Bank is making slow progress at broadening its business mix. Fourth quarter results at the German bank were strong - with earnings of E1.8bn. But wealth management, private clients and less volatile areas of investment banking all lagged. And those are the stable areas that Josef Ackermann, the chief executive, wants to take off. As long as they remain grounded, investors may continue to give Deutsche a relative modest valuation. At Deutsche, the Corporate Banking and Securities divisi...