Deutsche: banking on a fair wind

Josef Ackermann has pulled it off again. After resisting calls to tap the markets last year, the chief executive of Deutsche Bank has delivered a combination of improved capital strength, going-rate banker bonuses and raised dividends for shareholders. It may be a stretch to keep this up. Deutsche has pressed on with paying bonuses for its mainly London-based European bankers in spite the UK bonus tax, triggering a 225 million euros ($312.2 million) windfall for the UK exchequer. That cost is be...