Deutsche hits the jackpot

It’s amazing how a target can focus the minds of staff and shareholders. Two years ago, Josef Ackermann committed Deutsche Bank to earning a 25% pre-tax return on equity over the medium term. A stunning set of third-quarter results leaves the bank’s chief executive almost home and dry, with the bank’s return on equity standing at an annualised 28% at the third quarter stage. Its shares are up 18% in the second half and now trade in line with Deutsche’s global investment banking peers. Deutsche ...