Deutsche: Talk isn’t cheap

Josef Ackermann tried to take a lead early in the crisis but now seems to have fallen behind. The Deutsche Bank boss, in a memo sent round the bank, says he thinks the group has a clear strategy moving in the right direction. He’s convinced there’s nothing that justifies the shares trading at a 10-year low. But Ackermann is underestimating market perceptions of leverage, capital and the future of investment banking. Deutsche Bank isn’t ignoring these factors – it just looks out of step. First, ...