Investment banking: That sinking feeling

After Lehman Brothers went bust, it felt like investment banking had hit rock-bottom. The failure of the US firm sent the industry into a tailspin. Losses piled up and the streets of Manhattan and London were strewn with discarded bankers. But the upheaval doesn’t seem to have marked the trough. It now looks as though it was merely a signpost to steeper descent. December is turning out to have been devastating. Would-be survivors already have revealed deeper worries. Deutsche Bank, which had na...