Its own drum

Deutsche Bank still isn’t facing the music. The German banking group lost E4.8bn in the fourth quarter, blaming it on horrible conditions for trading credit and equity derivatives. Losses of that magnitude easily could have been accompanied by a capital boost had they come from one of Deutsche Bank’s peers. But it remains stubbornly proud of its status as the only major investment bank not to raise fresh capital from taxpayers or a sovereign wealth fund. Despite the red ink, Deutsche Bank found ...