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Deutsche Bank

We were wrong about universal banking

"Hardly a week goes by without headlines blaring another restructuring by a big European bank, or the replacement of its management. Deutsche Bank and Barclays are the latest to announce big changes. They follow UBS, Standard Chartered, Royal Bank of Scotland, Credit Suisse and more.

"The cause of all this turmoil is the banks’ quest for a formula that will enable them to return to the pre-2008 financial crisis glory days of global reach and big profits. But there is no such formula. The destination will prove unreachable and the quest unfulfilled.

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