From a distance, Deutsche Bank's capitulation is bizarre. Lehman Brothers failed during a full-blown financial crisis, with 26,000 employees losing their jobs.
This weekend, Deutsche Bank's sweeping restructuring of its investment bank will bring a similar level of mass redundancies — but after a decade-long bull market.
The market, political and regulatory pressure has built for years. Deutsche's management is finally giving up. The Frankfurt bosses will rip out the heart of the US investment bank, quarantining unwanted assets in a "bad bank" and attempting to sell off whole businesses.
• Deutsche Bank gambles on a last throw