David Enrich details how Deutsche Bank emerged from the 2008 financial crisis near the top of the “global financial pecking order,” after predicting the failure of the US housing market and making billions in profits. Instead of using their position of relative strength to bolster its future prospects by updating its technology and compliance departments, cleaning up its balance sheet, and reducing risk, executives decided to double-down on the perceived opportunity to “take over the world.” Unfortunately for Deutsche Bank, Enrich describes the process by which the bank was caught “swimming naked” when the European debt crisis began to unfold. He details the process by which the “seeds of destruction,” instead of being weeded out, were instead allowed to flourish, and within a matter of months squandered the relative strength they had accrued coming out of the 2008 crisis.
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