Investors who think Deutsche Bank is alone in its misfortune, watch out. There are three basic explanations for what has gone wrong at Germany’s biggest bank, and they all apply to its global peers.
The first is the favourite of every corporate boss with a crumbling share price: It was manipulated down by speculators. Deutsche chief executive John Cryan is trying out this argument. "Trust is the foundation of banking," he wrote in a memo to staff. "Some forces in the markets are currently trying to damage this trust."
