For a brief spell, ­Deutsche Bank was the toast of the financial world. ­Deutsche Bank’s business model had hinged on making enormous wagers with borrowed money; in essence, the one-time icon of German sobriety had become a giant casino. Cocky from their performance during the crisis, ­Deutsche Bank executives initially refused to do so. Citi was widening its suite of offerings to such clients, including by making loans to finance their big real estate projects. Even ­Deutsche Bank, it seemed, was now off-­limits after the Chicago fight.

Source: New York Times February 04, 2020 09:56 UTC