Deutsche Bank is a complete disaster—no doubt about that.
However, they are banking on a German government bailout.
Why shouldn’t they expect that?—until governments are prepared to let the “too big to banks” fail a banker would be a fool not to double down on “heads we win, tails you lose” gambling.
I could see a repeat of the quiet Dresdner debacle. A german bank bailout means the highly intelligent techies and traders will leave the bank to work somewhere else with all their clients’ contacts.
Banking is a networking industry where bankers, programmers and clients know each other. They can all move and recreate shops in other banks in a matter of days.