Deutsche Bank’s pursuit of success on Wall Street has come at a high price, a $7 billion plus penalty illustrating the extent of its decline since 2008 when its then chief executive claimed it was one of the “strongest banks in the world”.
Expanding from its roots in Germany dating back to 1870, Deutsche (DBKGn.DE) transformed itself into a major player on Wall Street over the past two decades, often taking extravagant bets to do so.
But it is now set to cut back its activities in the world’s biggest economy after a penalty for the sale of toxic mortgage securities that contributed to the biggest economic crash in a generation.
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