In 2007 Deutsche Bank was snapping at the heels of Goldman Sachs. Today it languishes in the investment-banking league tables
the first of what was to become a procession of European banks began an assault on Wall Street. Credit Suisse bought First Boston in 1988. Deutsche Bank swallowed Bankers Trust a decade later. After the turn of the century,, Barclays and others also waved their chequebooks. The motive was partly to follow customers as business globalised, but also defensive: a response to American rivals’ charge into Europe.
How were they able to pull so far ahead? The answer lies in a series of missteps by European banks and circumstances beyond their control. Start with the banks’ faults. The financial crisis exposed a vulnerability: European banks with big dollar-funding needs required large liquidity injections from the Federal Reserve. But the banks had misfired long before. They underestimated the cultural challenges of integrating firms steeped in their own lore and stuffed full of prima donnas.
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