Deutsche bank proved in its results that when it comes to investment banking, it's still red in tooth and claw. While rivals are scaling back and bigging up retail banking (you know who you are), Deutsche's IB still sits at the top of the press release, rather than buried close to the annex, like UBS's. And not only that, but Deutsche's recruitment of Marcus Schenck to replace long-serving CFO Stefan Krause is proof, if any were needed, of its thick skin. Can you imagine the furore if Royal Bank of Scotland hired a former Goldman Sachs partner as its CFO? Let's hope Schenck isn't a special agent sent by Lloyd Blankfein to topple Deutsche as Europe's "last man standing" in global investment banking.
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