Late to the parting: Deutsche Bank shrinks

The Intelligence from The Economist

For years, management at Germany’s largest bank knew the firm was in serious trouble. Why didn’t they do more? The massive cuts announced this week may be too little, too late. We consider Texas and California as political and social laboratories: which one looks like the America of the future? And, a bit of monkey archaeology shows our distant cousins have been honing their tools far longer than previously thought.