Promising developments

In January 2007, Deutsche Bank bought MortgageIT, a 20-year-old New York-based firm spread out over 47 branches originating prime US residential mortgages. Given the events that were to unfold over the next 12 months, one could be forgiven for thinking that the bank might today regret the $430 million purchase.

Not so. Instead of retrenching and nursing its wounds like a lot of its competitors in the wake of subprime, Deutsche last month appointed Doug Naidus, the former chief executive officer

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