Sifi snafu: Deutsche's cautionary tale

Subjecting big firms to tougher regulation is sensible in principle but difficult in practice

June of 2016 was not a happy time for Deutsche Bank. A week after the Brexit vote had sent its share price tumbling – and the day after its US unit failed the Federal Reserve’s annual stress test for the second year running – the International Monetary Fund published a report labelling it the “most important net contributor to systemic risks” among the world’s largest banks.

The press jumped on it: “Deutsche Bank hit by IMF hazard warning” said the Financial Times. The Wall Street Journal headl

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