Arguably the most important bank in Europe is Deutsche Bank. And yet it continues to struggle with the worst price to book of any systemically important financial institution. Over the weekend the ECB asked it to submit plans about how it would wind down its investment bank. FT article here.  Hmm.

Gone are the days when the ECB & EBA were made laughing stocks from their bank stress tests of 2012-2013. If you’re not aware, several banks blew up shortly after passing European banking stress tests in 2012 and 2013.