The acquisitions “struck me as not being in the character of Deutsche Bank,” says Mayra Rodriguez Valladares, managing principal at capital markets consultancy MRV Associates. Valladares, who worked as an equity analyst at Bankers Trust around the time of the Deutsche Bank acquisition, described Bankers’ culture as one where “traders would have sold their grandmothers three times for a profit.”

“It was a very aggressive transaction, and the culture of Deutsche Bank has been so different since,” she says. Expansion brought with it “an increase in operational risk exposure,” as well as a deal-chasing culture in which “internal controls start to loosen” and bankers “cut corners in terms of their due diligence,” Valladares notes. (Deutsche Bank did not return a request for comment for this article.)