Christian Sewing barrelled down a German autobahn to meet clients in a former milltown when a friend called. Credit traders had zeroed in on Deutsche Bank, the lender Sewing had nursed back to health after he took over five years earlier.
It was March 2023 and markets were looking for the next victim after Credit Suisse and two US regional banks collapsed. The cost to insure Deutsche Bank’s debt surged to its highest level since the pandemic.
