Twelve days into his job as co- chief executive officer of Deutsche Bank AG, Anshu Jain stood beside Germany’s finance minister and in front of video images of lush forests and rolling rivers as hundreds of businessmen sang the national anthem.
The biggest Wall Street banks have spent more than $93 billion dealing with the fallout from the housing bust, settling disputes with the U.S. government and homeowners. Now they must face the Germans.
Even after a 750 billion euro ($960 billion) bailout for the weaker economies in the euro zone, investors are skittish about sovereign debt -- and about the banks that hold the region’s government bonds.
Hypo Real Estate Holding AG , the commercial-property lender rescued by the German government following the financial crisis, failed a Europe-wide banking stress test, two people familiar with the results said.