Deutsche Bank was once an acclaimed US-style investment bank but is now struggling. The rise of US finance is often explained as an outcome of financial liberalization that motivated other banks to abandon their traditional industrial support to chase profit opportunities within global securities markets. This story, however, underestimates how the transition to US-led financialization was deeply entangled with managerial struggles and the contradictions of adopting US financial innovations from a peripheral position. By contrast, I use the concept of extroverted financialization to portray Deutsche Bank’s transformation as an outcome of its attempts to integrate new funding practices connected to US money markets, called liability management. I argue that this process generated a difficult-to-manage business model and, ultimately, Deutsche’s decline. Because of these extroverted strategies, the bank is now caught between opposing logics of banking, within neither of which it can regain its previous powerful position.

中文翻译：

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外向型金融化的管理矛盾：德意志银行的兴衰

德意志银行曾经是一家备受赞誉的美式投资银行，如今却步履维艰。美国金融业的兴起通常被解释为金融自由化的结果，它促使其他银行放弃传统的产业支持，在全球证券市场中追逐利润机会。然而，这个故事低估了向美国主导的金融化转型是如何与管理斗争和从边缘位置采用美国金融创新的矛盾深深纠缠在一起的。相比之下，我使用外向金融化的概念将德意志银行的转型描述为它试图整合与美国货币市场相关的新融资实践的结果，称为负债管理。我认为这个过程产生了一个难以管理的商业模式，最终，德意志银行的衰落。由于这些外向的策略，银行现在陷入了对立的银行业逻辑之间，在这两种逻辑中它都无法重新获得以前的强大地位。