Deutsche Bank doesn't look like much of a national champion these days. It cut its revenue guidance this week, its investment bank is shrinking, and it has thrown in the towel on merger talks with Commerzbank.

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Data: FactSet; Chart: Axios Visuals

Between the lines: Commerzbank has other suitors waiting in the wings, including ING and UniCredit — but Deutsche is too big to be acquired.

  • Deutsche has $1.54 trillion of assets and a market value of just $15 billion. By contrast, Wells Fargo has $1.89 trillion of assets and a market value of $216 billion.
  • Both Deutsche and Commerzbank are trading at a deep discount to their respective book values — but Commerzbank's valuation has been improving this year amid takeover talk. Deutsche, by contrast, is hitting new lows, with its shares worth just 24 cents on every dollar of book value as of the close of trade on Friday.

What’s next? If Deutsche Bank CEO Christian Sewing has a Plan B, he's keeping it close to his chest. The most likely outcome is that Deutsche will continue to shrink by cutting back on investment banking and possibly by selling off its asset-management arm, DWS.

Go deeper

Louisville officer: "Breonna Taylor would be alive" if we had served no-knock warrant

Breonna Taylor memorial in Louisville. Photo: Brandon Bell/Getty Images

Sgt. Jonathan Mattingly, the Louisville officer who led the botched police raid that caused the death of Breonna Taylor, said the No. 1 thing he wishes he had done differently is either served a "no-knock" warrant or given five to 10 seconds before entering the apartment: "Breonna Taylor would be alive, 100 percent."

Driving the news: Mattingly, who spoke to ABC News and Louisville's Courier Journal for his public interview, was shot in the leg in the initial moments of the March 13 raid. Mattingly did not face any charges after Kentucky Attorney General Daniel Cameron said he and another officer were "justified" in returning fire to protect themselves against Taylor's boyfriend.

U.S. vs. Google — the siege begins

Illustration: Sarah Grillo/Axios

The Justice Department fired the starter pistol on what's likely to be a years-long legal siege of Big Tech by the U.S. government when it filed a major antitrust suit Tuesday against Google.

The big picture: Once a generation, it seems, federal regulators decide to take on a dominant tech company. Two decades ago, Microsoft was the target; two decades before that, IBM.

Dion Rabouin, author of Markets
2 hours ago - Economy & Business

Why the stimulus delay isn't a crisis (yet)

Illustration: Aïda Amer/Axios

If the impasse between House Speaker Nancy Pelosi and the White House on a new stimulus deal is supposed to be a crisis, you wouldn't know it from the stock market, where prices continue to rise.

  • That's been in no small part because U.S. economic data has held up remarkably well in recent months thanks to the $2 trillion CARES Act and Americans' unusual ability to save during the crisis.

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