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.

Expand chart
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

Updated 7 mins ago - World

Protests erupt in Belarus after "Europe's last dictator" claims election win

Protesters and riot police clash in Minsk, Belarus, on Sunday during a demonstration against President Alexander Lukashenko's claim of a landslide victory. Photo: Misha Friedman/Getty Images)

Riot police clashed with protesters in Belarus overnight after a government exit poll predicted Sunday President Aleksander Lukashenko, an authoritarian who has ruled the Eastern European country since 1994, had overwhelmingly defeated a pro-democracy opposition candidate.

Why it matters: It's a precarious moment for the former Soviet republic, where decades of repression and a complete disregard for the coronavirus pandemic threaten to topple "Europe's last dictator." Rights groups said at least one protester was killed and dozens more wounded in a "police crackdown," per AP.

Updated 21 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Global: Total confirmed cases as of 11 a.m. ET: 19,909,062 — Total deaths: 732,128 — Total recoveries — 12,138,271Map.
  2. U.S.: Total confirmed cases as of 11 a.m. ET: 5,053,123 — Total deaths: 163,047 — Total recoveries: 1,656,864 — Total tests: 61,792,571Map.
  3. Business: Richer Americans are more comfortable eating out.
  4. Public health: How America can do smarter testing.
  5. Sports: The cost of kids losing gym class — College football is on the brink.
  6. 🎧 Podcast: Indoor air is the next hotspot.

Twitter jumps into the fray for TikTok

Illustration: Sarah Grillo/Axios

Twitter is the latest to join the cast of the ongoing spectacle that is TikTok’s battle to stay open for business in the U.S., per a new report from the Wall Street Journal.

Why it matters: The saga to keep TikTok available to U.S. users is getting more complicated, with the company already in a President Trump-imposed time crunch and juggling a number of options.