Mohamed A. El-Erian , Columnist

What Should and Shouldn't Worry Us About Deutsche Bank

Threats of a "Lehman moment" are overstated, but there are risks to the system.

October 3, 2016 at 6:00 AM UTC

Mohamed A. El-Erian is a Bloomberg Opinion columnist. A former chief executive officer of Pimco, he is president of Queens’ College, Cambridge; chief economic adviser at Allianz SE; and chair of Gramercy Fund Management. He is author of “The Only Game in Town.”

Sending shudders around the world.
Photographer: Krisztian Bocsi/Bloomberg

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My Bloomberg View column last week focused on the headwinds facing the European banking system and the broader implications of Deutsche Bank's fall from grace, including the decline in its stock price by more than half.

Let's now take a closer look at factors that are specific to the bank, including what may happen, and what probably won't, starting with the scary -- but in my view implausible -- prospect that Deutsche Bank's woes could become a "Lehman moment."