I remember a decade ago standing with Hilmar Kopper, then head of Deutsche Bank, high in one of its twin towers overlooking Frankfurt. We had just finished an interview and were talking in a corridor lined with the bank's fine art collection. "Germany must learn the equity culture," were Mr Kopper's parting words.

Be careful of what you wish for. Rolf Breuer, who succeeded him, this week fell victim to a tussle between equity investors and Deutsche Börse. He will step down later this year as the exchange's supervisory board chairman and Werner Seifert, its chief executive, has resigned. Score one for the London-based hedge funds that campaigned against Mr Seifert's international growth plans.