Imagine, in JPMorgan Chase's case, the frustration at being the leading credit derivatives house, high-yield-bond underwriter and fixed-income research firm (among other things) and then losing on some bets on interest rates.
Independent market-data providers, including Thomson and Greenwich Associates, have consistently ranked Deutsche Bank as the number one bondunderwriter in the euro zone, as a leader in international debt and equity markets, and as one of the world's largest foreign-exchange and derivatives houses.