While US stocks look unstoppable, the biggest investment bank in Europe looks to be headed for a crisis.

Deutsche Bank (DB), which has failed to make a profit for the past three years, has dropped to new all-time lows. Everything about DB screams disaster. It has lost a stunning 93% of its value since 2008. It’s laying off staff. And US authorities have put it on a list of troubled lenders. As recently as 2007, DB was the second largest bank in the world by assets. Today it ranks nowhere near the top ten. In fact, its market cap has shrunk to a tiny $20 billion.