Anshu Jain, head of corporate and investment banking at Deutsche Bank, said the risk of sovereign-debt defaults will "remain a threat" to some European economies, such as Ireland, Greece and Portugal, but the peripheral euro-zone nations are unlikely to default next year. Jain also defended investment banking while noting issues in the sector. "Virtually every investment bank got too big," he said. "Virtually every investment bank drifted away from its core mission and took on too much leverage and risk, ultimately proving unable to either measure or manage that risk, especially in the volatile market conditions during the crisis."

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