Chapter 8 emphasises that the transition to financialised banking was no easy shift and only saw exceptional profits for a limited amount of time for European banks, if compared to US banks. This challenges accounts of financialisation that see the transition to US investment banking as a straightforward shift towards higher profits compelled by securities markets. The chapter documents the problems and contradictions that banks experienced internally and externally, and the resistance of Deutsche Bankers to the practices of liability management (LM) as they experienced losses of their traditional power and autonomy over banking practices. This chapter thus shows how unlikely it was initially for Deutsche to transform so thoroughly towards US finance. It argues that LM is better understood as a necessity to accommodate the higher costs, risks and logics of banking in US money markets. While the financial calamity of 2008 propelled a rethink of Deutsche’s path, financialised banking is not easily reversed, and German banks continue to struggle with the need to raise USD funding. As such, we should worry about banks’ USD funding gap as key source of vulnerability and risk. While a few select US banks have excelled in mastering LM as a powerful technique to flexibly (mis-) match their balance sheets, everyone else suffers from the fallout of the relentless near crisis mode of global finance.