Hello and welcome to the Intelligence on Economist Radio. I'm your host, Jason Palmer.

Every weekday we provide a fresh perspective on the events shaping your world.

It might seem that Texas and California are radically different, but they've got more

in common than you think. Given the power of individual states, they can be thought of

as independent political and social laboratories, each with hints of what America's future may look like.

And plenty of animals are known to use tools, to adjust them, to choose the right one for the job.

But a bit of monkey archaeology shows that our distant primate cousins have been honing their tools and techniques for millennia.

First up though.

It's been a dramatic few days for Deutsche Bank. Patrick Lane is our banking editor.

Germany's biggest bank has been in trouble for years, but the chief executive Christian saving

has decided to bite the bullet to recognise reality. On Sunday he announced that

a fifth of the payroll would be cut to 18,000 jobs, but costs would be cut by a quarter

that's 6 billion euros a year. The jobs have already started to go.

Equity traders have already been told to clear their desks, so already Mr. Savings plans are being put into effect.

Many of the beleaguered banks' problems affect other European lenders. Overall, the continent's banks are less healthy and less profitable than their American competitors.

Now Deutsche Bank has finally woken up to the post-financial crisis world, and it's unveiled a drastic overhaul.

Christian saving the chief executive called it the most radical restructuring of Deutsche Bank in decades, and that's absolutely right.

Here the two, Deutsche has failed to shake off the idea that it could remain a global investment bank competing across the board with Wall Street's giants,

which it used to do before the financial crisis, but he's decided to get out of equity trading.

That's buying and selling shares on behalf of hedge funds, other institutional investors, decided to get out of that altogether.

And the job cuts that you've seen immediately, it seems, largely in that area, in big financial centres like London, New York, Tokyo.

And he's scaled back other areas of investment banking.

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