A Wall Street research firm issued a report Tuesday questioning the leadership and the short-term future of Deutsche Bank.

In the report Autonomous Research stated that the troubled German bank may be “beyond repair” barring a “miracle” boom at its fabled bond-trading business.

“When we consider the basics of what makes a bank a winner — trust (or brand), balance-sheet muscle, technology and its people — Deutsche looks to be in very bad shape,” Graham wrote. “In such situations it is inevitable that some investors start to question whether the bank has the right leadership.”

Deutsche’s stock price has suffered under CEO John Cryan’s leadership. Shares have cratered 46 percent since he took over in July of 2015 as his team racked up nearly $10 billion in losses from the bank’s past sins.

The current market cap for the bank stands at $35 billion and falling, making Graham’s analysis quite poignant.

As I have written in an award-winning story of the plight facing the bank’s C-suite as some executives tried to whistle blow about the troubles back in 2009.