Deutsche Bank put volume heavy and directionally bearish

Bearish flow noted in Deutsche Bank with 10,226 puts trading, or 6x expected. Most active are Jan-23 10 puts and Dec-22 11 calls, with total volume in those strikes near 10,100 contracts. The Put/Call Ratio is 30.53, while ATM IV is up nearly 2 points on the day. Earnings are expected on February 2nd.