Deutsche Bank’s investors could not possibly receive better news. That is not to say that the departure of Anshu Jain and his co-chief executive Jürgen Fitschen heralds a radical change in strategy, or that such a change is even feasible.
The point is just that Mr Jain — holder of ultimate strategic and tactical responsibility — could not do what needed to be done and his efforts have exhausted the patience of the bank’s shareholders. It is undoubtedly time to give someone else a chance to attempt the nearly impossible.
Deutsche Bank’s burden is that, for the foreseeable future, it can only succeed or fail as an investment bank. Unlike many of its global peers, it is not in a position to fundamentally reorder its priorities and reallocate capital accordingly.