Execution, not strategy, is the problem. So said Deutsche Bank chief John Cryan as he unveiled an overhaul that includes thousands of job cuts and no dividend for two years. But the plan itself shows this isn’t true—and that is the one big positive for shareholders.

The fact Deutsche is getting out of several businesses and countries, as well as selling retail unit Postbank, underscores that its strategy was wrong. It centered on being one of the most highly leveraged banks in the world and using cheap market funding to trade almost every kind of bond or derivative.