A raft of initiatives announced by Deutsche Bank over the weekend – led by an €8 billion capital raising – see chief executive John Cryan undo significant changes he made to its investment bank just 18 months after they were announced.

In October 2015, a few months into his tenure as co-chief executive of Deutsche Bank (he was later named sole CEO), Cryan announced that the bank would split its corporate banking and securities division, or investment bank, in two from early 2016. One new division, corporate and investment banking, combined corporate finance with global transaction banking. Another, global markets, housed sales and trading activities.