Deutsche Bank's competitors will be breathing a sigh of relief when they examine in detail the latest management reshuffle in the investment banking and corporate finance group. As one senior managing director at Goldman Sachs told me: 'We won't be losing a single minute's sleep. For us it looks like a great result.'

Has Deutsche made the right choice? Go back to basics for just a moment and look at the state of Deutsche in February 2001. This is an impressive organisation. While other investment banks have been encroaching on its home turf, Deutsche still calls many of the most important shots in Germany.