New Deutsche Bank chief executive John Cryan was getting the “bad news” out of the way and clearing the decks before announcing how he will deliver on the bank's strategic plan – that was how analysts read the German lender’s warning of an estimated €6.2 billion net loss for the third quarter.

Morgan Stanley analysts described the announcement as "a cathartic first step", while their counterparts at UBS said it was a "clean-up" that paves the way for a new business strategy, which Deutsche will detail alongside the formal publication of its third-quarter results on October 29.