It was all so predictable. Immediately after the financial crisis, its US rivals forecast that Deutsche Bank would fail to face up to its balance sheet problems so hobbling its business. And that is exactly what happened. Instead of taking its medicine like the US banks, Deutsche tried to limp on, taking only half measures of new capital. In its weakened state, it inevitably lost out to the reinvigorated Wall Street competitors.

Now, at last, John Cryan is biting the bullet. Thanks to a resurgent share price following Donald Trump’s election, Cryan has been able to announce an €8 billion cash call, on top of the €10.8 billion of capital raised in two bites by his predecessor Anshu Jain. The bank is planning to raise another €2 billion from disposals and the flotation of a minority stake in Deutsche Asset Management. These moves should finally put worries about Deutsche’s balance sheet to rest.