What is shocking about Deutsche Bank’s early release of its fourth-quarter losses isn’t the new round of restructuring and litigation charges. It is the fact it made a loss on normal operations too.

This is a bank that is still in a great deal of trouble. With everything going on around the strategic overhaul fleshed out by new chief executive John Cryan last autumn, the cutbacks in people, products and pay, it is unsurprising that some staff might be struggling to dedicate themselves to making money for the bank.