City of London banks analysts are in no doubt about the scale of the task facing incoming Deutsche Bank chief executive John Cryan, with one summing up the decision to take the reins at Germany’s biggest bank by saying: “I take my hat off to him. It’s a hell of a job.”

Cryan, already a non-executive director at Deutsche Bank, was confirmed as its new CEO on Sunday, following the news that co-chief executives Anshu Jain and Jürgen Fitschen are stepping down after a difficult three years at the helm.