This time last week, Garth Ritchie was reportedly in talks to end his 22-year career at Deutsche Bank. By Sunday night, amid a management reshuffle that saw retail banking co-head Christian Sewing promoted to CEO, he was instead named as sole head of its investment banking business and promoted co-deputy chief executive.

“He’s a survivor,” said one senior banker in London speaking on the condition of anonymity. “This is another battlefield promotion for him.”