Plodding on

There’s a chance that no change in plan will be needed. Some regulators and investors agree that it will be hard at the current juncture to pull off a deal that radiates vision rather than desperation. If Sewing manages to stabilise earnings, investors may regain confidence.

Sewing has won the backing of Doug Braunstein, former JPMorgan Chase & Co. finance head whose Hudson Executive Capital LLP in early November revealed owning a 3.1 per cent stake in Deutsche Bank. Deutsche Bank’s shares should end up trading about three times higher than their current level if Sewing’s plan succeeds.