Deutsche Bank's chief executive John Cryan said the second quarter was as challenging as it gets, with the Brexit vote leaving Europe at a crossroads, as he warned he would step up the pace and intensity of the bank's restructuring if the economic picture remains weak.

A year after John Cryan became co-chief executive of Deutsche Bank, the former UBS banker presented its results for the three months to June 30, telling staff in letter published on the bank's website July 27 that the quarter "could hardly have been more challenging".