Fabrizio Campelli has worked at Deutsche Bank for nearly two decades and has seen his fair share of storms. But since taking charge of its investment bank and corporate bank in May last year, he’s been enjoying a period of relative calm.

For years the German lender faced calls to shrink its investment bank, before eventually calling time in 2019 on its two-decade campaign to go toe-to-toe with top Wall Street rivals. It unveiled a radical overhaul in June that year, cutting 18,000 jobs, shuttering its stock trading unit and hiving off €74bn in unwanted assets, as part of a broader retreat from the volatile investment banking business.