Deutsche Bank co-chief executive John Cryan made it clear to staff on day one that all would not be “sweetness and light in the coming months” as he set about the task – generally seen as a huge challenge for the former UBS executive – of devising a plan to meet the strategy laid out six months ago by his predecessor, Anshu Jain.

On October 29, Cryan again pulled no punches as he laid down the German bank's route to achieving the strategic goals set back in April in the years ahead. He told staff in a letter published this morning that the plan, which will see some businesses closed and thousands of jobs cut, will mean the next two years will be "hard work".