Last month, newly-minted chief executive Christian Sewing unveiled a dramatic-sounding strategy shift for Deutsche Bank. It was arguably more of the same talk of efficiencies and sustainability used by the previous three CEOs aiming to return Deutsche to glory.

But despite the similar language, Sewing’s declaration arrives in a very different context than those made by his recent predecessors: Unlike them, none but the most optimistic observers expect that Sewing’s reforms will restore the bank to the top tier.