Deutsche Bank’s investors could not possibly receive better news. That is not to say that the departure of Anshu Jain and his co-chief executive Jürgen Fitschen heralds a radical change in strategy, or that such a change is even feasible.

The point is just that Mr Jain — holder of ultimate strategic and tactical responsibility — could not do what needed to be done and his efforts have exhausted the patience of the bank’s shareholders. It is undoubtedly time to give someone else a chance to attempt the nearly impossible.

Deutsche Bank’s burden is that, for the foreseeable future, it can only -succeed or fail as an investment bank. Unlike many of its global peers, it is not in a position to fundamentally reorder its priorities and reallocate capital -accordingly.