Deutsche Bank has the wind at its back, says chief executive Christian Sewing. The bank has been stabilised after the disasters of the financial crisis and is now ready to go from defence to offence. Its efforts will be aided by geo-political shifts that could be very helpful for the leading bank in Europe’s biggest economy, says Sewing.

This seems right, at least in part. There is no doubt that the current management has done a good job putting the bank back on its feet, as reflected by the trebling of the share price in the past three years. It is also reasonable to expect more to come.