Mr Sewing is, impressively, still in his job—and his contract was extended last year, to 2026. On January 27th he presented the bank’s annual results for 2021 at Deutsche’s headquarters in Frankfurt. They seemed to confirm that the lender has stabilised at last. Mr Sewing reported a pre-tax profit of €3.4bn and a net profit of €2.5bn for 2021. In the final three months of the year it made a net profit of €315m, a year-on-year increase of 67%, beating analysts’ expectations.
Mr Sewing’s restructured bank consists of four pillars. The two biggest in terms of revenue are its retail arm and its investment bank. After its merger in 2018 with Postbank, a German postal bank, Deutsche remains the country’s biggest retail lender. The investment bank, which is still substantial, brought in more than a third of revenue last year, a chunk of it from trading fixed-income securities, currencies and commodities.
“Mr Sewing has done a good job in a tough environment,” says Stuart Graham, an analyst at Autonomous Research who argued in a report in 2018 that Deutsche Bank’s business model was broken beyond repair. The period when Deutsche was frequently in trouble with the law seems to have passed.
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