A lot of detail is still needed on it, does the new person say they want to review it or say it's fine ... It's a massive job still to do. It's one of the world's biggest investment banks and Germany's national champion.

Chris Wheeler

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U.S. banks have mainly done what's needed to be done and are on an upward curve then you have the 'Road to Damascus banks'. They've finally realized that the market won't bail them out and they have to make some fundamental changes - Deutsche Bank, Credit Suisse, Barclays. It's going to be a year of major change that, in most cases, won't be completed for a number of years.

His urgent jobs are continuing to reduce the capital tied up in the business, how to push up the RoE (return on equity) and push down costs, and what to be thinking about in terms of the mix of the business.

If they are making better use of their capital it's got to be a good thing. But for anybody who believes in critical mass and the importance of scale then it's a bad thing, especially when you start to withdraw from the biggest market in the world.

The question people are still asking is what is the impact of stepping back on other businesses. Does stepping back (in fixed income) impact M&A or equities or the investing clients?

If Cryan or someone else takes over, what do they do with that plan? A lot of detail is still needed on it. Does the new person say they want to review it or say it's fine, it's a massive job still to do. It's one of the world's biggest investment banks and Germany's national champion.