The message from Deutsche Bank boss Christian Sewing to his employees is clear: “We mustn't let up a bit on our disciplined path,” he wrote in a letter to his workforce on Wednesday.

"Let's not repeat the mistake of times gone by: that we lose speed when we're back on track." So far, so clear.

But the figures now presented for the third quarter show that Sewing itself is already leaving the track it started in summer 2019 in some places. The zeal is declining, especially when it comes to costs. The bank has already said goodbye to the previous goal of reducing the workforce to 74,000. With a current workforce of 84,500, it has recently hired more than 700 new employees. She just had to increase the cost of converting the bank by another 700 million euros. There may be good reasons for all of this.

But one thing is clear: the fact that investors and rating agencies have regained more confidence in Deutsche Bank since the major shift in strategy is primarily due to the fact that Sewing has so far carried out its restructuring with astonishing consistency.

He shouldn't be dissuaded from that.