Expensive scandals, a bad image, little trust, plus savings and slumps in earnings: When Christian Sewing took over as CEO of Deutsche Bank almost five years ago, he was faced with a heap of shards.

Since then, the Frankfurt group has undergone the most fundamental change in its history.

Sewing always named the end of 2022 as the target for the transformation announced in 2019, and with a pre-tax profit of 5.6 billion euros, the best result in 15 years is now there.

This allows the first conclusion: Sewing has delivered.

But the bank is far from having reached the end of its turnaround; the operational business lacks the stability and a clear vision.

In 2022, the people of Frankfurt also benefited from a special effect in the form of a tax credit worth billions and in the second half of the year from the increased interest rates - and thus from external developments.

Meanwhile, costs must continue to come down, and recently earnings in the operating business have fallen significantly, especially in investment banking and asset management.

The company is still faced with the challenge of continuing to save and at the same time showing perspectives in which areas sustainable growth in earnings is possible in the future.

Deutsche Bank's return is above plan - but also in some cases significantly below that of international competitors.

Stabilization takes time

Nevertheless, looking at the recent past, the development of the bank is pleasing for Frankfurt.

Sure, many observers are still skeptical about the glazed twin towers on the Taunusanlage because highly paid investment bankers are the most important sources of income there.

Nevertheless, a strong Deutsche Bank is also good for Germany as a business location and for Frankfurt as a financial center.

After all, the industry is an important employer, image factor and identity-forming element for the city.

In order for it to stay that way, stable beacons are needed whose appeal extends beyond the region - and a healthy Deutsche Bank that is globally active and has its roots in Frankfurt.

Christian Sewing knows he still has a lot to do.

He must ensure that business areas no longer become independent as they used to be successful and that costs get out of control as a result.

The number of employees, for example, has recently increased again slightly.

As the saying goes?

When you are successful, you make the biggest mistakes.

The restructuring of Deutsche Bank appears to have been successful, but its long-term stabilization is yet to come.