Deutsche Bank’s decision to ask Josef Ackermann to stay for a further three years shows the regard in which he is held as a banker. It arguably also shows that he and the bank have fallen short of the mark in implementing a succession plan.

Not many banks have been in the relatively happy position – during a financial crisis that has undone many leaders – of wanting to avoid making changes at the top. Under Mr Ackermann, Deutsche, which on Tuesday bounced back to profit with €1.2bn ($1.6bn) of net income in the first three months, has survived better than most.