I’ve started, so I’ll finish. Josef Ackermann, Deutsche Bank’s chief executive since 2002, was plainly chuffed to be asked to stay on three years beyond his scheduled retirement in May next year. A charitable view of Deutsche’s swing back to profitability in the first quarter, with net income of €1.2bn from a loss of €141m in the same period last year, is that he has succeeded in steering the bank through the thick of the financial crisis. Mr Ackermann has also kept the bank free from government interference.

A less charitable view is that the surge in investment bank profits underpinning the turnround merely represents the release of pent-up corporate demand for bond funding while bank loans are hard to obtain. The near 7 per cent fall in Deutsche’s share price on Tuesday reflects lingering investor concern that this is not sustainable. Still, bond issuance might prop up investment banking profits into the second half. The investment banking landscape has changed too. About half of Deutsche’s traditional competitors have disappeared as a result of the financial crisis.