Christian Sewing's transformation of Deutsche Bank is finally bearing fruit. The German lender's first in-person annual meeting since 2019 showcased shareholder approval for a strategy that pivoted away from Wall Street ambitions back toward European roots. After years of turmoil following the financial crisis, record profits and a share price hitting book value signal recovery.

The bank's Wall Street push began in the 1990s with hires like Edson Mitchell and Anshu Jain, culminating in a $10bn Bankers Trust acquisition. However, Mitchell's 2000 plane crash death and the 2008 crisis exposed Deutsche's excessive leverage, forcing €30bn in equity raises and massive litigation costs.

While investors welcome the progress, skepticism remains about Deutsche's goal to become Europe's banking champion. Profitability trails key rivals and costs stay high despite restructuring. One Frankfurt executive questioned whether the opportunity had already passed.

Elsewhere, BP held advanced talks on a near-£2bn deal to sell UK North Sea assets to Ithaca Energy. Meanwhile, private credit firm Castlelake considers a bid for easyJet amid the airline's share price collapse from fierce competition and rising fuel costs.