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By 5pm he was on the home stretch: his private plane had left Portland. That was 17 years ago. Mitchell had been a brilliant trader and an inspirational manager who, in five years, helped remodel a sleepy German lender into a Wall Street dynamo.

In the world of roulette-wheel investment banking, Deutsche was the highest roller of all. And for a long while the punts paid off.

The heavy lifting is almost over. Yet existential questions remain. Is Cryan part of the solution or part of the problem? Its fate will hold lessons for lenders, governments and regulators as the banking industry continues its post-crisis evolution.

Wall Street names such as JPMorgan, Goldman Sachs and Merrill Lynch were expanding aggressively, thanks to booming markets, the rapid growth of financial derivatives and the advent of electronic trading.

A wave of deregulation led them to Europe en masse. For years, the strategy worked like a dream. The proceeds were used to supercharge its investment bank: first, by integrating Morgan Grenfell, a tired London merchant bank acquired in ; then by hiring from rivals such as Merrill Lynch; and finally, by purchasing the troubled US group Bankers Trust in By June that year it was increasing staff numbers at an annualised rate of 20 per cent and assets by nearly 50 per cent.

Net profit was up by an annualised 60 per cent. The financial crisis that took hold in the second half of and accelerated through left no global bank untouched.

But compared with some rivals, the German lender was able to shrug off the crisis. Other executives sold subprime exposures to rivals and bought insurance against default.

But chutzpah, judgment and luck can only take you so far. Its shares have halved over the past five years, just as those of some US rivals have doubled in value.

Eric Ben-Artzi, an ambitious young mathematician who moved to the bank from Goldman Sachs in , has an inkling why. The methodology that was actually implemented came out of thin air.

At college in s Maine, Mitchell made a name for himself as a short but effective basketball player. When he opted for a career in banking, he took his competitive approach to sports into the trading room, and rose steadily through the ranks at Merrill Lynch.

In , under pressure from Mitchell, Deutsche launched another bold move. Many who worked with Mitchell praised his technical abilities and ambition.

Most of all, he enthused people. When he left Merrill for Deutsche, 50 colleagues followed. He had such optimism — the glass was always half full.

If Edson had lived and become CEO maybe Deutsche would have blown up in more dramatic fashion in the crisis.

Mitchell was only at Deutsche Bank for five short years but he left a long-term legacy. Other managers engaged in petty corruption for personal gain, two bankers familiar with the period told the FT, including owning companies such as a limousine operator, to which they outsourced Deutsche service contracts.

Sexism was rife — a busload of escort girls were once invited to a Christmas party and serviced male staff in a VIP suite.

Cocaine habits were commonplace. Born into the ancient Jain religion, the banker — a vegetarian and a refined family man — looked like a sharp contrast to his former boss.

What united them was a fascination with the complexities of finance and a reverence for the sums of money it allowed banks and bankers to earn.

Creativity was encouraged, results were rewarded and ambition — and risk appetite — seemed limitless. But there was a downside. Bosses in Frankfurt were so blinded by the success of the unit that they invested in little else.

But they also failed to control it with an effective compliance function or responsive information systems. The result was great success in the boom years and deep problems ever since.

However, friends deny that the separation was acrimonious. Friends claim that it was the third time the couple had attended together.

One said: "He was in a brilliant mood and kept telling us that we were working for the best bank in the City.

I respected him but I don't know that I liked him. He was viewed by many as the archetypal City swashbuckler. He once booked a flight to New York on Concorde just to visit his dentist.

Mr Mitchell was renowned for his competitive spirit, being a regular weekend basketball player until a few years ago.

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