If interest rates and oil really begin to rise, it would be a problem for stocks. At the current levels, I'm not too worried. The markets and companies can manage.

I can imagine that a bid does actually happen and I'd be happy with somewhere under 900 pence. It has got predictable earnings and that's attractive.

It's good news. Ackermann has made good progress at the bank, such as meeting his goal to boost return on equity. Still, he has got an image problem in the German public.