Deutsche Bank (DBK) Goldman Sachs 28th European Financials conference summary

Strategic transformation and business model evolution

• Shifted from restructuring in 2019 to a client-centric Global Hausbank strategy in 2022, focusing on resilience and comprehensive client solutions.

• Reorganized around four client-focused divisions, enhancing cross-divisional collaboration and product density.

• Investments in technology and analytics have improved multi-product relationships and client retention.

• Diversification across geographies and client segments, with systematic investments in Europe, Asia, and the U.S.

• Strategy emphasizes balanced revenue mix, cost discipline, and capital efficiency.

Corporate Bank performance and outlook

• Corporate Bank delivered strong revenue growth in 2022 and 2023, exceeding CAGR targets due to higher net interest income and pricing discipline.

• Investments in payments infrastructure, merchant solutions, and technology have offset lower interest rate sensitivity.

• Deposit volumes increased 11% from Q1 2023 to Q1 2024, supporting revenue stability.

• 2024 revenues expected slightly lower than 2023, but non-interest income and fee-based services provide resilience.

• Growth prospects remain strong, with focus on multinational capabilities and fee-rich products.

Investment Bank and FICC franchise

• FICC is the largest in Europe, with over a third of EUR 8 billion revenues from stable financing activities.

• Diversification across macro, rates, FX, emerging markets, and credit trading has increased revenue resilience.

• Systematic investments in credit trading in Asia, Europe, and the U.S. aim to maintain portfolio stability.

• FICC revenues up 7% in Q1 2024, outperforming peers, though Q2 expected slightly down year-on-year.

• Full-year FICC revenues projected to be slightly up, with overall IB revenues expected to rise.