Deutsche Bank (DBK) Investor Day 2025 summary

Strategic vision and growth targets

• Aims to become the European champion in banking by 2028, scaling the Global Hausbank model and leveraging AI for a resilient, technology-driven business.

• Focuses on growth in asset gathering, payments, advisory, and digital channels, targeting €5 billion incremental revenues by 2028, with €2 billion from Germany.

• Four complementary businesses—Private Bank, Corporate Bank, Investment Bank, and Asset Management—drive a diversified, stable revenue base.

• Management highlights restored profitability, readiness for the next growth phase, and a transition from stabilization to accelerated value creation.

• Will invest in process integration, automation, and platform scaling to enhance client experience and efficiency.

Financial objectives and capital allocation

• Raises RoTE target to above 13% by 2028 (from above 10% in 2025), with a cost/income ratio below 60% and payout ratio rising to 60% from 2026.

• Revenues targeted to grow from €32 billion in 2025 to €37 billion in 2028, with compound annual growth above 5%.

• CET1 capital ratio to be maintained at 13.5–14%, supporting robust capital distributions and redeployment to value-accretive activities.

• Shareholder distributions to exceed €8 billion for 2021–2025, with payout ratio increasing from 50% to 60% and further increases if CET1 exceeds 14%.

• SVA (Shareholder Value Add) adopted as a central steering tool for capital allocation and management incentives.

Business segment strategies and operational improvements

• Private Bank targets €1 trillion in client assets by 2028, 5–6% annual revenue growth, and RoTE above 18%, driven by digitalization and cost reductions.

• Asset Management (DWS) aims for over €160 billion in net flows by 2028, 5% revenue CAGR, and 10% CAGR in pre-tax profit, with cost/income ratio below 60%.

• Corporate Bank targets ~8% revenue CAGR and RoTE above 20% by 2028, leveraging global network and technology investments.

• Investment Bank focuses on capital-light advisory and FIC franchise, aiming for >14% RoTE and ~5% revenue CAGR by 2028.

• All divisions align investments to high-return, capital-light areas, with SVA as a key metric for resource allocation.