Deutsche Bank (DBK) Morgan Stanley 21st Annual European Financials Conference summary

Macroeconomic and regulatory environment

• Europe is showing increased momentum and determination in financial reforms, with recent regulatory openness and a focus on improving financial autonomy.

• The Savings and Investment Union announcement signals a shift toward deeper capital markets and investment opportunities in Europe.

• Germany is making structural changes and is expected to benefit from new spending programs and coalition reforms.

• Delays in U.S. regulatory changes (FRTB) may lead to similar delays in Europe, reflecting regulatory alignment.

Strategic transformation and profitability targets

• The 2025 measurement year is critical, with full confidence in achieving above 10% RoTE and over €8 billion in shareholder returns.

• Progress is being made in capital allocation, with a focus on optimizing per client, transaction, and business unit.

• The 10% RoTE target for 2025 is seen as an interim step, with ambitions to move higher in subsequent years.

Revenue outlook and business performance

• Revenue guidance of €32 billion for 2025 is reaffirmed, with strong trading performance and a solid O&A pipeline for Q2 and Q3.

• Private Bank and Asset Management are performing well, with Corporate Bank in line with expectations.

• Anticipated economic reforms and spending in Germany are expected to boost revenues, especially from mid-cap and family-owned companies.