Deutsche Bank AG

Company Overview

Business Model: Deutsche Bank Aktiengesellschaft is a global provider of corporate and investment banking, private clients, and asset management products and services. The Group's primary revenue generation mechanisms include net interest income, net commissions and fee income, and net gains on financial assets and liabilities at fair value through profit or loss.

Market Position: Deutsche Bank Aktiengesellschaft is pursuing a "Global Hausbank" strategy, aiming to be a leading financial partner for its clients globally. Its Corporate Bank was recognized as the “World’s Best Bank for Corporates” and “Best Bank for Corporates in Germany” by Euromoney in 2024. The Private Bank received 15 Euromoney ‘Best Private Bank’ 2024 awards. The Asset Management segment, DWS Group GmbH & Co. KGaA, surpassed €1 trillion in assets under management for the first time in 2024.

Recent Strategic Developments: Key strategic initiatives include the "Global Hausbank" strategy with specific financial targets for 2025. In 2023, Deutsche Bank Aktiengesellschaft acquired Numis Corporation Plc for GBP 397 million, integrating it into the Investment Bank. The Private Bank is discontinuing the DSL Bank brand in its German mortgage and consumer finance business over 2025. The Asset Management segment established a joint venture to issue a regulated, euro-denominated stablecoin and launched its first cryptocurrency Exchange-Traded Certificate products. The Group's operational efficiency program delivered €2.5 billion in cost savings, and a capital efficiency program achieved €24 billion in RWA-equivalent reductions in 2024, targeting €25-€30 billion by end of 2025.

Geographic Footprint: Headquartered in Frankfurt am Main, Germany, Deutsche Bank Aktiengesellschaft operated in 56 countries with 1,307 branches worldwide as of December 31, 2024, with 67% of these branches located in Germany. Its primary operational regions include Germany, the UK, the rest of Europe, the Americas (primarily the United States), and Asia/Pacific, Middle East and Africa.

Cross-Border Operations: The Group operates through a network of consolidated subsidiaries globally, including DB USA Corporation, Deutsche Bank Americas Holding Corporation, DB U.S. Financial Markets Holding Corporation, Deutsche Bank Securities Inc., Deutsche Bank Trust Corporation, and Deutsche Bank Trust Company Americas in the United States, as well as Deutsche Bank Luxembourg S.A. in Luxembourg and DB Beteiligungs-Holding GmbH and DWS Group GmbH & Co. KGaA in Germany. The Corporate Bank maintains a global network across 140 countries, and the Private Bank serves over 20 million clients across more than 60 markets. Deutsche Bank Aktiengesellschaft retains a 79.49% ownership interest in DWS Group GmbH & Co. KGaA. The Group has disclosed legacy guarantees and executed transfers related to Iranian and Syrian entities, subject to sanctions.

Financial Performance

Revenue Analysis

Profitability Metrics:

• Operating Margin: 21.3% (2024), 25.5% (2023)
• Net Margin: 14.2% (2024), 20.7% (2023)
• Cost/income ratio: 72.9% (2024), 69.6% (2023)
• Post-tax return on average shareholders’ equity: 5.5% (2024), 9.1% (2023)
• Post-tax return on average tangible shareholders’ equity: 6.2% (2024), 10.2% (2023)
• Effective tax rate: 33% (2024), 19% (2023)

Investment in Growth:

• Information Technology expenditure: €3,610 million (2024)
• Capital Expenditures: €2,091 million (Additions to non-current assets, 2024)
• Strategic Investments: Acquisition of Numis Corporation Plc for €460 million (GBP 397 million) in 2023.

Currency Impact Analysis:

• The overall balance sheet movement in 2024 included an increase of €31.4 billion due to foreign exchange rate movements, primarily from a strengthening U.S. dollar against the euro.
• The net effect of exchange rate changes on cash and cash equivalents was a positive €2,910 million in 2024, compared to a negative €2,036 million in 2023.
• Treasury manages the sensitivity of the Common Equity Tier 1 capital ratio and overall capital to foreign currency exchange rates against the euro. Foreign exchange risk predominantly arises from the Group’s structural position designed to protect the bank’s capital ratio sensitivity against exchange rate changes.

Business Segment Analysis

Corporate Bank

Financial Performance:

• Revenue: €7,506 million (-3% YoY)
• Operating Margin: 27.6%
• Key Growth Drivers: Institutional Client Services revenue increased by 3% year-over-year. Corporate Treasury Services and Business Banking revenues experienced declines. Product Portfolio:
• Capabilities include Cash Management, Trade Finance, Lending, Correspondent Banking, Trust and Agency Services, Securities Services, and Business Banking. Market Dynamics:
• Recognized as the “World’s Best Bank for Corporates” and “Best Bank for Corporates in Germany” by Euromoney in 2024. Also ranked #1 Hausbank, #1 in Cash Management/Payment Transactions, and Trade and Export Finance in a FINANCE magazine survey. The segment operates with a global network across 140 countries. Geographic Revenue Distribution:
• Germany: €3,811 million (50.8% of segment revenue)
• UK: €193 million (2.6% of segment revenue)
• Rest of Europe: €1,238 million (16.5% of segment revenue)
• Americas: €1,090 million (14.5% of segment revenue)
• Asia/Pacific, Middle East and Africa: €1,173 million (15.6% of segment revenue)

Investment Bank

Financial Performance:

• Revenue: €10,558 million (+15% YoY)
• Operating Margin: 31.7%
• Key Growth Drivers: Origination & Advisory revenue surged by 61% year-over-year, driven by Debt Origination (+53%), Equity Origination (+82%), and Advisory (+78%). Fixed Income & Currencies (FIC) revenue increased by 9% year-over-year, with FIC Financing up 12% and FIC Ex-Financing up 8%. Product Portfolio:
• Offers services in Fixed Income & Currencies (FIC), Origination & Advisory, and Research and Other. Market Dynamics:
• Acquired Numis Corporation Plc for GBP 397 million on October 13, 2023. The segment acted as Joint Lead Manager on KfW’s €3 billion five-year green bond and served as joint bookrunner on the Republic of Colombia’s U.S.$1.3 billion re-opening of Social U.S.$ Notes in 2024. Geographic Revenue Distribution:
• Germany: €641 million (6.1% of segment revenue)
• UK: €3,882 million (36.8% of segment revenue)
• Rest of Europe: €477 million (4.5% of segment revenue)
• Americas: €3,869 million (36.6% of segment revenue)
• Asia/Pacific, Middle East and Africa: €1,688 million (16.0% of segment revenue)

Private Bank

Financial Performance:

• Revenue: €9,386 million (-2% YoY)
• Operating Margin: 13.1%
• Key Growth Drivers: Wealth Management & Private Banking revenue increased by 2% year-over-year. Personal Banking revenue declined by 5%. Assets under management grew by €55 billion (10%) to €633 billion by year-end 2024, supported by net inflows of €29 billion. Product Portfolio:
• Provides services across Personal Banking and Wealth Management & Private Banking. Market Dynamics:
• Serves over 20 million clients across more than 60 markets. The segment is discontinuing the DSL Bank brand in its German mortgage and consumer finance business over 2025. It received 15 Euromoney ‘Best Private Bank’ 2024 awards. Deutsche Bank Aktiengesellschaft divested its Deutsche Bank Financial Advisors business in Italy to Zurich Insurance Group on October 17, 2022. Geographic Revenue Distribution:
• Germany: €6,389 million (68.1% of segment revenue)
• UK: €46 million (0.5% of segment revenue)
• Rest of Europe: €1,953 million (20.8% of segment revenue)
• Americas: €475 million (5.1% of segment revenue)
• Asia/Pacific, Middle East and Africa: €524 million (5.6% of segment revenue)

Asset Management (DWS Group GmbH & Co. KGaA)

Financial Performance:

• Revenue: €2,649 million (+11% YoY)
• Operating Margin: 23.9%
• Key Growth Drivers: Management fees increased by 7%, and Performance and transaction fees rose by 16%. Assets under management (AuM) surpassed €1 trillion for the first time in 2024, increasing by €115 billion (13%) year-over-year, with net flows of €26 billion. ESG products attracted net inflows of €6 billion. Product Portfolio:
• Offers a diverse portfolio including Active Equity, Active Fixed Income, Active Multi Asset, Active SQI, Active Cash, Passive, and Alternatives. Market Dynamics:
• Deutsche Bank Aktiengesellschaft retains a 79.49% ownership interest in DWS Group GmbH & Co. KGaA, whose shares are listed on the Frankfurt stock exchange. The segment established a joint venture to issue a regulated, euro-dominated stablecoin and launched its first cryptocurrency Exchange-Traded Certificate products. Geographic Revenue Distribution:
• Germany: €1,286 million (48.5% of segment revenue)
• UK: €404 million (15.2% of segment revenue)
• Rest of Europe: €308 million (11.6% of segment revenue)
• Americas: €562 million (21.2% of segment revenue)
• Asia/Pacific, Middle East and Africa: €90 million (3.4% of segment revenue)

International Operations & Geographic Analysis

Revenue by Geography:

International Business Structure:

• Subsidiaries: Key international subsidiaries include DB USA Corporation, Deutsche Bank Americas Holding Corporation, DB U.S. Financial Markets Holding Corporation, Deutsche Bank Securities Inc., Deutsche Bank Trust Corporation, and Deutsche Bank Trust Company Americas (all in the United States), Deutsche Bank Luxembourg S.A. (Luxembourg), DB Beteiligungs-Holding GmbH (Germany), and DWS Group GmbH & Co. KGaA (Germany).
• Joint Ventures: DWS Group GmbH & Co. KGaA has established a joint venture to issue a regulated, euro-dominated stablecoin.

Cross-Border Trade:

• Export Markets: Not explicitly detailed in the filing.
• Import Dependencies: Not explicitly detailed in the filing.
• Transfer Pricing: Transfer pricing risks are acknowledged within the Group's international tax strategy.

Capital Allocation Strategy

Shareholder Returns:

• Share Repurchases: Deutsche Bank Aktiengesellschaft completed €675 million in share repurchases in 2024 and €450 million in 2023. An additional €750 million in share repurchases has been authorized for 2025.
• Dividend Payments: A dividend of €0.68 per share (€1.3 billion total) has been proposed for 2024. Dividends paid were €0.45 per share in 2023 and €0.30 per share in 2022.
• Future Capital Return Commitments: The Group targets a payout ratio of 50% of net income attributable to Deutsche Bank Aktiengesellschaft shareholders for FY 2025 and subsequent years, comprising cash dividends and share buybacks. The ambition is to exceed a cumulative capital distribution goal of €8 billion for financial years 2021-2025 (paid 2022-2026), with a target cash dividend of €1.00 per share for FY 2025.

Balance Sheet Position:

• Cash and Equivalents: €153,654 million as of December 31, 2024.
• Total Debt: €114,899 million in long-term debt as of December 31, 2024. Total debt, including short-term borrowings, was €137,389 million.
• Net Cash Position: Not explicitly stated.
• Credit Rating: Not disclosed in the filing.
• Debt Maturity Profile: Long-term debt obligations total €131,223 million, with €24,847 million due in less than 1 year, €41,428 million due in 1–3 years, €28,243 million due in 3–5 years, and €36,706 million due in more than 5 years.

Cash Flow Generation:

• Operating Cash Flow: (€28,584) million in 2024, compared to €5,606 million in 2023.
• Free Cash Flow: Not explicitly stated in the filing.
• Cash Conversion Metrics: Not explicitly stated in the filing.

Currency Management:

• The Group's unsecured wholesale funding, ABCP, and capital markets issuance as of December 31, 2024, included €82,536 million in EUR, €76,461 million in USD, €3,489 million in GBP, and €12,495 million in other currencies.
• Treasury actively manages the sensitivity of the Common Equity Tier 1 capital ratio and overall capital to foreign currency exchange rates against the euro. Foreign exchange risk primarily arises from the Group’s structural position to protect its capital ratio sensitivity against exchange rate changes.

Operational Excellence

Production & Service Model: Deutsche Bank Aktiengesellschaft operates as a global provider of comprehensive financial services, encompassing corporate and investment banking, private client services, and asset management. Its operational philosophy is centered on its "Global Hausbank" strategy, leveraging its extensive international presence and branch network to deliver a broad range of products and services.

Global Supply Chain Architecture: Key Suppliers & Partners:

• Information regarding specific key suppliers and partners is not explicitly detailed in the filing. Facility Network:
• Manufacturing: Not applicable for a financial institution.
• Research & Development: While specific R&D centers are not detailed, the Group's significant Information Technology expenditure (€3,610 million in 2024) indicates investment in technological development. The Asset Management segment's initiatives in stablecoins and cryptocurrency Exchange-Traded Certificates highlight innovation in digital financial products.
• Distribution: The Group maintains a substantial distribution network, operating 1,307 branches worldwide as of December 31, 2024, with 67% located in Germany. The Corporate Bank leverages a global network across 140 countries, and the Private Bank serves over 20 million clients across more than 60 markets.

Operational Metrics:

• Adjusted costs for the Group were €20.4 billion in 2024, a 1% decrease from 2023.
• The operational efficiency program delivered €2.5 billion in cost savings.
• The capital efficiency program achieved cumulative RWA-equivalent reductions of €24 billion in 2024, progressing towards a target of €25-€30 billion by the end of 2025.
• The Group's cost/income ratio was 72.9% in 2024.
• Total full-time equivalent employees were 89,753 as of December 31, 2024, a slight decrease of 0.4% from 2023.

Market Access & Customer Relationships

Go-to-Market Strategy: Distribution Channels:

• Direct Sales: The Group utilizes its extensive branch network and regional sales forces to maintain direct relationships with clients across its Corporate Bank, Investment Bank, and Private Bank segments.
• Channel Partners: Specific channel partners are not explicitly detailed in the filing.
• Digital Platforms: The Asset Management segment's engagement in digital assets, such as a euro-denominated stablecoin and cryptocurrency Exchange-Traded Certificates, indicates a focus on digital channels for certain product offerings.

Customer Portfolio: Enterprise Customers:

• The Corporate Bank has been recognized for its strong relationships with corporate clients, earning awards such as “World’s Best Bank for Corporates.”
• The Investment Bank actively participates in major capital markets transactions, exemplified by its role as Joint Lead Manager for KfW’s €3 billion green bond and joint bookrunner for the Republic of Colombia’s U.S.$1.3 billion notes. Strategic Partnerships:
• The joint venture established by DWS Group GmbH & Co. KGaA for a stablecoin represents a strategic partnership in the digital finance space. Customer Concentration:
• Information on specific customer concentration risks is not explicitly detailed in the filing.

Regional Market Penetration:

• The Private Bank serves a broad client base of over 20 million clients across more than 60 markets.
• The Corporate Bank's global network extends across 140 countries, indicating widespread market penetration.
• Germany represents a significant market, accounting for 67% of the Group's total branches and the largest share of revenue for the Private Bank and Corporate Bank segments.

Competitive Intelligence

Global Market Structure & Dynamics

Industry Characteristics: The global banking industry is characterized by exposure to fluctuating interest rates, geopolitical instability, and evolving regulatory landscapes. Persistent inflation and higher interest rates continue to impact consumer spending, private client investments, refinancing risks, and collateral values, with commercial real estate markets remaining under stress.

Competitive Positioning Matrix:

Direct Competitors

Primary Competitors:

• The filing does not explicitly name primary competitors. However, given its global operations and diverse business segments, Deutsche Bank Aktiengesellschaft competes with major international financial institutions across corporate and investment banking, private banking, and asset management. Regional Competitive Dynamics:
• Deutsche Bank Aktiengesellschaft demonstrates strong competitive positioning in Germany, as evidenced by its Corporate Bank and Private Bank awards. Its Investment Bank shows significant growth in key markets like the UK and Americas, indicating competitive strength in these regions.

Risk Assessment Framework

Strategic & Market Risks

Global Market Dynamics:

• Geopolitical risks: Ongoing geopolitical tensions, including the Ukraine war, Middle East conflict, U.S. trade tariffs, and U.S.-China tensions, pose significant risks that could negatively affect the business environment and the Group's 2025 financial targets.
• Technology Disruption: While not explicitly detailed as a primary risk, the evolving regulatory landscape with DORA requirements (effective Jan 17, 2025) and the MiCA Regulation (fully applicable from Dec 2024) indicates the need for continuous adaptation to technological changes in the financial sector.
• Customer Concentration: Not explicitly detailed in the filing.

Operational & Execution Risks

Global Supply Chain Vulnerabilities:

• Supplier Dependency: Not explicitly detailed in the filing.
• Regional Disruptions: The Group is exposed to regional disruptions stemming from geopolitical conflicts and economic instability, which can impact operations and financial performance.
• Trade Restrictions: Risks include impacts from U.S. trade tariffs, U.S.-China tensions, and the U.S. Treasury's final rule on outbound investments to China (effective Jan 2, 2025), which could affect cross-border transactions and market access.

Financial & Regulatory Risks

Currency & Financial Risks:

• Foreign Exchange: The Group faces multi-currency exposure, with significant balance sheet movements influenced by foreign exchange rate changes (e.g., €31.4 billion increase in 2024 due to a strengthening U.S. dollar). Treasury actively manages CET 1 ratio sensitivity to FX rates.
• Interest Rate Risk: Persistent inflation and higher interest rates impact consumer spending, private client investments, refinancing risks, and collateral values. The maximum economic value of equity (EVE) loss was €(5.8) billion (9.6% of Tier 1 Capital) as of December 2024, and the maximum one-year loss in net interest income for a "Parallel down" scenario was €(0.7) billion.
• Credit & Liquidity: Commercial real estate markets remain stressed, with a non-recourse CRE portfolio of €29.3 billion subject to stress testing, potentially leading to €1.2 billion in credit losses in a worst-case scenario. The Liquidity Coverage Ratio (LCR) was 131% and the Net Stable Funding Ratio (NSFR) was 121% at year-end 2024. Total credit risk exposure was €1,690,698 million as of December 31, 2024. Regulatory & Compliance Risks:
• Multi-Jurisdictional Compliance: The Group faces ongoing regulatory scrutiny, including BaFin orders for improvements to anti-money laundering (AML) and know-your-client (KYC) processes (mandate concluded Oct 30, 2024), and a Federal Reserve consent order (July 2023) regarding sanctions, embargoes, and AML compliance.
• Trade Regulations: Compliance with export controls and sanctions is critical, as highlighted by the RusChemAlliance litigation where EU sanctions led to a rejected payment demand and subsequent asset freeze in Russia.
• Tax Regulations: Risks include German withholding tax on dividends (26.375% for U.S. residents, with a potential 11.375% refund) and compliance with Pillar Two income taxes applicable from 2024.

Geopolitical & External Risks

Country-Specific Risks:

• Political Risk: Geopolitical events, such as the Ukraine war and Middle East conflict, can introduce political instability and policy changes affecting operations in various countries.
• Economic Risk: Risks include currency devaluation and economic instability in specific markets, exacerbated by persistent inflation and higher interest rates globally.
• Regulatory Changes: The Group is subject to a complex and evolving international regulatory environment, including new EU regulations (ESG Ratings, Deforestation, CSDDD, DORA, MiCA, Instant Payments), the German Supply Chain Due Diligence Act, and U.S. Treasury rules on outbound investments to China.
• Litigation: Significant litigation risks include the Postbank takeover litigation (€1.3 billion provision in Q2 2024), Polish FX mortgage loan claims (€895 million provision), RusChemAlliance litigation (indemnification asset de-recognized after enforcement of claim), cum-ex transactions, and various investigations and class actions related to SSA bonds and U.S. Treasury securities.

Innovation & Technology Leadership

Research & Development Focus: Global R&D Network:

• While specific R&D centers are not explicitly detailed, Deutsche Bank Aktiengesellschaft's significant investment in Information Technology (€3,610 million in 2024) underscores its commitment to technological advancement. The Group's ISMS has been ISO 27001 certified since 2012, with the latest full recertification in 2024.
• Innovation Pipeline: The Asset Management segment, DWS Group GmbH & Co. KGaA, is actively involved in technology development, having established a joint venture to issue a regulated, euro-dominated stablecoin and launched its first cryptocurrency Exchange-Traded Certificate products, indicating a focus on digital asset innovation and regional commercialization.

Intellectual Property Portfolio:

• Patent Strategy: Not explicitly detailed in the filing.
• Licensing Programs: Not explicitly detailed in the filing.
• IP Litigation: Not explicitly detailed in the filing.

Technology Partnerships:

• Strategic Alliances: The joint venture by DWS Group GmbH & Co. KGaA for a stablecoin represents a strategic alliance aimed at leveraging new technologies in the financial sector.
• Research Collaborations: Not explicitly detailed in the filing.

Leadership & Governance

Executive Leadership Team

International Management Structure:

• An updated regional governance structure was introduced in 2024 for Europe, the Middle East and Africa (EMEA), Asia Pacific, and Germany, indicating a decentralized yet coordinated management approach. The CEO Asia-Pacific, EMEA, Germany role highlights a focus on regional leadership and oversight.

Board Composition:

• The Supervisory Board comprises twenty members, with half elected by shareholders and half by employees. As of the end of the financial year, the gender composition of the Supervisory Board met the statutory minimum quota of 30%, with 4 women and 6 men from the employee side, and 3 women and 7 men from the shareholder side.
• All Supervisory Board members are considered independent within the meaning of ESRS. The Audit Committee includes four financial experts (Dr. Dagmar Valcárcel, Dr. Theodor Weimer, Professor Dr. Norbert Winkeljohann, Frank Witter), all of whom are independent. The Compensation Control Committee also includes compensation experts.

Regulatory Environment & Compliance

Multi-Jurisdictional Regulatory Framework: Primary Regulatory Environments:

• Germany: Subject to the German Supply Chain Due Diligence Act (SCDDA), which came into force on January 1, 2023. German withholding tax of 26.375% applies to dividends, with U.S. residents generally entitled to an 11.375% refund.
• European Union: The Group is preparing for new regulations including the EU ESG Ratings Regulation (July 2, 2026), the EU Deforestation Regulation (expected end 2025), the EU Corporate Sustainability Due Diligence Directive (CSDDD, applies to certain companies from July 2027), the Digital Operational Resilience Act (DORA, applies from Jan 17, 2025), the Markets in Crypto-Assets Regulation (MiCA, fully applicable from Dec 2024), and the Instant Payments Regulation (obligation to receive instant payments Jan 2025, to send and comply with "verification of payee" Oct 2025). Regulation (EU) 2024/1623 (CRR3) is applicable from January 1, 2025, and the Fundamental Review of the Trading Book (FRTB) is applicable as of January 1, 2026.
• United States: Subject to a Federal Reserve consent order (July 2023) regarding sanctions, embargoes, and anti-money laundering (AML) compliance. The U.S. Resolution Plan is due by October 1, 2025. The U.S. Treasury's final rule on outbound investments to China (covering semiconductors, quantum computing, and AI) became effective January 2, 2025. Cross-Border Compliance:
• Export Controls: Compliance with export controls is a key focus, particularly in light of geopolitical tensions and sanctions regimes.
• Sanctions Compliance: The Group adheres to multi-jurisdictional sanctions, with compliance monitoring programs in place. This is highlighted by the RusChemAlliance litigation, which involved EU sanctions.
• Anti-Corruption: The Group maintains compliance programs for anti-corruption, including adherence to the FCPA and local anti-bribery laws. BaFin has ordered improvements to AML and KYC processes, with the special representative mandate concluding on October 30, 2024.

International Tax Strategy:

• Transfer Pricing: The Group manages transfer pricing policies and documentation requirements across its international operations, acknowledging associated risks.
• Tax Treaties: Not explicitly detailed in the filing.
• BEPS Compliance: Pillar Two income taxes, related to base erosion and profit shifting regulations, are applicable from 2024, with an estimated current tax expense of €3 million for 2024.

Environmental & Social Impact

Global Sustainability Strategy: Environmental Commitments:

• Climate Strategy: Deutsche Bank Aktiengesellschaft is committed to achieving net zero emissions by 2050. It has established interim goals by the end of 2030 and final targets by the end of 2050 for eight carbon-intensive sectors within its corporate loan book.
• Carbon Neutrality: The Group's overarching commitment is to achieve net zero emissions by 2050.
• Renewable Energy: Deutsche Bank Aktiengesellschaft plans to source 100% of its electricity from renewable sources by 2025.

Regional Sustainability Initiatives:

• Supply Chain: The Group is subject to the German Supply Chain Due Diligence Act (SCDDA) and is preparing for the EU Deforestation Regulation and the EU Corporate Sustainability Due Diligence Directive (CSDDD), which will impact global supplier ESG requirements and sustainability standards.
• Regional Environmental Programs: Not explicitly detailed in the filing.

Social Impact by Region:

• Community Investment: Deutsche Bank Aktiengesellschaft issued its inaugural social bond of €500 million in July 2024, demonstrating its commitment to social assets and community investment.
• Labor Standards: The Group aims for women to represent at least 35% of Managing Director, Director, and Vice President roles by 2025, and at least 32.5% at two levels below the Management Board by 2026, reflecting its commitment to diversity and inclusion across jurisdictions.

Currency Management & Financial Strategy

Multi-Currency Operations: Deutsche Bank Aktiengesellschaft operates across multiple currencies, with its unsecured wholesale funding, ABCP, and capital markets issuance as of December 31, 2024, showing significant exposure in EUR (€82,536 million), USD (€76,461 million), GBP (€3,489 million), and other currencies (€12,495 million).

Hedging Strategies:

• Transaction Hedging: Not explicitly detailed in the filing.
• Translation Hedging: Treasury actively manages the sensitivity of the Common Equity Tier 1 capital ratio and overall capital to foreign currency exchange rates against the euro. Foreign exchange risk predominantly arises from the Group’s structural position to protect its capital ratio sensitivity against exchange rate changes.
• Economic Hedging: Not explicitly detailed in the filing.