Here are 1-3 brief analogies to describe Deutsche Bank:

• The JP Morgan Chase of Europe.
• Europe's Citigroup.

• Retail Banking: Provides individual customers with checking accounts, savings products, credit cards, mortgages, and personal loans.
• Wealth Management: Offers financial planning, investment advice, and portfolio management for high-net-worth individuals and families.
• Corporate Banking: Delivers cash management, trade finance, corporate lending, and payment solutions to businesses and institutions.
• Investment Banking Advisory: Provides strategic advice on mergers, acquisitions, divestitures, and corporate restructurings.
• Capital Markets Origination: Underwrites and distributes new debt and equity securities for corporations and governments.
• Sales & Trading: Facilitates client trading and provides liquidity across fixed income, currencies, equities, and derivatives markets.
• Asset Management: Manages investment funds and portfolios for institutional and retail clients across various asset classes through DWS.
• Securities Services: Offers custody, clearing, and settlement services for securities to institutional clients.

Deutsche Bank (DB) is a global universal bank that serves a diverse range of customers across various segments, including corporations, financial institutions, governments, and individuals (from retail to ultra-high-net-worth).

While Deutsche Bank maintains a significant Private Bank division serving individuals and wealth management clients, its core identity as a major global investment and corporate bank means that a substantial portion of its "major customers" (in terms of deal size, complexity, and strategic importance) are other companies and institutions. Due to strict client confidentiality agreements, banks typically do not disclose the names of their specific major customers. Therefore, instead of listing individual company names, the major categories of corporate and institutional customers that Deutsche Bank primarily serves include:

• Large Corporations and Multinational Enterprises: These clients span various industries globally and utilize Deutsche Bank for a comprehensive suite of services. This includes investment banking services such as mergers & acquisitions (M&A) advisory, equity and debt capital markets, corporate finance, and treasury solutions. They also leverage Deutsche Bank for transaction banking services like cash management, trade finance, and foreign exchange, as well as risk management products.
• Financial Institutions: This category encompasses other banks, hedge funds, asset managers, pension funds, insurance companies, and sovereign wealth funds. Deutsche Bank provides them with services such as prime brokerage, securities services, financing, trading and sales services across various asset classes (fixed income, currencies, commodities, equities), and asset management solutions through its DWS segment.
• Governments and Public Sector Entities: Deutsche Bank advises and provides financing solutions to national and sub-national governments, public sector agencies, and supranational organizations. These services support their funding needs, infrastructure projects, and treasury management operations.

These categories represent the primary types of corporate and institutional clients that form a significant part of Deutsche Bank's major customer base, particularly in its Corporate Bank and Investment Bank divisions.

• Alphabet Inc. (GOOGL)
• Palantir Technologies Inc. (PLTR)
• London Stock Exchange Group plc (LSEG.L)
• SAP SE (SAP)
• Microsoft Corporation (MSFT)

Christian Sewing, Chief Executive Officer

Christian Sewing joined Deutsche Bank in 1989 and has been a member of the Management Board since January 2015, becoming Chief Executive Officer in April 2018. He held various management positions in Risk, including Chief Credit Officer from 2010 to 2012 and Deputy Chief Risk Officer from 2012 to 2013. From 2005 to 2007, he was a member of the Management Board of Deutsche Genossenschafts-Hypothekenbank. He has worked in Frankfurt, London, Singapore, Tokyo, and Toronto.

James von Moltke, Chief Financial Officer

James von Moltke has been the Chief Financial Officer and a member of the Management Board of Deutsche Bank since July 2017, also serving as President since March 2022. Before joining Deutsche Bank, he was the Treasurer of Citigroup from 2015 to 2017, where he was involved in the company's restructuring following the 2008 global financial crisis. At Citigroup, he also held positions as Global Head of Financial Planning and Analysis and Head of Corporate M&A. Prior to Citigroup, he led the Financial Technology Advisory team globally at Morgan Stanley for four years. He also spent ten years at J.P. Morgan in New York and Hong Kong, starting his career at Credit Suisse First Boston in 1992.

Bernd Leukert, Chief Technology, Data and Innovation Officer

Bernd Leukert became a member of the Deutsche Bank Management Board on January 1, 2020, and is responsible for Technology, Data and Innovation. He joined Deutsche Bank in September 2019 from SAP, where he served on the Executive Board from 2014 to 2019, overseeing product development, innovations, and the Digital Business Services division.

Fabrizio Campelli, Head of Corporate Bank and Investment Bank

Fabrizio Campelli has been responsible for the Corporate Bank and Investment Bank on the Management Board since May 2021. He joined the board in November 2019 as Chief Transformation Officer, with responsibilities for transformation and Human Resources. Before this role, he spent four years as the Global Head of Deutsche Bank Wealth Management.

Rebecca Short, Chief Operating Officer

Rebecca Short became a member of the Management Board on May 1, 2021, and was appointed Chief Operating Officer in June 2023, having previously served as Chief Transformation Officer. She joined Deutsche Bank through its graduate program in Auckland in 1998. Her career at the bank includes almost six years as Head of Group Planning & Performance Management in Finance from August 2015, and 13 years in various Risk roles in London, including European Head of Corporates in Credit Risk Management.

Decentralized Finance (DeFi) and Blockchain Technology: The rapid development and adoption of blockchain-based protocols and decentralized finance applications pose a clear emerging threat to traditional financial institutions. These technologies offer the potential to disintermediate established banking functions such as payments, lending, securities issuance, and trading by enabling peer-to-peer transactions and automated smart contracts, potentially reducing the need for traditional intermediaries and their associated fees. Evidence includes the growth of stablecoins, tokenized assets, and various DeFi platforms that operate outside conventional banking structures.

Big Tech's Expansion into Financial Services: Major technology companies like Apple, Google, and Amazon are increasingly expanding their offerings into financial services. Leveraging their extensive customer bases, data analytics capabilities, and technological infrastructure, these firms are moving beyond payments into areas such as lending, insurance, and wealth management products. This trend could erode Deutsche Bank's market share in retail banking, small and medium-sized enterprise (SME) banking, and parts of wealth management by offering convenient, digitally native alternatives.

Deutsche Bank AG (DB) primarily operates across four main business divisions: the Corporate Bank, the Investment Bank, the Private Bank, and Asset Management (DWS).

Here's an overview of the addressable market sizes for these key products and services:

1. Corporate Bank

• Global Market Size: The global corporate banking market was valued at approximately USD 1,050.07 billion (USD 1,050,065.59 million) in 2024 and is projected to grow to about USD 1,477.55 billion (USD 1,477,547.74 million) by 2031, with a Compound Annual Growth Rate (CAGR) of 5.0% during this period. Another estimate places the global corporate banking market size at USD 819.99 billion in 2024, expected to reach USD 1.55 trillion by 2033, with a CAGR of 7.31%. A different report indicates the global market size at USD 9,259.90 billion in 2023, expected to grow to USD 16,901.40 billion by 2033, at a CAGR of 6.20%.
• European Market Size: Corporate banking is identified as the fastest-growing segment within the European digital banking market, with a CAGR of 18%.

2. Investment Bank

• Global Market Size: The global investment banking market was valued at USD 184.92 billion in 2024 and is projected to reach USD 472.46 billion by 2035, growing at a CAGR of 8.90% from 2025 to 2035. Other estimates include USD 103.23 billion in 2024, projected to reach USD 183.28 billion by 2032 with a CAGR of 7.55%, and USD 150.49 billion in 2025, expected to expand to USD 202.06 billion by 2029 with a CAGR of 7.6%.
• European Market Size: The Europe investment banking market is valued at USD 40.54 billion (USD 40,536.36 million) in 2024 and is expected to expand at a CAGR of 7.1% from 2024 to 2031. Another report estimates the market valuation for Europe Investment Banking at USD 46.2 billion in 2024, anticipated to grow to USD 118.1 billion by 2035 at a CAGR of 8.9%. Specifically, the German investment banking market had a share of USD 8.03 billion (USD 8,026.20 million) in 2024.

3. Private Bank (Retail Banking and Wealth Management)

• Global Retail Banking Market Size: The global retail banking market size was estimated at USD 2.04 trillion in 2024 and is projected to reach USD 3.37 trillion by 2033, growing at a CAGR of 5.8% from 2025 to 2033. Another valuation puts the global market at USD 2.34 trillion in 2025, forecasted to reach approximately USD 3.97 trillion by 2034, with a CAGR of 6.03%.
• European Retail Banking Market Size: The Europe retail banking market generated a revenue of USD 385.1 billion in 2024 and is expected to reach a projected revenue of USD 606.2 billion by 2033, growing at a CAGR of 5.2% from 2025 to 2033. Retail banking currently holds the largest segment in the European digital banking market, with a 65% market share.

4. Asset Management (DWS)

• Global Assets Under Management (AUM) Market Size: The global asset management market size, in terms of AUM, was estimated at USD 458.02 billion in 2023 and is expected to reach USD 3,677.39 billion by 2030, growing at a CAGR of 36.4% from 2024 to 2030. Another source gives a global market size of USD 685.09 billion in 2024, predicted to reach around USD 12,741.10 billion by 2034, expanding at a CAGR of 33.95%.
• European Assets Under Management (AUM) Market Size: European asset managers are estimated to manage approximately EUR 32.7 trillion (equivalent to roughly USD 33 trillion) in AUM by the end of September 2024. The Europe asset management market size in terms of AUM value is expected to grow from USD 33.89 trillion in 2024 to USD 43.80 trillion by 2029, at a CAGR of 5.26%. In terms of revenue, the Europe asset management market generated USD 69.54 billion (USD 69,540.9 million) in 2023, with projections to reach USD 393.24 billion (USD 393,240.3 million) by 2030, growing at a CAGR of 28.1% from 2024 to 2030.

Deutsche Bank (DB) anticipates driving future revenue growth over the next two to three years through a multi-faceted strategy focusing on its core businesses, targeted expansion, and digital innovation.

Here are 3-5 expected drivers of future revenue growth:

1. Growth in Investment Banking, particularly in Fixed Income & Currencies (FIC) and Advisory Services: Deutsche Bank expects its Investment Bank to continue being a key contributor to revenue growth. The bank aims to leverage its strengths in Fixed Income & Currencies (FIC) and benefit from a projected recovery in deal cycles for equity capital markets (ECM) and mergers & acquisitions (M&A) in 2024-2026. Furthermore, Deutsche Bank is focused on expanding its advisory and ECM business, including through strategic acquisitions like Numis to increase its UK market share. The bank is also actively hiring senior bankers to strengthen its business with German corporate clients. In Q3 2025, the Investment Bank division saw an 18% jump in revenues compared to Q3 2024, driven by strong FIC and origination activity.
2. Expansion and Enhancement of Private Bank and Wealth Management offerings: The Private Bank is identified as a key growth area, especially in Germany, driven by rising demand for investment products. Deutsche Bank is restructuring its German wealth management unit to consolidate services for wealthy clients, streamline offerings, and invest in digital platforms, aiming to outgrow the market and gain further share. The bank is also focusing on wealth management expansion in the Asia-Pacific region, seeking to hire senior bankers and increase the region's contribution to global revenue. Net inflows across Private Bank and Asset Management have been significant, with €27 billion in Q3 2024, €26 billion in Q1 2025, and €66 billion in the first nine months of 2025. The Private Bank saw a 43% rise in profit before tax in Q1 2025.
3. Strategic Initiatives and Digital Transformation across all segments: Deutsche Bank's "Global Hausbank" strategy underpins its growth ambitions, aiming to be the bank of choice for clients globally with a strong European focus. The bank is leveraging technology, including AI, machine learning, and automation, to improve scalability, reduce costs, and enhance client personalization across areas like KYC, AML, credit decisioning, and electronic trading. Digital innovation is considered a critical pillar of its long-term strategy, with investments in AI-driven wealth management platforms and blockchain-based transaction banking.
4. Growth in Asset Management (DWS), particularly in Passive and Alternatives: Deutsche Bank's asset management arm, DWS, has a strategic growth plan to expand globally, focusing on its Xtrackers (Passive ETFs/ETCs) and alternatives businesses. DWS plans to make incremental investments in these growth areas, particularly in the Americas and Asia-Pacific through strategic partnerships. Asset Management reported a 67% increase in profit before tax in Q1 2025, supported by higher management and performance fees. Net inflows into Passive strategies were €10 billion in Q3 2024. Deutsche Bank is also expanding into private markets for retail investors in collaboration with DWS and Partners Group, combining exposure to high-growth sectors like private credit and infrastructure.
5. Sustainable Finance Offerings: Deutsche Bank is positioning itself as a leader in sustainable finance. This involves expanding its product portfolio to include more green financial products and attracting ESG-conscious investors. The Corporate Bank generated €4 billion in sustainable financing in Q1 2025, and the Investment Bank contributed €12 billion in sustainable financing, capital market issuance, and market making during the same period. The cumulative sustainable finance volumes reached €352 billion by Q3 2024, representing a 33% year-on-year increase.

Share Repurchases

• Deutsche Bank aims to distribute over €8 billion to shareholders for the financial years 2021-2025, payable in 2022-2026, and expects to significantly exceed this goal.
• Cumulative capital distributions (dividends and share repurchases) from 2022 to 2025 have reached €5.6 billion.
• In 2025, Deutsche Bank completed a €750 million share repurchase program and announced a further €250 million program; €675 million in share repurchases were authorized for 2024.

Share Issuance

• Deutsche Bank successfully completed the issuance of Additional Tier 1 (AT1) capital instruments in March 2025, November 2024, and June 2024.
• The bank plans to issue €15-20 billion in funding instruments in 2025.

Outbound Investments

• In April 2023, Deutsche Bank acquired Numis, a British investment bank, for €463 million.
• The bank has committed to €500 billion in sustainable financing and investment volumes by the end of 2025, reaching €279 billion by the end of 2023 and €373 billion cumulatively since January 1, 2020 (excluding DWS) by 2024.
• Deutsche Bank is reallocating resources to high-growth areas, with a particular focus on sustainable financing, digitalization, and emerging sectors like AI and green technology.

Capital Expenditures

• Deutsche Bank's capital allocation focuses on directing resources to high-return areas such as sustainable financing, digitalization, and emerging sectors like AI and green technology.
• The bank expects to drive efficiencies until 2025 by further reducing complexity to reinvest in business growth.
• Capital efficiencies, measured by Risk-Weighted Asset (RWA) equivalent benefits, reached a cumulative total of €30 billion by Q2 2025, already at the high end of the bank's target range for full year 2025.