エドガーで原本を確認する
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As filed with the Securities and Exchange Commission on March 13, 2025
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1
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Ordinary shares, no par value
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DB
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The New York Stock Exchange
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4.50 % Fixed Rate Subordinated Tier 2 Notes Due 2025
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DB 25
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The New York Stock Exchange
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DB Gold Double Long Exchange Traded Notes due February 15, 2038
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DGP
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NYSE Arca, Inc.
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DB Gold Double Short Exchange Traded Notes due February 15, 2038
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DZZ
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NYSE Arca, Inc.
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DB Gold Short Exchange Traded Notes due February 15, 2038
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DGZ
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NYSE Arca, Inc.
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2
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Deutsche Bank
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Annual Report 2024 on Form 20-F
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3
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Deutsche Bank
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Annual Report 2024 on Form 20-F
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4
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Deutsche Bank
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Annual Report 2024 on Form 20-F
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5
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Deutsche Bank
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Annual Report 2024 on Form 20-F
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6
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Deutsche Bank
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Annual Report 2024 on Form 20-F
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Non-GAAP financial measure
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Most Directly Comparable IFRS financial measure
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Profit (loss) attributable to Deutsche Bank shareholders for the segments, Profit (loss) attributable to Deutsche Bank shareholders and additional equity components for the segments
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Profit (loss)
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Revenues excluding specific items, Revenues on a currency-adjusted basis
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Net revenues
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Net interest income in the key banking book segments
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Net interest income
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Adjusted costs, Costs on a currency-adjusted basis, Nonoperating costs
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Noninterest expenses
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Net assets (adjusted)
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Total assets
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Tangible shareholders’ equity, Average tangible shareholders’ equity, Tangible book value, Average tangible book value
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Total shareholders’ equity (book value)
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Post-tax return on average shareholders’ equity (based on Profit (loss) attributable to Deutsche Bank shareholders after AT1 coupon), Post-tax return on average tangible shareholders’ equity (based on Profit (loss) attributable to Deutsche Bank shareholders after AT1 coupon)
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Post-tax return on total shareholders’ equity
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Book value per basic share outstanding, Tangible book value per basic share outstanding
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Book value per share outstanding
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7
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Deutsche Bank
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Item 3: Key Information
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Annual Report 2024 on Form 20-F
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Dividends
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8
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Deutsche Bank
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Annual Report 2024 on Form 20-F
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Payout ratio2,3
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Dividendsper share1
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Dividendsper share
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Basic earningsper share
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Diluted earningsper share
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2024 (proposed)
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$ 0.70
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€ 0.68
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36%
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37%
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2023
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$ 0.50
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€ 0.45
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16%
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16%
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2022
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$ 0.32
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€ 0.30
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13%
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13%
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2021
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$ 0.23
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€ 0.20
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20%
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21%
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2020
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$ 0.00
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€ 0.00
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N/M
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N/M
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9
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Deutsche Bank
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Annual Report 2024 on Form 20-F
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in € m.
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Debt:1
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Long-term debt
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114,899
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Trust preferred securities
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287
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Long-term debt at fair value through profit or loss
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22,203
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Total debt
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137,389
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Shareholders’ equity:
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Common shares (no par value)
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5,106
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Additional paid-in capital
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39,744
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Retained earnings
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25,872
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Common shares in treasury, at cost
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(713)
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Accumulated other comprehensive income, net of tax
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Unrealized net gains (losses) on financial assets at fair value through other comprehensive income, net of tax and other
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(1,196)
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Unrealized net gains (losses) on derivatives hedging variability of cash flows, net of tax
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23
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Unrealized net gains (losses) on assets classified as held for sale, net of tax
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0
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Unrealized net gains (losses) attributable to change in own credit risk of financial liabilities designated at fair value through profit and loss, net of tax
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(108)
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Foreign currency translation, net of tax
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(12)
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Unrealized net gains (losses) from equity method investments
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(8)
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Total shareholders’ equity
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68,709
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Equity component of financial instruments
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11,550
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Noncontrolling interests
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1,606
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Total equity
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81,865
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Total capitalization
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219,254
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10
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Deutsche Bank
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Annual Report 2024 on Form 20-F
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11
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Deutsche Bank
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Annual Report 2024 on Form 20-F
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12
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Deutsche Bank
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Annual Report 2024 on Form 20-F
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13
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Deutsche Bank
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Annual Report 2024 on Form 20-F
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14
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Deutsche Bank
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Annual Report 2024 on Form 20-F
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15
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Deutsche Bank
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Annual Report 2024 on Form 20-F
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16
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Deutsche Bank
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Annual Report 2024 on Form 20-F
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17
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Deutsche Bank
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Annual Report 2024 on Form 20-F
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18
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Deutsche Bank
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Annual Report 2024 on Form 20-F
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19
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Deutsche Bank
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Annual Report 2024 on Form 20-F
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20
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Deutsche Bank
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Annual Report 2024 on Form 20-F
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21
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Deutsche Bank
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Annual Report 2024 on Form 20-F
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22
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Deutsche Bank
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Annual Report 2024 on Form 20-F
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23
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Deutsche Bank
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Annual Report 2024 on Form 20-F
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24
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Deutsche Bank
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Annual Report 2024 on Form 20-F
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25
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Deutsche Bank
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Annual Report 2024 on Form 20-F
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26
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Deutsche Bank
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Annual Report 2024 on Form 20-F
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27
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Deutsche Bank
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Annual Report 2024 on Form 20-F
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28
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Deutsche Bank
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Annual Report 2024 on Form 20-F
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29
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Deutsche Bank
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Annual Report 2024 on Form 20-F
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30
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Deutsche Bank
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Annual Report 2024 on Form 20-F
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31
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Deutsche Bank
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Annual Report 2024 on Form 20-F
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32
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Deutsche Bank
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Annual Report 2024 on Form 20-F
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33
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Deutsche Bank
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Annual Report 2024 on Form 20-F
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34
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Deutsche Bank
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Annual Report 2024 on Form 20-F
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35
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Deutsche Bank
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Annual Report 2024 on Form 20-F
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36
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Deutsche Bank
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Annual Report 2024 on Form 20-F
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37
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Deutsche Bank
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Annual Report 2024 on Form 20-F
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38
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Deutsche Bank
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Annual Report 2024 on Form 20-F
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39
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Deutsche Bank
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Annual Report 2024 on Form 20-F
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40
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Deutsche Bank
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Annual Report 2024 on Form 20-F
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41
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Deutsche Bank
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Annual Report 2024 on Form 20-F
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42
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Deutsche Bank
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Annual Report 2024 on Form 20-F
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43
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Deutsche Bank
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Annual Report 2024 on Form 20-F
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44
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Deutsche Bank
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Annual Report 2024 on Form 20-F
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45
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Deutsche Bank
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Annual Report 2024 on Form 20-F
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46
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Deutsche Bank
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Annual Report 2024 on Form 20-F
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47
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Deutsche Bank
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Annual Report 2024 on Form 20-F
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48
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Deutsche Bank
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Annual Report 2024 on Form 20-F
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49
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Deutsche Bank
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Annual Report 2024 on Form 20-F
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50
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Deutsche Bank
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Annual Report 2024 on Form 20-F
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51
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Deutsche Bank
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Annual Report 2024 on Form 20-F
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52
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Deutsche Bank
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Annual Report 2024 on Form 20-F
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53
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Deutsche Bank
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Annual Report 2024 on Form 20-F
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54
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Deutsche Bank
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Annual Report 2024 on Form 20-F
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55
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Deutsche Bank
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Annual Report 2024 on Form 20-F
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56
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Deutsche Bank
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Annual Report 2024 on Form 20-F
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57
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Deutsche Bank
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Annual Report 2024 on Form 20-F
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58
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Deutsche Bank
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Annual Report 2024 on Form 20-F
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59
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Deutsche Bank
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Annual Report 2024 on Form 20-F
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60
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Deutsche Bank
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Annual Report 2024 on Form 20-F
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61
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Deutsche Bank
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Annual Report 2024 on Form 20-F
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62
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Deutsche Bank
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Annual Report 2024 on Form 20-F
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63
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Deutsche Bank
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Annual Report 2024 on Form 20-F
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64
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Deutsche Bank
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Annual Report 2024 on Form 20-F
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65
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Deutsche Bank
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Annual Report 2024 on Form 20-F
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66
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Deutsche Bank
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Annual Report 2024 on Form 20-F
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67
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Deutsche Bank
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Annual Report 2024 on Form 20-F
|
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68
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Deutsche Bank
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Annual Report 2024 on Form 20-F
|
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69
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Deutsche Bank
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Annual Report 2024 on Form 20-F
|
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70
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Deutsche Bank
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Annual Report 2024 on Form 20-F
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71
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Deutsche Bank
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Annual Report 2024 on Form 20-F
|
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72
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Deutsche Bank
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Annual Report 2024 on Form 20-F
|
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73
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Deutsche Bank
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Annual Report 2024 on Form 20-F
|
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74
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Deutsche Bank
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Annual Report 2024 on Form 20-F
|
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75
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Deutsche Bank
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Annual Report 2024 on Form 20-F
|
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Subsidiary
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Place of Incorporation
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DB USA Corporation1
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Delaware, United States
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Deutsche Bank Americas Holding Corporation2
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Delaware, United States
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DB U.S. Financial Markets Holding Corporation3
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Delaware, United States
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Deutsche Bank Securities Inc.4
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Delaware, United States
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Deutsche Bank Trust Corporation5
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New York, United States
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Deutsche Bank Trust Company Americas6
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New York, United States
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Deutsche Bank Luxembourg S.A.7
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Luxembourg
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DB Beteiligungs-Holding GmbH8
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Frankfurt am Main, Germany
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DWS Group GmbH & Co. KGaA9
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Frankfurt am Main, Germany
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76
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Deutsche Bank
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Annual Report 2024 on Form 20-F
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77
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Deutsche Bank
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Annual Report 2024 on Form 20-F
|
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78
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Deutsche Bank
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Annual Report 2024 on Form 20-F
|
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79
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Deutsche Bank
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Annual Report 2024 on Form 20-F
|
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80
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Deutsche Bank
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Annual Report 2024 on Form 20-F
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81
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Deutsche Bank
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Annual Report 2024 on Form 20-F
|
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82
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Deutsche Bank
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Annual Report 2024 on Form 20-F
|
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83
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Deutsche Bank
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Annual Report 2024 on Form 20-F
|
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84
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Deutsche Bank
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Annual Report 2024 on Form 20-F
|
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85
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Deutsche Bank
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Annual Report 2024 on Form 20-F
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Disclosure date
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% of outstanding shares held at disclosure date
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Amundi S.A.
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February 1, 2023
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2.97
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October 19, 2022
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3.07
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October 3, 2022
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2.90
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September 27, 2022
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3.10
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July 28, 2022
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2.78
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|||
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June 22, 2022
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3.08
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June 21, 2022
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2.89
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|||
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June 20, 2022
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3.07
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|||
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May 5, 2022
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2.69
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April 27, 2022
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3.08
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BlackRock, Inc.
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October 1, 2024
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6.01
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February 9, 2024
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5.86
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|||
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February 8, 2024
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5.78
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|||
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March 31, 2023
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5.38
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|||
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March 30, 2023
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5.01
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|||
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March 24, 2023
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3.81
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|||
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The Capital Group Companies, Inc.
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January 7, 2025
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5.06
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April 10, 2024
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3.04
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|||
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April 12, 2022
|
0.01
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|||
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Douglas L. Braunstein (Hudson Executive Capital LP)1
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January 25, 2024
|
0.92
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||
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Paramount Service Holding Ltd. S.ÀR.L.2
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January 25, 2023
|
4.54
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||
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Stephen A. Feinberg (Cerberus)3
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January 10, 2022
|
1.99
|
||
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|
86
|
|
Deutsche Bank
|
||
|
Annual Report 2024 on Form 20-F
|
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|
|
87
|
|
Deutsche Bank
|
||
|
Annual Report 2024 on Form 20-F
|
||
|
|
88
|
|
Deutsche Bank
|
||
|
Annual Report 2024 on Form 20-F
|
||
|
|
89
|
|
Deutsche Bank
|
||
|
Annual Report 2024 on Form 20-F
|
||
|
|
90
|
|
Deutsche Bank
|
||
|
Annual Report 2024 on Form 20-F
|
||
|
|
91
|
|
Deutsche Bank
|
||
|
Annual Report 2024 on Form 20-F
|
||
|
|
92
|
|
Deutsche Bank
|
||
|
Annual Report 2024 on Form 20-F
|
||
|
|
93
|
|
Deutsche Bank
|
||
|
Annual Report 2024 on Form 20-F
|
||
|
|
94
|
|
Deutsche Bank
|
||
|
Annual Report 2024 on Form 20-F
|
||
|
|
95
|
|
Deutsche Bank
|
||
|
Annual Report 2024 on Form 20-F
|
||
|
|
96
|
|
Deutsche Bank
|
||
|
Annual Report 2024 on Form 20-F
|
||
|
|
97
|
|
Deutsche Bank
|
||
|
Annual Report 2024 on Form 20-F
|
||
|
|
98
|
|
Deutsche Bank
|
||
|
Annual Report 2024 on Form 20-F
|
||
|
|
99
|
|
Deutsche Bank
|
||
|
Annual Report 2024 on Form 20-F
|
||
|
|
100
|
|
Deutsche Bank
|
||
|
Annual Report 2024 on Form 20-F
|
||
|
|
101
|
|
Deutsche Bank
|
||
|
Annual Report 2024 on Form 20-F
|
||
|
|
102
|
|
Deutsche Bank
|
||
|
Annual Report 2024 on Form 20-F
|
||
|
|
103
|
|
Deutsche Bank
|
||
|
Annual Report 2024 on Form 20-F
|
||
|
|
104
|
|
Deutsche Bank
|
||
|
Annual Report 2024 on Form 20-F
|
||
|
|
105
|
|
Deutsche Bank
|
||
|
Annual Report 2024 on Form 20-F
|
||
|
|
106
|
|
Deutsche Bank
|
||
|
Annual Report 2024 on Form 20-F
|
||
|
Month
|
Total number ofshares purchased1
|
Average price paidper share (in €)
|
Total number of shares purchased as part of publicly announced plans or programs2
|
Maximum Euro value of shares that may yet be purchased under the plans or program (€)
|
||||
|
January
|
24,126,003
|
11.22
|
0
|
0
|
||||
|
February
|
16,221,996
|
11.10
|
0
|
0
|
||||
|
March
|
13,293,670
|
13.19
|
13,293,670
|
499,622,100
|
||||
|
April
|
10,078,567
|
14.82
|
10,078,567
|
350,215,992
|
||||
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May
|
8,382,272
|
15.52
|
8,382,272
|
220,145,644
|
||||
|
June
|
10,417,973
|
14.76
|
10,417,973
|
66,364,818
|
||||
|
July
|
4,276,226
|
15.52
|
4,276,226
|
0
|
||||
|
August
|
0
|
0.00
|
0
|
0
|
||||
|
September
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0
|
0.00
|
0
|
0
|
||||
|
October
|
0
|
0.00
|
0
|
0
|
||||
|
November
|
0
|
0.00
|
0
|
0
|
||||
|
December
|
0
|
0.00
|
0
|
0
|
||||
|
Total 2024
|
86,796,707
|
12.97
|
46,448,708
|
0
|
||||
|
|
107
|
|
Deutsche Bank
|
||
|
Annual Report 2024 on Form 20-F
|
||
|
|
108
|
|
Deutsche Bank
|
||
|
Annual Report 2024 on Form 20-F
|
||
|
|
109
|
|
Deutsche Bank
|
||
|
Annual Report 2024 on Form 20-F
|
||
|
|
110
|
|
Deutsche Bank
|
||
|
Annual Report 2024 on Form 20-F
|
||
|
|
111
|
|
Deutsche Bank
|
||
|
Annual Report 2024 on Form 20-F
|
||
|
|
112
|
|
Deutsche Bank
|
||
|
Annual Report 2024 on Form 20-F
|
||
|
|
113
|
|
Deutsche Bank
|
||
|
Annual Report 2024 on Form 20-F
|
||
|
|
114
|
|
Deutsche Bank
|
||
|
Annual Report 2024 on Form 20-F
|
||
|
Exhibit number
|
Description of Exhibit
|
|
|
1.1
|
||
|
2.1
|
The total amount of long-term debt securities of us or our subsidiaries authorized under any instrument does not exceed 10 percent of the total assets of our Group on a consolidated basis. We hereby agree to furnish to the Commission, upon its request, a copy of any instrument defining the rights of holders of long-term debt of us or of our subsidiaries for which consolidated or unconsolidated financial statements are required to be filed.
|
|
|
2.2
|
||
|
4.1
|
||
|
4.2
|
||
|
4.3
|
||
|
4.4
|
||
|
4.5
|
||
|
4.6
|
||
|
4.7
|
||
|
4.8
|
||
|
4.9
|
||
|
4.10
|
||
|
4.11
|
||
|
8.1
|
||
|
11.1
|
||
|
11.2
|
||
|
12.1
|
||
|
12.2
|
||
|
13.1
|
||
|
13.2
|
||
|
15.1
|
||
|
97.1
|
||
|
97.2
|
||
|
101.1
|
Interactive Data File.
|
|
|
|
115
|
|
Deutsche Bank
|
||
|
Annual Report 2024 on Form 20-F
|
||
|
/s/
|
CHRISTIAN SEWING
|
|
/s/
|
JAMES VON MOLTKE
|
|
|
116
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
Annual Report
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
1
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
1 –
|
|
|
Combined Management Report
|
|
|
Operating and financial review
|
|
|
Outlook
|
|
|
Risks and opportunities
|
|
|
Risk Report
|
|
|
Sustainability Statement
|
|
|
Employees
|
|
|
Internal control over financial reporting
|
|
|
Information pursuant to Section 315a (1) of the German Commercial Code
|
|
|
Corporate Governance Statement acc to Sec 289f, 315d of the German Commercial Code
|
|
|
Standalone parent company information (HGB)
|
|
|
2 –
|
|
|
Consolidated Financial Statements
|
|
|
Consolidated Statement of Income
|
|
|
Consolidated Statement of Comprehensive Income
|
|
|
Consolidated Balance Sheet
|
|
|
Consolidated Statement of Changes in Equity
|
|
|
Consolidated Statement of Cash Flows
|
|
|
Notes to the consolidated financial statements
|
|
|
Notes to the consolidated income statement
|
|
|
Notes to the consolidated balance sheet
|
|
|
Additional Notes
|
|
|
Report of Independent Registered Public Accounting Firm
|
|
|
3 –
|
|
|
Compensation Report
|
|
|
Compensation of the Management Board
|
|
|
Compensation of Supervisory Board members
|
|
|
Comparative presentation of compensation and earnings trends
|
|
|
Compensation of the employees (unaudited)
|
|
|
4 –
|
|
|
Corporate Governance Statement according to sections §289f and §315d of the German Commercial Code/Corporate Governance Report
|
|
|
Compliance with German Corporate Governance Code
|
|
|
Management Board
|
|
|
Supervisory Board
|
|
|
Related Party Transactions
|
|
|
Principal accountant fees and services
|
|
|
5 –
|
|
|
Supplementary Information (Unaudited)
|
|
|
Non-GAAP financial measures
|
|
|
Declaration of Backing
|
|
|
Group Five-Year Record
|
|
|
Imprints – Publications
|
|
|
|
2
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
3
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Operating and financial review
|
||
|
Executive summary
|
||
|
Deutsche Bank Group
|
||
|
Results of operations
|
||
|
Financial Position
|
||
|
Liquidity and capital resources
|
||
|
Outlook
|
||
|
Risks and opportunities
|
||
|
Risk Report
|
||
|
Risk and capital overview
|
||
|
Risk and capital framework
|
||
|
Risk and Capital Management
|
||
|
Risk and capital performance
|
||
|
Sustainability Statement
|
||
|
Employees
|
||
|
Internal control over financial reporting
|
||
|
Information pursuant to Section 315a (1) of the German Commercial Code
|
||
|
Corporate Governance Statement acc to Sec 289f, 315d of the German Commercial Code
|
||
|
Standalone parent company information (HGB)
|
||
|
|
4
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Economic growth (in %)¹
|
2024²
|
2023³
|
Main driver
|
|||
|
Global Economy
|
3.2
|
3.2
|
The global economy saw robust growth in 2024. However, growth momentum varied across regions. While economic growth in Europe was weak, the U.S. economy grew strongly. Also, Asia including India expanded dynamically. Due to lower inflation, many central banks began lowering interest rates
|
|||
|
Of which:Developed countries
|
1.5
|
1.6
|
Economic momentum in developed economies varied regionally. While economic growth in the U.S. expanded noticeably, momentum in Europe was comparatively weak, and even weaker in Japan. In Europe and the U.S., central banks began to loosen their monetary policy. In Japan, on the other hand, there was a slight tightening
|
|||
|
Emerging markets
|
4.3
|
4.3
|
Emerging markets grew robustly, led by strong performance in Asia. Growth in European emerging markets, however, was subdued, reflecting the ongoing impact of geopolitical spillovers and weakness in some key industrialized trading partners. In many regions, moderately lower inflation provided scope for central banks to reduce key interest rates
|
|||
|
Eurozone Economy
|
0.7
|
0.4
|
Growth has been largely export-led. Despite lower inflation and rising wages, a real income-driven consumption recovery has been slow to materialize. Weakening of inflation enabled the ECB to start an interest rate cut cycle
|
|||
|
Of which: German economy
|
(0.2)
|
(0.3)
|
The German economy shrank slightly for another year, as both domestic and foreign economic drivers remained weak. Private consumption stagnated despite easing inflation and strong wage growth. The weakening of the competitive position burdened the manufacturing industry and thus foreign trade. The labor market showed signs of slowing down
|
|||
|
U.S. Economy
|
2.8
|
2.9
|
The U.S. economy expanded strongly, despite the restrictive monetary policy. Inflation weakened and the labor market came more into balance, so that the Federal Reserve was able to slowly begin key interest rate cuts in the second half of the year
|
|||
|
Japanese Economy
|
(0.2)
|
1.5
|
The weak export demand noticeably dampened the Japanese economy. Domestic economic momentum could not offset the headwinds. As a result of the higher inflation, the Bank of Japan began raising key interest rates
|
|||
|
Asian Economy4
|
5.2
|
5.3
|
The Asian economic area benefited from both China's and India's growth contributions, as well as from the positive development in other economies of the region. The weakening of inflation supported private household consumption
|
|||
|
Of which: Chinese Economy
|
5.0
|
5.4
|
China's economy faced headwinds from a weak property sector, but benefited from stronger fiscal support in the second half of the year. Weaker trading partners limited foreign trade momentum. The Peoples Bank of China loosened monetary policy through various measures
|
|||
|
|
5
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2024
|
||||||||||
|
Growth year-over-year (in %)
|
CorporateLending
|
RetailLending
|
CorporateDeposits
|
RetailDeposits
|
Main driver
|
|||||
|
Eurozone
|
0.6
|
0.3
|
3.5
|
4.2
|
Following a mild contraction at the beginning of 2024, lending to both companies and households recovered slightly in the last few months, in line with moderately declining interest rates. Both corporate and retail deposits picked up reasonable momentum during the course of the year
|
|||||
|
Of which: Germany
|
0.1
|
0.8
|
3.6
|
5.7
|
Contrary to the EU as a whole, corporate lending in Germany stagnated in 2024, mainly as a result of the weak macro economy. During the year, retail loan growth fell to the slowest level since 2010, but has since bottomed out. Asset quality has been deteriorating, with non-performing loans rising in line with insolvency numbers. There have been signs of a modest turnaround in credit demand in recent months, according to the bank lending survey. The expansion in deposits on the other hand accelerated significantly, both with companies and households
|
|||||
|
U.S.
|
1.3
|
2.0
|
2.51
|
2.51
|
Retail lending slowed in the course of the year as a result of considerably higher interest rates, while corporate credit continued to expand slightly. Likewise, higher rates contributed to a moderate recovery in total deposits following two years of contraction
|
|||||
|
China
|
9.1
|
3.4
|
(0.4)
|
10.4
|
Lending to households lost further momentum, with year on year growth down to the weakest level on record (since 2007). Corporate lending slowed too, yet remained more robust. Deposits developed in the opposite direction: inflows from private customers slowed but stayed relatively strong, whereas deposits from businesses shrank
|
|||||
|
|
6
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Financial targets
|
Financial targets andcapital objectives2025
|
Status end of 2024
|
Status end of 2023
|
|||
|
Post-tax return on average tangible shareholders’ equity¹
|
Above 10%
|
6.2%
|
10.2%
|
|||
|
Compound annual growth rate of revenues from 20212
|
5.5% to 6.5%
|
7.2%
|
10.5%
|
|||
|
Cost/income ratio3
|
Below 62.5%4
|
72.9%
|
69.6%
|
|||
|
Capital objectives
|
||||||
|
Common Equity Tier 1 capital ratio5
|
~ 13%6
|
13.8%
|
13.7%
|
|||
|
Total payout ratio7
|
50%8
|
27%
|
22%
|
|||
|
|
7
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
8
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
9
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
10
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
11
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
12
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
13
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
14
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
in € m.
|
2024 increase (decrease)from 2023
|
2023 increase (decrease)from 2022
|
||||||||||||
|
(unless stated otherwise)
|
2024
|
2023
|
2022
|
in € m.
|
in %
|
in € m.
|
in %
|
|||||||
|
Net interest income
|
15,161
|
16,122
|
13,983
|
(961)
|
(6)
|
2,139
|
15
|
|||||||
|
Provision for credit losses
|
1,830
|
1,505
|
1,226
|
325
|
22
|
280
|
23
|
|||||||
|
Net interest income after provision for credit losses
|
13,331
|
14,617
|
12,757
|
(1,286)
|
(9)
|
1,860
|
15
|
|||||||
|
Net commissions and fee income¹
|
10,372
|
9,206
|
9,838
|
1,166
|
13
|
(632)
|
(6)
|
|||||||
|
Net gains (losses) on financial assets/liabilities at fair value through profit or loss¹
|
5,655
|
5,575
|
2,962
|
81
|
1
|
2,613
|
88
|
|||||||
|
Net gains (losses) on financial assets at fair value through other comprehensive income
|
48
|
(0)
|
(216)
|
49
|
N/M
|
216
|
(100)
|
|||||||
|
Net gains (losses) on financial assets at amortized cost
|
(11)
|
(96)
|
(2)
|
85
|
(89)
|
(94)
|
N/M
|
|||||||
|
Net income (loss) from equity method investments
|
12
|
(38)
|
152
|
49
|
N/M
|
(190)
|
N/M
|
|||||||
|
Other income (loss)
|
267
|
387
|
346
|
(120)
|
(31)
|
40
|
12
|
|||||||
|
Total noninterest income
|
16,344
|
15,033
|
13,080
|
1,310
|
9
|
1,953
|
15
|
|||||||
|
Memo: Total net revenues²
|
31,504
|
31,155
|
27,063
|
349
|
1
|
4,092
|
15
|
|||||||
|
Compensation and benefits
|
11,731
|
11,131
|
10,712
|
601
|
5
|
418
|
4
|
|||||||
|
General and administrative expenses
|
11,243
|
10,112
|
9,728
|
1,131
|
11
|
384
|
4
|
|||||||
|
Impairment of goodwill and other intangible assets
|
0
|
233
|
68
|
(233)
|
N/M
|
165
|
N/M
|
|||||||
|
Restructuring activities
|
(3)
|
220
|
(118)
|
(223)
|
N/M
|
338
|
N/M
|
|||||||
|
Total noninterest expenses
|
22,971
|
21,695
|
20,390
|
1,276
|
6
|
1,305
|
6
|
|||||||
|
Profit (loss) before tax
|
6,703
|
7,955
|
5,447
|
(1,251)
|
(16)
|
2,508
|
46
|
|||||||
|
Income tax expense (benefit)
|
2,223
|
1,503
|
(107)
|
719
|
48
|
1,610
|
N/M
|
|||||||
|
Profit (loss)
|
4,481
|
6,452
|
5,554
|
(1,971)
|
(31)
|
898
|
16
|
|||||||
|
Profit (loss) attributable to noncontrolling interests
|
138
|
119
|
134
|
19
|
16
|
(15)
|
(11)
|
|||||||
|
Profit (loss) attributable to Deutsche Bank shareholders and additional equity components
|
4,342
|
6,332
|
5,420
|
(1,990)
|
(31)
|
913
|
17
|
|||||||
|
Profit (loss) attributable to additional equity components
|
668
|
560
|
500
|
108
|
19
|
60
|
12
|
|||||||
|
Profit (loss) attributable to Deutsche Bank shareholders
|
3,674
|
5,772
|
4,919
|
(2,098)
|
(36)
|
853
|
17
|
|||||||
|
|
15
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
in € m.
|
2024 increase (decrease)from 2023
|
2023 increase (decrease)from 2022
|
||||||||||||
|
(unless stated otherwise)
|
2024
|
2023
|
2022
|
in € m.
|
in %
|
in € m.
|
in %
|
|||||||
|
Total interest and similar income
|
48,996
|
43,546
|
24,449
|
5,449
|
13
|
19,097
|
78
|
|||||||
|
Total interest expenses
|
33,835
|
27,424
|
10,466
|
6,411
|
23
|
16,958
|
162
|
|||||||
|
Net interest income
|
15,161
|
16,122
|
13,983
|
(961)
|
(6)
|
2,139
|
15
|
|||||||
|
Average interest-earning assets1
|
1,001,695
|
977,624
|
987,124
|
24,071
|
2
|
(9,500)
|
(1)
|
|||||||
|
Average interest-bearing liabilities1
|
797,184
|
735,956
|
727,265
|
61,228
|
8
|
8,691
|
1
|
|||||||
|
Gross interest yield2
|
4.88%
|
4.44%
|
2.33%
|
0.44ppt
|
10
|
2.11ppt
|
91
|
|||||||
|
Gross interest rate paid3
|
4.24%
|
3.71%
|
1.24%
|
0.53ppt
|
14
|
2.47ppt
|
199
|
|||||||
|
Net interest spread4
|
0.65%
|
0.73%
|
1.09%
|
(0.08)ppt
|
(11)
|
(0.36)ppt
|
(33)
|
|||||||
|
Net interest margin5
|
1.51%
|
1.65%
|
1.42%
|
(0.14)ppt
|
(8)
|
0.23ppt
|
16
|
|||||||
|
|
16
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
in € m.
|
2024 increase (decrease)from 2023
|
2023 increase (decrease)from 2022
|
||||||||||||
|
(unless stated otherwise)
|
2024
|
2023
|
2022
|
in € m.
|
in %
|
in € m.
|
in %
|
|||||||
|
Trading income
|
5,563
|
5,506
|
2,745
|
56
|
1
|
2,761
|
101
|
|||||||
|
Net gains (losses) on non-tradingfinancial assets mandatory at fair valuethrough profit or loss
|
(65)
|
217
|
(61)
|
(282)
|
N/M
|
278
|
N/M
|
|||||||
|
Net gains (losses) on financialassets/liabilities designated at fair valuethrough profit or loss
|
158
|
(148)
|
277
|
306
|
N/M
|
(426)
|
N/M
|
|||||||
|
Total net gains (losses) on financialassets/liabilities at fair value throughprofit or loss
|
5,655
|
5,575
|
2,962
|
81
|
1
|
2,613
|
88
|
|||||||
|
in € m.
|
2024 increase (decrease)from 2023
|
2023 increase (decrease)from 2022
|
||||||||||||
|
(unless stated otherwise)
|
2024
|
2023
|
2022
|
in € m.
|
in %
|
in € m.
|
in %
|
|||||||
|
Net interest income
|
15,161
|
16,122
|
13,983
|
(961)
|
(6)
|
2,139
|
15
|
|||||||
|
Total net gains (losses) on financial assets/liabilitiesat fair value through profit or loss
|
5,655
|
5,575
|
2,962
|
81
|
1
|
2,613
|
88
|
|||||||
|
Total net interest income and net gains (losses) onfinancial assets/liabilities at fair value through profit or loss
|
20,816
|
21,697
|
16,945
|
(881)
|
(4)
|
4,752
|
28
|
|||||||
|
Breakdown by corporate division:1
|
||||||||||||||
|
Corporate Bank
|
4,919
|
5,067
|
3,720
|
(147)
|
(3)
|
1,346
|
36
|
|||||||
|
Investment Bank
|
8,395
|
8,102
|
8,265
|
293
|
4
|
(163)
|
(2)
|
|||||||
|
Private Bank
|
5,998
|
6,377
|
6,610
|
(379)
|
(6)
|
(233)
|
(4)
|
|||||||
|
Asset Management
|
269
|
(11)
|
(250)
|
280
|
N/M
|
239
|
(95)
|
|||||||
|
Corporate & Other
|
1,235
|
2,163
|
(1,401)
|
(928)
|
(43)
|
3,563
|
N/M
|
|||||||
|
Total net interest income and net gains (losses) onfinancial assets/liabilities at fair value through profit or loss
|
20,816
|
21,697
|
16,945
|
(881)
|
(4)
|
4,752
|
28
|
|||||||
|
|
17
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
18
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
in € m.
|
2024 increase (decrease)from 2023
|
2023 increase (decrease)from 2022
|
||||||||||||
|
(unless stated otherwise)
|
2024
|
2023
|
2022
|
in € m.
|
in %
|
in € m.
|
in %
|
|||||||
|
Net commissions and fee income1
|
10,372
|
9,206
|
9,838
|
1,166
|
13
|
(632)
|
(6)
|
|||||||
|
Net gains (losses) on financial assets at fair valuethrough other comprehensive income
|
48
|
(0)
|
(216)
|
49
|
N/M
|
216
|
(100)
|
|||||||
|
Net gains (losses) on financial assets at amortizedcost
|
(11)
|
(96)
|
(2)
|
85
|
(89)
|
(94)
|
N/M
|
|||||||
|
Net income (loss) from equity method investments
|
12
|
(38)
|
152
|
49
|
N/M
|
(190)
|
N/M
|
|||||||
|
Other income (loss)
|
267
|
387
|
346
|
(120)
|
(31)
|
40
|
12
|
|||||||
|
Total remaining noninterest income
|
10,688
|
9,458
|
10,118
|
1,230
|
13
|
(660)
|
(7)
|
|||||||
|
1
includes:
|
||||||||||||||
|
Net commissions and fees from fiduciary activities:
|
||||||||||||||
|
Commissions for administration
|
317
|
280
|
300
|
37
|
13
|
(19)
|
(6)
|
|||||||
|
Commissions for assets under management
|
4,022
|
3,700
|
3,792
|
322
|
9
|
(93)
|
(2)
|
|||||||
|
Commissions for other securities
|
433
|
441
|
490
|
(8)
|
(2)
|
(49)
|
(10)
|
|||||||
|
Total
|
4,772
|
4,421
|
4,582
|
351
|
8
|
(161)
|
(4)
|
|||||||
|
Net commissions, broker’s fees, mark-ups on securitiesunderwriting and other securities activities:
|
||||||||||||||
|
Underwriting and advisory fees
|
1,669
|
1,105
|
1,283
|
564
|
51
|
(179)
|
(14)
|
|||||||
|
Brokerage fees
|
455
|
366
|
540
|
89
|
24
|
(174)
|
(32)
|
|||||||
|
Total
|
2,124
|
1,471
|
1,824
|
653
|
44
|
(353)
|
(19)
|
|||||||
|
Net fees for other customer services
|
3,476
|
3,314
|
3,432
|
162
|
5
|
(119)
|
(3)
|
|||||||
|
Total net commissions and fee income
|
10,372
|
9,206
|
9,838
|
1,166
|
13
|
(632)
|
(6)
|
|||||||
|
|
19
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
in € m.
|
2024 increase (decrease)from 2023
|
2023 increase (decrease)from 2022
|
||||||||||||
|
(unless stated otherwise)
|
2024
|
2023
|
2022
|
in € m.
|
in %
|
in € m.
|
in %
|
|||||||
|
Compensation and benefits
|
11,731
|
11,131
|
10,712
|
601
|
5
|
418
|
4
|
|||||||
|
General and administrative expenses¹
|
11,243
|
10,112
|
9,728
|
1,131
|
11
|
384
|
4
|
|||||||
|
Impairment of goodwill and other intangibleassets
|
0
|
233
|
68
|
(233)
|
N/M
|
165
|
N/M
|
|||||||
|
Restructuring activities
|
(3)
|
220
|
(118)
|
(223)
|
N/M
|
338
|
N/M
|
|||||||
|
Total noninterest expenses
|
22,971
|
21,695
|
20,390
|
1,276
|
6
|
1,305
|
6
|
|||||||
|
N/M – Not meaningful
|
||||||||||||||
|
1
includes:
|
||||||||||||||
|
Information Technology
|
3,610
|
3,755
|
3,680
|
(145)
|
(4)
|
76
|
2
|
|||||||
|
Occupancy, furniture and equipmentexpenses
|
1,624
|
1,478
|
1,429
|
147
|
10
|
49
|
3
|
|||||||
|
Regulatory, tax & insurance2
|
1,028
|
1,399
|
1,285
|
(371)
|
(27)
|
114
|
9
|
|||||||
|
Professional services
|
763
|
899
|
858
|
(136)
|
(15)
|
41
|
5
|
|||||||
|
Banking Services and outsourced operations
|
964
|
964
|
881
|
1
|
0
|
82
|
9
|
|||||||
|
Market Data and Research services
|
400
|
374
|
378
|
26
|
7
|
(4)
|
(1)
|
|||||||
|
Travel expenses
|
153
|
143
|
110
|
10
|
7
|
33
|
30
|
|||||||
|
Marketing expenses
|
149
|
203
|
165
|
(54)
|
(26)
|
37
|
23
|
|||||||
|
Other expenses3
|
2,552
|
899
|
943
|
1,654
|
184
|
(44)
|
(5)
|
|||||||
|
Total general and administrative expenses
|
11,243
|
10,112
|
9,728
|
1,131
|
11
|
384
|
4
|
|||||||
|
|
20
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
21
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
2024
|
||||||||||||
|
in € m.(unless stated otherwise)
|
CorporateBank
|
InvestmentBank
|
PrivateBank
|
Asset Management
|
Corporate &Other
|
TotalConsolidated
|
||||||
|
Net revenues1
|
7,506
|
10,558
|
9,386
|
2,649
|
1,406
|
31,504
|
||||||
|
Provision for credit losses
|
347
|
549
|
851
|
(1)
|
83
|
1,830
|
||||||
|
Noninterest expenses
|
||||||||||||
|
Compensation and benefits
|
1,603
|
2,682
|
2,934
|
919
|
3,593
|
11,731
|
||||||
|
General and administrative expenses
|
3,481
|
3,979
|
4,372
|
904
|
(1,494)
|
11,243
|
||||||
|
Impairment of goodwill and other intangible assets
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||
|
Restructuring activities
|
(1)
|
(0)
|
(3)
|
0
|
0
|
(3)
|
||||||
|
Total noninterest expenses
|
5,084
|
6,661
|
7,304
|
1,823
|
2,099
|
22,971
|
||||||
|
Noncontrolling interests
|
0
|
5
|
0
|
194
|
(199)
|
0
|
||||||
|
Profit (loss) before tax
|
2,075
|
3,343
|
1,231
|
632
|
(577)
|
6,703
|
||||||
|
Assets (in € bn)2
|
280
|
756
|
324
|
11
|
21
|
1,391
|
||||||
|
Loans (gross of allowance for loan losses, in € bn)
|
117
|
110
|
257
|
0
|
5
|
490
|
||||||
|
Additions to non-current assets
|
12
|
3
|
160
|
30
|
1,884
|
2,091
|
||||||
|
Deposits (in € bn)
|
313
|
22
|
320
|
0
|
13
|
668
|
||||||
|
Average allocated shareholders' equity
|
11,682
|
23,672
|
13,990
|
5,329
|
11,679
|
66,353
|
||||||
|
Risk-weighted assets (in € bn)
|
78
|
130
|
97
|
18
|
34
|
357
|
||||||
|
of which: operational risk RWA (in € bn)3
|
11
|
15
|
14
|
5
|
13
|
58
|
||||||
|
Leverage exposure (in € bn)
|
339
|
593
|
336
|
10
|
38
|
1,316
|
||||||
|
Employees (full-time equivalent)
|
26,317
|
20,107
|
37,072
|
5,169
|
1,088
|
89,753
|
||||||
|
Post-tax return on average shareholders’ equity4,5
|
11.7%
|
9.1%
|
5.2%
|
8.0%
|
N/M
|
5.5%
|
||||||
|
Post-tax return on average tangible shareholders’ equity4,5
|
12.6%
|
9.4%
|
5.2%
|
18.0%
|
N/M
|
6.2%
|
||||||
|
Cost/income ratio6
|
67.7%
|
63.1%
|
77.8%
|
68.8%
|
N/M
|
72.9%
|
||||||
|
1
includes:
|
||||||||||||
|
Net interest income
|
4,960
|
3,398
|
5,786
|
25
|
991
|
15,161
|
||||||
|
Net income (loss) from equity method investments
|
(1)
|
(46)
|
21
|
36
|
2
|
12
|
||||||
|
2
includes:
|
||||||||||||
|
Equity method investments
|
90
|
379
|
102
|
451
|
6
|
1,028
|
||||||
|
|
22
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
2023
|
||||||||||||
|
in € m.(unless stated otherwise)
|
CorporateBank
|
InvestmentBank
|
PrivateBank
|
Asset Management
|
Corporate &Other
|
TotalConsolidated
|
||||||
|
Net revenues1
|
7,718
|
9,160
|
9,571
|
2,383
|
2,324
|
31,155
|
||||||
|
Provision for credit losses
|
266
|
431
|
783
|
(1)
|
26
|
1,505
|
||||||
|
Noninterest expenses
|
||||||||||||
|
Compensation and benefits
|
1,530
|
2,526
|
2,805
|
891
|
3,378
|
11,131
|
||||||
|
General and administrative expenses
|
3,122
|
4,091
|
4,696
|
934
|
(2,731)
|
10,112
|
||||||
|
Impairment of goodwill and other intangible assets
|
0
|
233
|
0
|
0
|
0
|
233
|
||||||
|
Restructuring activities
|
(4)
|
(3)
|
228
|
0
|
(1)
|
220
|
||||||
|
Total noninterest expenses
|
4,648
|
6,847
|
7,730
|
1,825
|
646
|
21,695
|
||||||
|
Noncontrolling interests
|
0
|
3
|
0
|
163
|
(166)
|
0
|
||||||
|
Profit (loss) before tax
|
2,804
|
1,879
|
1,058
|
396
|
1,817
|
7,955
|
||||||
|
Assets (in € bn)2
|
264
|
658
|
331
|
10
|
54
|
1,317
|
||||||
|
Loans (gross of allowance for loan losses, in € bn)
|
117
|
101
|
261
|
0
|
6
|
485
|
||||||
|
Additions to non-current assets
|
13
|
89
|
90
|
73
|
1,853
|
2,118
|
||||||
|
Deposits (in € bn)
|
289
|
18
|
308
|
0
|
10
|
625
|
||||||
|
Average allocated shareholders' equity
|
11,547
|
23,544
|
13,219
|
5,157
|
9,681
|
63,149
|
||||||
|
Risk-weighted assets (in € bn)
|
69
|
140
|
86
|
15
|
40
|
350
|
||||||
|
of which: operational risk RWA (in € bn)3
|
6
|
22
|
8
|
3
|
19
|
57
|
||||||
|
Leverage exposure (in € bn)
|
307
|
546
|
339
|
10
|
39
|
1,240
|
||||||
|
Employees (full-time equivalent)
|
25,439
|
20,063
|
38,411
|
4,963
|
1,254
|
90,130
|
||||||
|
Post-tax return on average shareholders’ equity4,5
|
16.6%
|
4.8%
|
4.8%
|
5.1%
|
N/M
|
9.1%
|
||||||
|
Post-tax return on average tangible shareholders’ equity4,5
|
17.8%
|
4.9%
|
5.2%
|
12.0%
|
N/M
|
10.2%
|
||||||
|
Cost/income ratio6
|
60.2%
|
74.7%
|
80.8%
|
76.6%
|
N/M
|
69.6%
|
||||||
|
1
includes:
|
||||||||||||
|
Net interest income
|
5,115
|
3,013
|
6,156
|
(124)
|
1,963
|
16,122
|
||||||
|
Net income (loss) from equity method investments
|
(6)
|
(70)
|
(5)
|
42
|
2
|
(38)
|
||||||
|
2
includes:
|
||||||||||||
|
Equity method investments
|
91
|
413
|
84
|
420
|
5
|
1,013
|
||||||
|
|
23
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
2022
|
||||||||||||
|
in € m.(unless stated otherwise)
|
CorporateBank
|
InvestmentBank
|
PrivateBank
|
Asset Management
|
Corporate &Other
|
TotalConsolidated
|
||||||
|
Net revenues1
|
6,337
|
10,016
|
9,152
|
2,608
|
(1,050)
|
27,063
|
||||||
|
Provision for credit losses
|
335
|
319
|
583
|
(2)
|
(9)
|
1,226
|
||||||
|
Noninterest expenses
|
||||||||||||
|
Compensation and benefits
|
1,416
|
2,379
|
2,783
|
899
|
3,235
|
10,712
|
||||||
|
General and administrative expenses
|
2,790
|
4,061
|
4,193
|
883
|
(2,199)
|
9,728
|
||||||
|
Impairment of goodwill and other intangible assets
|
0
|
0
|
0
|
68
|
0
|
68
|
||||||
|
Restructuring activities
|
(19)
|
15
|
(113)
|
0
|
(2)
|
(118)
|
||||||
|
Total noninterest expenses
|
4,187
|
6,455
|
6,863
|
1,850
|
1,035
|
20,390
|
||||||
|
Noncontrolling interests
|
0
|
15
|
0
|
174
|
(190)
|
0
|
||||||
|
Profit (loss) before tax
|
1,816
|
3,228
|
1,705
|
585
|
(1,886)
|
5,447
|
||||||
|
Assets (in € bn)2
|
258
|
677
|
333
|
10
|
67
|
1,344
|
||||||
|
Loans (gross of allowance for loan losses, in € bn)
|
122
|
103
|
265
|
0
|
6
|
496
|
||||||
|
Additions to non-current assets
|
3
|
4
|
177
|
41
|
2,267
|
2,494
|
||||||
|
Deposits (in € bn)
|
289
|
16
|
317
|
0
|
7
|
629
|
||||||
|
Average allocated shareholders' equity
|
11,668
|
22,478
|
12,945
|
5,437
|
7,580
|
60,109
|
||||||
|
Risk-weighted assets (in € bn)
|
74
|
139
|
88
|
13
|
46
|
360
|
||||||
|
of which: operational risk RWA (in € bn)3
|
5
|
23
|
8
|
3
|
19
|
58
|
||||||
|
Leverage exposure (in € bn)
|
321
|
530
|
344
|
9
|
36
|
1,240
|
||||||
|
Employees (full-time equivalent)
|
22,621
|
17,946
|
37,710
|
4,778
|
1,876
|
84,930
|
||||||
|
Post-tax return on average shareholders’ equity4,5
|
10.3%
|
9.3%
|
8.6%
|
7.3%
|
N/M
|
8.2%
|
||||||
|
Post-tax return on average tangible shareholders’ equity4,5
|
11.1%
|
9.6%
|
9.2%
|
17.0%
|
N/M
|
9.1%
|
||||||
|
Cost/income ratio6
|
66.1%
|
64.4%
|
75.0%
|
70.9%
|
N/M
|
75.3%
|
||||||
|
1
includes:
|
||||||||||||
|
Net interest income
|
3,628
|
3,467
|
5,222
|
(65)
|
1,732
|
13,983
|
||||||
|
Net income (loss) from equity method investments
|
4
|
50
|
27
|
66
|
6
|
152
|
||||||
|
2
includes:
|
||||||||||||
|
Equity method investments
|
90
|
501
|
99
|
415
|
20
|
1,124
|
||||||
|
|
24
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
2024 increase (decrease)from 2023
|
2023 increase (decrease)from 2022
|
|||||||||||||
|
in € m.(unless stated otherwise)
|
2024
|
2023
|
2022
|
in € m.
|
in %
|
in € m.
|
in %
|
|||||||
|
Net revenues
|
||||||||||||||
|
Corporate Treasury Services
|
4,223
|
4,399
|
3,827
|
(176)
|
(4)
|
572
|
15
|
|||||||
|
Institutional Client Services
|
1,956
|
1,895
|
1,580
|
62
|
3
|
314
|
20
|
|||||||
|
Business Banking
|
1,326
|
1,424
|
930
|
(98)
|
(7)
|
494
|
53
|
|||||||
|
Total net revenues
|
7,506
|
7,718
|
6,337
|
(212)
|
(3)
|
1,381
|
22
|
|||||||
|
Of which:
|
||||||||||||||
|
Net interest income
|
4,960
|
5,115
|
3,628
|
(154)
|
(3)
|
1,487
|
41
|
|||||||
|
Net commissions and fee income
|
2,434
|
2,328
|
2,356
|
106
|
5
|
(28)
|
(1)
|
|||||||
|
Remaining income
|
111
|
275
|
354
|
(164)
|
(59)
|
(79)
|
(22)
|
|||||||
|
Provision for credit losses
|
347
|
266
|
335
|
81
|
30
|
(68)
|
(20)
|
|||||||
|
Noninterest expenses
|
||||||||||||||
|
Compensation and benefits
|
1,603
|
1,530
|
1,416
|
73
|
5
|
114
|
8
|
|||||||
|
General and administrative expenses
|
3,481
|
3,122
|
2,790
|
359
|
12
|
332
|
12
|
|||||||
|
Impairment of goodwill and other intangible assets
|
0
|
0
|
0
|
0
|
N/M
|
0
|
N/M
|
|||||||
|
Restructuring activities
|
(1)
|
(4)
|
(19)
|
4
|
(86)
|
15
|
(77)
|
|||||||
|
Total noninterest expenses
|
5,084
|
4,648
|
4,187
|
436
|
9
|
461
|
11
|
|||||||
|
Noncontrolling interests
|
0
|
0
|
0
|
0
|
N/M
|
0
|
N/M
|
|||||||
|
Profit (loss) before tax
|
2,075
|
2,804
|
1,816
|
(729)
|
(26)
|
988
|
54
|
|||||||
|
Employees (front office, full-time equivalent)1
|
7,943
|
7,682
|
7,332
|
261
|
3
|
350
|
5
|
|||||||
|
Employees (business-aligned operations, full-time equivalent)1
|
8,089
|
7,976
|
7,114
|
113
|
1
|
862
|
12
|
|||||||
|
Employees (allocated central infrastructure, full-time equivalent)1
|
10,285
|
9,781
|
8,175
|
504
|
5
|
1,606
|
20
|
|||||||
|
Total employees (full-time equivalent)1
|
26,317
|
25,439
|
22,621
|
878
|
3
|
2,818
|
12
|
|||||||
|
Total assets (in € bn)1,2
|
280
|
264
|
258
|
16
|
6
|
6
|
2
|
|||||||
|
Risk-weighted assets (in € bn)1
|
78
|
69
|
74
|
9
|
13
|
(5)
|
(7)
|
|||||||
|
of which: operational risk RWA (in € bn)1,3
|
11
|
6
|
5
|
5
|
94
|
0
|
5
|
|||||||
|
Leverage exposure (in € bn)1
|
339
|
307
|
321
|
33
|
11
|
(14)
|
(4)
|
|||||||
|
Deposits (in € bn)1
|
313
|
289
|
289
|
23
|
8
|
1
|
0
|
|||||||
|
Loans (gross of allowance for loan losses, in € bn)1
|
117
|
117
|
122
|
(0)
|
(0)
|
(5)
|
(4)
|
|||||||
|
Cost/income ratio4
|
67.7%
|
60.2%
|
66.1%
|
N/M
|
7.5ppt
|
N/M
|
(5.8)ppt
|
|||||||
|
Post-tax return on average shareholders' equity5,6
|
11.7%
|
16.6%
|
10.3%
|
N/M
|
(4.8)ppt
|
N/M
|
6.2ppt
|
|||||||
|
Post-tax return on average tangible shareholders’ equity5,6
|
12.6%
|
17.8%
|
11.1%
|
N/M
|
(5.3)ppt
|
N/M
|
6.8ppt
|
|||||||
|
|
25
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
26
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
2024 increase (decrease)from 2023
|
2023 increase (decrease)from 2022
|
|||||||||||||
|
in € m.(unless stated otherwise)
|
2024
|
2023
|
2022
|
in € m.
|
in %
|
in € m.
|
in %
|
|||||||
|
Net revenues
|
||||||||||||||
|
Fixed Income & Currencies (FIC)
|
8,610
|
7,893
|
8,861
|
717
|
9
|
(968)
|
(11)
|
|||||||
|
Fixed Income & Currencies: Financing
|
3,205
|
2,867
|
2,953
|
339
|
12
|
(86)
|
(3)
|
|||||||
|
Fixed Income & Currencies: Ex-Financing
|
5,405
|
5,026
|
5,909
|
378
|
8
|
(882)
|
(15)
|
|||||||
|
Origination & Advisory
|
2,012
|
1,246
|
998
|
765
|
61
|
249
|
25
|
|||||||
|
Debt Origination
|
1,290
|
843
|
412
|
447
|
53
|
431
|
105
|
|||||||
|
Equity Origination
|
187
|
102
|
101
|
84
|
82
|
1
|
1
|
|||||||
|
Advisory
|
535
|
301
|
485
|
234
|
78
|
(184)
|
(38)
|
|||||||
|
Research and Other
|
(64)
|
21
|
157
|
(85)
|
N/M
|
(136)
|
(87)
|
|||||||
|
Total net revenues
|
10,558
|
9,160
|
10,016
|
1,398
|
15
|
(856)
|
(9)
|
|||||||
|
Provision for credit losses
|
549
|
431
|
319
|
119
|
28
|
112
|
35
|
|||||||
|
Noninterest expenses
|
||||||||||||||
|
Compensation and benefits
|
2,682
|
2,526
|
2,379
|
155
|
6
|
147
|
6
|
|||||||
|
General and administrative expenses
|
3,979
|
4,091
|
4,061
|
(111)
|
(3)
|
30
|
1
|
|||||||
|
Impairment of goodwill and other intangible assets
|
0
|
233
|
0
|
(233)
|
N/M
|
233
|
N/M
|
|||||||
|
Restructuring activities
|
(0)
|
(3)
|
15
|
3
|
(98)
|
(18)
|
N/M
|
|||||||
|
Total noninterest expenses
|
6,661
|
6,847
|
6,455
|
(186)
|
(3)
|
391
|
6
|
|||||||
|
Noncontrolling interests
|
5
|
3
|
15
|
2
|
52
|
(12)
|
(79)
|
|||||||
|
Profit (loss) before tax
|
3,343
|
1,879
|
3,228
|
1,463
|
78
|
(1,348)
|
(42)
|
|||||||
|
Employees (front office, full-time equivalent)1
|
4,869
|
4,843
|
4,333
|
26
|
1
|
510
|
12
|
|||||||
|
Employees (business-aligned operations, full-time equivalent)1
|
3,129
|
3,120
|
2,811
|
9
|
0
|
309
|
11
|
|||||||
|
Employees (allocated central infrastructure, full-time equivalent)1
|
12,109
|
12,101
|
10,802
|
8
|
0
|
1,299
|
12
|
|||||||
|
Total employees (full-time equivalent)1
|
20,107
|
20,063
|
17,946
|
44
|
0
|
2,117
|
12
|
|||||||
|
Total assets (in € bn)1,2
|
756
|
658
|
677
|
98
|
15
|
(18)
|
(3)
|
|||||||
|
Risk-weighted assets (in € bn)1
|
130
|
140
|
139
|
(10)
|
(7)
|
0
|
0
|
|||||||
|
of which: operational risk RWA (in € bn)1,3
|
15
|
22
|
23
|
(7)
|
(32)
|
(2)
|
(7)
|
|||||||
|
Leverage exposure (in € bn)1
|
593
|
546
|
530
|
46
|
8
|
17
|
3
|
|||||||
|
Deposits (in € bn)1
|
22
|
18
|
16
|
4
|
23
|
1
|
9
|
|||||||
|
Loans (gross of allowance for loan losses, in € bn)1
|
110
|
101
|
103
|
9
|
9
|
(2)
|
(2)
|
|||||||
|
Cost/income ratio4
|
63.1%
|
74.7%
|
64.4%
|
N/M
|
(11.6)ppt
|
N/M
|
10.3ppt
|
|||||||
|
Post-tax return on average shareholders’ equity5,6
|
9.1%
|
4.8%
|
9.3%
|
N/M
|
4.3ppt
|
N/M
|
(4.5)ppt
|
|||||||
|
Post-tax return on average tangible shareholders’ equity5,6
|
9.4%
|
4.9%
|
9.6%
|
N/M
|
4.4ppt
|
N/M
|
(4.6)ppt
|
|||||||
|
|
27
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
28
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
2024 increase (decrease)from 2023
|
2023 increase (decrease)from 2022
|
|||||||||||||
|
in € m.(unless stated otherwise)
|
2024
|
2023
|
2022
|
in € m.
|
in %
|
in € m.
|
in %
|
|||||||
|
Net revenues:
|
||||||||||||||
|
Personal Banking
|
5,304
|
5,570
|
5,005
|
(267)
|
(5)
|
566
|
11
|
|||||||
|
Wealth Management & Private Banking
|
4,082
|
4,000
|
4,147
|
82
|
2
|
(147)
|
(4)
|
|||||||
|
Total net revenues
|
9,386
|
9,571
|
9,152
|
(185)
|
(2)
|
419
|
5
|
|||||||
|
of which:
|
||||||||||||||
|
Net interest income
|
5,786
|
6,156
|
5,222
|
(370)
|
(6)
|
934
|
18
|
|||||||
|
Net commissions and fee income
|
2,956
|
2,852
|
3,155
|
104
|
4
|
(303)
|
(10)
|
|||||||
|
Remaining income
|
643
|
563
|
775
|
80
|
14
|
(212)
|
(27)
|
|||||||
|
Provision for credit losses
|
851
|
783
|
583
|
68
|
9
|
201
|
34
|
|||||||
|
Noninterest expenses:
|
||||||||||||||
|
Compensation and benefits
|
2,934
|
2,805
|
2,783
|
130
|
5
|
22
|
1
|
|||||||
|
General and administrative expenses
|
4,372
|
4,696
|
4,193
|
(324)
|
(7)
|
503
|
12
|
|||||||
|
Impairment of goodwill and other intangible assets
|
0
|
0
|
0
|
0
|
N/M
|
0
|
N/M
|
|||||||
|
Restructuring activities
|
(3)
|
228
|
(113)
|
(231)
|
N/M
|
341
|
N/M
|
|||||||
|
Total noninterest expenses
|
7,304
|
7,730
|
6,863
|
(426)
|
(6)
|
866
|
13
|
|||||||
|
Noncontrolling interests
|
0
|
0
|
0
|
(0)
|
(45)
|
(0)
|
(12)
|
|||||||
|
Profit (loss) before tax
|
1,231
|
1,058
|
1,705
|
173
|
16
|
(648)
|
(38)
|
|||||||
|
Employees (front office, full-time equivalent)1
|
16,961
|
18,403
|
18,853
|
(1,442)
|
(8)
|
(450)
|
(2)
|
|||||||
|
Employees (business-aligned operations, full-time equivalent)1
|
7,917
|
7,802
|
8,018
|
115
|
1
|
(216)
|
(3)
|
|||||||
|
Employees (allocated central infrastructure, full-time equivalent)1
|
12,193
|
12,205
|
10,839
|
(12)
|
(0)
|
1,366
|
13
|
|||||||
|
Total employees (full-time equivalent)1
|
37,072
|
38,411
|
37,710
|
(1,339)
|
(3)
|
701
|
2
|
|||||||
|
Total assets (in € bn)1,2
|
324
|
331
|
333
|
(7)
|
(2)
|
(2)
|
(1)
|
|||||||
|
Risk-weighted assets (in € bn)1
|
97
|
86
|
88
|
11
|
13
|
(1)
|
(2)
|
|||||||
|
of which: operational risk RWA (in € bn)1,3
|
14
|
8
|
8
|
7
|
88
|
0
|
0
|
|||||||
|
Leverage exposure (in € bn)1
|
336
|
339
|
344
|
(2)
|
(1)
|
(6)
|
(2)
|
|||||||
|
Deposits (in € bn)1
|
320
|
308
|
317
|
13
|
4
|
(10)
|
(3)
|
|||||||
|
Loans (gross of allowance for loan losses, in € bn)1
|
257
|
261
|
265
|
(4)
|
(1)
|
(4)
|
(1)
|
|||||||
|
Assets under Management (in € bn)1,4
|
633
|
578
|
543
|
55
|
10
|
35
|
6
|
|||||||
|
Net flows (in € bn)
|
29
|
23
|
31
|
6
|
26
|
(8)
|
(26)
|
|||||||
|
Cost/income ratio5
|
77.8%
|
80.8%
|
75.0%
|
N/M
|
(2.9)ppt
|
N/M
|
5.8ppt
|
|||||||
|
Post-tax return on average shareholders' equity6,7
|
5.2%
|
4.8%
|
8.6%
|
N/M
|
0.4ppt
|
N/M
|
(3.8)ppt
|
|||||||
|
Post-tax return on average tangible shareholders’ equity6,7
|
5.2%
|
5.2%
|
9.2%
|
N/M
|
0.1ppt
|
N/M
|
(4.0)ppt
|
|||||||
|
|
29
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
30
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
2024 increase (decrease)from 2023
|
2023 increase (decrease)from 2022
|
|||||||||||||
|
in € m.(unless stated otherwise)
|
2024
|
2023
|
2022
|
in € m.
|
in %
|
in € m.
|
in %
|
|||||||
|
Net revenues
|
||||||||||||||
|
Management fees
|
2,479
|
2,314
|
2,458
|
164
|
7
|
(143)
|
(6)
|
|||||||
|
Performance and transaction fees
|
148
|
128
|
125
|
20
|
16
|
2
|
2
|
|||||||
|
Other
|
23
|
(59)
|
24
|
82
|
N/M
|
(84)
|
N/M
|
|||||||
|
Total net revenues
|
2,649
|
2,383
|
2,608
|
267
|
11
|
(225)
|
(9)
|
|||||||
|
Provision for credit losses
|
(1)
|
(1)
|
(2)
|
0
|
(23)
|
1
|
(50)
|
|||||||
|
Noninterest expenses
|
||||||||||||||
|
Compensation and benefits
|
919
|
891
|
899
|
28
|
3
|
(8)
|
(1)
|
|||||||
|
General and administrative expenses
|
904
|
934
|
883
|
(29)
|
(3)
|
51
|
6
|
|||||||
|
Impairment of goodwill and other intangible assets
|
0
|
0
|
68
|
0
|
N/M
|
(68)
|
N/M
|
|||||||
|
Restructuring activities
|
0
|
0
|
0
|
(0)
|
(43)
|
(0)
|
(15)
|
|||||||
|
Total noninterest expenses
|
1,823
|
1,825
|
1,850
|
(1)
|
(0)
|
(26)
|
(1)
|
|||||||
|
Noncontrolling interests
|
194
|
163
|
174
|
32
|
20
|
(12)
|
(7)
|
|||||||
|
Profit (loss) before tax
|
632
|
396
|
585
|
236
|
60
|
(188)
|
(32)
|
|||||||
|
Employees (front office, full-time equivalent)1
|
2,069
|
2,062
|
2,059
|
7
|
0
|
3
|
0
|
|||||||
|
Employees (business-aligned operations, full-time equivalent)1
|
2,506
|
2,325
|
2,225
|
181
|
8
|
100
|
4
|
|||||||
|
Employees (allocated central infrastructure, full-time equivalent)1
|
594
|
576
|
494
|
18
|
3
|
82
|
17
|
|||||||
|
Total employees (full-time equivalent)1
|
5,169
|
4,963
|
4,778
|
206
|
4
|
185
|
4
|
|||||||
|
Total assets (in € bn)1,2
|
11
|
10
|
10
|
0
|
2
|
0
|
2
|
|||||||
|
Risk-weighted assets (in € bn)1
|
18
|
15
|
13
|
3
|
22
|
2
|
18
|
|||||||
|
of which: operational risk RWA (in € bn)1,3
|
5
|
3
|
3
|
1
|
35
|
0
|
2
|
|||||||
|
Leverage exposure (in € bn)1
|
10
|
10
|
9
|
0
|
4
|
0
|
3
|
|||||||
|
Assets under Management (in € bn)1,4
|
1,012
|
896
|
821
|
115
|
13
|
75
|
9
|
|||||||
|
Net flows (in € bn)
|
26
|
28
|
(20)
|
(3)
|
(9)
|
48
|
N/M
|
|||||||
|
Cost/income ratio5
|
68.8%
|
76.6%
|
70.9%
|
N/M
|
(7.8)ppt
|
N/M
|
5.6ppt
|
|||||||
|
Post-tax return on average shareholders' equity6,7
|
8.0%
|
5.1%
|
7.3%
|
N/M
|
2.9ppt
|
N/M
|
(2.2)ppt
|
|||||||
|
Post-tax return on average tangible shareholders’ equity6,7
|
18.0%
|
12.0%
|
17.0%
|
N/M
|
6.1ppt
|
N/M
|
(5.1)ppt
|
|||||||
|
|
31
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
in € bn.
|
ActiveEquity
|
ActiveFixedIncome
|
ActiveMultiAsset
|
ActiveSQI
|
ActiveCash
|
Passive
|
Alternatives
|
Assets undermanagement
|
||||||||
|
Balance as of December 31, 2023
|
107
|
204
|
76
|
66
|
85
|
247
|
111
|
896
|
||||||||
|
Inflows
|
14
|
42
|
7
|
14
|
717
|
124
|
10
|
929
|
||||||||
|
Outflows
|
(19)
|
(43)
|
(19)
|
(12)
|
(715)
|
(82)
|
(13)
|
(903)
|
||||||||
|
Net Flows
|
(5)
|
(1)
|
(11)
|
2
|
2
|
41
|
(3)
|
26
|
||||||||
|
FX impact
|
1
|
6
|
0
|
0
|
4
|
11
|
3
|
26
|
||||||||
|
Performance
|
13
|
6
|
3
|
5
|
1
|
35
|
1
|
64
|
||||||||
|
Other
|
0
|
0
|
(4)
|
3
|
0
|
1
|
(0)
|
(0)
|
||||||||
|
Balance as of December 31, 2024
|
116
|
215
|
64
|
77
|
93
|
335
|
111
|
1,012
|
||||||||
|
Management fee margin (in bps)
|
68
|
11
|
31
|
33
|
6
|
16
|
45
|
26
|
||||||||
|
in € bn.
|
ActiveEquity
|
ActiveFixedIncome
|
ActiveMultiAsset
|
ActiveSQI
|
ActiveCash
|
Passive
|
Alternatives
|
Assets undermanagement
|
||||||||
|
Balance as of December 31, 2022
|
99
|
194
|
68
|
64
|
80
|
199
|
118
|
821
|
||||||||
|
Inflows
|
13
|
37
|
15
|
10
|
608
|
93
|
14
|
788
|
||||||||
|
Outflows
|
(15)
|
(36)
|
(11)
|
(11)
|
(602)
|
(71)
|
(13)
|
(760)
|
||||||||
|
Net Flows
|
(2)
|
0
|
4
|
(2)
|
6
|
21
|
0
|
28
|
||||||||
|
FX impact
|
(1)
|
(3)
|
(0)
|
(0)
|
(2)
|
(4)
|
(2)
|
(12)
|
||||||||
|
Performance
|
11
|
12
|
3
|
5
|
1
|
31
|
(5)
|
57
|
||||||||
|
Other
|
0
|
0
|
1
|
(1)
|
0
|
0
|
0
|
1
|
||||||||
|
Balance as of December 31, 2023
|
107
|
204
|
76
|
66
|
85
|
247
|
111
|
896
|
||||||||
|
Management fee margin (in bps)
|
69
|
11
|
30
|
31
|
4
|
17
|
47
|
27
|
||||||||
|
|
32
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
2024 increase (decrease)from 2023
|
2023 increase (decrease)from 2022
|
|||||||||||||
|
in € m.(unless stated otherwise)
|
2024
|
2023
|
2022
|
in € m.
|
in %
|
in € m.
|
in %
|
|||||||
|
Net revenues
|
1,406
|
2,324
|
(1,050)
|
(918)
|
(40)
|
3,373
|
N/M
|
|||||||
|
Provision for credit losses
|
83
|
26
|
(9)
|
57
|
N/M
|
35
|
N/M
|
|||||||
|
Noninterest expenses
|
||||||||||||||
|
Compensation and benefits
|
3,593
|
3,378
|
3,235
|
215
|
6
|
143
|
4
|
|||||||
|
General and administrative expenses
|
(1,494)
|
(2,731)
|
(2,199)
|
1,237
|
(45)
|
(532)
|
24
|
|||||||
|
Impairment of goodwill and other intangible assets
|
0
|
0
|
0
|
0
|
N/M
|
0
|
N/M
|
|||||||
|
Restructuring activities
|
0
|
(1)
|
(2)
|
1
|
N/M
|
1
|
(40)
|
|||||||
|
Total noninterest expenses
|
2,099
|
646
|
1,035
|
1,453
|
N/M
|
(388)
|
(38)
|
|||||||
|
Noncontrolling interests
|
(199)
|
(166)
|
(190)
|
(33)
|
20
|
24
|
(12)
|
|||||||
|
Profit (loss) before tax
|
(577)
|
1,817
|
(1,886)
|
(2,394)
|
N/M
|
3,703
|
N/M
|
|||||||
|
Total Employees (full-time equivalent)1
|
36,269
|
35,917
|
32,186
|
352
|
1
|
3,731
|
12
|
|||||||
|
Risk-weighted assets (in € bn)1
|
34
|
40
|
46
|
(6)
|
(15)
|
(6)
|
(13)
|
|||||||
|
Leverage exposure (in € bn)1
|
38
|
39
|
36
|
(1)
|
(3)
|
3
|
7
|
|||||||
|
|
33
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
in € m.(unless stated otherwise)
|
Dec 31, 2024
|
Dec 31, 2023
|
AbsoluteChange
|
Changein %
|
||||
|
Cash, central bank and interbank balances
|
153,654
|
184,556
|
(30,903)
|
(17)
|
||||
|
Central bank funds sold, securities purchased under resale agreements and securities borrowed
|
40,846
|
14,764
|
26,083
|
177
|
||||
|
Financial assets at fair value through profit or loss
|
545,895
|
465,273
|
80,623
|
17
|
||||
|
Of which: Trading assets
|
139,772
|
125,275
|
14,497
|
12
|
||||
|
Of which: Positive market values from derivative financial instruments
|
291,800
|
251,877
|
39,923
|
16
|
||||
|
Of which: Non-trading financial assets mandatory at fair value through profit and loss
|
114,324
|
88,047
|
26,278
|
30
|
||||
|
Financial assets at fair value through other comprehensive income
|
42,090
|
35,546
|
6,544
|
18
|
||||
|
Loans at amortized cost
|
483,897
|
479,353
|
4,544
|
1
|
||||
|
Remaining assets
|
124,650
|
137,774
|
(13,124)
|
(10)
|
||||
|
Of which: Brokerage and securities related receivables
|
60,690
|
72,566
|
(11,876)
|
(16)
|
||||
|
Total assets
|
1,391,033
|
1,317,266
|
73,767
|
6
|
||||
|
in € m.(unless stated otherwise)
|
Dec 31, 2024
|
Dec 31, 2023
|
AbsoluteChange
|
Changein %
|
||||
|
Deposits
|
667,700
|
625,486
|
42,214
|
7
|
||||
|
Central bank funds purchased, securities sold under repurchaseagreements and securities loaned
|
3,742
|
3,042
|
701
|
23
|
||||
|
Financial liabilities at fair value through profit or loss
|
412,409
|
366,494
|
45,916
|
13
|
||||
|
Of which: Trading liabilities
|
43,498
|
44,005
|
(506)
|
(1)
|
||||
|
Of which: Negative market values from derivative financial instruments
|
276,410
|
238,278
|
38,131
|
16
|
||||
|
Of which: Financial liabilities designated at fair value through profit or loss
|
92,047
|
83,727
|
8,321
|
10
|
||||
|
Other short-term borrowings
|
9,895
|
9,620
|
274
|
3
|
||||
|
Long-term debt
|
114,899
|
119,390
|
(4,491)
|
(4)
|
||||
|
Remaining liabilities
|
100,522
|
116,903
|
(16,381)
|
(14)
|
||||
|
Of which: Brokerage and securities related payables
|
63,755
|
81,539
|
(17,784)
|
(22)
|
||||
|
Total liabilities
|
1,309,168
|
1,240,935
|
68,232
|
5
|
||||
|
Total equity
|
81,865
|
76,330
|
5,535
|
7
|
||||
|
Total liabilities and equity
|
1,391,033
|
1,317,266
|
73,767
|
6
|
||||
|
|
34
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
35
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
36
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Contractual obligations
|
Payment dueby period
|
|||||||||
|
in € m.
|
Total
|
Less than 1 year
|
1–3 years
|
3–5 years
|
More than 5 years
|
|||||
|
Long-term debt obligations¹
|
131,223
|
24,847
|
41,428
|
28,243
|
36,706
|
|||||
|
Trust preferred securities1,2
|
302
|
302
|
0
|
0
|
0
|
|||||
|
Long-term financial liabilities designated at fair value through profit or loss3
|
22,266
|
4,000
|
4,729
|
7,823
|
5,713
|
|||||
|
Future cash outflows not reflected in the measurement of Lease liabilities4
|
4,771
|
30
|
182
|
293
|
4,267
|
|||||
|
Lease liabilities1
|
5,664
|
615
|
967
|
967
|
3,116
|
|||||
|
Purchase obligations
|
3,765
|
817
|
1,328
|
825
|
795
|
|||||
|
Long-term deposits¹
|
26,407
|
0
|
12,593
|
3,392
|
10,422
|
|||||
|
Other long-term liabilities
|
1,676
|
1,592
|
16
|
11
|
57
|
|||||
|
Total
|
196,074
|
32,202
|
61,243
|
41,553
|
61,076
|
|||||
|
|
37
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
38
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
39
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Risk and capital overview
|
|
|
Risk and capital framework
|
|
|
Risk and Capital Management
|
|
|
|
40
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
41
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
42
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Common Equity Tier 1 (CET1) Ratio
|
||
|
31.12.2024
|
13.8%1
|
|
|
31.12.2023
|
13.7%
|
|
|
Economic Capital Adequacy (ECA) Ratio
|
||
|
31.12.2024
|
199%
|
|
|
31.12.2023
|
205%
|
|
|
Leverage Ratio
|
||
|
31.12.2024
|
4.6%1
|
|
|
31.12.2023
|
4.5%
|
|
|
Total loss absorbing capacity (TLAC)
|
||
|
31.12.2024 (Risk Weighted Asset based)
|
33.2%
|
|
|
31.12.2024 (Leverage Exposure based)
|
9.0%
|
|
|
31.12.2023 (Risk Weighted Asset based)
|
32.6%
|
|
|
31.12.2023 (Leverage Exposure based)
|
9.2%
|
|
|
Liquidity Coverage Ratio (LCR)
|
||
|
31.12.2024
|
131%
|
|
|
31.12.2023
|
140%
|
|
|
Risk-Weighted Assets (RWA)
|
||
|
31.12.2024
|
€ 357.4 bn1
|
|
|
31.12.2023
|
€ 349.7 bn
|
|
|
Economic Capital (EC)
|
||
|
31.12.2024
|
€ 24.2 bn
|
|
|
31.12.2023
|
€ 23.3 bn
|
|
|
Leverage Exposure
|
||
|
31.12.2024
|
€ 1,316 bn1
|
|
|
31.12.2023
|
€ 1,240 bn
|
|
|
Minimum requirement for own funds and eligible liabilities (MREL)
|
||
|
31.12.2024
|
37.5%
|
|
|
31.12.2023
|
35.2%
|
|
|
Stressed Net Liquidity Position (sNLP)
|
||
|
31.12.2024
|
€ 56.3 bn
|
|
|
31.12.2023
|
€ 57.7 bn
|
|
|
Net Stable Funding Ratio (NSFR)
|
||
|
31.12.2024
|
121%
|
|
|
31.12.2023
|
121%
|
|
|
|
43
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2024
|
||||||||||||||
|
in € m. (unlessstated otherwise)
|
Corporate Bank
|
Investment Bank
|
Private Bank
|
Asset Management
|
Corporate & Other
|
Total
|
Total(in %)
|
|||||||
|
Credit risk
|
3,455
|
4,512
|
2,164
|
46
|
2,329
|
12,507
|
52
|
|||||||
|
Market risk
|
1,040
|
2,086
|
1,561
|
304
|
3,676
|
8,667
|
36
|
|||||||
|
Operational risk
|
863
|
1,182
|
1,155
|
376
|
1,069
|
4,645
|
19
|
|||||||
|
Strategic risk
|
0
|
0
|
0
|
0
|
1,936
|
1,936
|
8
|
|||||||
|
Diversification benefit¹
|
(715)
|
(1,007)
|
(803)
|
(190)
|
(814)
|
(3,530)
|
(15)
|
|||||||
|
Total EC
|
4,643
|
6,772
|
4,077
|
536
|
8,196
|
24,225
|
100
|
|||||||
|
Total EC in %
|
19
|
28
|
17
|
2
|
34
|
100
|
N/M
|
|||||||
|
Dec 31, 2023
|
||||||||||||||
|
in € m. (unlessstated otherwise)
|
Corporate Bank
|
Investment Bank
|
Private Bank
|
Asset Management
|
Corporate & Other
|
Total
|
Total(in %)
|
|||||||
|
Credit risk
|
2,612
|
4,395
|
2,182
|
48
|
2,639
|
11,875
|
51
|
|||||||
|
Market risk
|
801
|
2,009
|
1,346
|
217
|
3,955
|
8,328
|
36
|
|||||||
|
Operational risk
|
445
|
1,729
|
613
|
278
|
1,507
|
4,572
|
20
|
|||||||
|
Strategic risk
|
0
|
0
|
0
|
0
|
1,874
|
1,874
|
8
|
|||||||
|
Diversification benefit¹
|
(460)
|
(1,197)
|
(589)
|
(130)
|
(1,009)
|
(3,385)
|
(15)
|
|||||||
|
Total EC
|
3,399
|
6,936
|
3,551
|
413
|
8,967
|
23,265
|
100
|
|||||||
|
Total EC in %
|
15
|
30
|
15
|
2
|
39
|
100
|
N/M
|
|||||||
|
|
44
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
45
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
46
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
47
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
|
48
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
49
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
50
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
51
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
52
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
53
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
54
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
55
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
56
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
57
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
58
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
59
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
60
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
61
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
62
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
63
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
December 31, 2024¹ ²
|
|||||
|
Year 1(4 quarter avg)
|
Year 2(4 quarter avg)
|
||||
|
GDP - USA
|
2.23%
|
2.04%
|
|||
|
GDP - Eurozone
|
1.04%
|
1.19%
|
|||
|
GDP - Germany
|
0.38%
|
1.14%
|
|||
|
GDP - Italy
|
0.74%
|
1.02%
|
|||
|
GDP - Developing Asia
|
4.53%
|
4.26%
|
|||
|
GDP - Emerging Markets
|
4.11%
|
3.81%
|
|||
|
Unemployment - USA
|
4.29%
|
4.20%
|
|||
|
Unemployment - Eurozone
|
6.46%
|
6.42%
|
|||
|
Unemployment - Germany
|
3.46%
|
3.40%
|
|||
|
Unemployment - Italy
|
6.50%
|
6.76%
|
|||
|
Unemployment - Spain
|
11.12%
|
10.93%
|
|||
|
Unemployment - Japan
|
2.48%
|
2.40%
|
|||
|
Real Estate Prices - CRE Index USA
|
312.27
|
316.81
|
|||
|
Real Estate Prices - CRE Index Eurozone
|
107.75
|
108.39
|
|||
|
Real Estate Prices - House Price Index USA
|
325.05
|
333.47
|
|||
|
Real Estate Prices - House Price Index Germany
|
152.78
|
158.19
|
|||
|
Real Estate Prices - House Price Index Italy
|
103.82
|
104.92
|
|||
|
Real Estate Prices - House Price Index Spain
|
1,959.68
|
2,000.70
|
|||
|
Equity - S&P500
|
6,109
|
6,436
|
|||
|
Equity - Eurostoxx50
|
4,965
|
5,162
|
|||
|
Equity - DAX40
|
20,131
|
20,968
|
|||
|
Equity - MSCI EAFE
|
1,069
|
1,112
|
|||
|
Equity - MSCI Asia
|
1,602
|
1,630
|
|||
|
Equity - Nikkei
|
38,972
|
39,582
|
|||
|
Credit - High Yield Index
|
312.32
|
358.66
|
|||
|
Credit - CDX High Yield
|
332.33
|
374.29
|
|||
|
Credit - CDX IG
|
56.50
|
64.29
|
|||
|
Credit - CDX Emerging Markets
|
177.90
|
202.59
|
|||
|
Credit - ITX Europe 125
|
62.15
|
68.66
|
|||
|
Commodity - WTI
|
70.46
|
65.85
|
|||
|
Commodity - Gold
|
2,588.02
|
2,612.91
|
|||
|
December 31, 2023¹ ²
|
|||||
|
Year 1(4 quarter avg)
|
Year 2(4 quarter avg)
|
||||
|
GDP - USA
|
1.75%
|
1.31%
|
|||
|
GDP - Eurozone
|
0.13%
|
1.08%
|
|||
|
GDP - Germany
|
0.12%
|
1.30%
|
|||
|
GDP - Italy
|
0.33%
|
1.03%
|
|||
|
GDP - Developing Asia
|
4.94%
|
4.37%
|
|||
|
GDP - Emerging Markets
|
4.08%
|
4.01%
|
|||
|
Unemployment - USA
|
4.19%
|
4.40%
|
|||
|
Unemployment - Eurozone
|
6.67%
|
6.64%
|
|||
|
Unemployment - Germany
|
3.12%
|
3.13%
|
|||
|
Unemployment - Italy
|
7.75%
|
7.68%
|
|||
|
Unemployment - Spain
|
11.96%
|
11.67%
|
|||
|
Unemployment - Japan
|
2.58%
|
2.42%
|
|||
|
Real Estate Prices - CRE Index USA
|
353.41
|
347.99
|
|||
|
Equity - S&P500
|
4,514
|
4,621
|
|||
|
Equity - MSCI Asia
|
1,293
|
1,297
|
|||
|
Equity - Nikkei
|
33,188
|
34,051
|
|||
|
Credit - High Yield Index
|
404.65
|
418.52
|
|||
|
Credit - CDX High Yield
|
451.57
|
466.40
|
|||
|
Credit - CDX IG
|
70.04
|
72.12
|
|||
|
Credit - CDX Emerging Markets
|
195.16
|
192.83
|
|||
|
Credit - ITX Europe 125
|
73.09
|
72.21
|
|||
|
Commodity - WTI
|
82.52
|
83.56
|
|||
|
Commodity - Gold
|
1,957.34
|
1,958.16
|
|||
|
|
64
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
December 31, 2024
|
||||||||
|
Upward sensitivity
|
Downward sensitivity
|
|||||||
|
Upward shift
|
ECL impactin € m.
|
Downward shift
|
ECL impactin € m.
|
|||||
|
GDP growth rates
|
1pp
|
(66.4)
|
(1)pp
|
71.8
|
||||
|
Unemployment rates
|
(0.5)pp
|
(44.9)
|
0.5pp
|
49.0
|
||||
|
Real estate prices2
|
5%
|
(13.9)
|
(5)%
|
16.0
|
||||
|
Equities
|
10%
|
(14.1)
|
(10)%
|
17.8
|
||||
|
Credit spreads
|
(40)%
|
(20.7)
|
40%
|
24.2
|
||||
|
Commodities¹
|
10%
|
(7.7)
|
(10)%
|
8.7
|
||||
|
December 31, 2023
|
||||||||
|
Upward sensitivity
|
Downward sensitivity
|
|||||||
|
Upward shift
|
ECL impactin € m.
|
Downward shift
|
ECL impactin € m.
|
|||||
|
GDP growth rates
|
1pp
|
(80.4)
|
(1)pp
|
88.9
|
||||
|
Unemployment rates
|
(0.5)pp
|
(43.1)
|
0.5pp
|
45.9
|
||||
|
Real estate prices
|
5%
|
(5.9)
|
(5)%
|
6.2
|
||||
|
Equities
|
10%
|
(9.0)
|
(10)%
|
12.2
|
||||
|
Credit spreads
|
(40)%
|
(20.5)
|
40%
|
22.8
|
||||
|
Commodities
|
10%
|
(8.5)
|
(10)%
|
9.2
|
||||
|
|
65
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
December 31, 2024
|
|||||||||
|
Upward sensitivity
|
Downward sensitivity
|
||||||||
|
Upward shift
|
ECL impactin € m.
|
Downward shift
|
ECL impactin € m.
|
||||||
|
GDP growth rates
|
1pp
|
(18.2)
|
(1)pp
|
20.3
|
|||||
|
Unemployment rates
|
(0.5)pp
|
(12.6)
|
0.5pp
|
14.2
|
|||||
|
Real estate prices2
|
5%
|
(2.1)
|
(5)%
|
2.2
|
|||||
|
Credit spreads
|
(40)%
|
(4.5)
|
40%
|
5.0
|
|||||
|
Commodities¹
|
10%
|
(2.8)
|
(10)%
|
3.1
|
|||||
|
December 31, 2023
|
||||||||
|
Upward sensitivity
|
Downward sensitivity
|
|||||||
|
Upward shift
|
ECL impactin € m.
|
Downward shift
|
ECL impactin € m.
|
|||||
|
GDP growth rates
|
1pp
|
(18.1)
|
(1)pp
|
20.7
|
||||
|
Unemployment rates
|
(0.5)pp
|
(10.4)
|
0.5pp
|
11.0
|
||||
|
Real estate prices
|
5%
|
(1.5)
|
(5)%
|
1.6
|
||||
|
Credit spreads
|
(40)%
|
(3.8)
|
40%
|
4.4
|
||||
|
Commodities
|
10%
|
(2.6)
|
(10)%
|
2.9
|
||||
|
December 31, 2024
|
||||||||
|
Upward sensitivity
|
Downward sensitivity
|
|||||||
|
Upward shift
|
ECL impactin € m.
|
Downward shift
|
ECL impactin € m.
|
|||||
|
GDP growth rates
|
1pp
|
(26.4)
|
(1)pp
|
28.9
|
||||
|
Unemployment rates
|
(0.5)pp
|
(11.0)
|
0.5pp
|
12.1
|
||||
|
Real estate prices2
|
5%
|
(8.6)
|
(5)%
|
10.2
|
||||
|
Equities
|
10%
|
(4.7)
|
(10)%
|
5.9
|
||||
|
Credit spreads
|
(40)%
|
(13.5)
|
40%
|
16.2
|
||||
|
Commodities¹
|
10%
|
(4.6)
|
(10)%
|
5.3
|
||||
|
December 31, 2023
|
||||||||
|
Upward sensitivity
|
Downward sensitivity
|
|||||||
|
Upward shift
|
ECL impactin € m.
|
Downward shift
|
ECL impactin € m.
|
|||||
|
GDP growth rates
|
1pp
|
(30.6)
|
(1)pp
|
33.5
|
||||
|
Unemployment rates
|
(0.5)pp
|
(6.7)
|
0.5pp
|
7.5
|
||||
|
Real estate prices
|
5%
|
(4.0)
|
(5)%
|
4.2
|
||||
|
Equities
|
10%
|
(3.3)
|
(10)%
|
4.4
|
||||
|
Credit spreads
|
(40)%
|
(13.6)
|
40%
|
14.7
|
||||
|
Commodities
|
10%
|
(5.5)
|
(10)%
|
5.9
|
||||
|
|
66
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
December 31, 2024
|
||||||||
|
Upward sensitivity
|
Downward sensitivity
|
|||||||
|
Upward shift
|
ECL impactin € m.
|
Downward shift
|
ECL impactin € m.
|
|||||
|
GDP growth rates
|
1pp
|
(18.3)
|
(1)pp
|
19.3
|
||||
|
Unemployment rates
|
(0.5)pp
|
(19.5)
|
0.5pp
|
20.6
|
||||
|
December 31, 2023
|
||||||||
|
Upward sensitivity
|
Downward sensitivity
|
|||||||
|
Upward shift
|
ECL impactin € m.
|
Downward shift
|
ECL impactin € m.
|
|||||
|
GDP growth rates
|
1pp
|
(24.4)
|
(1)pp
|
26.3
|
||||
|
Unemployment rates
|
(0.5)pp
|
(22.4)
|
0.5pp
|
23.3
|
||||
|
|
67
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
68
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
69
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
70
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
71
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
72
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
73
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
74
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
75
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
76
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
77
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
78
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
79
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
80
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
81
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
82
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
83
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
84
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
85
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
86
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
87
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
88
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
89
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
90
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
91
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
92
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
93
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
94
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
95
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
96
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
97
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
98
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
99
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
100
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
101
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
102
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
103
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
104
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
2024
|
2025
|
|||
|
Pillar 1
|
||||
|
Minimum CET 1 requirement
|
4.50%
|
4.50%
|
||
|
Combined buffer requirement
|
5.21%
|
5.23%
|
||
|
Capital Conservation Buffer
|
2.50%
|
2.50%
|
||
|
Countercyclical Buffer¹
|
0.49%
|
0.51%
|
||
|
Systemic Risk Buffer²
|
0.22%
|
0.22%
|
||
|
Maximum of:
|
2.00%
|
2.00%
|
||
|
G-SII Buffer
|
1.50%
|
1.50%
|
||
|
O-SII Buffer
|
2.00%
|
2.00%
|
||
|
Pillar 2
|
||||
|
Pillar 2 SREP Add-on of Total capital (excluding the "Pillar 2" guidance)
|
2.65%
|
2.90%
|
||
|
of which covered by CET 1 capital
|
1.49%
|
1.63%
|
||
|
of which covered by Tier 1 capital
|
1.99%
|
2.18%
|
||
|
of which covered by Tier 2 capital
|
0.66%
|
0.72%
|
||
|
Total CET 1 requirement from Pillar 1 and 2³
|
11.20%
|
11.36%
|
||
|
Total Tier 1 requirement from Pillar 1 and 2
|
13.20%
|
13.41%
|
||
|
Total capital requirement from Pillar 1 and 2
|
15.86%
|
16.13%
|
||
|
|
105
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2024
|
Dec 31, 2023
|
|||
|
in € m.
|
CRR/CRD
|
CRR/CRD
|
||
|
Common Equity Tier 1 (CET 1) capital: instruments and reserves
|
||||
|
Capital instruments, related share premium accounts and other reserves
|
44,130
|
44,908
|
||
|
Retained earnings
|
19,978
|
16,509
|
||
|
Accumulated other comprehensive income (loss), net of tax
|
(1,229)
|
(1,760)
|
||
|
Independently reviewed interim profits net of any foreseeable charge or dividend1
|
801
|
3,493
|
||
|
Other
|
1,020
|
973
|
||
|
Common Equity Tier 1 (CET 1) capital before regulatory adjustments
|
64,700
|
64,124
|
||
|
Common Equity Tier 1 (CET 1) capital: regulatory adjustments
|
||||
|
Additional value adjustments (negative amount)
|
(1,680)
|
(1,727)
|
||
|
Other prudential filters (other than additional value adjustments)
|
95
|
(126)
|
||
|
Goodwill and other intangible assets (net of related tax liabilities) (negative amount)
|
(5,277)
|
(5,014)
|
||
|
Deferred tax assets that rely on future profitability excluding those arising fromtemporary differences (net of related tax liabilities where the conditions in Art. 38 (3)CRR are met) (negative amount)
|
(3,463)
|
(4,207)
|
||
|
Negative amounts resulting from the calculation of expected loss amounts
|
(3,037)
|
(2,386)
|
||
|
Defined benefit pension fund assets (net of related tax liabilities) (negative amount)
|
(1,173)
|
(920)
|
||
|
Direct, indirect and synthetic holdings by an institution of own CET 1 instruments (negative amount)
|
0
|
(0)
|
||
|
Direct, indirect and synthetic holdings by the institution of the CET 1 instruments of financial sector entities where the institution has a significant investment in those entities (amount above the 10 % / 15 % thresholds and net of eligible short positions) (negative amount)
|
0
|
0
|
||
|
Deferred tax assets arising from temporary differences (net of related tax liabilities where the conditions in Art. 38 (3) CRR are met) (amount above the 10 % / 15 % thresholds) (negative amount)
|
0
|
0
|
||
|
Regulatory adjustments relating to unrealized gains and losses pursuant toArt. 468 CRR
|
1,012
|
0
|
||
|
Other regulatory adjustments2
|
(1,721)
|
(1,679)
|
||
|
Total regulatory adjustments to Common Equity Tier 1 (CET 1) capital
|
(15,244)
|
(16,058)
|
||
|
Common Equity Tier 1 (CET 1) capital
|
49,457
|
48,066
|
||
|
Additional Tier 1 (AT1) capital: instruments
|
||||
|
Capital instruments and the related share premium accounts
|
11,508
|
8,578
|
||
|
Amount of qualifying items referred to in Art. 484 (4) CRR and the related sharepremium accounts subject to phase out from AT1
|
0
|
0
|
||
|
Additional Tier 1 (AT1) capital before regulatory adjustments
|
11,508
|
8,578
|
||
|
Additional Tier 1 (AT1) capital: regulatory adjustments
|
||||
|
Direct, indirect and synthetic holdings by an institution of own AT1 instruments(negative amount)
|
(130)
|
(250)
|
||
|
Residual amounts deducted from AT1 capital with regard to deduction from CET 1 capital during the transitional period pursuant to Art. 472 CRR
|
||||
|
Other regulatory adjustments
|
0
|
0
|
||
|
Total regulatory adjustments to Additional Tier 1 (AT1) capital
|
(130)
|
(250)
|
||
|
Additional Tier 1 (AT1) capital
|
11,378
|
8,328
|
||
|
Tier 1 capital (T1 = CET 1 + AT1)
|
60,835
|
56,395
|
||
|
Tier 2 (T2) capital
|
7,676
|
8,610
|
||
|
Total capital (TC = T1 + T2)
|
68,511
|
65,005
|
||
|
Total risk-weighted assets
|
357,427
|
349,742
|
||
|
|
||||
|
Common Equity Tier 1 capital ratio (as a percentage of risk-weighted assets)
|
13.8
|
13.7
|
||
|
Tier 1 capital ratio (as a percentage of risk-weighted assets)
|
17.0
|
16.1
|
||
|
Total capital ratio (as a percentage of risk-weighted assets)
|
19.2
|
18.6
|
||
|
|
106
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
CRR/CRD
|
||||
|
in € m.
|
Dec 31, 2024
|
Dec 31, 2023
|
||
|
Total shareholders’ equity per accounting balance sheet (IASB IFRS)
|
68,709
|
65,999
|
||
|
Difference between equity per IASB IFRS / EU IFRS³
|
(2,433)
|
(1,513)
|
||
|
Total shareholders’ equity per accounting balance sheet (EU IFRS)
|
66,276
|
64,486
|
||
|
Deconsolidation/Consolidation of entities
|
(24)
|
(35)
|
||
|
Of which:
|
||||
|
Additional paid-in capital
|
0
|
0
|
||
|
Retained earnings
|
(24)
|
(35)
|
||
|
Accumulated other comprehensive income (loss), net of tax
|
0
|
0
|
||
|
Total shareholders' equity per regulatory balance sheet
|
66,252
|
64,451
|
||
|
Minority Interests (amount allowed in consolidated CET 1)
|
1,020
|
973
|
||
|
AT1 coupon and shareholder distribution deduction1
|
(2,565)
|
(1,279)
|
||
|
Capital instruments not eligible under CET 1 as per CRR 28(1)
|
(7)
|
(21)
|
||
|
Common Equity Tier 1 (CET 1) capital before regulatory adjustments
|
64,700
|
64,124
|
||
|
Prudential filters
|
(1,585)
|
(1,853)
|
||
|
Of which:
|
||||
|
Additional value adjustments
|
(1,680)
|
(1,727)
|
||
|
Any increase in equity that results from securitized assets
|
0
|
(0)
|
||
|
Fair value reserves related to gains or losses on cash flow hedges and gains or losses on liabilities designated at fair value resulting from changes in own credit standing
|
95
|
(126)
|
||
|
Regulatory adjustments
|
(13,659)
|
(14,205)
|
||
|
Of which:
|
||||
|
Goodwill and other intangible assets (net of related tax liabilities) (negative amount)
|
(5,277)
|
(5,014)
|
||
|
Deferred tax assets that rely on future profitability
|
(3,463)
|
(4,207)
|
||
|
Negative amounts resulting from the calculation of expected loss amounts
|
(3,037)
|
(2,386)
|
||
|
Defined benefit pension fund assets (net of related tax liabilities) (negative amount)
|
(1,173)
|
(920)
|
||
|
Direct, indirect and synthetic holdings by the institution of the CET 1 instruments of financial sector entitieswhere the institution has a significant investment in those entities
|
0
|
0
|
||
|
Securitization positions not included in risk-weighted assets
|
0
|
0
|
||
|
Regulatory adjustments relating to unrealized gains and losses pursuant to Art. 468 CRR
|
1,012
|
0
|
||
|
Others2
|
(1,721)
|
(1,679)
|
||
|
Common Equity Tier 1 capital
|
49,457
|
48,066
|
||
|
|
107
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
CRR/CRD
|
||||
|
in € m.
|
twelve monthsendedDec 31, 2024
|
twelve monthsendedDec 31, 2023
|
||
|
Common Equity Tier 1 (CET 1) capital - opening amount
|
48,066
|
48,097
|
||
|
Common shares, net effect
|
(115)
|
(69)
|
||
|
Additional paid-in capital
|
(430)
|
(332)
|
||
|
Retained earnings
|
3,341
|
4,794
|
||
|
Common shares in treasury, net effect/(+) sales (–) purchase
|
(232)
|
(150)
|
||
|
Movements in accumulated other comprehensive income
|
530
|
(445)
|
||
|
AT1 coupon and shareholder distribution deduction¹
|
(2,565)
|
(1,279)
|
||
|
Additional value adjustments
|
47
|
300
|
||
|
Goodwill and other intangible assets (net of related tax liabilities) (negative amount)
|
(263)
|
11
|
||
|
Deferred tax assets that rely on future profitability (excluding those arising from temporary differences)
|
744
|
(962)
|
||
|
Negative amounts resulting from the calculation of expected loss amounts
|
(651)
|
(1,920)
|
||
|
Defined benefit pension fund assets (net of related tax liabilities) (negative amount)
|
(253)
|
230
|
||
|
Direct, indirect and synthetic holdings by the institution of the CET 1 instruments of financial sector entitieswhere the institution has a significant investment in those entities
|
0
|
0
|
||
|
Deferred tax assets arising from temporary differences (amount above 10 % and 15 % threshold,net of related tax liabilities where the conditions in Art. 38 (3) CRR are met)
|
0
|
0
|
||
|
Other, including regulatory adjustments
|
1,238
|
(208)
|
||
|
Common Equity Tier 1 (CET 1) capital - closing amount
|
49,457
|
48,066
|
||
|
Additional Tier 1 (AT1) Capital – opening amount
|
8,328
|
8,518
|
||
|
New Additional Tier 1 eligible capital issues
|
2,950
|
0
|
||
|
Matured and called instruments
|
0
|
0
|
||
|
Other, including regulatory adjustments
|
100
|
(190)
|
||
|
Additional Tier 1 (AT1) Capital – closing amount
|
11,378
|
8,328
|
||
|
Tier 1 capital
|
60,835
|
56,395
|
||
|
Tier 2 (T2) capital – closing amount
|
7,676
|
8,610
|
||
|
Total regulatory capital
|
68,511
|
65,005
|
||
|
|
108
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2024
|
||||||||
|
in € m. (unlessstated otherwise)
|
Exposure value¹
|
Total minimum coverage requirement
|
Available coverage
|
Applicable amount of insufficient coverage
|
||||
|
Corporate Bank
|
4,107
|
696
|
1,818
|
48
|
||||
|
Investment Bank
|
9,602
|
3,355
|
4,986
|
171
|
||||
|
Private Bank
|
8,139
|
1,224
|
3,674
|
53
|
||||
|
Asset Management
|
0
|
0
|
0
|
0
|
||||
|
Corporate & Other
|
969
|
58
|
177
|
29
|
||||
|
Total
|
22,817
|
5,334
|
10,654
|
302
|
||||
|
Dec 31, 2023
|
||||||||
|
in € m. (unlessstated otherwise)
|
Exposure value¹
|
Total minimum coverage requirement
|
Available coverage
|
Applicable amount of insufficient coverage
|
||||
|
Corporate Bank
|
3,745
|
650
|
1,299
|
51
|
||||
|
Investment Bank
|
9,415
|
3,684
|
4,753
|
223
|
||||
|
Private Bank
|
6,621
|
1,428
|
3,169
|
43
|
||||
|
Asset Management
|
0
|
0
|
0
|
0
|
||||
|
Corporate & Other
|
491
|
59
|
98
|
4
|
||||
|
Total
|
20,271
|
5,820
|
9,319
|
322
|
||||
|
Dec 31, 2024
|
||||||||||||
|
in € m.
|
CorporateBank
|
InvestmentBank
|
PrivateBank
|
AssetManagement
|
Corporate &Other
|
Total
|
||||||
|
Credit Risk
|
67,115
|
95,869
|
82,655
|
13,683
|
17,633
|
276,955
|
||||||
|
Settlement Risk
|
0
|
4
|
0
|
0
|
11
|
15
|
||||||
|
Credit Valuation Adjustment (CVA)
|
29
|
2,907
|
161
|
0
|
334
|
3,431
|
||||||
|
Market Risk
|
248
|
16,270
|
27
|
31
|
2,390
|
18,965
|
||||||
|
Operational Risk
|
10,784
|
14,775
|
14,438
|
4,700
|
13,363
|
58,061
|
||||||
|
Total
|
78,176
|
129,825
|
97,281
|
18,414
|
33,732
|
357,427
|
||||||
|
Dec 31, 2023
|
||||||||||||
|
in € m.
|
CorporateBank
|
InvestmentBank
|
PrivateBank
|
AssetManagement
|
Corporate &Other
|
Total
|
||||||
|
Credit Risk
|
63,156
|
94,246
|
78,422
|
11,652
|
18,314
|
265,789
|
||||||
|
Settlement Risk
|
0
|
1
|
13
|
0
|
0
|
14
|
||||||
|
Credit Valuation Adjustment (CVA)
|
82
|
4,654
|
110
|
0
|
429
|
5,276
|
||||||
|
Market Risk
|
181
|
19,019
|
22
|
28
|
2,260
|
21,510
|
||||||
|
Operational Risk
|
5,568
|
21,611
|
7,659
|
3,475
|
18,839
|
57,153
|
||||||
|
Total
|
68,987
|
139,532
|
86,226
|
15,155
|
39,842
|
349,742
|
||||||
|
|
109
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2024
|
Dec 31, 2023
|
|||||||
|
in € m.
|
Credit risk RWA
|
Capitalrequirements
|
Credit risk RWA
|
Capitalrequirements
|
||||
|
Credit risk RWA balance, beginning of year
|
265,789
|
21,263
|
269,214
|
21,537
|
||||
|
Book size
|
4,944
|
396
|
(3,694)
|
(296)
|
||||
|
Book quality
|
(7,793)
|
(623)
|
(886)
|
(71)
|
||||
|
Model updates
|
3,668
|
293
|
298
|
24
|
||||
|
Methodology and policy
|
3,443
|
275
|
5,831
|
466
|
||||
|
Acquisition and disposals
|
0
|
0
|
571
|
46
|
||||
|
Foreign exchange movements
|
5,410
|
433
|
(4,174)
|
(334)
|
||||
|
Other
|
1,494
|
119
|
(1,371)
|
(110)
|
||||
|
Credit risk RWA balance, end of year
|
276,955
|
22,156
|
265,789
|
21,263
|
||||
|
Dec 31, 2024
|
Dec 31, 2023
|
|||||||
|
in € m.
|
Counterpartycredit risk RWA
|
Capitalrequirements
|
Counterpartycredit risk RWA
|
Capitalrequirements
|
||||
|
Counterparty credit risk RWA balance, beginning of year
|
19,868
|
1,589
|
23,589
|
1,887
|
||||
|
Book size
|
(1,194)
|
(96)
|
(4,664)
|
(373)
|
||||
|
Book quality
|
(47)
|
(4)
|
1,278
|
102
|
||||
|
Model updates
|
186
|
15
|
0
|
0
|
||||
|
Methodology and policy
|
0
|
0
|
312
|
25
|
||||
|
Acquisition and disposals
|
0
|
0
|
0
|
0
|
||||
|
Foreign exchange movements
|
657
|
53
|
(646)
|
(52)
|
||||
|
Other
|
0
|
0
|
0
|
0
|
||||
|
Counterparty credit risk RWA balance, end of year
|
19,470
|
1,558
|
19,868
|
1,589
|
||||
|
|
110
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2024
|
Dec 31, 2023
|
|||||||
|
in € m.
|
CVA RWA
|
Capitalrequirements
|
CVA RWA
|
Capitalrequirements
|
||||
|
CVA RWA balance, beginning of year
|
5,276
|
422
|
6,184
|
495
|
||||
|
Movement in risk levels
|
(1,205)
|
(96)
|
170
|
14
|
||||
|
Market data changes and recalibrations
|
(640)
|
(51)
|
(656)
|
(52)
|
||||
|
Model updates
|
0
|
0
|
(683)
|
(55)
|
||||
|
Methodology and policy
|
0
|
0
|
261
|
21
|
||||
|
Acquisitions and disposals
|
0
|
0
|
0
|
0
|
||||
|
Foreign exchange movements
|
0
|
0
|
0
|
0
|
||||
|
CVA RWA balance, end of year
|
3,431
|
274
|
5,276
|
422
|
||||
|
Dec 31, 2024
|
||||||||||||
|
in € m.
|
VaR
|
SVaR
|
IRC
|
Other
|
Total RWA
|
Total capitalrequirements
|
||||||
|
Market risk RWA balance, beginning of year
|
3,750
|
7,090
|
7,129
|
3,542
|
21,510
|
1,721
|
||||||
|
Movement in risk levels
|
(307)
|
(513)
|
(860)
|
(194)
|
(1,874)
|
(150)
|
||||||
|
Market data changes and recalibrations
|
(767)
|
(336)
|
0
|
330
|
(773)
|
(62)
|
||||||
|
Model updates/changes
|
29
|
(37)
|
0
|
0
|
(8)
|
(1)
|
||||||
|
Methodology and policy
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||
|
Acquisitions and disposals
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||
|
Foreign exchange movements
|
0
|
0
|
0
|
109
|
109
|
9
|
||||||
|
Other
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||
|
Market risk RWA balance, end of year
|
2,705
|
6,204
|
6,268
|
3,787
|
18,965
|
1,517
|
||||||
|
Dec 31, 2023
|
||||||||||||
|
in € m.
|
VaR
|
SVaR
|
IRC
|
Other
|
Total RWA
|
Total capitalrequirements
|
||||||
|
Market risk RWA balance, beginning of year
|
7,413
|
12,221
|
3,639
|
2,857
|
26,131
|
2,091
|
||||||
|
Movement in risk levels
|
(1,901)
|
(1,724)
|
3,647
|
72
|
95
|
8
|
||||||
|
Market data changes and recalibrations
|
(393)
|
(10)
|
0
|
(53)
|
(456)
|
(36)
|
||||||
|
Model updates/changes
|
77
|
(663)
|
(158)
|
0
|
(745)
|
(60)
|
||||||
|
Methodology and policy
|
(1,446)
|
(2,735)
|
0
|
722
|
(3,459)
|
(277)
|
||||||
|
Acquisitions and disposals
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||
|
Foreign exchange movements
|
0
|
0
|
0
|
(57)
|
(57)
|
(5)
|
||||||
|
Other
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||
|
Market risk RWA balance, end of year
|
3,750
|
7,090
|
7,129
|
3,542
|
21,510
|
1,721
|
||||||
|
|
111
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2024
|
Dec 31, 2023
|
|||||||
|
in € m.
|
Operational riskRWA
|
Capitalrequirements
|
Operational riskRWA
|
Capitalrequirements
|
||||
|
Operational risk RWA balance, beginning of year
|
57,153
|
4,572
|
58,349
|
4,668
|
||||
|
Loss profile changes (internal and external)
|
1,352
|
108
|
(1,577)
|
(126)
|
||||
|
Expected loss development
|
(211)
|
(17)
|
150
|
12
|
||||
|
Forward looking risk component
|
(37)
|
(3)
|
130
|
10
|
||||
|
Model updates
|
(174)
|
(14)
|
0
|
0
|
||||
|
Methodology and policy
|
(23)
|
(2)
|
100
|
8
|
||||
|
Acquisitions and disposals
|
0
|
0
|
0
|
0
|
||||
|
Operational risk RWA balance, end of year
|
58,061
|
4,645
|
57,153
|
4,572
|
||||
|
in € m.(unless stated otherwise)
|
Dec 31, 2024
|
Dec 31, 2023
|
||
|
Components of economic capital supply
|
||||
|
Shareholders' equity
|
65,535
|
64,486
|
||
|
Noncontrolling interests¹
|
957
|
899
|
||
|
AT1 coupons deduction
|
(475)
|
(381)
|
||
|
Gain on sale of securitizations, cash flow hedges
|
(36)
|
(45)
|
||
|
Fair value gains on own debt and debt valuation adjustments, subject to own credit risk
|
131
|
(82)
|
||
|
Additional valuation adjustments
|
(1,680)
|
(1,727)
|
||
|
Intangible assets
|
(3,847)
|
(3,692)
|
||
|
IFRS deferred tax assets excl. temporary differences
|
(4,073)
|
(4,737)
|
||
|
Expected loss shortfall
|
(3,037)
|
(2,386)
|
||
|
Defined benefit pension fund assets
|
(1,174)
|
(947)
|
||
|
Other adjustments
|
(4,182)
|
(3,782)
|
||
|
Economic capital supply
|
48,119
|
47,607
|
||
|
Components of economic capital demand
|
||||
|
Credit risk
|
12,507
|
11,875
|
||
|
Market risk
|
8,667
|
8,328
|
||
|
Operational risk
|
4,645
|
4,572
|
||
|
Strategic risk
|
1,936
|
1,874
|
||
|
Diversification benefit
|
(3,530)
|
(3,385)
|
||
|
Total economic capital demand
|
24,225
|
23,265
|
||
|
Economic capital adequacy ratio
|
199%
|
205%
|
||
|
|
112
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
113
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
in € bn.
|
Dec 31, 2024
|
Dec 31, 2023
|
||
|
Total assets as per published financial statements
|
1,387
|
1,312
|
||
|
Adjustment for entities which are consolidated for accounting purposes but are outside the scope ofregulatory consolidation
|
2
|
2
|
||
|
Adjustments for derivative financial instruments
|
(156)
|
(122)
|
||
|
Adjustment for securities financing transactions (SFTs)
|
4
|
4
|
||
|
Adjustment for off-balance sheet items (i.e. conversion to credit equivalent amounts of off-balancesheet exposures)
|
158
|
127
|
||
|
Other adjustments
|
(79)
|
(83)
|
||
|
Leverage ratio total exposure measure
|
1,316
|
1,240
|
||
|
in € bn.(unless stated otherwise)
|
Dec 31, 2024
|
Dec 31, 2023
|
||
|
Total derivative exposures
|
137
|
131
|
||
|
Total securities financing transaction exposures
|
152
|
99
|
||
|
Total off-balance sheet exposures
|
158
|
127
|
||
|
Other Assets
|
883
|
897
|
||
|
Asset amounts deducted in determining Tier 1 capital
|
(13)
|
(14)
|
||
|
Tier 1 capital
|
60.8
|
56.4
|
||
|
Leverage ratio total exposure measure
|
1,316
|
1,240
|
||
|
Leverage ratio (in %)
|
4.6
|
4.5
|
||
|
|
114
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
115
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
in € m.(unless stated otherwise)
|
Dec 31, 2024
|
Dec 31, 2023
|
||
|
Regulatory capital elements of TLAC/MREL
|
||||
|
Common Equity Tier 1 capital (CET 1)
|
49,457
|
48,066
|
||
|
Additional Tier 1 (AT1) capital instruments eligible under TLAC/MREL
|
11,378
|
8,328
|
||
|
Tier 2 (T2) capital instruments eligible under TLAC/MREL
|
||||
|
Tier 2 (T2) capital instruments before TLAC/MREL adjustments
|
7,676
|
8,610
|
||
|
Tier 2 (T2) capital instruments adjustments for TLAC/MREL
|
628
|
2,478
|
||
|
Tier 2 (T2) capital instruments eligible under TLAC/MREL
|
8,304
|
11,088
|
||
|
Total regulatory capital elements of TLAC/MREL
|
69,139
|
67,483
|
||
|
Other elements of TLAC/MREL
|
||||
|
Senior non-preferred plain vanilla
|
49,352
|
46,624
|
||
|
Holdings of eligible liabilities instruments of other G-SIIs (TLAC only)
|
0
|
0
|
||
|
Total Loss Absorbing Capacity (TLAC)
|
118,491
|
114,106
|
||
|
Add back of holdings of eligible liabilities instruments of other G-SIIs (TLAC only)
|
0
|
0
|
||
|
Available Own Funds and subordinated Eligible Liabilities (subordinated MREL)
|
118,491
|
114,106
|
||
|
Senior preferred plain vanilla
|
8,939
|
5,538
|
||
|
Senior preferred structured
|
6,441
|
3,609
|
||
|
Available Minimum Own Funds and Eligible Liabilities (MREL)
|
133,871
|
123,253
|
||
|
Risk Weighted Assets (RWA)
|
357,427
|
349,742
|
||
|
Leverage Ratio Exposure (LRE)
|
1,315,906
|
1,240,318
|
||
|
TLAC ratio
|
||||
|
TLAC ratio (as percentage of RWA)
|
33.15
|
32.63
|
||
|
TLAC requirement (as percentage of RWA)
|
23.21
|
23.14
|
||
|
TLAC ratio (as percentage of Leverage Exposure)
|
9.00
|
9.20
|
||
|
TLAC requirement (as percentage of Leverage Exposure)
|
6.75
|
6.75
|
||
|
TLAC surplus over RWA requirement
|
35,538
|
33,167
|
||
|
TLAC surplus over LRE requirement
|
29,667
|
30,385
|
||
|
MREL subordination
|
||||
|
MREL subordination ratio (as percentage of RWA)
|
33.15
|
32.63
|
||
|
MREL subordination requirement (as percentage of RWA)
|
24.60
|
24.68
|
||
|
MREL subordination ratio (as percentage of LRE)
|
9.00
|
9.20
|
||
|
MREL subordination requirement (as percentage of LRE)
|
6.95
|
6.92
|
||
|
MREL subordination surplus over RWA requirement
|
30,570
|
27,781
|
||
|
MREL subordination surplus over LRE requirement
|
27,036
|
28,276
|
||
|
MREL ratio
|
||||
|
MREL ratio (as percentage of RWA)
|
37.45
|
35.24
|
||
|
MREL requirement (as percentage of RWA)
|
30.98
|
30.35
|
||
|
MREL ratio (as percentage of LRE)
|
10.17
|
9.94
|
||
|
MREL requirement (as percentage of LRE)
|
6.95
|
6.92
|
||
|
MREL surplus over RWA requirement
|
23,146
|
17,098
|
||
|
MREL surplus over LRE requirement
|
42,415
|
37,424
|
||
|
|
116
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
117
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2024
|
||||||||||||
|
Credit Enhancements
|
||||||||||||
|
in € m.
|
Maximumexposureto credit risk1
|
Subject toimpairment
|
Netting
|
Collateral
|
Guaranteesand Creditderivatives2
|
Total creditenhancements
|
||||||
|
Financial assets at amortized cost3
|
||||||||||||
|
Cash and central bank balances
|
147,511
|
147,511
|
−
|
0
|
−
|
0
|
||||||
|
Interbank balances (w/o central banks)
|
6,169
|
6,169
|
−
|
0
|
0
|
0
|
||||||
|
Central bank funds sold and securities purchased under resale agreements
|
40,802
|
40,802
|
−
|
40,580
|
−
|
40,580
|
||||||
|
Securities borrowed
|
44
|
44
|
−
|
32
|
−
|
32
|
||||||
|
Loans
|
489,579
|
489,579
|
−
|
264,252
|
44,211
|
308,463
|
||||||
|
Other assets subject to credit risk4,5
|
81,985
|
76,702
|
24,750
|
1,668
|
270
|
26,687
|
||||||
|
Total financial assets at amortized cost3
|
766,091
|
760,807
|
24,750
|
306,532
|
44,481
|
375,763
|
||||||
|
Financial assets at fair value through profit or loss6
|
||||||||||||
|
Trading assets
|
134,118
|
−
|
−
|
1,207
|
612
|
1,819
|
||||||
|
Positive market values from derivative financial instruments
|
291,800
|
−
|
229,605
|
45,613
|
115
|
275,333
|
||||||
|
Non-trading financial assets mandatory at fair value through profit or loss
|
113,433
|
−
|
1,638
|
103,339
|
292
|
105,269
|
||||||
|
Of which:
|
||||||||||||
|
Securities purchased under resale agreement
|
88,736
|
−
|
1,638
|
87,091
|
0
|
88,729
|
||||||
|
Securities borrowed
|
15,913
|
−
|
−
|
15,671
|
0
|
15,671
|
||||||
|
Loans
|
1,954
|
−
|
−
|
485
|
272
|
757
|
||||||
|
Financial assets designated at fair value through profit or loss
|
0
|
−
|
−
|
0
|
0
|
0
|
||||||
|
Total financial assets at fair value through profit or loss
|
539,350
|
−
|
231,243
|
150,159
|
1,019
|
382,421
|
||||||
|
Financial assets at fair value through OCI
|
42,090
|
42,090
|
0
|
4,077
|
1,168
|
5,244
|
||||||
|
Of which:
|
||||||||||||
|
Securities purchased under resale agreement
|
2,786
|
2,786
|
−
|
2,455
|
0
|
2,455
|
||||||
|
Securities borrowed
|
0
|
0
|
−
|
0
|
0
|
0
|
||||||
|
Loans
|
5,068
|
5,068
|
−
|
454
|
1,168
|
1,621
|
||||||
|
Total financial assets at fair value through OCI
|
42,090
|
42,090
|
−
|
4,077
|
1,168
|
5,244
|
||||||
|
Financial guarantees and other credit related contingent liabilities7
|
73,468
|
73,467
|
−
|
4,410
|
9,227
|
13,637
|
||||||
|
Revocable and irrevocable lending commitments and other credit related commitments7
|
269,699
|
268,373
|
−
|
21,737
|
8,227
|
29,964
|
||||||
|
Total off-balance sheet
|
343,167
|
341,840
|
−
|
26,147
|
17,455
|
43,602
|
||||||
|
Maximum exposure to credit risk
|
1,690,698
|
1,144,738
|
255,993
|
486,915
|
64,122
|
807,029
|
||||||
|
|
118
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2023
|
||||||||||||
|
Credit Enhancements
|
||||||||||||
|
in € m.
|
Maximumexposureto credit risk1
|
Subject toimpairment
|
Netting
|
Collateral
|
Guaranteesand Creditderivatives2
|
Total creditenhancements
|
||||||
|
Financial assets at amortized cost3
|
||||||||||||
|
Cash and central bank balances
|
178,424
|
178,424
|
−
|
0
|
−
|
0
|
||||||
|
Interbank balances (w/o central banks)
|
6,144
|
6,144
|
−
|
0
|
0
|
0
|
||||||
|
Central bank funds sold and securities purchased under resale agreements
|
14,725
|
14,725
|
−
|
13,761
|
−
|
13,761
|
||||||
|
Securities borrowed
|
39
|
39
|
−
|
33
|
−
|
33
|
||||||
|
Loans
|
484,527
|
484,527
|
−
|
260,047
|
42,191
|
302,239
|
||||||
|
Other assets subject to credit risk4,5
|
82,826
|
77,541
|
24,019
|
914
|
626
|
25,559
|
||||||
|
Total financial assets at amortized cost3
|
766,685
|
761,400
|
24,019
|
274,755
|
42,817
|
341,591
|
||||||
|
Financial assets at fair value through profit or loss6
|
||||||||||||
|
Trading assets
|
122,841
|
−
|
−
|
1,458
|
951
|
2,408
|
||||||
|
Positive market values from derivative financial instruments
|
251,877
|
−
|
195,517
|
40,036
|
30
|
235,583
|
||||||
|
Non-trading financial assets mandatory at fair value through profit or loss
|
87,153
|
−
|
1,931
|
76,894
|
92
|
78,917
|
||||||
|
Of which:
|
||||||||||||
|
Securities purchased under resale agreement
|
65,937
|
−
|
1,931
|
63,877
|
0
|
65,807
|
||||||
|
Securities borrowed
|
13,036
|
−
|
−
|
12,863
|
0
|
12,863
|
||||||
|
Loans
|
812
|
−
|
−
|
89
|
72
|
160
|
||||||
|
Financial assets designated at fair value through profit or loss
|
75
|
−
|
−
|
0
|
0
|
0
|
||||||
|
Total financial assets at fair value through profit or loss
|
461,946
|
−
|
197,447
|
118,388
|
1,072
|
316,908
|
||||||
|
Financial assets at fair value through OCI
|
35,546
|
35,546
|
0
|
2,744
|
988
|
3,732
|
||||||
|
Of which:
|
||||||||||||
|
Securities purchased under resale agreement
|
1,805
|
1,805
|
−
|
1,740
|
0
|
1,740
|
||||||
|
Securities borrowed
|
0
|
0
|
−
|
0
|
0
|
0
|
||||||
|
Loans
|
4,867
|
4,867
|
−
|
16
|
976
|
991
|
||||||
|
Total financial assets at fair value through OCI
|
35,546
|
35,546
|
−
|
2,744
|
988
|
3,732
|
||||||
|
Financial guarantees and other credit related contingent liabilities7
|
65,131
|
64,798
|
−
|
4,127
|
7,136
|
11,263
|
||||||
|
Revocable and irrevocable lending commitments and other credit related commitments7
|
255,409
|
254,016
|
−
|
21,736
|
6,779
|
28,515
|
||||||
|
Total off-balance sheet
|
320,540
|
318,814
|
−
|
25,863
|
13,915
|
39,777
|
||||||
|
Maximum exposure to credit risk
|
1,584,717
|
1,115,760
|
221,466
|
421,750
|
58,792
|
702,008
|
||||||
|
|
119
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2024
|
||||||||||||||
|
Loans
|
Off-balance sheet
|
OTC derivatives
|
||||||||||||
|
in € m.
|
at amortized cost1
|
trading -at fair valuethrough P&L
|
Designated /mandatory atfair valuethrough P&L
|
at fair valuethrough OCI2
|
Revocable andirrevocablelendingcommitments3
|
Contingentliabilities
|
at fair value through P&L4
|
|||||||
|
Corporate Bank
|
116,674
|
212
|
508
|
4,110
|
170,667
|
67,067
|
47
|
|||||||
|
Investment Bank
|
110,077
|
11,068
|
1,443
|
958
|
61,692
|
3,268
|
24,031
|
|||||||
|
Private Bank
|
257,476
|
6
|
0
|
0
|
37,110
|
2,815
|
391
|
|||||||
|
Asset Management
|
1
|
0
|
0
|
0
|
130
|
9
|
0
|
|||||||
|
Corporate & Other
|
5,352
|
93
|
3
|
0
|
100
|
309
|
2,431
|
|||||||
|
Total
|
489,579
|
11,380
|
1,954
|
5,068
|
269,699
|
73,468
|
26,900
|
|||||||
|
Dec 31, 2024
|
||||||||||||||
|
Debt Securities
|
Repo and repo-style transactions7
|
Total
|
||||||||||||
|
in € m.
|
at amortized cost5
|
at fair valuethrough P&L
|
at fair valuethrough OCI6
|
at amortized cost
|
at fair valuethrough P&L
|
at fair valuethrough OCI
|
||||||||
|
Corporate Bank
|
266
|
14
|
0
|
9,033
|
0
|
0
|
368,598
|
|||||||
|
Investment Bank
|
5,369
|
122,813
|
1,268
|
31,813
|
104,248
|
0
|
478,048
|
|||||||
|
Private Bank
|
409
|
1
|
1
|
0
|
0
|
0
|
298,209
|
|||||||
|
Asset Management
|
0
|
4,526
|
82
|
0
|
0
|
0
|
4,748
|
|||||||
|
Corporate & Other
|
15,612
|
390
|
32,885
|
0
|
401
|
2,786
|
60,362
|
|||||||
|
Total
|
21,655
|
127,744
|
34,236
|
40,846
|
104,649
|
2,786
|
1,209,964
|
|||||||
|
|
120
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2023
|
||||||||||||||
|
Loans
|
Off-balance sheet
|
OTC derivatives
|
||||||||||||
|
in € m.
|
at amortized cost1
|
trading -at fair valuethrough P&L
|
Designated /mandatory atfair valuethrough P&L
|
at fair valuethrough OCI2
|
Revocable andirrevocablelendingcommitments3
|
Contingentliabilities
|
at fair value through P&L4
|
|||||||
|
Corporate Bank
|
116,732
|
456
|
303
|
4,393
|
158,490
|
59,781
|
55
|
|||||||
|
Investment Bank
|
100,645
|
7,614
|
582
|
474
|
56,939
|
2,169
|
18,991
|
|||||||
|
Private Bank
|
261,250
|
0
|
0
|
0
|
39,515
|
3,128
|
301
|
|||||||
|
Asset Management
|
3
|
0
|
0
|
0
|
99
|
9
|
0
|
|||||||
|
Corporate & Other
|
5,896
|
165
|
3
|
0
|
365
|
44
|
3,208
|
|||||||
|
Total
|
484,527
|
8,235
|
887
|
4,867
|
255,409
|
65,131
|
22,555
|
|||||||
|
Dec 31, 2023
|
||||||||||||||
|
Debt Securities
|
Repo and repo-style transactions7
|
Total
|
||||||||||||
|
in € m.
|
at amortized cost5
|
at fair valuethrough P&L
|
at fair valuethrough OCI6
|
at amortized cost
|
at fair valuethrough P&L
|
at fair valuethrough OCI
|
||||||||
|
Corporate Bank
|
294
|
19
|
0
|
595
|
0
|
0
|
341,118
|
|||||||
|
Investment Bank
|
4,611
|
114,741
|
1,520
|
14,169
|
74,878
|
0
|
397,333
|
|||||||
|
Private Bank
|
447
|
1
|
1
|
0
|
0
|
0
|
304,644
|
|||||||
|
Asset Management
|
0
|
4,483
|
82
|
0
|
0
|
0
|
4,675
|
|||||||
|
Corporate & Other
|
16,516
|
1,242
|
27,271
|
0
|
4,096
|
1,805
|
60,611
|
|||||||
|
Total
|
21,868
|
120,485
|
28,874
|
14,764
|
78,973
|
1,805
|
1,108,381
|
|||||||
|
|
121
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2024
|
||||||||||||||
|
Loans
|
Off-balance sheet
|
OTC derivatives
|
||||||||||||
|
in € m.
|
at amortizedcost1
|
trading -at fair valuethrough P&L
|
Designated /mandatory atfair valuethrough P&L
|
at fair valuethrough OCI2
|
Revocable andirrevocablelendingcommitments3
|
Contingentliabilities
|
at fair value through P&L4
|
|||||||
|
Agriculture, forestry and fishing
|
336
|
0
|
0
|
0
|
239
|
24
|
1
|
|||||||
|
Mining and quarrying
|
1,885
|
2,392
|
66
|
0
|
5,934
|
1,275
|
145
|
|||||||
|
Manufacturing
|
26,634
|
525
|
5
|
1,195
|
56,933
|
14,331
|
1,205
|
|||||||
|
Electricity, gas, steam and air conditioning supply
|
4,346
|
632
|
0
|
38
|
8,870
|
4,489
|
150
|
|||||||
|
Water supply, sewerage, waste management and remediation activities
|
595
|
0
|
0
|
3
|
1,013
|
264
|
50
|
|||||||
|
Construction
|
4,330
|
244
|
0
|
30
|
3,039
|
3,244
|
13
|
|||||||
|
Wholesale and retail trade, repair of motor vehicles and motorcycles
|
21,405
|
165
|
103
|
809
|
18,290
|
6,339
|
180
|
|||||||
|
Transport and storage
|
4,766
|
416
|
63
|
103
|
5,373
|
1,201
|
164
|
|||||||
|
Accommodation and food service activities
|
2,665
|
64
|
0
|
19
|
1,314
|
150
|
2
|
|||||||
|
Information and communication
|
8,930
|
757
|
16
|
237
|
16,501
|
3,014
|
384
|
|||||||
|
Financial and insurance activities⁸
|
126,640
|
3,944
|
1,177
|
1,589
|
95,492
|
34,889
|
22,093
|
|||||||
|
Real estate activities⁹
|
49,859
|
1,005
|
136
|
535
|
7,868
|
399
|
326
|
|||||||
|
Professional, scientific and technical activities
|
6,276
|
133
|
0
|
214
|
5,754
|
2,129
|
161
|
|||||||
|
Administrative and support service activities
|
8,921
|
319
|
95
|
161
|
5,025
|
493
|
138
|
|||||||
|
Public administration and defense, compulsory social security
|
5,740
|
458
|
14
|
24
|
7,438
|
120
|
286
|
|||||||
|
Education
|
295
|
17
|
0
|
0
|
99
|
55
|
55
|
|||||||
|
Human health services and social work activities
|
4,130
|
29
|
0
|
12
|
1,850
|
91
|
46
|
|||||||
|
Arts, entertainment and recreation
|
820
|
4
|
0
|
15
|
1,166
|
83
|
17
|
|||||||
|
Other service activities
|
6,719
|
260
|
280
|
81
|
7,013
|
628
|
1,305
|
|||||||
|
Activities of households as employers, undifferentiated goods- and services-producing activities of households for own use
|
204,282
|
0
|
0
|
0
|
20,488
|
246
|
174
|
|||||||
|
Activities of extraterritorial organizations and bodies
|
5
|
17
|
0
|
0
|
1
|
3
|
4
|
|||||||
|
Total
|
489,579
|
11,380
|
1,954
|
5,068
|
269,699
|
73,468
|
26,900
|
|||||||
|
|
122
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2024
|
||||||||||||||
|
Debt Securities
|
Repo and repo-style transactions7
|
Total
|
||||||||||||
|
in € m.
|
at amortized cost5
|
at fair valuethrough P&L
|
at fair valuethrough OCI6
|
at amortized cost
|
at fair valuethrough P&L
|
at fair valuethrough OCI
|
||||||||
|
Agriculture, forestry and fishing
|
0
|
2
|
0
|
0
|
0
|
0
|
602
|
|||||||
|
Mining and quarrying
|
41
|
553
|
2
|
0
|
0
|
0
|
12,293
|
|||||||
|
Manufacturing
|
23
|
1,389
|
50
|
43
|
42
|
0
|
102,375
|
|||||||
|
Electricity, gas, steam and air conditioning supply
|
71
|
915
|
28
|
0
|
0
|
0
|
19,541
|
|||||||
|
Water supply, sewerage, waste management and remediation activities
|
0
|
143
|
1
|
0
|
0
|
0
|
2,070
|
|||||||
|
Construction
|
264
|
344
|
285
|
0
|
0
|
0
|
11,793
|
|||||||
|
Wholesale and retail trade, repair of motor vehicles and motorcycles
|
0
|
612
|
3
|
0
|
0
|
0
|
47,904
|
|||||||
|
Transport and storage
|
159
|
461
|
3
|
0
|
0
|
0
|
12,710
|
|||||||
|
Accommodation and food service activities
|
5
|
90
|
1
|
0
|
0
|
0
|
4,311
|
|||||||
|
Information and communication
|
31
|
1,048
|
0
|
0
|
0
|
0
|
30,918
|
|||||||
|
Financial and insurance activities⁸
|
5,379
|
29,863
|
5,671
|
40,437
|
104,150
|
2,786
|
474,109
|
|||||||
|
Real estate activities⁹
|
198
|
1,277
|
181
|
324
|
7
|
0
|
62,114
|
|||||||
|
Professional, scientific and technical activities
|
48
|
256
|
105
|
0
|
0
|
0
|
15,075
|
|||||||
|
Administrative and support service activities
|
19
|
471
|
4
|
0
|
16
|
0
|
15,661
|
|||||||
|
Public administration and defense, compulsory social security
|
14,160
|
83,873
|
27,354
|
0
|
110
|
0
|
139,577
|
|||||||
|
Education
|
0
|
262
|
14
|
0
|
0
|
0
|
797
|
|||||||
|
Human health services and social work activities
|
103
|
289
|
0
|
0
|
1
|
0
|
6,550
|
|||||||
|
Arts, entertainment and recreation
|
0
|
19
|
0
|
0
|
0
|
0
|
2,124
|
|||||||
|
Other service activities
|
450
|
3,514
|
13
|
42
|
207
|
0
|
20,514
|
|||||||
|
Activities of households as employers, undifferentiated goods- and services-producing activities of households for own use
|
0
|
0
|
0
|
0
|
0
|
0
|
225,190
|
|||||||
|
Activities of extraterritorial organizations and bodies
|
704
|
2,362
|
522
|
0
|
117
|
0
|
3,735
|
|||||||
|
Total
|
21,655
|
127,744
|
34,236
|
40,846
|
104,649
|
2,786
|
1,209,964
|
|||||||
|
|
123
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2023
|
||||||||||||||
|
Loans
|
Off-balance sheet
|
OTC derivatives
|
||||||||||||
|
in € m.
|
at amortized cost1
|
trading -at fair valuethrough P&L
|
Designated /mandatory atfair valuethrough P&L
|
at fair valuethrough OCI2
|
Revocable andirrevocablelendingcommitments3
|
Contingentliabilities
|
at fair value through P&L4
|
|||||||
|
Agriculture, forestry and fishing
|
384
|
2
|
0
|
0
|
224
|
32
|
1
|
|||||||
|
Mining and quarrying
|
2,774
|
230
|
126
|
0
|
4,893
|
1,409
|
47
|
|||||||
|
Manufacturing
|
28,397
|
285
|
5
|
1,877
|
53,572
|
13,809
|
1,303
|
|||||||
|
Electricity, gas, steam and air conditioning supply
|
4,081
|
307
|
75
|
272
|
6,475
|
2,967
|
142
|
|||||||
|
Water supply, sewerage, waste management and remediation activities
|
486
|
0
|
0
|
0
|
523
|
148
|
38
|
|||||||
|
Construction
|
4,257
|
217
|
1
|
20
|
2,965
|
3,060
|
7
|
|||||||
|
Wholesale and retail trade, repair of motor vehicles and motorcycles
|
21,030
|
233
|
79
|
784
|
16,540
|
6,247
|
599
|
|||||||
|
Transport and storage
|
4,924
|
616
|
13
|
63
|
6,088
|
1,108
|
173
|
|||||||
|
Accommodation and food service activities
|
1,862
|
3
|
0
|
0
|
1,015
|
138
|
10
|
|||||||
|
Information and communication
|
7,589
|
372
|
21
|
100
|
13,244
|
3,209
|
289
|
|||||||
|
Financial and insurance activities⁸
|
110,901
|
3,840
|
276
|
1,281
|
90,138
|
28,491
|
18,176
|
|||||||
|
Real estate activities⁹
|
49,267
|
1,302
|
103
|
122
|
7,061
|
183
|
304
|
|||||||
|
Professional, scientific and technical activities
|
6,889
|
68
|
0
|
0
|
6,190
|
2,213
|
172
|
|||||||
|
Administrative and support service activities
|
8,911
|
148
|
169
|
157
|
5,007
|
577
|
486
|
|||||||
|
Public administration and defense, compulsory social security
|
5,731
|
364
|
10
|
27
|
6,759
|
123
|
303
|
|||||||
|
Education
|
279
|
2
|
0
|
0
|
72
|
55
|
68
|
|||||||
|
Human health services and social work activities
|
4,390
|
42
|
0
|
0
|
1,725
|
127
|
53
|
|||||||
|
Arts, entertainment and recreation
|
1,017
|
22
|
0
|
33
|
1,402
|
102
|
49
|
|||||||
|
Other service activities
|
5,302
|
183
|
10
|
130
|
4,534
|
850
|
165
|
|||||||
|
Activities of households as employers, undifferentiated goods- and services-producing activities of households for own use
|
216,055
|
0
|
0
|
1
|
26,981
|
282
|
140
|
|||||||
|
Activities of extraterritorial organizations and bodies
|
0
|
0
|
0
|
0
|
0
|
2
|
29
|
|||||||
|
Total
|
484,527
|
8,235
|
887
|
4,867
|
255,409
|
65,131
|
22,555
|
|||||||
|
|
124
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2023
|
||||||||||||||
|
Debt Securities
|
Repo and repo-style transactions7
|
Total
|
||||||||||||
|
in € m.
|
at amortized cost5
|
at fair valuethrough P&L
|
at fair valuethrough OCI6
|
at amortized cost
|
at fair valuethrough P&L
|
at fair valuethrough OCI
|
||||||||
|
Agriculture, forestry and fishing
|
0
|
0
|
0
|
0
|
0
|
0
|
643
|
|||||||
|
Mining and quarrying
|
46
|
486
|
2
|
0
|
0
|
0
|
10,012
|
|||||||
|
Manufacturing
|
0
|
1,481
|
54
|
0
|
0
|
0
|
100,783
|
|||||||
|
Electricity, gas, steam and air conditioning supply
|
175
|
776
|
20
|
0
|
0
|
0
|
15,289
|
|||||||
|
Water supply, sewerage, waste management and remediation activities
|
29
|
26
|
0
|
0
|
0
|
0
|
1,250
|
|||||||
|
Construction
|
130
|
387
|
133
|
0
|
0
|
0
|
11,177
|
|||||||
|
Wholesale and retail trade, repair of motor vehicles and motorcycles
|
0
|
458
|
2
|
0
|
0
|
0
|
45,973
|
|||||||
|
Transport and storage
|
66
|
481
|
15
|
0
|
0
|
0
|
13,548
|
|||||||
|
Accommodation and food service activities
|
5
|
90
|
0
|
0
|
0
|
0
|
3,124
|
|||||||
|
Information and communication
|
95
|
531
|
0
|
0
|
0
|
0
|
25,449
|
|||||||
|
Financial and insurance activities⁸
|
4,639
|
25,416
|
4,789
|
14,695
|
76,785
|
1,805
|
381,232
|
|||||||
|
Real estate activities⁹
|
227
|
1,159
|
546
|
69
|
0
|
0
|
60,343
|
|||||||
|
Professional, scientific and technical activities
|
49
|
151
|
111
|
0
|
0
|
0
|
15,843
|
|||||||
|
Administrative and support service activities
|
51
|
436
|
8
|
0
|
0
|
0
|
15,950
|
|||||||
|
Public administration and defense, compulsory social security
|
15,907
|
83,791
|
22,725
|
0
|
2,154
|
0
|
137,893
|
|||||||
|
Education
|
0
|
160
|
9
|
0
|
0
|
0
|
645
|
|||||||
|
Human health services and social work activities
|
99
|
95
|
11
|
0
|
0
|
0
|
6,543
|
|||||||
|
Arts, entertainment and recreation
|
0
|
58
|
0
|
0
|
0
|
0
|
2,683
|
|||||||
|
Other service activities
|
146
|
3,028
|
151
|
0
|
34
|
0
|
14,531
|
|||||||
|
Activities of households as employers, undifferentiated goods- and services-producing activities of households for own use
|
0
|
0
|
0
|
0
|
0
|
0
|
243,459
|
|||||||
|
Activities of extraterritorial organizations and bodies
|
205
|
1,476
|
298
|
0
|
0
|
0
|
2,010
|
|||||||
|
Total
|
21,868
|
120,485
|
28,874
|
14,764
|
78,973
|
1,805
|
1,108,381
|
|||||||
|
|
125
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
126
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2024
|
||||||||||||||
|
Loans
|
Off-balance sheet
|
OTC derivatives
|
||||||||||||
|
in € m.
|
at amortized cost1
|
trading -at fair valuethrough P&L
|
Designated /mandatory atfair valuethrough P&L
|
at fair valuethrough OCI2
|
Revocableand irrevo-cable lendingcommitments3
|
Contingentliabilities
|
at fair value through P&L4
|
|||||||
|
Europe
|
331,232
|
3,420
|
702
|
1,843
|
146,860
|
42,033
|
15,611
|
|||||||
|
Of which:
|
||||||||||||||
|
Germany
|
220,959
|
304
|
353
|
512
|
72,341
|
15,761
|
4,393
|
|||||||
|
United Kingdom
|
11,044
|
365
|
23
|
163
|
12,589
|
4,418
|
3,594
|
|||||||
|
France
|
4,319
|
69
|
39
|
33
|
6,967
|
2,111
|
746
|
|||||||
|
Luxembourg
|
17,119
|
944
|
14
|
131
|
8,737
|
546
|
1,780
|
|||||||
|
Italy
|
23,190
|
229
|
24
|
69
|
4,424
|
5,302
|
266
|
|||||||
|
Netherlands
|
9,593
|
265
|
4
|
332
|
9,452
|
2,964
|
1,460
|
|||||||
|
Spain
|
15,580
|
109
|
40
|
123
|
3,833
|
4,633
|
169
|
|||||||
|
Ireland
|
6,483
|
271
|
195
|
61
|
5,057
|
295
|
568
|
|||||||
|
Switzerland
|
6,050
|
19
|
0
|
196
|
8,562
|
2,548
|
434
|
|||||||
|
Poland
|
2,890
|
0
|
0
|
15
|
2,358
|
181
|
5
|
|||||||
|
Belgium
|
1,991
|
33
|
0
|
80
|
1,685
|
1,582
|
181
|
|||||||
|
Russian Federation⁸
|
102
|
0
|
0
|
12
|
1
|
21
|
0
|
|||||||
|
Ukraine⁸
|
98
|
1729
|
0
|
0
|
0
|
5
|
0
|
|||||||
|
Other Europe⁸
|
11,813
|
639
|
10
|
116
|
10,855
|
1,665
|
2,016
|
|||||||
|
North America
|
108,465
|
3,262
|
931
|
2,324
|
110,332
|
14,856
|
5,890
|
|||||||
|
Of which:
|
||||||||||||||
|
U.S.
|
95,186
|
2,986
|
507
|
2,095
|
102,989
|
13,462
|
4,923
|
|||||||
|
Cayman Islands
|
5,969
|
151
|
319
|
87
|
2,770
|
660
|
515
|
|||||||
|
Canada
|
1,491
|
121
|
33
|
118
|
2,584
|
223
|
202
|
|||||||
|
Other North America
|
5,819
|
4
|
72
|
24
|
1,989
|
511
|
250
|
|||||||
|
Asia/Pacific
|
40,066
|
1,433
|
309
|
611
|
9,941
|
15,232
|
5,156
|
|||||||
|
Of which:
|
||||||||||||||
|
Japan
|
1,744
|
151
|
42
|
77
|
532
|
645
|
598
|
|||||||
|
Australia
|
3,404
|
238
|
0
|
9
|
2,918
|
1,371
|
512
|
|||||||
|
India
|
9,001
|
24
|
25
|
0
|
1,405
|
3,789
|
104
|
|||||||
|
China
|
4,245
|
4
|
95
|
24
|
443
|
1,852
|
755
|
|||||||
|
Singapore
|
5,146
|
95
|
17
|
129
|
1,136
|
2,128
|
291
|
|||||||
|
Hong Kong
|
3,062
|
90
|
0
|
87
|
723
|
366
|
229
|
|||||||
|
Other Asia/Pacific
|
13,466
|
831
|
130
|
285
|
2,783
|
5,082
|
2,666
|
|||||||
|
Other geographical areas
|
9,816
|
3,265
|
11
|
289
|
2,567
|
1,348
|
244
|
|||||||
|
Total
|
489,579
|
11,380
|
1,954
|
5,068
|
269,699
|
73,468
|
26,900
|
|||||||
|
|
127
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2024
|
||||||||||||||
|
Debt Securities
|
Repo and repo-style transactions7
|
Total
|
||||||||||||
|
in € m.
|
at amortized cost5
|
at fair valuethrough P&L
|
at fair valuethrough OCI6
|
at amortized cost
|
at fair valuethrough P&L
|
at fair valuethrough OCI
|
||||||||
|
Europe
|
10,425
|
57,024
|
15,388
|
27,957
|
34,516
|
283
|
687,293
|
|||||||
|
Of which:
|
||||||||||||||
|
Germany
|
321
|
7,899
|
1,887
|
2,033
|
855
|
0
|
327,619
|
|||||||
|
United Kingdom
|
503
|
12,141
|
1,983
|
12,407
|
14,163
|
0
|
73,393
|
|||||||
|
France
|
1,511
|
7,855
|
3,888
|
4,077
|
8,058
|
0
|
39,672
|
|||||||
|
Luxembourg
|
0
|
2,699
|
472
|
127
|
3,615
|
0
|
36,184
|
|||||||
|
Italy
|
4,914
|
8,038
|
985
|
4,144
|
1,425
|
0
|
53,011
|
|||||||
|
Netherlands
|
87
|
2,014
|
33
|
0
|
71
|
0
|
26,276
|
|||||||
|
Spain
|
1,489
|
4,096
|
359
|
1,388
|
33
|
0
|
31,853
|
|||||||
|
Ireland
|
1,326
|
1,695
|
8
|
29
|
1,065
|
0
|
17,053
|
|||||||
|
Switzerland
|
0
|
1,657
|
1
|
2,658
|
280
|
0
|
22,404
|
|||||||
|
Poland
|
0
|
262
|
3,554
|
0
|
84
|
0
|
9,349
|
|||||||
|
Belgium
|
0
|
4,197
|
1,572
|
0
|
5
|
0
|
11,325
|
|||||||
|
Russian Federation⁸
|
0
|
3
|
0
|
0
|
0
|
0
|
138
|
|||||||
|
Ukraine⁸
|
0
|
165
|
13
|
0
|
0
|
0
|
454
|
|||||||
|
Other Europe⁸
|
273
|
4,304
|
634
|
1,094
|
4,861
|
283
|
38,562
|
|||||||
|
North America
|
7,227
|
34,972
|
12,695
|
8,205
|
52,388
|
0
|
361,546
|
|||||||
|
Of which:
|
||||||||||||||
|
U.S.
|
6,854
|
33,637
|
12,499
|
4,991
|
39,389
|
0
|
319,517
|
|||||||
|
Cayman Islands
|
373
|
370
|
0
|
3,032
|
9,388
|
0
|
23,634
|
|||||||
|
Canada
|
0
|
872
|
195
|
0
|
3,575
|
0
|
9,415
|
|||||||
|
Other North America
|
0
|
93
|
0
|
182
|
36
|
0
|
8,979
|
|||||||
|
Asia/Pacific
|
3,844
|
28,246
|
5,995
|
3,839
|
17,524
|
1,006
|
133,202
|
|||||||
|
Of which:
|
||||||||||||||
|
Japan
|
6
|
2,985
|
964
|
178
|
8,815
|
0
|
16,736
|
|||||||
|
Australia
|
2,526
|
2,374
|
311
|
212
|
2,720
|
0
|
16,596
|
|||||||
|
India
|
658
|
6,630
|
75
|
0
|
0
|
681
|
22,391
|
|||||||
|
China
|
0
|
4,400
|
274
|
0
|
952
|
0
|
13,042
|
|||||||
|
Singapore
|
61
|
946
|
738
|
0
|
711
|
0
|
11,397
|
|||||||
|
Hong Kong
|
9
|
559
|
553
|
0
|
329
|
0
|
6,007
|
|||||||
|
Other Asia/Pacific
|
584
|
10,353
|
3,081
|
3,449
|
3,997
|
326
|
47,032
|
|||||||
|
Other geographical areas
|
160
|
7,501
|
158
|
845
|
222
|
1,497
|
27,923
|
|||||||
|
Total
|
21,655
|
127,744
|
34,236
|
40,846
|
104,649
|
2,786
|
1,209,964
|
|||||||
|
|
128
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2023
|
||||||||||||||
|
Loans
|
Off-balance sheet
|
OTC derivatives
|
||||||||||||
|
in € m.
|
at amortized cost1
|
trading -at fair valuethrough P&L
|
Designated /mandatory atfair valuethrough P&L
|
at fair valuethrough OCI2
|
Revocableand irrevo-cable lendingcommitments3
|
Contingentliabilities
|
at fair value through P&L4
|
|||||||
|
Europe
|
338,507
|
2,906
|
516
|
1,698
|
148,778
|
39,716
|
14,814
|
|||||||
|
Of which:
|
||||||||||||||
|
Germany
|
231,287
|
321
|
70
|
409
|
76,810
|
16,532
|
4,146
|
|||||||
|
United Kingdom
|
8,323
|
239
|
97
|
252
|
13,175
|
3,102
|
4,834
|
|||||||
|
France
|
4,587
|
76
|
75
|
317
|
7,868
|
1,876
|
694
|
|||||||
|
Luxembourg
|
18,056
|
612
|
23
|
142
|
8,493
|
641
|
970
|
|||||||
|
Italy
|
23,490
|
138
|
32
|
16
|
4,842
|
5,021
|
219
|
|||||||
|
Netherlands
|
8,996
|
248
|
8
|
252
|
9,279
|
2,863
|
1,463
|
|||||||
|
Spain
|
16,073
|
230
|
24
|
91
|
3,738
|
4,330
|
219
|
|||||||
|
Ireland
|
5,273
|
331
|
184
|
87
|
4,237
|
351
|
542
|
|||||||
|
Switzerland
|
6,827
|
37
|
1
|
0
|
8,206
|
2,558
|
355
|
|||||||
|
Poland
|
2,617
|
0
|
0
|
16
|
2,569
|
176
|
6
|
|||||||
|
Belgium
|
1,742
|
23
|
0
|
58
|
1,551
|
623
|
144
|
|||||||
|
Russian Federation⁸
|
243
|
6
|
0
|
7
|
26
|
21
|
0
|
|||||||
|
Ukraine⁸
|
8
|
2089
|
0
|
0
|
3
|
5
|
0
|
|||||||
|
Other Europe⁸
|
10,984
|
435
|
2
|
50
|
7,981
|
1,617
|
1,222
|
|||||||
|
North America
|
101,306
|
2,325
|
238
|
2,378
|
95,768
|
12,172
|
4,745
|
|||||||
|
Of which:
|
||||||||||||||
|
U.S.
|
89,570
|
2,202
|
178
|
2,247
|
89,460
|
10,754
|
3,269
|
|||||||
|
Cayman Islands
|
4,985
|
50
|
0
|
0
|
2,383
|
787
|
963
|
|||||||
|
Canada
|
1,396
|
49
|
3
|
106
|
2,048
|
226
|
324
|
|||||||
|
Other North America
|
5,356
|
24
|
56
|
24
|
1,877
|
405
|
188
|
|||||||
|
Asia/Pacific
|
35,807
|
1,746
|
123
|
597
|
9,031
|
12,093
|
2,745
|
|||||||
|
Of which:
|
||||||||||||||
|
Japan
|
1,404
|
328
|
34
|
10
|
481
|
451
|
459
|
|||||||
|
Australia
|
3,203
|
250
|
0
|
0
|
2,652
|
830
|
153
|
|||||||
|
India
|
7,576
|
78
|
88
|
23
|
921
|
3,774
|
53
|
|||||||
|
China
|
4,254
|
1
|
0
|
22
|
413
|
1,442
|
762
|
|||||||
|
Singapore
|
3,789
|
362
|
0
|
189
|
1,558
|
1,357
|
157
|
|||||||
|
Hong Kong
|
2,259
|
64
|
0
|
82
|
836
|
607
|
242
|
|||||||
|
Other Asia/Pacific
|
13,323
|
662
|
1
|
271
|
2,170
|
3,632
|
919
|
|||||||
|
Other geographical areas
|
8,906
|
1,259
|
10
|
193
|
1,831
|
1,151
|
252
|
|||||||
|
Total
|
484,527
|
8,235
|
887
|
4,867
|
255,409
|
65,131
|
22,555
|
|||||||
|
|
129
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2023
|
||||||||||||||
|
Debt Securities
|
Repo and repo-style transactions7
|
Total
|
||||||||||||
|
in € m.
|
at amortized cost5
|
at fair valuethrough P&L
|
at fair valuethrough OCI6
|
at amortized cost
|
at fair valuethrough P&L
|
at fair valuethrough OCI
|
||||||||
|
Europe
|
9,682
|
52,205
|
12,884
|
6,021
|
17,184
|
395
|
645,306
|
|||||||
|
Of which:
|
||||||||||||||
|
Germany
|
830
|
10,114
|
1,388
|
348
|
1,351
|
0
|
343,606
|
|||||||
|
United Kingdom
|
240
|
10,475
|
1,504
|
461
|
3,773
|
0
|
46,476
|
|||||||
|
France
|
0
|
7,756
|
2,901
|
657
|
5,100
|
0
|
31,906
|
|||||||
|
Luxembourg
|
0
|
2,180
|
537
|
9
|
206
|
0
|
31,870
|
|||||||
|
Italy
|
4,890
|
7,953
|
1,030
|
2,251
|
1,688
|
0
|
51,571
|
|||||||
|
Netherlands
|
0
|
2,289
|
27
|
0
|
99
|
0
|
25,526
|
|||||||
|
Spain
|
1,487
|
3,144
|
358
|
1,587
|
35
|
0
|
31,318
|
|||||||
|
Ireland
|
1,563
|
1,269
|
7
|
0
|
960
|
0
|
14,804
|
|||||||
|
Switzerland
|
0
|
1,289
|
1
|
0
|
225
|
0
|
19,499
|
|||||||
|
Poland
|
0
|
473
|
2,899
|
0
|
98
|
0
|
8,852
|
|||||||
|
Belgium
|
0
|
1,759
|
1,606
|
0
|
11
|
0
|
7,517
|
|||||||
|
Russian Federation⁸
|
0
|
31
|
0
|
0
|
0
|
0
|
333
|
|||||||
|
Ukraine⁸
|
0
|
73
|
7
|
0
|
0
|
0
|
305
|
|||||||
|
Other Europe⁸
|
672
|
3,401
|
619
|
707
|
3,638
|
395
|
31,724
|
|||||||
|
North America
|
9,433
|
32,184
|
11,503
|
5,855
|
47,782
|
0
|
325,688
|
|||||||
|
Of which:
|
||||||||||||||
|
U.S.
|
9,415
|
31,042
|
11,320
|
2,979
|
14,357
|
0
|
266,793
|
|||||||
|
Cayman Islands
|
0
|
495
|
0
|
2,876
|
33,284
|
0
|
45,823
|
|||||||
|
Canada
|
0
|
546
|
183
|
0
|
54
|
0
|
4,936
|
|||||||
|
Other North America
|
18
|
101
|
0
|
0
|
88
|
0
|
8,137
|
|||||||
|
Asia/Pacific
|
2,428
|
31,297
|
4,295
|
2,620
|
13,860
|
858
|
117,499
|
|||||||
|
Of which:
|
||||||||||||||
|
Japan
|
22
|
3,017
|
485
|
431
|
8,818
|
0
|
15,941
|
|||||||
|
Australia
|
1,725
|
2,387
|
315
|
0
|
284
|
0
|
11,800
|
|||||||
|
India
|
414
|
5,858
|
62
|
0
|
0
|
279
|
19,126
|
|||||||
|
China
|
0
|
7,977
|
98
|
0
|
1,365
|
0
|
16,334
|
|||||||
|
Singapore
|
0
|
1,396
|
665
|
0
|
683
|
0
|
10,156
|
|||||||
|
Hong Kong
|
9
|
738
|
463
|
0
|
124
|
0
|
5,424
|
|||||||
|
Other Asia/Pacific
|
258
|
9,922
|
2,206
|
2,189
|
2,587
|
579
|
38,718
|
|||||||
|
Other geographical areas
|
325
|
4,799
|
191
|
268
|
148
|
552
|
19,887
|
|||||||
|
Total
|
21,868
|
120,485
|
28,874
|
14,764
|
78,973
|
1,805
|
1,108,381
|
|||||||
|
|
130
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2024
|
||||||||||||||||
|
in € m.(unless stated otherwise)
|
Loans
|
Off-balance sheet
|
OTC derivatives
|
|||||||||||||
|
Ratingband
|
Probabilityof default in %1
|
at amortized cost
|
trading -at fair valuethrough P&L
|
Designated /mandatory atfair valuethrough P&L
|
at fair valuethrough OCI
|
Revocableand irrevo-cable lendingcommitments
|
Contingentliabilities
|
at fair value through P&L2
|
||||||||
|
iAAA–iAA
|
> 0.00 ≤ 0.04
|
18,371
|
177
|
84
|
209
|
28,227
|
6,007
|
10,133
|
||||||||
|
iA
|
> 0.04 ≤ 0.11
|
47,908
|
60
|
542
|
1,167
|
69,746
|
32,937
|
7,441
|
||||||||
|
iBBB
|
> 0.11 ≤ 0.5
|
66,741
|
3,207
|
131
|
2,537
|
88,790
|
22,201
|
4,101
|
||||||||
|
iBB
|
> 0.5 ≤ 2.27
|
64,486
|
4,983
|
561
|
1,080
|
34,521
|
6,015
|
2,202
|
||||||||
|
iB
|
> 2.27 ≤ 10.22
|
21,094
|
713
|
399
|
10
|
8,865
|
2,244
|
104
|
||||||||
|
iCCC and below
|
> 10.22 ≤ 100
|
8,153
|
2,141
|
235
|
65
|
2,210
|
931
|
97
|
||||||||
|
Total
|
226,751
|
11,280
|
1,951
|
5,068
|
232,359
|
70,335
|
24,077
|
|||||||||
|
Dec 31, 2024
|
||||||||||||||||
|
in € m.(unless stated otherwise)
|
Debt Securities
|
Repo and repo-style transactions
|
||||||||||||||
|
Ratingband
|
Probabilityof default in %1
|
at amortized cost
|
at fair valuethrough P&L
|
at fair valuethrough OCI
|
at amortized cost
|
at fair valuethrough P&L
|
at fair valuethrough OCI
|
Total
|
||||||||
|
iAAA–iAA
|
> 0.00 ≤ 0.04
|
694
|
64,329
|
192
|
17,775
|
39,458
|
−
|
185,657
|
||||||||
|
iA
|
> 0.04 ≤ 0.11
|
2,469
|
14,985
|
46
|
7,374
|
8,817
|
−
|
193,491
|
||||||||
|
iBBB
|
> 0.11 ≤ 0.5
|
1,021
|
19,851
|
149
|
7,506
|
13,055
|
−
|
229,290
|
||||||||
|
iBB
|
> 0.5 ≤ 2.27
|
1,319
|
22,194
|
431
|
7,390
|
41,123
|
−
|
186,303
|
||||||||
|
iB
|
> 2.27 ≤ 10.22
|
90
|
643
|
402
|
686
|
1,795
|
−
|
37,044
|
||||||||
|
iCCC and below
|
> 10.22 ≤ 100
|
42
|
825
|
47
|
115
|
0
|
−
|
14,862
|
||||||||
|
Total
|
5,635
|
122,827
|
1,268
|
40,846
|
104,248
|
−
|
846,646
|
|||||||||
|
Dec 31, 2024¹
|
||||||||||||||||
|
in € m.(unless stated otherwise)
|
Loans
|
Off-balance sheet
|
OTC derivatives
|
|||||||||||||
|
Ratingband
|
Probabilityof default in %2
|
at amortized cost
|
trading -at fair valuethrough P&L
|
Designated /mandatory atfair valuethrough P&L
|
at fair valuethrough OCI
|
Revocableand irrevo-cable lendingcommitments
|
Contingentliabilities
|
at fair valuethrough P&L
|
||||||||
|
iAAA–iAA
|
> 0.00 ≤ 0.04
|
10,671
|
99
|
84
|
64
|
26,953
|
5,128
|
4,893
|
||||||||
|
iA
|
> 0.04 ≤ 0.11
|
36,198
|
60
|
392
|
953
|
67,092
|
29,677
|
4,141
|
||||||||
|
iBBB
|
> 0.11 ≤ 0.5
|
30,736
|
2,869
|
56
|
1,836
|
82,049
|
17,106
|
2,948
|
||||||||
|
iBB
|
> 0.5 ≤ 2.27
|
27,152
|
4,122
|
480
|
520
|
30,381
|
4,366
|
1,889
|
||||||||
|
iB
|
> 2.27 ≤ 10.22
|
6,049
|
503
|
189
|
10
|
8,258
|
1,290
|
103
|
||||||||
|
iCCC and below
|
> 10.22 ≤ 100
|
4,285
|
1,570
|
57
|
55
|
2,127
|
348
|
96
|
||||||||
|
Total
|
115,091
|
9,223
|
1,258
|
3,438
|
216,860
|
57,915
|
14,069
|
|||||||||
|
|
131
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2024¹
|
||||||||||||||||
|
in € m.(unless stated otherwise)
|
Debt Securities
|
Repo and repo-style transactions
|
||||||||||||||
|
Ratingband
|
Probabilityof default in %2
|
at amortized cost
|
at fair valuethrough P&L
|
at fair valuethrough OCI
|
at amortized cost
|
at fair valuethrough P&L
|
at fair valuethrough OCI
|
Total
|
||||||||
|
iAAA–iAA
|
> 0.00 ≤ 0.04
|
694
|
64,254
|
192
|
7
|
261
|
−
|
113,301
|
||||||||
|
iA
|
> 0.04 ≤ 0.11
|
2,469
|
14,985
|
46
|
106
|
13
|
−
|
156,131
|
||||||||
|
iBBB
|
> 0.11 ≤ 0.5
|
562
|
19,756
|
136
|
6
|
35
|
−
|
158,096
|
||||||||
|
iBB
|
> 0.5 ≤ 2.27
|
860
|
21,684
|
334
|
0
|
1,087
|
−
|
92,874
|
||||||||
|
iB
|
> 2.27 ≤ 10.22
|
20
|
537
|
362
|
0
|
0
|
−
|
17,321
|
||||||||
|
iCCC and below
|
> 10.22 ≤ 100
|
42
|
711
|
47
|
0
|
0
|
−
|
9,338
|
||||||||
|
Total
|
4,647
|
121,927
|
1,117
|
119
|
1,396
|
−
|
547,060
|
|||||||||
|
Dec 31, 2023
|
||||||||||||||||
|
in € m.(unless stated otherwise)
|
Loans
|
Off-balance sheet
|
OTC derivatives
|
|||||||||||||
|
Ratingband
|
Probabilityof default in %1
|
at amortized cost
|
trading -at fair valuethrough P&L
|
Designated /mandatory atfair valuethrough P&L
|
at fair valuethrough OCI
|
Revocableand irrevo-cable lendingcommitments
|
Contingentliabilities
|
at fair value through P&L2
|
||||||||
|
iAAA–iAA
|
> 0.00 ≤ 0.04
|
21,676
|
149
|
14
|
188
|
24,401
|
4,461
|
7,389
|
||||||||
|
iA
|
> 0.04 ≤ 0.11
|
38,612
|
344
|
167
|
663
|
65,969
|
29,510
|
5,409
|
||||||||
|
iBBB
|
> 0.11 ≤ 0.5
|
72,532
|
922
|
307
|
3,546
|
84,267
|
19,602
|
3,807
|
||||||||
|
iBB
|
> 0.5 ≤ 2.27
|
54,351
|
3,566
|
50
|
369
|
29,111
|
5,248
|
1,978
|
||||||||
|
iB
|
> 2.27 ≤ 10.22
|
21,562
|
1,268
|
62
|
35
|
9,262
|
2,492
|
413
|
||||||||
|
iCCC and below
|
> 10.22 ≤ 100
|
8,645
|
1,822
|
284
|
65
|
2,420
|
636
|
51
|
||||||||
|
Total
|
217,378
|
8,070
|
884
|
4,867
|
215,429
|
61,950
|
19,046
|
|||||||||
|
Dec 31, 2023
|
||||||||||||||||
|
in € m.(unless stated otherwise)
|
Debt Securities
|
Repo and repo-style transactions
|
||||||||||||||
|
Ratingband
|
Probabilityof default in %1
|
at amortized cost
|
at fair valuethrough P&L
|
at fair valuethrough OCI
|
at amortized cost
|
at fair valuethrough P&L
|
at fair valuethrough OCI
|
Total
|
||||||||
|
iAAA–iAA
|
> 0.00 ≤ 0.04
|
1,085
|
60,918
|
71
|
1,267
|
24,801
|
−
|
146,420
|
||||||||
|
iA
|
> 0.04 ≤ 0.11
|
1,614
|
18,476
|
23
|
4,244
|
7,727
|
−
|
172,758
|
||||||||
|
iBBB
|
> 0.11 ≤ 0.5
|
1,181
|
18,180
|
180
|
2,467
|
9,207
|
−
|
216,197
|
||||||||
|
iBB
|
> 0.5 ≤ 2.27
|
836
|
16,009
|
962
|
2,840
|
30,237
|
−
|
145,555
|
||||||||
|
iB
|
> 2.27 ≤ 10.22
|
150
|
755
|
282
|
3,947
|
2,907
|
−
|
43,136
|
||||||||
|
iCCC and below
|
> 10.22 ≤ 100
|
39
|
421
|
1
|
0
|
0
|
−
|
14,385
|
||||||||
|
Total
|
4,905
|
114,760
|
1,520
|
14,764
|
74,878
|
−
|
738,451
|
|||||||||
|
Dec 31, 2023¹
|
||||||||||||||||
|
in € m.(unless stated otherwise)
|
Loans
|
Off-balance sheet
|
OTC derivatives
|
|||||||||||||
|
Ratingband
|
Probabilityof default in %2
|
at amortized cost
|
trading -at fair valuethrough P&L
|
Designated /mandatory atfair valuethrough P&L
|
at fair valuethrough OCI
|
Revocableand irrevo-cable lendingcommitments
|
Contingentliabilities
|
at fair valuethrough P&L
|
||||||||
|
iAAA–iAA
|
> 0.00 ≤ 0.04
|
13,529
|
149
|
14
|
30
|
22,874
|
3,766
|
4,817
|
||||||||
|
iA
|
> 0.04 ≤ 0.11
|
28,218
|
38
|
167
|
663
|
64,306
|
27,109
|
3,424
|
||||||||
|
iBBB
|
> 0.11 ≤ 0.5
|
35,191
|
426
|
242
|
2,842
|
78,680
|
15,924
|
2,855
|
||||||||
|
iBB
|
> 0.5 ≤ 2.27
|
21,830
|
2,947
|
24
|
256
|
25,986
|
3,611
|
1,833
|
||||||||
|
iB
|
> 2.27 ≤ 10.22
|
6,239
|
831
|
45
|
5
|
8,674
|
1,234
|
374
|
||||||||
|
iCCC and below
|
> 10.22 ≤ 100
|
4,155
|
1,387
|
70
|
65
|
2,336
|
365
|
50
|
||||||||
|
Total
|
109,162
|
5,778
|
562
|
3,861
|
202,856
|
52,009
|
13,353
|
|||||||||
|
|
132
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2023¹
|
||||||||||||||||
|
in € m.(unless stated otherwise)
|
Debt Securities
|
Repo and repo-style transactions
|
||||||||||||||
|
Ratingband
|
Probabilityof default in %2
|
at amortized cost
|
at fair valuethrough P&L
|
at fair valuethrough OCI
|
at amortized cost
|
at fair valuethrough P&L
|
at fair valuethrough OCI
|
Total
|
||||||||
|
iAAA–iAA
|
> 0.00 ≤ 0.04
|
1,085
|
60,918
|
71
|
50
|
0
|
−
|
107,303
|
||||||||
|
iA
|
> 0.04 ≤ 0.11
|
1,614
|
18,476
|
23
|
105
|
16
|
−
|
144,160
|
||||||||
|
iBBB
|
> 0.11 ≤ 0.5
|
600
|
17,959
|
180
|
0
|
4
|
−
|
154,903
|
||||||||
|
iBB
|
> 0.5 ≤ 2.27
|
263
|
15,640
|
345
|
0
|
6
|
−
|
72,739
|
||||||||
|
iB
|
> 2.27 ≤ 10.22
|
59
|
380
|
282
|
1,445
|
1,845
|
−
|
21,414
|
||||||||
|
iCCC and below
|
> 10.22 ≤ 100
|
33
|
400
|
1
|
0
|
0
|
−
|
8,861
|
||||||||
|
Total
|
3,653
|
113,773
|
903
|
1,600
|
1,870
|
−
|
509,381
|
|||||||||
|
Total exposurein € m.
|
of which loan bookin € m.
|
Credit exposure stage 3in € m.
|
Net credit costsas a % of total exposure¹
|
|||||||||||||
|
Dec 31, 2024
|
Dec 31, 2023
|
Dec 31, 2024
|
Dec 31, 2023
|
Dec 31, 2024
|
Dec 31, 2023
|
Dec 31, 2024
|
Dec 31, 2023
|
|||||||||
|
Consumer Finance
|
40,098
|
41,341
|
25,571
|
25,707
|
1,689
|
1,728
|
1.26%
|
0.97%
|
||||||||
|
Mortgage
|
162,057
|
169,260
|
159,510
|
164,892
|
2,212
|
1,620
|
0.09%
|
0.08%
|
||||||||
|
Business Finance
|
15,878
|
16,469
|
12,420
|
13,314
|
1,058
|
1,052
|
0.63%
|
0.55%
|
||||||||
|
Wealth Management
|
79,592
|
76,179
|
59,894
|
56,581
|
3,134
|
2,155
|
0.13%
|
0.20%
|
||||||||
|
Other
|
583
|
1,396
|
81
|
757
|
24
|
34
|
(0.01%)
|
0.26%
|
||||||||
|
Total
|
298,209
|
304,644
|
257,476
|
261,250
|
8,118
|
6,589
|
0.29%
|
0.26%
|
||||||||
|
|
133
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2024
|
Dec 31, 2023
|
|||
|
≤ 50 %
|
65 %
|
65 %
|
||
|
> 50 ≤ 70 %
|
16 %
|
16 %
|
||
|
> 70 ≤ 90 %
|
10 %
|
11 %
|
||
|
> 90 ≤ 100 %
|
3 %
|
3 %
|
||
|
> 100 ≤ 110 %
|
2 %
|
2 %
|
||
|
> 110 ≤ 130 %
|
2 %
|
2 %
|
||
|
> 130 %
|
1 %
|
1 %
|
||
|
|
134
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
135
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2024
|
Dec 31, 2023
|
||||||||
|
in € m.
|
Gross Carrying Amount¹
|
Allowance for Credit Losses²
|
Gross Carrying Amount¹
|
Allowance for Credit Losses²
|
|||||
|
Real Estate Activities³
|
49,859
|
664
|
49,267
|
460
|
|||||
|
thereof: non-recourse
|
23,979
|
547
|
25,073
|
382
|
|||||
|
thereof: stress-tested portfolio
|
20,361
|
527
|
21,331
|
364
|
|||||
|
Other industry sectors³ non-recourse
|
12,484
|
248
|
13,119
|
225
|
|||||
|
thereof: stress-tested portfolio
|
8,944
|
126
|
9,879
|
114
|
|||||
|
Total non-recourse CRE portfolio
|
36,463
|
795
|
38,192
|
606
|
|||||
|
thereof: stress-tested portfolio
|
29,305
|
653
|
31,210
|
478
|
|||||
|
Dec 31, 2024
|
Dec 31, 2023
|
||||
|
in € m.
|
Gross Carrying Amount¹
|
Gross Carrying Amount¹
|
|||
|
Exposure by stages
|
|||||
|
Stage 1
|
24,095
|
27,325
|
|||
|
Stage 2
|
9,132
|
7,661
|
|||
|
Stage 3
|
3,236
|
3,206
|
|||
|
Total
|
36,463
|
38,192
|
|||
|
2024
|
2023
|
||||
|
Provision for Credit Losses²
|
500
|
445
|
|||
|
|
136
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2024
|
Dec 31, 2023
|
||||
|
in € m.
|
Gross Carrying Amount¹
|
Gross Carrying Amount¹
|
|||
|
Exposure by stages
|
|||||
|
Stage 1
|
18,756
|
21,568
|
|||
|
Stage 2
|
7,713
|
6,889
|
|||
|
Stage 3
|
2,836
|
2,753
|
|||
|
Total
|
29,305
|
31,210
|
|||
|
thereof:
|
|||||
|
North America
|
54%
|
56%
|
|||
|
Western Europe (including Germany)
|
39%2
|
36%
|
|||
|
Asia/Pacific
|
7%
|
7%
|
|||
|
thereof: offices
|
42%
|
42%
|
|||
|
North America
|
24%
|
23%
|
|||
|
Western Europe (including Germany)
|
17%3
|
17%
|
|||
|
Asia/Pacific
|
2%
|
2%
|
|||
|
thereof: residential
|
12%
|
14%
|
|||
|
thereof: hospitality
|
10%
|
10%
|
|||
|
thereof: retail
|
10%
|
9%
|
|||
|
Weighted average LTV, in %
|
|||||
|
Investment Bank
|
66%
|
66%
|
|||
|
Corporate Bank
|
56%
|
53%
|
|||
|
Other Business
|
71%
|
68%
|
|||
|
2024
|
2023
|
||||
|
Provision for Credit Losses4
|
492
|
388
|
|||
|
thereof: North America
|
400
|
298
|
|||
|
|
137
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
138
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2024
|
Dec 31, 2023
|
||||||||
|
in €
|
Gross Carrying Amount
|
Allowance for Credit Losses
|
Gross Carrying Amount
|
Allowance for Credit Losses
|
|||||
|
Exposure / allowances by stages
|
|||||||||
|
Stage 1
|
5,402
|
5
|
5,768
|
4
|
|||||
|
Stage 2
|
1,374
|
9
|
984
|
10
|
|||||
|
Stage 3
|
291
|
173
|
439
|
124
|
|||||
|
Total
|
7,068
|
188
|
7,191
|
139
|
|||||
|
thereof: Germany1
|
2,421
|
133
|
2,774
|
119
|
|||||
|
|
139
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
140
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2024
|
Dec 31, 2023
|
|||||||||||||||||||
|
in € m.
|
Stage 1
|
Stage 2
|
Stage 3
|
Stage 3POCI
|
Total
|
Stage 1
|
Stage 2
|
Stage 3
|
Stage 3POCI
|
Total
|
||||||||||
|
Amortized cost¹
|
||||||||||||||||||||
|
Gross carrying amount
|
681,147
|
63,836
|
15,214
|
609
|
760,807
|
692,091
|
55,704
|
12,799
|
806
|
761,400
|
||||||||||
|
Allowance for credit losses²
|
438
|
736
|
4,412
|
213
|
5,799
|
447
|
680
|
3,960
|
198
|
5,285
|
||||||||||
|
of which Loans
|
||||||||||||||||||||
|
Gross carrying amount
|
417,456
|
56,540
|
14,974
|
609
|
489,579
|
418,311
|
52,834
|
12,576
|
806
|
484,527
|
||||||||||
|
Allowance for credit losses²
|
411
|
718
|
4,326
|
213
|
5,668
|
424
|
673
|
3,874
|
198
|
5,170
|
||||||||||
|
Fair value through OCI
|
||||||||||||||||||||
|
Fair value
|
36,828
|
5,176
|
86
|
0
|
42,090
|
34,424
|
1,076
|
46
|
0
|
35,546
|
||||||||||
|
Allowance for credit losses
|
12
|
16
|
10
|
0
|
38
|
13
|
13
|
22
|
0
|
48
|
||||||||||
|
Off-balance sheet
|
||||||||||||||||||||
|
Notional amount
|
313,625
|
25,983
|
2,225
|
7
|
341,840
|
292,747
|
23,778
|
2,282
|
8
|
318,814
|
||||||||||
|
Allowance for credit losses³
|
106
|
82
|
173
|
0
|
361
|
117
|
88
|
187
|
0
|
393
|
||||||||||
|
Dec 31, 2024
|
||||||||||
|
Gross carrying amount
|
||||||||||
|
in € m.
|
Stage 1
|
Stage 2
|
Stage 3
|
Stage 3 POCI
|
Total
|
|||||
|
Balance, beginning of year
|
692,091
|
55,704
|
12,799
|
806
|
761,400
|
|||||
|
Movements in financial assets including new business and credit extensions
|
73,483
|
934
|
2,151
|
(33)
|
76,536
|
|||||
|
Transfers due to changes in creditworthiness
|
(11,473)
|
9,079
|
2,394
|
0
|
0
|
|||||
|
Changes due to modifications that did not result inderecognition
|
(0)
|
9
|
(55)
|
0
|
(46)
|
|||||
|
Changes in models
|
-
|
-
|
-
|
-
|
-
|
|||||
|
Financial assets that have been derecognized during the period
|
(86,710)
|
(2,906)
|
(2,598)
|
(180)
|
(92,394)
|
|||||
|
Recovery of written off amounts
|
0
|
0
|
157
|
0
|
157
|
|||||
|
Foreign exchange and other changes
|
13,756
|
1,016
|
367
|
16
|
15,154
|
|||||
|
Balance, end of reporting period
|
681,147
|
63,836
|
15,214
|
609
|
760,807
|
|||||
|
|
141
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2023
|
||||||||||
|
Gross carrying amount
|
||||||||||
|
in € m.
|
Stage 1
|
Stage 2
|
Stage 3
|
Stage 3 POCI
|
Total
|
|||||
|
Balance, beginning of year
|
729,021
|
45,335
|
11,379
|
1,041
|
786,776
|
|||||
|
Movements in financial assets including new business and credit extensions
|
15,413
|
10,074
|
2,498
|
99
|
28,084
|
|||||
|
Transfers due to changes in creditworthiness
|
(4,513)
|
3,111
|
1,402
|
0
|
0
|
|||||
|
Changes due to modifications that did not result inderecognition
|
0
|
8
|
(40)
|
0
|
(32)
|
|||||
|
Changes in models
|
0
|
0
|
0
|
0
|
0
|
|||||
|
Financial assets that have been derecognized during the period
|
(41,331)
|
(2,182)
|
(2,397)
|
(315)
|
(46,226)
|
|||||
|
Recovery of written off amounts
|
0
|
0
|
93
|
0
|
93
|
|||||
|
Foreign exchange and other changes
|
(6,499)
|
(641)
|
(136)
|
(18)
|
(7,295)
|
|||||
|
Balance, end of reporting period
|
692,091
|
55,704
|
12,799
|
806
|
761,400
|
|||||
|
Dec 31, 2024
|
||||||||||
|
Allowance for Credit Losses²
|
||||||||||
|
in € m.
|
Stage 1
|
Stage 2
|
Stage 3
|
Stage 3 POCI⁴
|
Total
|
|||||
|
Balance, beginning of year
|
447
|
680
|
3,960
|
198
|
5,285
|
|||||
|
Movements in financial assets including new business and credit extensions
|
(150)
|
194
|
1,814
|
3
|
1,861
|
|||||
|
Transfers due to changes in creditworthiness
|
128
|
(128)
|
0
|
N/M
|
0
|
|||||
|
Changes due to modifications that did not result inderecognition
|
N/M
|
N/M
|
N/M
|
N/M
|
N/M
|
|||||
|
Changes in models
|
(2)-
|
(7)
|
0
|
0
|
(9)
|
|||||
|
Financial assets that have been derecognized during the period³
|
0
|
0
|
(1,229)
|
0
|
(1,229)
|
|||||
|
Recovery of written off amounts
|
0
|
0
|
157
|
0
|
157
|
|||||
|
Foreign exchange and other changes
|
15
|
(3)
|
(290)
|
11
|
(267)
|
|||||
|
Balance, end of reporting period
|
438
|
736
|
4,412
|
213
|
5,799
|
|||||
|
Provision for Credit Losses excluding country risk¹
|
(24)
|
59
|
1,814
|
3
|
1,852
|
|||||
|
|
142
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2023
|
||||||||||
|
Allowance for Credit Losses²
|
||||||||||
|
in € m.
|
Stage 1
|
Stage 2
|
Stage 3
|
Stage 3 POCI⁴
|
Total
|
|||||
|
Balance, beginning of year
|
533
|
626
|
3,656
|
180
|
4,995
|
|||||
|
Movements in financial assets including new business and credit extensions
|
(195)
|
294
|
1,647
|
32
|
1,778
|
|||||
|
Transfers due to changes in creditworthiness
|
170
|
(150)
|
(20)
|
N/M
|
0
|
|||||
|
Changes due to modifications that did not result inderecognition
|
N/M
|
N/M
|
N/M
|
N/M
|
N/M
|
|||||
|
Changes in models
|
(57)-
|
(53)
|
0
|
0
|
(110)
|
|||||
|
Financial assets that have been derecognized during the period³
|
0
|
0
|
(1,145)
|
(52)
|
(1,197)
|
|||||
|
Recovery of written off amounts
|
0
|
0
|
93
|
0
|
93
|
|||||
|
Foreign exchange and other changes
|
(3)
|
(38)
|
(271)
|
38
|
(273)
|
|||||
|
Balance, end of reporting period
|
447
|
680
|
3,960
|
198
|
5,285
|
|||||
|
Provision for Credit Losses excluding country risk¹
|
(83)
|
92
|
1,627
|
32
|
1,668
|
|||||
|
Dec 31, 2024
|
||||||||||||||||||||
|
Gross Carrying Amount¹
|
Allowance for Credit Losses
|
|||||||||||||||||||
|
in € m.
|
Stage 1
|
Stage 2
|
Stage 3
|
Stage 3POCI
|
Total
|
Stage 1
|
Stage 2
|
Stage 3
|
Stage 3POCI
|
Total
|
||||||||||
|
Corporate Bank
|
115,541
|
12,770
|
3,015
|
0
|
131,326
|
86
|
121
|
1,006
|
0
|
1,212
|
||||||||||
|
Investment Bank
|
179,230
|
12,380
|
3,462
|
609
|
195,682
|
138
|
112
|
714
|
213
|
1,176
|
||||||||||
|
Private Bank
|
224,098
|
30,564
|
7,864
|
0
|
262,526
|
205
|
489
|
2,583
|
0
|
3,277
|
||||||||||
|
Asset Management
|
1,213
|
11
|
0
|
0
|
1,224
|
(0)
|
0
|
0
|
0
|
0
|
||||||||||
|
Corporate & Other
|
161,066
|
8,111
|
873
|
0
|
170,050
|
9
|
14
|
110
|
0
|
133
|
||||||||||
|
Total
|
681,147
|
63,836
|
15,214
|
609
|
760,807
|
438
|
736
|
4,412
|
213
|
5,799
|
||||||||||
|
Dec 31, 2023
|
||||||||||||||||||||
|
Gross Carrying Amount¹
|
Allowance for Credit Losses
|
|||||||||||||||||||
|
in € m.
|
Stage 1
|
Stage 2
|
Stage 3
|
Stage 3POCI
|
Total
|
Stage 1
|
Stage 2
|
Stage 3
|
Stage 3POCI
|
Total
|
||||||||||
|
Corporate Bank
|
105,812
|
13,706
|
2,812
|
0
|
122,329
|
67
|
110
|
876
|
0
|
1,053
|
||||||||||
|
Investment Bank
|
150,562
|
13,309
|
3,127
|
806
|
167,804
|
119
|
108
|
536
|
198
|
962
|
||||||||||
|
Private Bank
|
233,744
|
26,815
|
6,400
|
0
|
266,960
|
249
|
445
|
2,497
|
0
|
3,191
|
||||||||||
|
Asset Management
|
1,224
|
8
|
0
|
0
|
1,232
|
(0)
|
0
|
0
|
0
|
(0)
|
||||||||||
|
Corporate & Other
|
200,749
|
1,866
|
460
|
0
|
203,075
|
11
|
16
|
51
|
0
|
79
|
||||||||||
|
Total
|
692,091
|
55,704
|
12,799
|
806
|
761,400
|
447
|
680
|
3,960
|
198
|
5,285
|
||||||||||
|
|
143
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2024
|
||||||||||||||||||||
|
Gross Carrying Amount
|
Allowance for Credit Losses
|
|||||||||||||||||||
|
in € m.
|
Stage 1
|
Stage 2
|
Stage 3
|
Stage 3POCI
|
Total
|
Stage 1
|
Stage 2
|
Stage 3
|
Stage 3POCI
|
Total
|
||||||||||
|
Agriculture, forestry and fishing
|
360
|
55
|
12
|
0
|
427
|
0
|
1
|
5
|
0
|
6
|
||||||||||
|
Mining and quarrying
|
1,687
|
234
|
4
|
0
|
1,926
|
3
|
5
|
3
|
0
|
11
|
||||||||||
|
Manufacturing
|
21,327
|
4,382
|
1,303
|
32
|
27,044
|
23
|
39
|
534
|
2
|
597
|
||||||||||
|
Electricity, gas, steam and air conditioning supply
|
3,898
|
407
|
210
|
0
|
4,515
|
6
|
8
|
77
|
0
|
92
|
||||||||||
|
Water supply, sewerage, waste management and remediation activities
|
527
|
63
|
5
|
0
|
595
|
1
|
1
|
3
|
0
|
4
|
||||||||||
|
Construction
|
3,643
|
713
|
207
|
45
|
4,609
|
5
|
8
|
81
|
13
|
106
|
||||||||||
|
Wholesale and retail trade, repair of motor vehicles and motorcycles
|
18,487
|
2,453
|
709
|
23
|
21,672
|
16
|
26
|
334
|
3
|
378
|
||||||||||
|
Transport and storage
|
4,145
|
829
|
259
|
24
|
5,257
|
4
|
4
|
45
|
(0)
|
53
|
||||||||||
|
Accommodation and food service activities
|
2,224
|
386
|
63
|
0
|
2,673
|
3
|
5
|
25
|
(0)
|
32
|
||||||||||
|
Information and communication
|
8,220
|
977
|
212
|
0
|
9,409
|
11
|
14
|
55
|
0
|
79
|
||||||||||
|
Financial and insurance activities
|
344,869
|
15,962
|
2,213
|
133
|
363,176
|
130
|
110
|
580
|
50
|
870
|
||||||||||
|
Real estate activities
|
35,812
|
10,860
|
3,604
|
173
|
50,448
|
18
|
48
|
512
|
88
|
666
|
||||||||||
|
Professional, scientific and technical activities
|
5,279
|
861
|
223
|
1
|
6,364
|
4
|
10
|
89
|
1
|
104
|
||||||||||
|
Administrative and support service activities
|
7,864
|
1,265
|
117
|
24
|
9,269
|
8
|
6
|
39
|
8
|
61
|
||||||||||
|
Public administration and defense, compulsory social security
|
23,217
|
1,018
|
641
|
0
|
24,876
|
10
|
3
|
31
|
0
|
44
|
||||||||||
|
Education
|
251
|
38
|
7
|
0
|
295
|
0
|
0
|
2
|
0
|
3
|
||||||||||
|
Human health services and social work activities
|
3,695
|
453
|
115
|
0
|
4,264
|
4
|
10
|
15
|
0
|
29
|
||||||||||
|
Arts, entertainment and recreation
|
716
|
95
|
11
|
0
|
822
|
0
|
1
|
4
|
0
|
6
|
||||||||||
|
Other service activities
|
16,190
|
810
|
419
|
113
|
17,532
|
13
|
6
|
144
|
30
|
193
|
||||||||||
|
Activities of households as employers, undifferentiated goods- and services-producing activities of households for own use
|
178,025
|
21,971
|
4,879
|
42
|
204,917
|
180
|
431
|
1,835
|
18
|
2,464
|
||||||||||
|
Activities of extraterritorial organizations and bodies
|
711
|
5
|
0
|
0
|
716
|
0
|
0
|
0
|
0
|
0
|
||||||||||
|
Total
|
681,147
|
63,836
|
15,214
|
609
|
760,807
|
438
|
736
|
4,412
|
213
|
5,799
|
||||||||||
|
|
144
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2023
|
||||||||||||||||||||
|
Gross Carrying Amount
|
Allowance for Credit Losses
|
|||||||||||||||||||
|
in € m.
|
Stage 1
|
Stage 2
|
Stage 3
|
Stage 3POCI
|
Total
|
Stage 1
|
Stage 2
|
Stage 3
|
Stage 3POCI
|
Total
|
||||||||||
|
Agriculture, forestry and fishing
|
288
|
77
|
20
|
0
|
384
|
0
|
1
|
4
|
(0)
|
6
|
||||||||||
|
Mining and quarrying
|
2,538
|
277
|
8
|
0
|
2,823
|
2
|
3
|
4
|
0
|
9
|
||||||||||
|
Manufacturing
|
23,474
|
4,061
|
1,445
|
44
|
29,024
|
27
|
48
|
456
|
2
|
533
|
||||||||||
|
Electricity, gas, steam and air conditioning supply
|
4,253
|
206
|
73
|
0
|
4,532
|
3
|
3
|
16
|
0
|
23
|
||||||||||
|
Water supply, sewerage, waste management and remediation activities
|
491
|
21
|
5
|
0
|
517
|
1
|
0
|
3
|
0
|
5
|
||||||||||
|
Construction
|
3,248
|
893
|
213
|
60
|
4,414
|
5
|
9
|
80
|
12
|
107
|
||||||||||
|
Wholesale and retail trade, repair of motor vehicles and motorcycles
|
17,237
|
3,407
|
698
|
25
|
21,366
|
16
|
31
|
351
|
3
|
402
|
||||||||||
|
Transport and storage
|
4,083
|
1,075
|
165
|
24
|
5,346
|
6
|
10
|
30
|
(0)
|
46
|
||||||||||
|
Accommodation and food service activities
|
1,471
|
320
|
76
|
3
|
1,869
|
2
|
3
|
26
|
(0)
|
31
|
||||||||||
|
Information and communication
|
7,398
|
814
|
89
|
0
|
8,302
|
10
|
11
|
28
|
0
|
49
|
||||||||||
|
Financial and insurance activities
|
342,352
|
12,189
|
1,691
|
351
|
356,583
|
96
|
90
|
491
|
92
|
769
|
||||||||||
|
Real estate activities
|
37,907
|
8,954
|
2,630
|
185
|
49,675
|
19
|
49
|
321
|
75
|
464
|
||||||||||
|
Professional, scientific and technical activities
|
5,887
|
918
|
179
|
1
|
6,985
|
6
|
12
|
75
|
1
|
94
|
||||||||||
|
Administrative and support service activities
|
7,980
|
1,107
|
351
|
24
|
9,463
|
7
|
11
|
114
|
9
|
141
|
||||||||||
|
Public administration and defense, compulsory social security
|
26,536
|
489
|
742
|
0
|
27,767
|
15
|
1
|
28
|
0
|
45
|
||||||||||
|
Education
|
226
|
46
|
11
|
0
|
283
|
0
|
1
|
2
|
0
|
3
|
||||||||||
|
Human health services and social work activities
|
3,986
|
482
|
34
|
0
|
4,503
|
5
|
7
|
14
|
0
|
25
|
||||||||||
|
Arts, entertainment and recreation
|
769
|
229
|
31
|
1
|
1,030
|
1
|
5
|
3
|
0
|
10
|
||||||||||
|
Other service activities
|
8,436
|
648
|
225
|
86
|
9,395
|
11
|
6
|
119
|
6
|
143
|
||||||||||
|
Activities of households as employers, undifferentiated goods- and services- producing activities of households for own use
|
193,318
|
19,492
|
4,113
|
3
|
216,927
|
212
|
379
|
1,792
|
(2)
|
2,381
|
||||||||||
|
Activities of extraterritorial organizations and bodies
|
213
|
0
|
0
|
0
|
213
|
0
|
0
|
0
|
0
|
0
|
||||||||||
|
Total
|
692,091
|
55,704
|
12,799
|
806
|
761,400
|
447
|
680
|
3,960
|
198
|
5,285
|
||||||||||
|
Dec 31, 2024
|
||||||||||||||||||||
|
Gross Carrying Amount
|
Allowance for Credit Losses
|
|||||||||||||||||||
|
in € m.
|
Stage 1
|
Stage 2
|
Stage 3
|
Stage 3POCI
|
Total
|
Stage 1
|
Stage 2
|
Stage 3
|
Stage 3POCI
|
Total
|
||||||||||
|
Germany
|
256,977
|
24,236
|
4,579
|
0
|
285,792
|
205
|
447
|
2,181
|
(2)
|
2,831
|
||||||||||
|
Western Europe(excluding Germany)
|
158,729
|
13,601
|
3,525
|
321
|
176,177
|
117
|
186
|
1,114
|
154
|
1,572
|
||||||||||
|
Eastern Europe
|
8,996
|
804
|
205
|
0
|
10,004
|
4
|
12
|
38
|
0
|
54
|
||||||||||
|
North America
|
178,548
|
15,549
|
4,888
|
62
|
199,047
|
51
|
70
|
619
|
11
|
752
|
||||||||||
|
Central and South America
|
5,445
|
459
|
73
|
0
|
5,978
|
4
|
2
|
19
|
0
|
25
|
||||||||||
|
Asia/Pacific
|
61,195
|
8,423
|
979
|
114
|
70,711
|
41
|
15
|
281
|
(3)
|
333
|
||||||||||
|
Africa
|
4,159
|
530
|
604
|
0
|
5,293
|
10
|
3
|
33
|
0
|
46
|
||||||||||
|
Other
|
7,098
|
234
|
361
|
113
|
7,806
|
6
|
2
|
127
|
52
|
186
|
||||||||||
|
Total
|
681,147
|
63,836
|
15,214
|
609
|
760,807
|
438
|
736
|
4,412
|
213
|
5,799
|
||||||||||
|
|
145
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2023
|
||||||||||||||||||||
|
Gross Carrying Amount
|
Allowance for Credit Losses
|
|||||||||||||||||||
|
in € m.
|
Stage 1
|
Stage 2
|
Stage 3
|
Stage 3POCI
|
Total
|
Stage 1
|
Stage 2
|
Stage 3
|
Stage 3POCI
|
Total
|
||||||||||
|
Germany
|
297,495
|
21,499
|
3,653
|
0
|
322,648
|
214
|
390
|
1,936
|
(4)
|
2,537
|
||||||||||
|
Western Europe(excluding Germany)
|
134,375
|
15,228
|
3,410
|
560
|
153,573
|
116
|
179
|
1,076
|
194
|
1,564
|
||||||||||
|
Eastern Europe
|
8,768
|
1,058
|
396
|
0
|
10,221
|
4
|
11
|
47
|
0
|
62
|
||||||||||
|
North America
|
175,011
|
12,133
|
3,442
|
89
|
190,674
|
51
|
74
|
445
|
12
|
582
|
||||||||||
|
Central and South America
|
3,936
|
261
|
80
|
5
|
4,282
|
2
|
1
|
16
|
0
|
19
|
||||||||||
|
Asia/Pacific
|
52,290
|
5,031
|
909
|
92
|
58,322
|
28
|
23
|
317
|
1
|
370
|
||||||||||
|
Africa
|
4,099
|
187
|
717
|
0
|
5,003
|
8
|
1
|
30
|
0
|
39
|
||||||||||
|
Other
|
16,116
|
307
|
192
|
62
|
16,677
|
23
|
0
|
94
|
(5)
|
113
|
||||||||||
|
Total
|
692,091
|
55,704
|
12,799
|
806
|
761,400
|
447
|
680
|
3,960
|
198
|
5,285
|
||||||||||
|
Dec 31, 2024
|
||||||||||||||||||||
|
Gross Carrying Amount
|
Allowance for Credit Losses
|
|||||||||||||||||||
|
in € m.
|
Stage 1
|
Stage 2
|
Stage 3
|
Stage 3POCI
|
Total
|
Stage 1
|
Stage 2
|
Stage 3
|
Stage 3POCI
|
Total
|
||||||||||
|
iAAA–iAA
|
226,138
|
7,186
|
0
|
0
|
233,324
|
2
|
0
|
0
|
0
|
2
|
||||||||||
|
iA
|
110,279
|
2,061
|
0
|
10
|
112,351
|
10
|
1
|
0
|
0
|
11
|
||||||||||
|
iBBB
|
179,697
|
7,150
|
0
|
0
|
186,847
|
54
|
12
|
0
|
0
|
66
|
||||||||||
|
iBB
|
140,755
|
20,146
|
0
|
0
|
160,901
|
246
|
111
|
0
|
0
|
358
|
||||||||||
|
iB
|
23,090
|
21,692
|
0
|
0
|
44,782
|
115
|
351
|
0
|
0
|
466
|
||||||||||
|
iCCC and below
|
1,188
|
5,601
|
15,214
|
599
|
22,603
|
11
|
260
|
4,412
|
213
|
4,896
|
||||||||||
|
Total
|
681,147
|
63,836
|
15,214
|
609
|
760,807
|
438
|
736
|
4,412
|
213
|
5,799
|
||||||||||
|
Dec 31, 2023
|
||||||||||||||||||||
|
Gross Carrying Amount
|
Allowance for Credit Losses
|
|||||||||||||||||||
|
in € m.
|
Stage 1
|
Stage 2
|
Stage 3
|
Stage 3POCI
|
Total
|
Stage 1
|
Stage 2
|
Stage 3
|
Stage 3POCI
|
Total
|
||||||||||
|
iAAA–iAA
|
244,750
|
518
|
0
|
0
|
245,268
|
2
|
0
|
0
|
0
|
3
|
||||||||||
|
iA
|
101,538
|
2,359
|
0
|
9
|
103,907
|
8
|
1
|
0
|
0
|
9
|
||||||||||
|
iBBB
|
186,168
|
8,446
|
0
|
0
|
194,614
|
66
|
16
|
0
|
0
|
82
|
||||||||||
|
iBB
|
128,493
|
18,153
|
0
|
0
|
146,646
|
173
|
78
|
0
|
0
|
251
|
||||||||||
|
iB
|
28,531
|
20,040
|
0
|
0
|
48,571
|
165
|
294
|
0
|
0
|
459
|
||||||||||
|
iCCC and below
|
2,611
|
6,188
|
12,799
|
797
|
22,395
|
32
|
290
|
3,960
|
198
|
4,481
|
||||||||||
|
Total
|
692,091
|
55,704
|
12,799
|
806
|
761,400
|
447
|
680
|
3,960
|
198
|
5,285
|
||||||||||
|
Dec 31, 2024
|
Dec 31, 2023
|
|||||||||||
|
in € m.
|
Gross CarryingAmount
|
Collateral
|
Guarantees
|
Gross CarryingAmount
|
Collateral
|
Guarantees
|
||||||
|
Financial Assets at Amortized Cost (Stage 3)¹
|
15,214
|
6,242
|
1,368
|
12,799
|
4,451
|
1,435
|
||||||
|
|
146
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2024
|
Dec 31, 2023
|
|||||||||||||||||||
|
in € m.
|
Stage 1
|
Stage 2
|
Stage 3
|
Stage 3POCI
|
Total
|
Stage 1
|
Stage 2
|
Stage 3
|
Stage 3POCI
|
Total
|
||||||||||
|
Amortized cost carrying amount prior to modification
|
0
|
726
|
132
|
0
|
858
|
0
|
1,072
|
220
|
0
|
1,292
|
||||||||||
|
Net modification gain/losses recognized
|
0
|
9
|
(55)
|
0
|
(46)
|
0
|
5
|
(40)
|
0
|
(35)
|
||||||||||
|
Dec 31, 2024
|
||||||||||
|
Nominal Amount
|
||||||||||
|
in € m.
|
Stage 1
|
Stage 2
|
Stage 3
|
Stage 3 POCI
|
Total
|
|||||
|
Balance, beginning of year
|
292,747
|
23,778
|
2,282
|
8
|
318,814
|
|||||
|
Movements including new business
|
14,542
|
(662)
|
(25)
|
(0)
|
13,855
|
|||||
|
Transfers due to changes in creditworthiness
|
(2,108)
|
2,215
|
(107)
|
0
|
0
|
|||||
|
Changes in models
|
0
|
0
|
0
|
0
|
0
|
|||||
|
Foreign exchange and other changes
|
8,444
|
652
|
76
|
(0)
|
9,171
|
|||||
|
Balance, end of reporting period
|
313,625
|
25,983
|
2,225
|
7
|
341,840
|
|||||
|
of which: Financial guarantees
|
61,279
|
11,752
|
436
|
0
|
73,467
|
|||||
|
|
147
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2023
|
||||||||||
|
Nominal Amount
|
||||||||||
|
in € m.
|
Stage 1
|
Stage 2
|
Stage 3
|
Stage 3 POCI
|
Total
|
|||||
|
Balance, beginning of year
|
296,062
|
18,478
|
2,625
|
8
|
317,173
|
|||||
|
Movements including new business
|
4,062
|
2,510
|
(235)
|
0
|
6,337
|
|||||
|
Transfers due to changes in creditworthiness
|
(3,040)
|
3,094
|
(54)
|
0
|
0
|
|||||
|
Changes in models
|
0
|
0
|
0
|
0
|
0
|
|||||
|
Foreign exchange and other changes
|
(4,337)
|
(304)
|
(54)
|
0
|
(4,696)
|
|||||
|
Balance, end of reporting period
|
292,747
|
23,778
|
2,282
|
8
|
318,814
|
|||||
|
of which: Financial guarantees
|
58,405
|
5,991
|
401
|
0
|
64,798
|
|||||
|
Dec 31, 2024
|
||||||||||
|
Allowance for Credit Losses2
|
||||||||||
|
in € m.
|
Stage 1
|
Stage 2
|
Stage 3
|
Stage 3 POCI
|
Total
|
|||||
|
Balance, beginning of year
|
117
|
88
|
187
|
0
|
393
|
|||||
|
Movements including new business
|
(22)
|
3
|
(19)
|
0
|
(38)
|
|||||
|
Transfers due to changes in creditworthiness
|
10
|
(9)
|
(0)
|
0
|
0
|
|||||
|
Changes in models
|
0
|
0
|
0
|
0
|
0
|
|||||
|
Foreign exchange and other changes
|
1
|
(1)
|
5
|
0
|
6
|
|||||
|
Balance, end of reporting period
|
106
|
82
|
173
|
0
|
361
|
|||||
|
of which: Financial guarantees
|
67
|
49
|
99
|
0
|
214
|
|||||
|
Provision for Credit Losses excluding country risk1
|
(13)
|
(6)
|
(20)
|
0
|
(38)
|
|||||
|
Dec 31, 2023
|
||||||||||
|
Allowance for Credit Losses2
|
||||||||||
|
in € m.
|
Stage 1
|
Stage 2
|
Stage 3
|
Stage 3 POCI
|
Total
|
|||||
|
Balance, beginning of year
|
144
|
97
|
310
|
0
|
551
|
|||||
|
Movements including new business
|
(39)
|
(3)
|
(118)
|
0
|
(160)
|
|||||
|
Transfers due to changes in creditworthiness
|
11
|
(4)
|
(7)
|
0
|
0
|
|||||
|
Changes in models
|
0
|
0
|
0
|
0
|
0
|
|||||
|
Foreign exchange and other changes
|
1
|
(2)
|
3
|
0
|
2
|
|||||
|
Balance, end of reporting period
|
117
|
88
|
187
|
0
|
393
|
|||||
|
of which: Financial guarantees
|
84
|
37
|
113
|
0
|
233
|
|||||
|
Provision for Credit Losses excluding country risk1
|
(28)
|
(7)
|
(125)
|
0
|
(160)
|
|||||
|
|
148
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2024
|
Dec 31, 2023
|
|||||||||||||||||||||||
|
Performing
|
Non-performing
|
Totalforborneloans atamortizedcost
|
Performing
|
Non-performing
|
Totalforborneloans atamortizedcost
|
|||||||||||||||||||
|
in € m.
|
Stage 1
|
Stage 2
|
Stage 1
|
Stage 2
|
Stage 3
|
Stage 1
|
Stage 2
|
Stage 1
|
Stage 2
|
Stage 3
|
||||||||||||||
|
German
|
174
|
2,248
|
0
|
4
|
1,056
|
3,481
|
426
|
2,356
|
0
|
7
|
812
|
3,600
|
||||||||||||
|
Non-German
|
93
|
7,049
|
0
|
16
|
4,687
|
11,845
|
639
|
4,399
|
0
|
194
|
3,632
|
8,864
|
||||||||||||
|
Total
|
267
|
9,297
|
0
|
20
|
5,742
|
15,326
|
1,065
|
6,755
|
0
|
201
|
4,444
|
12,464
|
||||||||||||
|
in € m.
|
Dec 31, 2024
|
Dec 31, 2023
|
||
|
Balance beginning of period
|
12,464
|
11,143
|
||
|
Classified as forborne during the year
|
8,572
|
4,007
|
||
|
Transferred to non-forborne during the year (including repayments)
|
(6,020)
|
(2,500)
|
||
|
Charge-offs
|
(211)
|
(80)
|
||
|
Exchange rate and other movements
|
521
|
(106)
|
||
|
Balance end of period
|
15,326
|
12,464
|
||
|
in € m.
|
2024
|
2023
|
||
|
Commercial real estate
|
251
|
0
|
||
|
Residential real estate1
|
3
|
3
|
||
|
Other
|
0
|
11
|
||
|
Total collateral obtained during the reporting period
|
254
|
14
|
||
|
|
149
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
150
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
151
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2024
|
||||||||||||||
|
Notional amount maturity distribution
|
||||||||||||||
|
in € m.
|
Within 1 year
|
> 1 and≤ 5 years
|
After 5 years
|
Total
|
Positivemarketvalue
|
Negativemarketvalue
|
Netmarketvalue
|
|||||||
|
Interest rate related:
|
||||||||||||||
|
OTC
|
15,951,107
|
14,364,208
|
9,997,538
|
40,312,853
|
122,114
|
111,053
|
11,061
|
|||||||
|
Bilateral (Amt)
|
2,396,075
|
2,537,847
|
1,557,885
|
6,491,807
|
98,528
|
88,114
|
10,414
|
|||||||
|
CCP (Amt)
|
13,555,032
|
11,826,361
|
8,439,653
|
33,821,046
|
23,586
|
22,939
|
647
|
|||||||
|
Exchange-traded
|
3,292,886
|
498,496
|
590
|
3,791,972
|
239
|
268
|
(29)
|
|||||||
|
Total Interest rate related
|
19,243,992
|
14,862,704
|
9,998,128
|
44,104,825
|
122,353
|
111,321
|
11,032
|
|||||||
|
Currency related:
|
||||||||||||||
|
OTC
|
7,718,689
|
1,225,352
|
508,959
|
9,453,000
|
147,876
|
144,688
|
3,188
|
|||||||
|
Bilateral (Amt)
|
7,496,403
|
1,209,689
|
508,809
|
9,214,900
|
144,648
|
141,847
|
2,800
|
|||||||
|
CCP (Amt)
|
222,287
|
15,664
|
150
|
238,100
|
3,228
|
2,841
|
388
|
|||||||
|
Exchange-traded
|
78,320
|
0
|
0
|
78,320
|
384
|
477
|
(93)
|
|||||||
|
Total Currency related
|
7,797,010
|
1,225,352
|
508,959
|
9,531,321
|
148,260
|
145,165
|
3,095
|
|||||||
|
Equity/index related:
|
||||||||||||||
|
OTC
|
22,675
|
9,048
|
15,544
|
47,268
|
1,332
|
2,741
|
(1,409)
|
|||||||
|
Bilateral (Amt)
|
22,675
|
9,048
|
15,544
|
47,268
|
1,332
|
2,741
|
(1,409)
|
|||||||
|
CCP (Amt)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|||||||
|
Exchange-traded
|
174,707
|
28,489
|
2,348
|
205,544
|
1,818
|
1,827
|
(9)
|
|||||||
|
Total Equity/index related
|
197,382
|
37,537
|
17,892
|
252,812
|
3,150
|
4,568
|
(1,418)
|
|||||||
|
Credit derivatives related
|
||||||||||||||
|
OTC
|
278,974
|
896,712
|
73,668
|
1,249,354
|
15,609
|
14,322
|
1,288
|
|||||||
|
Bilateral (Amt)
|
87,962
|
96,506
|
28,063
|
212,531
|
3,366
|
2,186
|
1,180
|
|||||||
|
CCP (Amt)
|
191,012
|
800,206
|
45,605
|
1,036,823
|
12,243
|
12,136
|
107
|
|||||||
|
Exchange-traded
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|||||||
|
Total Credit derivatives related
|
278,974
|
896,712
|
73,668
|
1,249,354
|
15,609
|
14,322
|
1,288
|
|||||||
|
Commodity related:
|
||||||||||||||
|
OTC
|
11,316
|
34,566
|
1,448
|
47,330
|
226
|
160
|
66
|
|||||||
|
Bilateral (Amt)
|
11,316
|
34,566
|
1,448
|
47,330
|
226
|
160
|
66
|
|||||||
|
CCP (Amt)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|||||||
|
Exchange-traded
|
34,816
|
2,645
|
0
|
37,461
|
168
|
169
|
(1)
|
|||||||
|
Total Commodity related
|
46,132
|
37,211
|
1,448
|
84,791
|
394
|
329
|
65
|
|||||||
|
Other:
|
||||||||||||||
|
OTC
|
155,359
|
7,012
|
151
|
162,521
|
2,339
|
2,355
|
(16)
|
|||||||
|
Bilateral (Amt)
|
155,313
|
7,012
|
151
|
162,476
|
2,336
|
2,313
|
23
|
|||||||
|
CCP (Amt)
|
45
|
0
|
0
|
45
|
3
|
42
|
(39)
|
|||||||
|
Exchange-traded
|
18,687
|
0
|
0
|
18,687
|
31
|
24
|
7
|
|||||||
|
Total Other
|
174,045
|
7,012
|
151
|
181,208
|
2,370
|
2,379
|
(9)
|
|||||||
|
Total OTC business
|
24,138,119
|
16,536,899
|
10,597,308
|
51,272,326
|
289,497
|
275,319
|
14,177
|
|||||||
|
Total bilateral business
|
10,169,744
|
3,894,668
|
2,111,900
|
16,176,312
|
250,436
|
237,362
|
13,075
|
|||||||
|
Total CCP business
|
13,968,376
|
12,642,231
|
8,485,408
|
35,096,014
|
39,060
|
37,958
|
1,103
|
|||||||
|
Total exchange-traded business
|
3,599,416
|
529,630
|
2,938
|
4,131,984
|
2,640
|
2,766
|
(126)
|
|||||||
|
Total
|
27,737,535
|
17,066,528
|
10,600,247
|
55,404,310
|
292,137
|
278,085
|
14,052
|
|||||||
|
Positive market values after nettingand cash collateral received
|
−
|
−
|
−
|
−
|
27,392
|
−
|
−
|
|||||||
|
|
152
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2023
|
||||||||||||||
|
Notional amount maturity distribution
|
||||||||||||||
|
in € m.
|
Within 1 year
|
> 1 and≤ 5 years
|
After 5 years
|
Total
|
Positivemarketvalue
|
Negativemarketvalue
|
Netmarketvalue
|
|||||||
|
Interest rate related:
|
||||||||||||||
|
OTC
|
17,224,862
|
13,754,903
|
9,568,113
|
40,547,878
|
124,837
|
112,997
|
11,840
|
|||||||
|
Bilateral (Amt)
|
2,037,922
|
2,251,346
|
1,446,299
|
5,735,567
|
103,140
|
92,035
|
11,105
|
|||||||
|
CCP (Amt)
|
15,186,940
|
11,503,557
|
8,121,813
|
34,812,310
|
21,696
|
20,961
|
735
|
|||||||
|
Exchange-traded
|
1,916,294
|
403,196
|
47
|
2,319,537
|
418
|
493
|
(75)
|
|||||||
|
Total Interest rate related
|
19,141,156
|
14,158,099
|
9,568,160
|
42,867,415
|
125,255
|
113,490
|
11,764
|
|||||||
|
Currency related:
|
||||||||||||||
|
OTC
|
6,609,578
|
1,055,879
|
427,832
|
8,093,289
|
108,652
|
105,818
|
2,834
|
|||||||
|
Bilateral (Amt)
|
6,443,644
|
1,046,148
|
427,719
|
7,917,512
|
107,415
|
104,614
|
2,801
|
|||||||
|
CCP (Amt)
|
165,933
|
9,730
|
113
|
175,777
|
1,237
|
1,204
|
33
|
|||||||
|
Exchange-traded
|
11,265
|
0
|
0
|
11,265
|
1
|
17
|
(16)
|
|||||||
|
Total Currency related
|
6,620,842
|
1,055,879
|
427,832
|
8,104,553
|
108,653
|
105,835
|
2,818
|
|||||||
|
Equity/index related:
|
||||||||||||||
|
OTC
|
17,014
|
7,937
|
647
|
25,599
|
1,209
|
2,574
|
(1,365)
|
|||||||
|
Bilateral (Amt)
|
17,014
|
7,937
|
647
|
25,599
|
1,209
|
2,574
|
(1,365)
|
|||||||
|
CCP (Amt)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|||||||
|
Exchange-traded
|
164,955
|
25,648
|
1,523
|
192,126
|
2,391
|
2,103
|
288
|
|||||||
|
Total Equity/index related
|
181,970
|
33,586
|
2,170
|
217,726
|
3,600
|
4,677
|
(1,077)
|
|||||||
|
Credit derivatives related
|
||||||||||||||
|
OTC
|
200,396
|
855,230
|
71,584
|
1,127,210
|
13,895
|
13,379
|
517
|
|||||||
|
Bilateral (Amt)
|
72,835
|
94,804
|
33,716
|
201,355
|
3,142
|
2,715
|
427
|
|||||||
|
CCP (Amt)
|
127,561
|
760,426
|
37,868
|
925,854
|
10,754
|
10,664
|
90
|
|||||||
|
Exchange-traded
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|||||||
|
Total Credit derivatives related
|
200,396
|
855,230
|
71,584
|
1,127,210
|
13,895
|
13,379
|
517
|
|||||||
|
Commodity related:
|
||||||||||||||
|
OTC
|
7,150
|
31,576
|
2,037
|
40,763
|
203
|
140
|
63
|
|||||||
|
Bilateral (Amt)
|
7,150
|
31,576
|
2,037
|
40,763
|
203
|
139
|
64
|
|||||||
|
CCP (Amt)
|
0
|
0
|
0
|
0
|
0
|
1
|
(1)
|
|||||||
|
Exchange-traded
|
25,369
|
1,347
|
0
|
26,716
|
141
|
139
|
2
|
|||||||
|
Total Commodity related
|
32,519
|
32,923
|
2,037
|
67,479
|
344
|
279
|
65
|
|||||||
|
Other:
|
||||||||||||||
|
OTC
|
57,766
|
3,924
|
102
|
61,791
|
971
|
819
|
152
|
|||||||
|
Bilateral (Amt)
|
57,750
|
3,924
|
102
|
61,776
|
956
|
819
|
137
|
|||||||
|
CCP (Amt)
|
15
|
0
|
0
|
15
|
15
|
0
|
15
|
|||||||
|
Exchange-traded
|
11,008
|
21
|
0
|
11,029
|
27
|
33
|
(6)
|
|||||||
|
Total Other
|
68,774
|
3,945
|
102
|
72,820
|
998
|
852
|
146
|
|||||||
|
Total OTC business
|
24,116,765
|
15,709,449
|
10,070,316
|
49,896,530
|
249,766
|
235,726
|
14,041
|
|||||||
|
Total bilateral business
|
8,636,315
|
3,435,736
|
1,910,521
|
13,982,573
|
216,064
|
202,895
|
13,169
|
|||||||
|
Total CCP business
|
15,480,450
|
12,273,713
|
8,159,794
|
35,913,957
|
33,702
|
32,830
|
872
|
|||||||
|
Total exchange-traded business
|
2,128,891
|
430,212
|
1,570
|
2,560,673
|
2,979
|
2,786
|
193
|
|||||||
|
Total
|
26,245,656
|
16,139,661
|
10,071,885
|
52,457,203
|
252,745
|
238,511
|
14,234
|
|||||||
|
Positive market values after nettingand cash collateral received
|
−
|
−
|
−
|
−
|
23,312
|
−
|
−
|
|||||||
|
in € m.
|
Dec 31, 2024
|
Dec 31, 2023
|
||
|
Trading Equities
|
2,753
|
1,984
|
||
|
Non-trading Equities¹
|
2,052
|
2,008
|
||
|
Total Equity Exposure
|
4,806
|
3,992
|
||
|
|
153
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Total
|
Diversificationeffect
|
Interest raterisk
|
Credit spreadrisk
|
Equity pricerisk
|
Foreign exchangerisk²
|
Commodity pricerisk
|
||||||||||||||||||||||
|
in € m.
|
2024
|
2023
|
2024
|
2023
|
2024
|
2023
|
2024
|
2023
|
2024
|
2023
|
2024
|
2023
|
2024
|
2023
|
||||||||||||||
|
Average
|
31.4
|
40.7
|
(41.2)
|
(46.3)
|
26.9
|
27.5
|
22.9
|
38.6
|
10.2
|
7.8
|
11.6
|
12.1
|
1.0
|
0.9
|
||||||||||||||
|
Maximum
|
60.6
|
74.3
|
(27.2)
|
(21.2)
|
55.1
|
40.1
|
35.5
|
68.4
|
15.6
|
14.9
|
19.0
|
17.4
|
1.8
|
2.8
|
||||||||||||||
|
Minimum
|
19.0
|
23.2
|
(56.2)
|
(64.9)
|
13.4
|
15.7
|
17.6
|
21.9
|
6.2
|
4.5
|
6.3
|
8.2
|
0.3
|
0.2
|
||||||||||||||
|
Period-end
|
24.9
|
39.0
|
(48.3)
|
(31.9)
|
31.3
|
20.3
|
19.5
|
28.4
|
10.8
|
11.0
|
10.1
|
10.9
|
1.5
|
0.3
|
||||||||||||||
|
|
|
154
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Total
|
Credit Trading
|
Global Rates
|
Emerging Markets
|
Other
|
|||||||||||||||||
|
in € m.
|
2024
|
2023
|
2024
|
2023
|
2024
|
2023
|
2024
|
2023
|
2024
|
2023
|
|||||||||||
|
Average
|
604.9
|
563.3
|
191.8
|
(15.0)
|
210.1
|
363.4
|
205.9
|
228.1
|
(2.9)
|
(13.2)
|
|||||||||||
|
Maximum
|
755.5
|
904.6
|
247.3
|
121.4
|
375.7
|
892.5
|
350.1
|
349.9
|
49.5
|
32.0
|
|||||||||||
|
Minimum
|
501.5
|
330.3
|
95.3
|
(130.9)
|
125.4
|
198.7
|
142.9
|
122.4
|
(54.2)
|
(80.6)
|
|||||||||||
|
Period-end
|
501.5
|
570.3
|
176.5
|
90.8
|
125.4
|
198.7
|
229.5
|
284.5
|
(29.9)
|
(3.6)
|
|||||||||||
|
|
|
155
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
|
156
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Economic capital usage
|
||||
|
in € m.
|
Dec 31, 2024
|
Dec 31, 2023
|
||
|
Interest rate risk
|
2,770
|
2,980
|
||
|
Credit spread risk
|
184
|
60
|
||
|
Equity and Investment risk
|
1,172
|
1,044
|
||
|
Foreign exchange risk
|
1,665
|
1,273
|
||
|
Pension risk
|
944
|
1,106
|
||
|
Guaranteed funds risk
|
100
|
59
|
||
|
Total non-trading market risk portfolios
|
6,835
|
6,523
|
||
|
|
157
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Delta EVE
|
Delta NII¹
|
|||||||
|
in € bn.
|
Dec 31, 2024
|
Dec 31, 2023
|
Dec 31, 2024
|
Dec 31, 2023
|
||||
|
Parallel up
|
(5.8)
|
(5.1)
|
0.2
|
0.3
|
||||
|
Parallel down
|
1.3
|
1.8
|
(0.7)
|
(0.3)
|
||||
|
Steepener
|
(0.8)
|
(0.8)
|
(0.1)
|
0.1
|
||||
|
Flattener
|
(0.7)
|
(0.3)
|
(0.0)
|
(0.1)
|
||||
|
Short rates up
|
(2.1)
|
(1.6)
|
0.0
|
(0.0)
|
||||
|
Short rates down
|
0.6
|
0.8
|
(0.6)
|
(0.1)
|
||||
|
Maximum
|
(5.8)
|
(5.1)
|
(0.7)
|
(0.3)
|
||||
|
in € bn.
|
Dec 31, 2024
|
Dec 31, 2023
|
||||||
|
Tier 1 Capital
|
60.8
|
56.4
|
||||||
|
Dec 31, 2024
|
||||
|
in € bn.
|
Parallel up
|
Parallel down
|
||
|
EUR
|
(5.1)
|
1.2
|
||
|
USD
|
(0.7)
|
0.4
|
||
|
Other
|
(0.0)
|
(0.3)
|
||
|
Total
|
(5.8)
|
1.3
|
||
|
|
158
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
in € m.
|
2024
|
2023¹
|
||
|
Clients, Products and Business Practices
|
1,909
|
676
|
||
|
Execution, Delivery and Process Management
|
163
|
127
|
||
|
External Fraud
|
52
|
106
|
||
|
Others
|
22
|
55
|
||
|
Natural Disasters and Public Safety
|
18
|
11
|
||
|
Internal Fraud
|
18
|
(332)
|
||
|
Group
|
2,182
|
644
|
||
|
|
|
159
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
160
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
Dec 31, 2024
|
||||||||||||||||
|
in € m.
|
Not morethan1 month
|
Over1 monthbut notmore than3 months
|
Over3 monthsbut notmore than6 months
|
Over6 monthsbut notmore than1 year
|
Sub-totalless than1 year
|
Over1 yearbut notmore than2 years
|
Over2 years
|
Total
|
||||||||
|
Deposits from banks
|
829
|
697
|
1,294
|
1,277
|
4,098
|
56
|
0
|
4,153
|
||||||||
|
Deposits from otherwholesale customers
|
3,106
|
7,919
|
4,698
|
5,396
|
21,119
|
2,231
|
1,013
|
24,363
|
||||||||
|
CDs and CP
|
1,107
|
3,623
|
2,647
|
3,688
|
11,064
|
10
|
117
|
11,190
|
||||||||
|
ABCP
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||||
|
Senior non-preferredplain vanilla
|
239
|
1,467
|
1,788
|
5,190
|
8,685
|
12,054
|
33,279
|
54,018
|
||||||||
|
Senior preferredplain vanilla
|
171
|
360
|
1,681
|
1,712
|
3,923
|
4,442
|
7,930
|
16,294
|
||||||||
|
Senior structured
|
239
|
793
|
1,029
|
1,381
|
3,442
|
2,187
|
20,094
|
25,723
|
||||||||
|
Covered bonds/ABS
|
765
|
343
|
225
|
757
|
2,091
|
3,301
|
10,163
|
15,554
|
||||||||
|
Subordinated liabilities
|
0
|
1,264
|
3,945
|
1,190
|
6,399
|
4,239
|
12,991
|
23,630
|
||||||||
|
Other
|
49
|
0
|
0
|
0
|
49
|
0
|
7
|
57
|
||||||||
|
Total
|
6,505
|
16,468
|
17,307
|
20,591
|
60,870
|
28,519
|
85,593
|
174,982
|
||||||||
|
Of which:
|
||||||||||||||||
|
Secured
|
765
|
343
|
225
|
757
|
2,091
|
3,301
|
10,163
|
15,554
|
||||||||
|
Unsecured
|
5,740
|
16,124
|
17,081
|
19,834
|
58,779
|
25,218
|
75,430
|
159,428
|
||||||||
|
|
161
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2023
|
||||||||||||||||
|
in € m.
|
Not morethan1 month
|
Over1 monthbut notmore than3 months
|
Over3 monthsbut notmore than6 months
|
Over6 monthsbut notmore than1 year
|
Sub-totalless than1 year
|
Over1 yearbut notmore than2 years
|
Over2 years
|
Total
|
||||||||
|
Deposits from banks
|
1,942
|
1,419
|
692
|
402
|
4,455
|
558
|
103
|
5,117
|
||||||||
|
Deposits from otherwholesale customers
|
9,838
|
4,740
|
3,475
|
1,984
|
20,038
|
422
|
633
|
21,093
|
||||||||
|
CDs and CP
|
1,085
|
2,143
|
2,041
|
1,623
|
6,891
|
84
|
0
|
6,976
|
||||||||
|
ABCP
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||||
|
Senior non-preferredplain vanilla
|
91
|
1,173
|
2,852
|
4,146
|
8,261
|
7,700
|
36,328
|
52,289
|
||||||||
|
Senior preferredplain vanilla
|
198
|
442
|
1,293
|
718
|
2,650
|
3,494
|
5,325
|
11,470
|
||||||||
|
Senior structured
|
121
|
458
|
748
|
1,275
|
2,603
|
2,919
|
12,401
|
17,923
|
||||||||
|
Covered bonds/ABS
|
21
|
2,065
|
235
|
750
|
3,070
|
1,867
|
13,063
|
18,000
|
||||||||
|
Subordinated liabilities
|
10
|
15
|
291
|
94
|
410
|
5,887
|
14,039
|
20,336
|
||||||||
|
Other
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||||
|
Total
|
13,306
|
12,454
|
11,627
|
10,992
|
48,380
|
22,931
|
81,892
|
153,204
|
||||||||
|
Of which:
|
||||||||||||||||
|
Secured
|
21
|
2,065
|
235
|
750
|
3,070
|
1,867
|
13,063
|
18,000
|
||||||||
|
Unsecured
|
13,285
|
10,389
|
11,392
|
10,242
|
45,309
|
21,065
|
68,829
|
135,203
|
||||||||
|
Dec 31,2024
|
Dec 31,2023
|
|||||||||||||||||||
|
in € m.
|
in EUR
|
in USD
|
in GBP
|
in otherCCYs
|
Total
|
in EUR
|
in USD
|
in GBP
|
in otherCCYs
|
Total
|
||||||||||
|
Deposits frombanks
|
629
|
2,583
|
40
|
902
|
4,153
|
666
|
2,409
|
108
|
1,934
|
5,117
|
||||||||||
|
Deposits fromother whole-sale customers
|
7,722
|
13,836
|
264
|
2,542
|
24,363
|
8,857
|
9,128
|
248
|
2,860
|
21,093
|
||||||||||
|
CDs and CP
|
3,695
|
7,230
|
0
|
266
|
11,190
|
3,776
|
2,816
|
0
|
383
|
6,976
|
||||||||||
|
ABCP
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||||||
|
Senior non-preferredplain vanilla
|
23,485
|
24,503
|
2,167
|
3,862
|
54,018
|
22,309
|
23,199
|
3,611
|
3,171
|
52,289
|
||||||||||
|
Senior preferredplain vanilla
|
8,919
|
5,390
|
15
|
1,970
|
16,294
|
6,445
|
4,424
|
8
|
593
|
11,470
|
||||||||||
|
Senior structured
|
10,704
|
12,250
|
50
|
2,719
|
25,723
|
8,278
|
7,502
|
43
|
2,100
|
17,923
|
||||||||||
|
Covered bonds/ABS
|
14,822
|
732
|
0
|
0
|
15,554
|
17,710
|
290
|
0
|
0
|
18,000
|
||||||||||
|
Subordinatedliabilities
|
12,553
|
9,938
|
952
|
187
|
23,630
|
9,845
|
9,380
|
932
|
179
|
20,336
|
||||||||||
|
Other
|
8
|
0
|
0
|
49
|
57
|
0
|
0
|
0
|
0
|
0
|
||||||||||
|
Total
|
82,536
|
76,461
|
3,489
|
12,495
|
174,982
|
77,886
|
59,148
|
4,949
|
11,220
|
153,204
|
||||||||||
|
Of which:
|
||||||||||||||||||||
|
Secured
|
14,822
|
732
|
0
|
0
|
15,554
|
17,710
|
290
|
0
|
0
|
18,000
|
||||||||||
|
Unsecured
|
67,714
|
75,729
|
3,489
|
12,495
|
159,428
|
60,176
|
58,858
|
4,949
|
11,220
|
135,203
|
||||||||||
|
|
162
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2024
|
Dec 31, 2023
|
|||||||
|
in € bn.
|
Market Value
|
Value according to Article 9 CRR
|
Market Value
|
Value according to Article 9 CRR
|
||||
|
Available-Cash and Central Bank Reserves
|
124
|
124
|
156
|
156
|
||||
|
Parent (incl. foreign branches)
|
97
|
97
|
133
|
133
|
||||
|
Subsidiaries
|
26
|
26
|
23
|
23
|
||||
|
High Quality liquid securities (includes government, government guaranteed and agency securities
|
106
|
102
|
66
|
63
|
||||
|
Parent (incl. foreign branches)
|
98
|
94
|
54
|
51
|
||||
|
Subsidiaries
|
8
|
8
|
12
|
12
|
||||
|
Total HQLA
|
230
|
226
|
222
|
219
|
||||
|
Parent (incl. foreign branches)
|
195
|
191
|
187
|
184
|
||||
|
Subsidiaries
|
34
|
34
|
35
|
35
|
||||
|
Dec 31, 2024
|
Dec 31, 2023
|
|||
|
in € bn. (unless stated otherwise)
|
Total adjustedweighted value(average)
|
Total adjustedweighted value(average)
|
||
|
Number of data points used in the calculation of averages
|
12
|
12
|
||
|
High Quality Liquid Assets
|
224
|
215
|
||
|
Total net cash outflows
|
167
|
157
|
||
|
Liquidity Coverage Ratio (LCR) in %
|
134 %
|
137 %
|
||
|
|
163
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2024
|
Dec 31, 2023
|
|||||||||||
|
in € bn.
|
FundingGap¹
|
GapClosure²
|
Net LiquidityPosition
|
FundingGap¹
|
GapClosure²
|
Net LiquidityPosition
|
||||||
|
Systemic market risk
|
208
|
265
|
56
|
123
|
242
|
119
|
||||||
|
1 notch downgrade (DB specific)
|
34
|
174
|
140
|
38
|
180
|
142
|
||||||
|
Severe downgrade (DB specific)
|
142
|
241
|
99
|
161
|
259
|
97
|
||||||
|
Combined³ ⁴
|
216
|
275
|
59
|
203
|
261
|
58
|
||||||
|
Dec 31, 2024
|
Dec 31, 2023
|
|||||||||||
|
in € m.
|
FundingGap¹
|
GapClosure²
|
Net LiquidityPosition
|
FundingGap¹
|
GapClosure²
|
Net LiquidityPosition
|
||||||
|
Combined³
|
91
|
104
|
13
|
90
|
116
|
25
|
||||||
|
Dec 31, 2024
|
Dec 31, 2023
|
|||||||||||
|
in € bn.
|
FundingGap¹
|
GapClosure²
|
Net LiquidityPosition
|
FundingGap¹
|
GapClosure²
|
Net LiquidityPosition
|
||||||
|
Combined³
|
80
|
102
|
22
|
91
|
102
|
11
|
||||||
|
Dec 31, 2024
|
Dec 31, 2023
|
|||||||||||
|
in € bn.
|
Funding Gap¹
|
Gap Closure²
|
Net Liquidity Position
|
FundingGap
|
GapClosure
|
Net Liquidity Position
|
||||||
|
Combined³
|
5
|
10
|
5
|
4
|
5
|
1
|
||||||
|
Dec 31, 2024
|
Dec 31, 2023
|
|||||||
|
in € m.
|
One-notchdowngrade
|
Two-notchdowngrade
|
One-notchdowngrade
|
Two-notchdowngrade
|
||||
|
Contractual derivatives funding or margin requirements
|
182
|
309
|
402
|
526
|
||||
|
Other contractual funding or margin requirements
|
0
|
0
|
0
|
0
|
||||
|
Dec 31, 2024
|
Dec 31, 2023
|
|||
|
in € bn. (unless stated otherwise)
|
Total adjustedweighted value
|
Total adjustedweighted value(average)
|
||
|
Available stable funding (ASF)
|
625
|
605
|
||
|
Required stable funding (RSF)
|
515
|
499
|
||
|
Net Stable Funding Ratio (NSFR) in %
|
121 %
|
121 %
|
||
|
|
164
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2024
|
||||||||
|
Carrying value
|
||||||||
|
Unencumbered assets
|
||||||||
|
in € bn.(unless stated otherwise)
|
Assets
|
Encumberedassets
|
Readilyavailable
|
Other
|
||||
|
Debt securities
|
179
|
80
|
99
|
0
|
||||
|
Equity instruments
|
4
|
0
|
4
|
0
|
||||
|
Other assets:
|
||||||||
|
Cash and due from banks & Interest earning deposits with Banks
|
154
|
14
|
139
|
0
|
||||
|
Securities borrowed or purchased under resale agreements¹
|
41
|
0
|
0
|
41
|
||||
|
Financial assets at fair value through profit and loss²
|
||||||||
|
Trading assets
|
12
|
0
|
12
|
0
|
||||
|
Positive market value from derivative financial instruments
|
292
|
0
|
0
|
292
|
||||
|
Securities borrowed or purchased under resale agreements¹
|
105
|
0
|
0
|
105
|
||||
|
Other financial assets at fair value through profit or loss
|
3
|
0
|
3
|
0
|
||||
|
Financial assets at fair value through other comprehensive income²
|
8
|
0
|
5
|
3
|
||||
|
Loans
|
517
|
48
|
41
|
427
|
||||
|
Other assets
|
75
|
40
|
0
|
35
|
||||
|
Total
|
1,389
|
183
|
303
|
903
|
||||
|
Dec 31, 2024
|
||||||||
|
Fair value of collateral received
|
||||||||
|
Unencumbered assets
|
||||||||
|
in € bn.(unless stated otherwise)
|
Assets
|
Encumberedassets
|
Readilyavailable
|
Other
|
||||
|
Collateral received:
|
479
|
366
|
110
|
3
|
||||
|
Debt securities
|
473
|
363
|
110
|
0
|
||||
|
Equity instruments
|
1
|
1
|
0
|
0
|
||||
|
Other collateral received
|
6
|
2
|
0
|
3
|
||||
|
|
165
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2023
|
||||||||
|
Carrying value
|
||||||||
|
Unencumbered assets
|
||||||||
|
in € bn.(unless stated otherwise)
|
Assets
|
Encumberedassets
|
Readilyavailable
|
Other
|
||||
|
Debt securities
|
167
|
84
|
83
|
0
|
||||
|
Equity instruments
|
3
|
0
|
3
|
0
|
||||
|
Other assets:
|
||||||||
|
Cash and due from banks & Interest earning deposits with Banks
|
184
|
12
|
172
|
0
|
||||
|
Securities borrowed or purchased under resale agreements¹
|
0
|
0
|
0
|
0
|
||||
|
Financial assets at fair value through profit and loss²
|
||||||||
|
Trading assets
|
9
|
0
|
9
|
0
|
||||
|
Positive market value from derivative financial instruments
|
252
|
0
|
0
|
252
|
||||
|
Securities borrowed or purchased under resale agreements¹
|
0
|
0
|
0
|
0
|
||||
|
Other financial assets at fair value through profit or loss
|
1
|
0
|
1
|
0
|
||||
|
Financial assets at fair value through other comprehensive income²
|
7
|
0
|
5
|
2
|
||||
|
Loans
|
528
|
57
|
14
|
457
|
||||
|
Other assets
|
69
|
36
|
0
|
34
|
||||
|
Total
|
1,314
|
189
|
287
|
838
|
||||
|
Dec 31, 2023
|
||||||||
|
Fair value of collateral received
|
||||||||
|
Unencumbered assets
|
||||||||
|
in € bn.(unless stated otherwise)
|
Assets
|
Encumberedassets
|
Readilyavailable
|
Other
|
||||
|
Collateral received:
|
379
|
325
|
49
|
6
|
||||
|
Debt securities
|
370
|
321
|
48
|
0
|
||||
|
Equity instruments
|
1
|
1
|
0
|
0
|
||||
|
Other collateral received
|
8
|
3
|
0
|
6
|
||||
|
|
166
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2024
|
||||||||||||||||||||
|
in € m.
|
Ondemand(incl.Overnightandone daynotice)
|
Up toonemonth
|
Over1 monthto nomorethan3 months
|
Over3 monthsbut nomorethan6 months
|
Over6 monthsbut nomorethan9 months
|
Over9 monthsbut nomorethan1 year
|
Over1 yearbut nomorethan2 years
|
Over2 yearsbut nomorethan5 years
|
Over5 years
|
Total
|
||||||||||
|
Cash and central bankbalances¹
|
133,755
|
10,423
|
3,118
|
131
|
20
|
46
|
0
|
0
|
0
|
147,494
|
||||||||||
|
Interbank balances(w/o central banks)¹
|
4,590
|
1,238
|
156
|
85
|
49
|
37
|
0
|
0
|
6
|
6,160
|
||||||||||
|
Central bank funds sold
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||||||
|
Securities purchased underresale agreements
|
640
|
3,564
|
8,696
|
14,690
|
3,143
|
1,329
|
5,591
|
3,151
|
0
|
40,803
|
||||||||||
|
With banks
|
597
|
468
|
3,838
|
6,228
|
1,995
|
0
|
4,322
|
2,710
|
0
|
20,158
|
||||||||||
|
With customers
|
43
|
3,096
|
4,859
|
8,462
|
1,147
|
1,329
|
1,269
|
440
|
0
|
20,645
|
||||||||||
|
Securities borrowed
|
0
|
32
|
0
|
0
|
0
|
0
|
11
|
0
|
0
|
44
|
||||||||||
|
With banks
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||||||
|
With customers
|
0
|
32
|
0
|
0
|
0
|
0
|
11
|
0
|
0
|
44
|
||||||||||
|
Financial assets at fair valuethrough profit or loss
|
448,881
|
71,938
|
9,475
|
3,531
|
1,783
|
3,041
|
2,123
|
1,622
|
3,501
|
545,895
|
||||||||||
|
Trading assets
|
137,706
|
0
|
0
|
0
|
0
|
2,026
|
0
|
0
|
40
|
139,772
|
||||||||||
|
Fixed-income securitiesand loans
|
131,418
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
131,418
|
||||||||||
|
Equities and other variable-income securities
|
2,753
|
0
|
0
|
0
|
0
|
2,026
|
0
|
0
|
40
|
4,819
|
||||||||||
|
Other trading assets
|
3,535
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
3,535
|
||||||||||
|
Positive market values fromderivative financial instruments
|
291,753
|
0
|
0
|
0
|
0
|
0
|
2
|
19
|
25
|
291,800
|
||||||||||
|
Non-trading financial assets mandatory at fair value through profit or loss
|
19,422
|
71,938
|
9,475
|
3,531
|
1,783
|
1,015
|
2,121
|
1,603
|
3,436
|
114,324
|
||||||||||
|
Securities purchased underresale agreements
|
8,109
|
68,159
|
6,241
|
3,022
|
1,564
|
248
|
995
|
398
|
0
|
88,736
|
||||||||||
|
Securities borrowed
|
11,200
|
2,070
|
2,620
|
0
|
0
|
0
|
22
|
0
|
0
|
15,913
|
||||||||||
|
Fixed-income securitiesand loans
|
30
|
445
|
601
|
480
|
214
|
107
|
999
|
1,003
|
2,549
|
6,429
|
||||||||||
|
Other non-trading financial assets mandatory at fair value through profit or loss
|
82
|
1,264
|
12
|
29
|
5
|
660
|
104
|
202
|
887
|
3,246
|
||||||||||
|
Financial assets designated at fair value through profit or loss
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||||||
|
Positive market values fromderivative financial instrumentsqualifying for hedge accounting
|
0
|
27
|
83
|
29
|
22
|
12
|
89
|
45
|
30
|
337
|
||||||||||
|
Financial assets at fair valuethrough other comprehensive income
|
0
|
3,735
|
2,896
|
1,703
|
1,601
|
605
|
4,266
|
7,189
|
20,096
|
42,090
|
||||||||||
|
Securities purchased under resale agreements
|
0
|
1,355
|
1,275
|
0
|
0
|
0
|
153
|
0
|
3
|
2,786
|
||||||||||
|
Securities borrowed
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||||||
|
Debt securities
|
0
|
2,004
|
1,039
|
1,345
|
904
|
541
|
3,440
|
5,098
|
19,865
|
34,236
|
||||||||||
|
Loans
|
0
|
376
|
582
|
358
|
696
|
65
|
673
|
2,091
|
227
|
5,068
|
||||||||||
|
Other
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||||||
|
Loans
|
14,095
|
39,776
|
23,242
|
23,857
|
16,390
|
13,804
|
41,424
|
109,587
|
201,722
|
483,897
|
||||||||||
|
To banks
|
226
|
2,085
|
1,135
|
987
|
346
|
725
|
126
|
840
|
1,907
|
8,376
|
||||||||||
|
To customers
|
13,869
|
37,691
|
22,107
|
22,870
|
16,045
|
13,079
|
41,297
|
108,748
|
199,815
|
475,521
|
||||||||||
|
Retail
|
2,381
|
8,813
|
2,317
|
1,965
|
1,185
|
1,159
|
5,716
|
23,646
|
154,729
|
201,912
|
||||||||||
|
Corporates and othercustomers
|
11,488
|
28,878
|
19,791
|
20,905
|
14,859
|
11,920
|
35,582
|
85,101
|
45,086
|
273,610
|
||||||||||
|
Other financial assets
|
59,518
|
8,436
|
1,191
|
1,508
|
512
|
1,701
|
1,928
|
4,848
|
13,121
|
92,762
|
||||||||||
|
Total financial assets
|
661,478
|
139,169
|
48,857
|
45,534
|
23,519
|
20,576
|
55,432
|
126,442
|
238,476
|
1,359,482
|
||||||||||
|
Other assets
|
7,946
|
247
|
5
|
4,574
|
13
|
4,923
|
267
|
1,248
|
12,328
|
31,552
|
||||||||||
|
Total assets
|
669,424
|
139,416
|
48,862
|
50,107
|
23,532
|
25,499
|
55,699
|
127,690
|
250,804
|
1,391,033
|
||||||||||
|
|
167
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2023
|
||||||||||||||||||||
|
in € m.
|
Ondemand(incl.Overnightandone daynotice)
|
Up toonemonth
|
Over1 monthto nomorethan3 months
|
Over3 monthsbut nomorethan6 months
|
Over6 monthsbut nomorethan9 months
|
Over9 monthsbut nomorethan1 year
|
Over1 yearbut nomorethan2 years
|
Over2 yearsbut nomorethan5 years
|
Over5 years
|
Total
|
||||||||||
|
Cash and central bankbalances¹
|
164,942
|
11,301
|
1,905
|
185
|
39
|
45
|
0
|
0
|
0
|
178,416
|
||||||||||
|
Interbank balances(w/o central banks)¹
|
4,599
|
653
|
42
|
63
|
78
|
100
|
0
|
0
|
606
|
6,140
|
||||||||||
|
Central bank funds sold
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||||||
|
Securities purchased underresale agreements
|
16
|
2,010
|
3,388
|
514
|
1,434
|
901
|
4,180
|
2,282
|
0
|
14,725
|
||||||||||
|
With banks
|
7
|
393
|
1,250
|
93
|
936
|
862
|
2,389
|
2,282
|
0
|
8,212
|
||||||||||
|
With customers
|
10
|
1,617
|
2,138
|
421
|
497
|
39
|
1,791
|
0
|
0
|
6,513
|
||||||||||
|
Securities borrowed
|
0
|
32
|
0
|
0
|
0
|
0
|
6
|
0
|
0
|
39
|
||||||||||
|
With banks
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||||||
|
With customers
|
0
|
32
|
0
|
0
|
0
|
0
|
6
|
0
|
0
|
39
|
||||||||||
|
Financial assets at fair valuethrough profit or loss
|
390,280
|
51,826
|
11,152
|
3,130
|
563
|
2,655
|
700
|
1,287
|
3,660
|
465,253
|
||||||||||
|
Trading assets
|
123,907
|
0
|
0
|
0
|
0
|
1,353
|
0
|
0
|
16
|
125,275
|
||||||||||
|
Fixed-income securitiesand loans
|
120,731
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
120,731
|
||||||||||
|
Equities and other variable-income securities
|
1,968
|
0
|
0
|
0
|
0
|
1,353
|
0
|
0
|
16
|
3,336
|
||||||||||
|
Other trading assets
|
1,207
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
1,207
|
||||||||||
|
Positive market values fromderivative financial instruments
|
251,856
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
1
|
251,857
|
||||||||||
|
Non-trading financial assets mandatory at fair value through profit or loss
|
14,517
|
51,826
|
11,152
|
3,130
|
563
|
1,302
|
626
|
1,287
|
3,643
|
88,047
|
||||||||||
|
Securities purchased underresale agreements
|
5,331
|
48,697
|
7,987
|
2,242
|
299
|
550
|
161
|
669
|
0
|
65,937
|
||||||||||
|
Securities borrowed
|
9,159
|
2,001
|
1,859
|
0
|
0
|
0
|
17
|
0
|
0
|
13,036
|
||||||||||
|
Fixed-income securitiesand loans
|
12
|
521
|
1,301
|
861
|
264
|
136
|
386
|
580
|
2,373
|
6,434
|
||||||||||
|
Other non-trading financial assets mandatory at fair value through profit or loss
|
16
|
607
|
5
|
27
|
0
|
616
|
62
|
38
|
1,270
|
2,640
|
||||||||||
|
Financial assets designated at fair value through profit or loss
|
0
|
0
|
0
|
0
|
0
|
0
|
74
|
0
|
1
|
75
|
||||||||||
|
Positive market values fromderivative financial instrumentsqualifying for hedge accounting
|
0
|
337
|
211
|
104
|
55
|
38
|
17
|
69
|
37
|
869
|
||||||||||
|
Financial assets at fair valuethrough other comprehensive income
|
36
|
3,590
|
1,514
|
1,106
|
666
|
482
|
2,315
|
8,761
|
17,077
|
35,546
|
||||||||||
|
Securities purchased under resale agreements
|
0
|
1,805
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
1,805
|
||||||||||
|
Securities borrowed
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||||||
|
Debt securities
|
0
|
1,476
|
980
|
771
|
475
|
336
|
1,548
|
6,337
|
16,951
|
28,874
|
||||||||||
|
Loans
|
36
|
309
|
534
|
335
|
190
|
146
|
767
|
2,424
|
126
|
4,867
|
||||||||||
|
Other
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||||||
|
Loans
|
15,107
|
42,752
|
31,048
|
17,534
|
12,418
|
14,272
|
38,335
|
91,628
|
216,259
|
479,353
|
||||||||||
|
To banks
|
227
|
537
|
348
|
332
|
41
|
1,535
|
862
|
519
|
801
|
5,202
|
||||||||||
|
To customers
|
14,880
|
42,215
|
30,700
|
17,201
|
12,377
|
12,736
|
37,473
|
91,108
|
215,459
|
474,151
|
||||||||||
|
Retail
|
2,375
|
11,452
|
4,879
|
1,721
|
1,302
|
2,170
|
4,786
|
16,929
|
168,184
|
213,796
|
||||||||||
|
Corporates and othercustomers
|
12,505
|
30,763
|
25,822
|
15,480
|
11,075
|
10,567
|
32,688
|
74,180
|
47,275
|
260,354
|
||||||||||
|
Other financial assets
|
68,187
|
9,243
|
3,875
|
2,729
|
778
|
1,445
|
1,136
|
4,225
|
15,204
|
106,823
|
||||||||||
|
Total financial assets
|
643,168
|
121,744
|
53,134
|
25,365
|
16,030
|
19,936
|
46,690
|
108,252
|
252,843
|
1,287,164
|
||||||||||
|
Other assets
|
8,390
|
269
|
1
|
4,169
|
2
|
4,185
|
194
|
2,080
|
10,771
|
30,061
|
||||||||||
|
Total assets
|
651,558
|
122,013
|
53,135
|
29,534
|
16,032
|
24,121
|
46,884
|
110,332
|
263,614
|
1,317,225
|
||||||||||
|
|
168
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2024
|
||||||||||||||||||||
|
in € m.
|
Ondemand(incl. Over-night andone daynotice)
|
Up toonemonth
|
Over1 monthto nomorethan3 months
|
Over3 monthsbut nomorethan6 months
|
Over6 monthsbut nomorethan9 months
|
Over9 monthsbut nomorethan1 year
|
Over1 yearbut nomorethan2 years
|
Over2 yearsbut nomorethan5 years
|
Over5 years
|
Total
|
||||||||||
|
Deposits
|
375,255
|
64,076
|
93,692
|
69,346
|
21,845
|
18,207
|
9,612
|
5,538
|
10,130
|
667,701
|
||||||||||
|
Due to banks
|
53,385
|
1,721
|
10,520
|
11,102
|
6,515
|
1,033
|
1,927
|
2,984
|
8,731
|
97,920
|
||||||||||
|
Due to customers
|
321,870
|
62,355
|
83,171
|
58,244
|
15,330
|
17,174
|
7,685
|
2,553
|
1,399
|
569,781
|
||||||||||
|
Retail
|
135,531
|
16,455
|
44,218
|
34,930
|
8,890
|
6,577
|
1,389
|
491
|
22
|
248,504
|
||||||||||
|
Corporates and othercustomers
|
186,339
|
45,899
|
38,953
|
23,314
|
6,440
|
10,596
|
6,296
|
2,062
|
1,377
|
321,277
|
||||||||||
|
Trading liabilities
|
319,908
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
319,908
|
||||||||||
|
Trading securities
|
41,864
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
41,864
|
||||||||||
|
Other trading liabilities
|
1,635
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
1,635
|
||||||||||
|
Negative market values fromderivative financialinstruments
|
276,410
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
276,410
|
||||||||||
|
Financial liabilities designed at fair value through profit or loss
|
32,343
|
24,338
|
11,059
|
4,417
|
539
|
304
|
3,310
|
10,009
|
5,713
|
92,032
|
||||||||||
|
Securities sold under repurchase agreements
|
30,294
|
23,772
|
10,739
|
3,254
|
302
|
0
|
760
|
0
|
0
|
69,121
|
||||||||||
|
Long-term debt
|
2,023
|
335
|
228
|
1,043
|
136
|
235
|
2,543
|
9,947
|
5,713
|
22,203
|
||||||||||
|
Other financial liabilitiesdesignated at fair valuethrough profit or loss
|
26
|
232
|
91
|
120
|
101
|
69
|
6
|
62
|
0
|
708
|
||||||||||
|
Investment contract liabilities
|
0
|
0
|
0
|
0
|
0
|
454
|
0
|
0
|
0
|
454
|
||||||||||
|
Negative market values fromderivative financial instrumentsqualifying for hedge accounting
|
0
|
357
|
621
|
342
|
197
|
75
|
14
|
14
|
57
|
1,676
|
||||||||||
|
Central bank funds purchased
|
1,227
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
1,227
|
||||||||||
|
Securities sold under repurchase agreements
|
268
|
23
|
1,017
|
175
|
0
|
0
|
715
|
289
|
25
|
2,513
|
||||||||||
|
Due to banks
|
88
|
2
|
917
|
152
|
0
|
0
|
605
|
158
|
9
|
1,929
|
||||||||||
|
Due to customers
|
180
|
21
|
101
|
23
|
0
|
0
|
111
|
131
|
16
|
583
|
||||||||||
|
Securities loaned
|
2
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
2
|
||||||||||
|
Due to banks
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||||||
|
Due to customers
|
2
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
2
|
||||||||||
|
Other short term borrowings
|
1,345
|
3,380
|
2,372
|
1,845
|
227
|
726
|
0
|
0
|
0
|
9,895
|
||||||||||
|
Long-term debt
|
0
|
1,474
|
4,280
|
5,971
|
5,079
|
3,825
|
18,543
|
42,140
|
33,587
|
114,899
|
||||||||||
|
Debt securities - senior
|
0
|
1,315
|
2,873
|
4,081
|
4,764
|
3,158
|
14,957
|
36,395
|
15,067
|
82,611
|
||||||||||
|
Debt securities - subordi-nated
|
0
|
0
|
1,248
|
1,635
|
0
|
0
|
2,000
|
2,436
|
4,307
|
11,626
|
||||||||||
|
Other long-term debt - senior
|
0
|
159
|
158
|
254
|
315
|
667
|
1,545
|
3,289
|
14,190
|
20,578
|
||||||||||
|
Other long-term debt -subordinated
|
0
|
0
|
0
|
0
|
0
|
0
|
42
|
20
|
22
|
85
|
||||||||||
|
Trust Preferred Securities
|
0
|
0
|
0
|
287
|
0
|
0
|
0
|
0
|
0
|
287
|
||||||||||
|
Other financial liabilities
|
72,776
|
526
|
665
|
881
|
137
|
256
|
1,988
|
1,360
|
2,508
|
81,098
|
||||||||||
|
Total financial liabilities
|
803,124
|
94,174
|
113,705
|
83,264
|
28,024
|
23,847
|
34,182
|
59,350
|
52,020
|
1,291,691
|
||||||||||
|
Other liabilities
|
17,477
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
17,477
|
||||||||||
|
Total equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
81,865
|
81,865
|
||||||||||
|
Total liabilities and equity
|
820,601
|
94,174
|
113,705
|
83,264
|
28,024
|
23,847
|
34,182
|
59,350
|
133,885
|
1,391,033
|
||||||||||
|
Off-balance sheet commitmentsgiven
|
42,360
|
11,136
|
16,635
|
22,017
|
18,465
|
29,279
|
45,442
|
122,123
|
35,709
|
343,167
|
||||||||||
|
Banks
|
1,038
|
1,584
|
2,164
|
2,827
|
2,766
|
2,080
|
3,213
|
4,697
|
6,169
|
26,540
|
||||||||||
|
Retail
|
13,776
|
455
|
642
|
134
|
79
|
1,502
|
279
|
891
|
2,977
|
20,734
|
||||||||||
|
Corporates and othercustomers
|
27,546
|
9,097
|
13,829
|
19,057
|
15,620
|
25,697
|
41,950
|
116,535
|
26,563
|
295,893
|
||||||||||
|
|
169
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2023
|
||||||||||||||||||||
|
in € m.
|
Ondemand(incl. Over-night andone daynotice)
|
Up toonemonth
|
Over1 monthto nomorethan3 months
|
Over3 monthsbut nomorethan6 months
|
Over6 monthsbut nomorethan9 months
|
Over9 monthsbut nomorethan1 year
|
Over1 yearbut nomorethan2 years
|
Over2 yearsbut nomorethan5 years
|
Over5 years
|
Total
|
||||||||||
|
Deposits
|
349,522
|
55,380
|
93,682
|
61,316
|
23,849
|
18,642
|
7,724
|
5,065
|
10,305
|
625,486
|
||||||||||
|
Due to banks
|
48,482
|
1,741
|
10,139
|
8,791
|
5,902
|
478
|
3,126
|
3,398
|
8,977
|
91,034
|
||||||||||
|
Due to customers
|
301,041
|
53,639
|
83,543
|
52,525
|
17,947
|
18,164
|
4,598
|
1,667
|
1,328
|
534,453
|
||||||||||
|
Retail
|
130,097
|
9,882
|
47,506
|
34,857
|
8,635
|
7,031
|
1,272
|
502
|
43
|
239,826
|
||||||||||
|
Corporates and othercustomers
|
170,944
|
43,758
|
36,036
|
17,669
|
9,312
|
11,133
|
3,326
|
1,166
|
1,285
|
294,627
|
||||||||||
|
Trading liabilities
|
282,283
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
282,283
|
||||||||||
|
Trading securities
|
43,114
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
43,114
|
||||||||||
|
Other trading liabilities
|
890
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
890
|
||||||||||
|
Negative market values fromderivative financialinstruments
|
238,278
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
238,278
|
||||||||||
|
Financial liabilities designed at fair value through profit or loss
|
33,974
|
24,883
|
11,547
|
3,081
|
217
|
499
|
1,727
|
5,770
|
2,025
|
83,722
|
||||||||||
|
Securities sold under repurchase agreements
|
32,183
|
24,790
|
11,422
|
2,748
|
58
|
301
|
537
|
339
|
0
|
72,377
|
||||||||||
|
Long-term debt
|
1,618
|
6
|
43
|
275
|
139
|
89
|
1,147
|
5,368
|
2,024
|
10,709
|
||||||||||
|
Other financial liabilitiesdesignated at fair valuethrough profit or loss
|
173
|
87
|
82
|
58
|
20
|
109
|
43
|
62
|
1
|
636
|
||||||||||
|
Investment contract liabilities
|
0
|
0
|
0
|
0
|
0
|
484
|
0
|
0
|
0
|
484
|
||||||||||
|
Negative market values fromderivative financial instrumentsqualifying for hedge accounting
|
0
|
40
|
92
|
10
|
9
|
4
|
10
|
8
|
60
|
233
|
||||||||||
|
Central bank funds purchased
|
1,057
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
1,057
|
||||||||||
|
Securities sold under repurchase agreements
|
274
|
288
|
295
|
302
|
0
|
0
|
2
|
773
|
48
|
1,981
|
||||||||||
|
Due to banks
|
63
|
265
|
7
|
302
|
0
|
0
|
2
|
771
|
0
|
1,410
|
||||||||||
|
Due to customers
|
211
|
23
|
287
|
0
|
0
|
0
|
0
|
2
|
48
|
571
|
||||||||||
|
Securities loaned
|
3
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
3
|
||||||||||
|
Due to banks
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||||||
|
Due to customers
|
3
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
3
|
||||||||||
|
Other short term borrowings
|
1,479
|
2,973
|
2,345
|
1,522
|
493
|
808
|
0
|
0
|
0
|
9,620
|
||||||||||
|
Long-term debt
|
0
|
435
|
15,286
|
6,016
|
3,601
|
5,604
|
17,936
|
41,861
|
28,652
|
119,390
|
||||||||||
|
Debt securities - senior
|
0
|
378
|
3,991
|
4,487
|
858
|
5,408
|
14,665
|
35,848
|
16,050
|
81,685
|
||||||||||
|
Debt securities - subordi-nated
|
0
|
10
|
9
|
0
|
26
|
8
|
2,703
|
4,356
|
4,051
|
11,163
|
||||||||||
|
Other long-term debt - senior
|
0
|
47
|
11,287
|
1,529
|
2,680
|
161
|
568
|
1,594
|
8,529
|
26,394
|
||||||||||
|
Other long-term debt -subordinated
|
0
|
0
|
0
|
0
|
37
|
27
|
0
|
62
|
22
|
149
|
||||||||||
|
Trust Preferred Securities
|
0
|
0
|
0
|
289
|
0
|
0
|
0
|
0
|
0
|
289
|
||||||||||
|
Other financial liabilities
|
89,980
|
754
|
635
|
1,837
|
173
|
308
|
733
|
1,209
|
2,478
|
98,108
|
||||||||||
|
Total financial liabilities
|
758,572
|
84,754
|
123,882
|
74,373
|
28,342
|
26,349
|
28,133
|
54,685
|
43,568
|
1,222,657
|
||||||||||
|
Other liabilities
|
18,278
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
18,278
|
||||||||||
|
Total equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
76,330
|
76,330
|
||||||||||
|
Total liabilities and equity
|
776,850
|
84,754
|
123,882
|
74,373
|
28,342
|
26,349
|
28,133
|
54,685
|
119,898
|
1,317,266
|
||||||||||
|
Off-balance sheet commitmentsgiven
|
42,501
|
10,875
|
21,158
|
15,720
|
14,318
|
24,459
|
37,389
|
113,593
|
40,527
|
320,540
|
||||||||||
|
Banks
|
1,016
|
1,177
|
2,354
|
2,242
|
2,090
|
2,278
|
2,289
|
2,820
|
5,829
|
22,095
|
||||||||||
|
Retail
|
14,707
|
1,354
|
1,206
|
503
|
718
|
2,281
|
971
|
583
|
4,940
|
27,262
|
||||||||||
|
Corporates and othercustomers
|
26,778
|
8,344
|
17,597
|
12,976
|
11,510
|
19,899
|
34,130
|
110,190
|
29,758
|
271,182
|
||||||||||
|
|
170
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
171
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Employees1
|
Dec 31, 2024
|
Dec 31, 2023
|
Dec 31, 2022
|
|||
|
Germany
|
35,160
|
36,195
|
35,594
|
|||
|
Europe (outside Germany)
|
17,672
|
18,103
|
17,875
|
|||
|
Asia/Pacific, Middle East and Africa
|
28,930
|
27,601
|
23,740
|
|||
|
North America2
|
7,744
|
8,033
|
7,534
|
|||
|
Latin America
|
247
|
199
|
187
|
|||
|
Total employees
|
89,753
|
90,130
|
84,930
|
|||
|
Employees1
|
Dec 31, 2024
|
Dec 31, 2023
|
Dec 31, 2022
|
||||
|
Corporate Bank (CB)
|
17.9 %
|
17.4 %
|
17.0 %
|
||||
|
Investment Bank (IB)
|
8.9 %
|
8.8 %
|
8.4 %
|
||||
|
Private Bank (PB)
|
27.7 %
|
29.1 %
|
31.6 %
|
||||
|
Asset Management (AM)
|
5.1 %
|
4.9 %
|
5.0 %
|
||||
|
Infrastructure
|
40.4 %
|
39.9 %
|
37.9 %
|
||||
|
|
172
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
173
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
174
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
175
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
176
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
177
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
178
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
179
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
180
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
181
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
182
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
183
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Consolidated Statement of Income
|
23–
|
|||||
|
Consolidated Statement of Comprehensive Income
|
24–
|
|||||
|
Consolidated Balance Sheet
|
25–
|
|||||
|
Consolidated Statement of Changes in Equity
|
26–
|
|||||
|
Consolidated Statement of Cash Flows
|
27–
|
|||||
|
Notes to the consolidated financial statements
|
28–
|
|||||
|
1 –
|
|
29–
|
||||
|
2 –
|
30–
|
|||||
|
3 –
|
31–
|
|||||
|
4 –
|
Additional Notes
|
|||||
|
Notes to the consolidated income statement
|
32 –
|
|||||
|
5 –
|
|
33 –
|
||||
|
6 –
|
34–
|
|||||
|
7 –
|
35 –
|
|||||
|
8 –
|
36–
|
|||||
|
9 –
|
37–
|
|||||
|
10 –
|
38–
|
|||||
|
11 –
|
39–
|
|||||
|
Notes to the consolidated balance sheet
|
|
40–
|
||||
|
12 –
|
41–
|
|||||
|
13 –
|
42–
|
|||||
|
14 –
|
Report of Independent Registered Public Accounting Firm
|
|||||
|
15 –
|
||||||
|
16 –
|
||||||
|
17 –
|
||||||
|
18 –
|
||||||
|
19 –
|
||||||
|
20 –
|
||||||
|
21 –
|
||||||
|
22 –
|
|
|
184
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
in € m.
|
Notes
|
2024
|
2023
|
2022
|
||||
|
Interest and similar income1
|
5
|
48,996
|
43,546
|
24,449
|
||||
|
Interest expense
|
5
|
33,835
|
27,424
|
10,466
|
||||
|
Net interest income
|
5
|
15,161
|
16,122
|
13,983
|
||||
|
Provision for credit losses
|
19
|
1,830
|
1,505
|
1,226
|
||||
|
Net interest income after provision for credit losses
|
13,331
|
14,617
|
12,757
|
|||||
|
Net commissions and fee income
|
6
|
10,372
|
9,206
|
9,838
|
||||
|
Net gains (losses) on financial assets/liabilities at fair value throughprofit or loss
|
5
|
5,655
|
5,575
|
2,962
|
||||
|
Net gains (losses) from derecognition of financial assets measured at amortized cost
|
7
|
(11)
|
(96)
|
(2)
|
||||
|
Net gains (losses) on financial assets at fair value through othercomprehensive income
|
48
|
(0)
|
(216)
|
|||||
|
Net income (loss) from equity method investments
|
16
|
12
|
(38)
|
152
|
||||
|
Other income (loss)
|
8
|
267
|
387
|
346
|
||||
|
Total noninterest income
|
16,344
|
15,033
|
13,080
|
|||||
|
Compensation and benefits
|
33
|
11,731
|
11,131
|
10,712
|
||||
|
General and administrative expenses
|
9
|
11,243
|
10,112
|
9,728
|
||||
|
Impairment of goodwill and other intangible assets
|
23
|
0
|
233
|
68
|
||||
|
Restructuring activities
|
10
|
(3)
|
220
|
(118)
|
||||
|
Total noninterest expenses
|
22,971
|
21,695
|
20,390
|
|||||
|
Profit (loss) before income taxes
|
6,703
|
7,955
|
5,447
|
|||||
|
Income tax expense (benefit)
|
34
|
2,223
|
1,503
|
(107)
|
||||
|
Profit (loss)
|
4,481
|
6,452
|
5,554
|
|||||
|
Profit (loss) attributable to noncontrolling interests
|
139
|
120
|
134
|
|||||
|
Profit (loss) attributable to Deutsche Bank shareholders and additionalequity components
|
4,342
|
6,332
|
5,420
|
|||||
|
Notes
|
2024
|
2023
|
2022
|
|||||
|
Earnings per share:1
|
11
|
|||||||
|
Basic
|
€ 1.89
|
€ 2.83
|
€ 2.37
|
|||||
|
Diluted
|
€ 1.85
|
€ 2.77
|
€ 2.32
|
|||||
|
Number of shares in million:
|
||||||||
|
Denominator for basic earnings per share –weighted-average shares outstanding
|
1,993.6
|
2,064.1
|
2,084.9
|
|||||
|
Denominator for diluted earnings per share –adjusted weighted-average shares after assumed conversions
|
2,039.3
|
2,104.0
|
2,125.6
|
|||||
|
|
185
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
in € m.
|
2024
|
2023
|
2022
|
|||
|
Profit (loss) recognized in the income statement
|
4,481
|
6,452
|
5,554
|
|||
|
Other comprehensive income
|
||||||
|
Items that will not be reclassified to profit or loss
|
||||||
|
Remeasurement gains (losses) related to defined benefit plans, before tax
|
264
|
(286)
|
1,203
|
|||
|
Net fair value gains (losses) attributable to credit risk related to financialliabilities designated as at fair value through profit or loss, before tax
|
(180)
|
(62)
|
91
|
|||
|
Total of income tax related to items that will not be reclassified to profit or loss
|
(61)
|
155
|
(667)
|
|||
|
Items that are or may be reclassified to profit or loss
|
||||||
|
Financial assets at fair value through other comprehensive income
|
||||||
|
Unrealized net gains (losses) arising during the period, before tax
|
(395)
|
205
|
(1,496)
|
|||
|
Realized net (gains) losses arising during the period (reclassified to profit or loss),before tax
|
(48)
|
0
|
216
|
|||
|
Derivatives hedging variability of cash flows
|
||||||
|
Unrealized net gains (losses) arising during the period, before tax
|
(242)
|
439
|
(819)
|
|||
|
Realized net (gains) losses arising during the period (reclassified to profit or loss),before tax
|
234
|
395
|
71
|
|||
|
Assets classified as held for sale
|
||||||
|
Unrealized net gains (losses) arising during the period, before tax
|
0
|
0
|
0
|
|||
|
Realized net (gains) losses arising during the period (reclassified to profit or loss),before tax
|
0
|
0
|
0
|
|||
|
Foreign currency translation
|
||||||
|
Unrealized net gains (losses) arising during the period, before tax
|
822
|
(1,284)
|
331
|
|||
|
Realized net (gains) losses arising during the period (reclassified to profit or loss),before tax
|
3
|
(3)
|
(20)
|
|||
|
Equity Method Investments
|
||||||
|
Net gains (losses) arising during the period
|
(2)
|
(25)
|
20
|
|||
|
Total of income tax related to items that are or may be reclassified to profit or loss
|
282
|
(32)
|
654
|
|||
|
Other comprehensive income (loss), net of tax
|
676
|
(497)
|
(417)
|
|||
|
Total comprehensive income (loss), net of tax
|
5,156
|
5,955
|
5,137
|
|||
|
Attributable to:
|
||||||
|
Noncontrolling interests
|
192
|
77
|
185
|
|||
|
Deutsche Bank shareholders and additional equity components
|
4,965
|
5,878
|
4,952
|
|||
|
|
186
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
in € m.
|
Notes
|
Dec 31, 2024
|
Dec 31, 2023
|
|||
|
Assets:
|
||||||
|
Cash and central bank balances
|
147,494
|
178,416
|
||||
|
Interbank balances (w/o central banks)
|
6,160
|
6,140
|
||||
|
Central bank funds sold and securities purchased under resale agreements
|
20
|
40,803
|
14,725
|
|||
|
Securities borrowed
|
20
|
44
|
39
|
|||
|
Financial assets at fair value through profit or loss
|
||||||
|
Trading assets
|
139,772
|
125,275
|
||||
|
Positive market values from derivative financial instruments
|
291,800
|
251,877
|
||||
|
Non-trading financial assets mandatory at fair value through profit and loss
|
114,324
|
88,047
|
||||
|
Financial assets designated at fair value through profit or loss
|
0
|
75
|
||||
|
Total financial assets at fair value through profit or loss
|
12, 13, 20, 35
|
545,895
|
465,273
|
|||
|
Financial assets at fair value through other comprehensive income
|
15
|
42,090
|
35,546
|
|||
|
Equity method investments
|
16
|
1,028
|
1,013
|
|||
|
Loans at amortized cost
|
18, 19, 20
|
483,897
|
479,353
|
|||
|
Property and equipment
|
21, 22
|
6,193
|
6,185
|
|||
|
Goodwill and other intangible assets
|
23
|
7,749
|
7,327
|
|||
|
Other assets 1
|
24, 25
|
101,178
|
114,698
|
|||
|
Assets for current tax
|
1,801
|
1,513
|
||||
|
Deferred tax assets
|
34
|
6,702
|
7,039
|
|||
|
Total assets
|
1,391,033
|
1,317,266
|
||||
|
Liabilities and equity:
|
||||||
|
Deposits
|
26
|
667,700
|
625,486
|
|||
|
Central bank funds purchased and securities sold under repurchase agreements
|
20
|
3,740
|
3,038
|
|||
|
Securities loaned
|
20
|
2
|
3
|
|||
|
Financial liabilities at fair value through profit or loss
|
||||||
|
Trading liabilities
|
43,498
|
44,005
|
||||
|
Negative market values from derivative financial instruments
|
276,410
|
238,278
|
||||
|
Financial liabilities designated at fair value through profit or loss
|
92,047
|
83,727
|
||||
|
Investment contract liabilities
|
454
|
484
|
||||
|
Total financial liabilities at fair value through profit or loss
|
12, 13, 20, 35
|
412,409
|
366,494
|
|||
|
Other short-term borrowings
|
29
|
9,895
|
9,620
|
|||
|
Other liabilities 1
|
22, 24, 25
|
95,616
|
113,018
|
|||
|
Provisions
|
19, 27
|
3,326
|
2,448
|
|||
|
Liabilities for current tax
|
720
|
631
|
||||
|
Deferred tax liabilities
|
34
|
574
|
517
|
|||
|
Long-term debt
|
30
|
114,899
|
119,390
|
|||
|
Trust preferred securities
|
30
|
287
|
289
|
|||
|
Total liabilities
|
1,309,168
|
1,240,935
|
||||
|
Common shares, no par value, nominal value of € 2.56
|
32
|
5,106
|
5,223
|
|||
|
Additional paid-in capital
|
39,744
|
40,187
|
||||
|
Retained earnings
|
25,872
|
22,845
|
||||
|
Common shares in treasury, at cost
|
32
|
(713)
|
(481)
|
|||
|
Accumulated other comprehensive income (loss), net of tax
|
(1,300)
|
(1,775)
|
||||
|
Total shareholders’ equity
|
68,709
|
65,999
|
||||
|
Additional equity components
|
11,550
|
8,569
|
||||
|
Noncontrolling interests
|
1,606
|
1,763
|
||||
|
Total equity
|
81,865
|
76,330
|
||||
|
Total liabilities and equity
|
1,391,033
|
1,317,266
|
||||
|
|
187
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Unrealized net gains (losses)
|
||||||||||||||||||||||||||||||
|
in € m.
|
Common shares(no par value)
|
Additionalpaid-in capital
|
Retainedearnings
|
Common sharesin treasury,at cost
|
On financialassets at fairvalue throughothercompre-hensiveincome,net of tax2
|
Attributable tochange in owncredit risk offinancialliabilitiesdesignated asat fair valuethrough profitand loss,net of tax2
|
Onderivativeshedgingvariability ofcash flows,net of tax2
|
On assetsclassified asheld for sale,net of tax2
|
Foreigncurrencytranslation,net of tax2
|
Unrealizednet gains(losses) fromequity methodinvestments
|
Accumula-
|
Totalshareholders’equity
|
Additionalequitycomponents3
|
Noncontrollinginterests
|
Total equity
|
|||||||||||||||
|
Balance as of December 31, 2021
|
5,291
|
40,580
|
12,680
|
(6)
|
(124)
|
(3)
|
(33)
|
0
|
(282)
|
(6)
|
(449)
|
58,096
|
8,305
|
1,698
|
68,099
|
|||||||||||||||
|
Total comprehensive income (loss), net of tax1
|
0
|
0
|
5,420
|
0
|
(1,019)
|
65
|
(537)
|
0
|
454
|
16
|
(1,020)
|
4,399
|
0
|
177
|
4,576
|
|||||||||||||||
|
Gains (losses) attributable to equity instruments designated as at fair value through other comprehensive income, net of tax
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|||||||||||||||
|
Gains (losses) upon early extinguishment attributable to change in own credit risk of financial liabilities designated as at fair value through profit and loss, net of tax
|
0
|
0
|
0
|
0
|
0
|
(0)
|
0
|
0
|
0
|
0
|
(0)
|
0
|
0
|
0
|
0
|
|||||||||||||||
|
Common shares cancelled
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|||||||||||||||
|
Cash dividends paid
|
0
|
0
|
(406)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(406)
|
0
|
(96)
|
(502)
|
|||||||||||||||
|
Coupon on additional equity components, before tax
|
0
|
0
|
(479)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(479)
|
0
|
0
|
(479)
|
|||||||||||||||
|
Remeasurement gains (losses) related to defined benefit plans, net of tax
|
0
|
0
|
553
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
553
|
0
|
8
|
561
|
|||||||||||||||
|
Net change in share awards in the reporting period
|
0
|
(48)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(48)
|
0
|
(1)
|
(49)
|
|||||||||||||||
|
Treasury shares distributed under share-based compensation plans
|
0
|
0
|
0
|
370
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
370
|
0
|
0
|
370
|
|||||||||||||||
|
Tax benefits related to share-based compensation plans
|
0
|
17
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
17
|
0
|
0
|
17
|
|||||||||||||||
|
Option premiums and other effects from options on common shares
|
0
|
(58)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(58)
|
0
|
0
|
(58)
|
|||||||||||||||
|
Purchases of treasury shares
|
0
|
0
|
0
|
(695)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(695)
|
0
|
0
|
(695)
|
|||||||||||||||
|
Sale of treasury shares
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|||||||||||||||
|
Net gains (losses) on treasury shares sold
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|||||||||||||||
|
Other
|
0
|
22
|
1
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
24
|
2734
|
5
|
301
|
|||||||||||||||
|
Balance as of December 31, 2022
|
5,291
|
40,513
|
17,769
|
(331)
|
(1,143)
|
62
|
(570)
|
0
|
172
|
10
|
(1,470)
|
61,772
|
8,578
|
1,791
|
72,141
|
|||||||||||||||
|
Total comprehensive income (loss), net of tax1
|
0
|
0
|
6,332
|
0
|
264
|
(43)
|
592
|
0
|
(1,102)
|
(16)
|
(306)
|
6,027
|
0
|
78
|
6,104
|
|||||||||||||||
|
Gains (losses) attributable to equity instruments designated as at fair value through other comprehensive income, net of tax
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|||||||||||||||
|
Gains (losses) upon early extinguishment attributable to change in own credit risk of financial liabilities designated as at fair value through profit and loss, net of tax
|
0
|
0
|
0
|
0
|
0
|
(0)
|
0
|
0
|
0
|
0
|
(0)
|
0
|
0
|
0
|
0
|
|||||||||||||||
|
Common shares cancelled5
|
(68)
|
(232)
|
0
|
300
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|||||||||||||||
|
Cash dividends paid
|
0
|
0
|
(610)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(610)
|
0
|
(100)
|
(710)
|
|||||||||||||||
|
Coupon on additional equity components, before tax
|
0
|
0
|
(498)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(498)
|
0
|
0
|
(498)
|
|||||||||||||||
|
Remeasurement gains (losses) related to defined benefit plans, net of tax
|
0
|
0
|
(148)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(148)
|
0
|
(1)
|
(149)
|
|||||||||||||||
|
Net change in share awards in the reporting period
|
0
|
(94)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(94)
|
0
|
(1)
|
(95)
|
|||||||||||||||
|
Treasury shares distributed under share-based compensation plans
|
0
|
0
|
0
|
407
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
407
|
0
|
0
|
407
|
|||||||||||||||
|
Tax benefits related to share-based compensation plans
|
0
|
27
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
27
|
0
|
(1)
|
26
|
|||||||||||||||
|
Option premiums and other effects from options on common shares
|
0
|
(65)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(65)
|
0
|
0
|
(65)
|
|||||||||||||||
|
Purchases of treasury shares
|
0
|
0
|
0
|
(857)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(857)
|
0
|
0
|
(857)
|
|||||||||||||||
|
Sale of treasury shares
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|||||||||||||||
|
Net gains (losses) on treasury shares sold
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|||||||||||||||
|
Other
|
0
|
39
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
39
|
(9)4
|
(4)
|
26
|
|||||||||||||||
|
Balance as of December 31, 2023
|
5,223
|
40,187
|
22,845
|
(481)
|
(879)
|
18
|
22
|
0
|
(930)
|
(6)
|
(1,775)
|
65,999
|
8,569
|
1,763
|
76,330
|
|||||||||||||||
|
Total comprehensive income (loss), net of tax1
|
0
|
0
|
4,342
|
0
|
(317)
|
(131)
|
1
|
0
|
918
|
(1)
|
469
|
4,811
|
0
|
191
|
5,002
|
|||||||||||||||
|
Gains (losses) attributable to equity instruments designated as at fair value through other comprehensive income, net of tax
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|||||||||||||||
|
Gains (losses) upon early extinguishment attributable to change in own credit risk of financial liabilities designated as at fair value through profit and loss, net of tax
|
0
|
0
|
(5)
|
0
|
0
|
5
|
0
|
0
|
0
|
0
|
5
|
0
|
0
|
0
|
0
|
|||||||||||||||
|
Common shares cancelled5
|
(117)
|
(333)
|
0
|
450
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|||||||||||||||
|
Cash dividends paid
|
0
|
0
|
(883)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(883)
|
0
|
(264)
|
(1,147)
|
|||||||||||||||
|
Coupon on additional equity components, before tax
|
0
|
0
|
(574)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(574)
|
0
|
0
|
(574)
|
|||||||||||||||
|
Remeasurement gains (losses) related to defined benefit plans, net of tax
|
0
|
0
|
148
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
148
|
0
|
1
|
149
|
|||||||||||||||
|
Net change in share awards in the reporting period
|
0
|
(23)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(23)
|
0
|
(0)
|
(23)
|
|||||||||||||||
|
Treasury shares distributed under share-based compensation plans
|
0
|
0
|
0
|
444
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
444
|
0
|
0
|
444
|
|||||||||||||||
|
Tax benefits related to share-based compensation plans
|
0
|
53
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
53
|
0
|
(0)
|
53
|
|||||||||||||||
|
Option premiums and other effects from options on common shares
|
0
|
(41)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(41)
|
0
|
0
|
(41)
|
|||||||||||||||
|
Purchases of treasury shares
|
0
|
0
|
0
|
(1,126)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(1,126)
|
0
|
0
|
(1,126)
|
|||||||||||||||
|
Sale of treasury shares
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|||||||||||||||
|
Net gains (losses) on treasury shares sold
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|||||||||||||||
|
Other
|
0
|
(99)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(99)
|
2,9814
|
(84)
|
2,798
|
|||||||||||||||
|
Balance as of December 31, 2024
|
5,106
|
39,744
|
25,873
|
(713)
|
(1,196)
|
(108)
|
23
|
0
|
(12)
|
(7)
|
(1,300)
|
68,709
|
11,550
|
1,606
|
81,865
|
|||||||||||||||
|
|
188
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
in € m.
|
2024
|
2023
|
2022
|
|||
|
Profit (loss)
|
4,481
|
6,452
|
5,554
|
|||
|
Cash flows from operating activities:
|
||||||
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
||||||
|
Provision for credit losses
|
1,830
|
1,505
|
1,226
|
|||
|
Restructuring activities
|
(3)
|
220
|
(118)
|
|||
|
Gain on sale of financial assets at fair value through other comprehensive income, equity method investments and other
|
(76)
|
(84)
|
128
|
|||
|
Deferred income taxes, net
|
909
|
163
|
(894)
|
|||
|
Impairment, depreciation and other amortization, and accretion
|
2,758
|
3,601
|
3,338
|
|||
|
Share of net income from equity method investments
|
4
|
107
|
(129)
|
|||
|
Adjustments for net change in operating assets and liabilities:
|
||||||
|
Interest-earning time deposits with central banks and banks
|
(1,188)
|
(699)
|
102
|
|||
|
Central bank funds sold, securities purchased under resale agreements, securities borrowed
|
(25,975)
|
(3,285)
|
(3,046)
|
|||
|
Non-Trading financial assets mandatory at fair value through profit and loss
|
(25,214)
|
793
|
1,511
|
|||
|
Financial assets designated at fair value through profit or loss
|
75
|
93
|
(31)
|
|||
|
Loans at amortized cost
|
211
|
9,686
|
(12,059)
|
|||
|
Other assets
|
13,990
|
(1,384)
|
(459)
|
|||
|
Deposits
|
36,893
|
(2,299)
|
19,191
|
|||
|
Financial liabilities designated at fair value through profit or loss and investment contract liabilities1
|
5,425
|
29,493
|
(6,046)
|
|||
|
Central bank funds purchased, securities sold under repurchase agreements, securities loaned
|
625
|
2,456
|
(187)
|
|||
|
Other short-term borrowings
|
182
|
4,534
|
1,065
|
|||
|
Other liabilities
|
(19,800)
|
777
|
12,377
|
|||
|
Senior long-term debt2
|
(6,339)
|
(11,880)
|
(17,019)
|
|||
|
Trading assets and liabilities, positive and negative market values from derivative financial instruments, net
|
(15,020)
|
(35,515)
|
2,145
|
|||
|
Other, net
|
(2,350)
|
872
|
(8,762)
|
|||
|
Net cash provided by (used in) operating activities
|
(28,584)
|
5,606
|
(2,113)
|
|||
|
Cash flows from investing activities:
|
||||||
|
Proceeds from:
|
||||||
|
Sale of financial assets at fair value through other comprehensive income
|
18,267
|
15,646
|
15,450
|
|||
|
Maturities of financial assets at fair value through other comprehensive income
|
22,658
|
19,437
|
21,557
|
|||
|
Sale of debt securities held to collect at amortized cost
|
20
|
(0)
|
0
|
|||
|
Maturities of debt securities held to collect at amortized cost
|
7,216
|
8,025
|
6,519
|
|||
|
Sale of equity method investments
|
0
|
20
|
118
|
|||
|
Sale of property and equipment
|
20
|
33
|
22
|
|||
|
Purchase of:
|
||||||
|
Financial assets at fair value through other comprehensive income
|
(46,502)
|
(38,648)
|
(42,991)
|
|||
|
Debt Securities held to collect at amortized cost
|
(6,498)
|
(4,859)
|
(16,696)
|
|||
|
Equity method investments
|
(63)
|
(60)
|
(171)
|
|||
|
Property and equipment
|
(528)
|
(422)
|
(337)
|
|||
|
Net cash received in (paid for) business combinations/divestitures
|
3
|
(361)
|
439
|
|||
|
Other, net
|
(1,375)
|
(1,386)
|
(1,086)
|
|||
|
Net cash provided by (used in) investing activities
|
(6,781)
|
(2,576)
|
(17,175)
|
|||
|
Cash flows from financing activities:
|
||||||
|
Issuances of subordinated long-term debt3
|
20
|
1,432
|
2,716
|
|||
|
Repayments and extinguishments of subordinated long-term debt3
|
(153)
|
(1,471)
|
(90)
|
|||
|
Issuances of trust preferred securities4
|
0
|
0
|
0
|
|||
|
Repayments and extinguishments of trust preferred securities4
|
(6)
|
(225)
|
0
|
|||
|
Principal portion of lease payments5
|
(552)
|
(534)
|
(607)
|
|||
|
Common shares issued
|
0
|
0
|
0
|
|||
|
Purchases of treasury shares
|
(1,126)
|
(857)
|
(695)
|
|||
|
Sale of treasury shares
|
0
|
0
|
0
|
|||
|
Additional Equity Components (AT1) issued
|
3,000
|
0
|
2,000
|
|||
|
Additional Equity Components (AT1) repaid
|
0
|
0
|
(1,750)
|
|||
|
Purchases of Additional Equity Components (AT1)
|
(3,341)
|
(400)
|
(4,058)
|
|||
|
Sale of Additional Equity Components (AT1)
|
3,316
|
415
|
4,074
|
|||
|
Coupon on additional equity components, pre tax
|
(574)
|
(498)
|
(479)
|
|||
|
Dividends paid to noncontrolling interests
|
(264)
|
(100)
|
(96)
|
|||
|
Net change in noncontrolling interests
|
(84)
|
(5)
|
5
|
|||
|
Cash dividends paid to Deutsche Bank shareholders
|
(883)
|
(610)
|
(406)
|
|||
|
Net cash provided by (used in) financing activities
|
(646)
|
(2,852)
|
614
|
|||
|
Net effect of exchange rate changes on cash and cash equivalents
|
2,910
|
(2,036)
|
4,354
|
|||
|
Net increase (decrease) in cash and cash equivalents
|
(33,102)
|
(1,857)
|
(14,320)
|
|||
|
Cash and cash equivalents at beginning of period
|
163,768
|
165,626
|
179,946
|
|||
|
Cash and cash equivalents at end of period
|
130,666
|
163,768
|
165,626
|
|
|
189
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
in € m.
|
2024
|
2023
|
2022
|
|||
|
Net cash provided by (used in) operating activities include
|
||||||
|
Income taxes paid (received), net
|
1,392
|
955
|
1,288
|
|||
|
Interest paid6
|
33,573
|
25,454
|
9,286
|
|||
|
Interest received6
|
48,384
|
42,886
|
22,817
|
|||
|
Dividends received
|
110
|
106
|
87
|
|||
|
Cash and cash equivalents comprise
|
||||||
|
Cash and central bank balances7
|
126,353
|
159,326
|
159,876
|
|||
|
Interbank balances (w/o central banks)8
|
4,313
|
4,442
|
5,749
|
|||
|
Total
|
130,666
|
163,768
|
165,626
|
|||
|
|
190
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
191
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
192
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
193
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
194
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
195
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
196
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
197
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
198
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
199
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
200
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
201
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
202
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
203
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
204
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
205
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
206
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
207
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
208
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
209
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
210
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
211
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
212
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
213
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
214
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
215
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
216
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
in € m.
|
October 13, 2023
|
||
|
Cash consideration transferred
|
460
|
||
|
Total consideration transferred
|
460
|
||
|
Recognized amounts of identifiable assets acquired and liabilities assumed:1
|
|||
|
Interbank balances (w/o central banks)
|
126
|
||
|
Securities borrowed
|
10
|
||
|
Financial assets at fair value through profit or loss
|
44
|
||
|
Property and equipment
|
53
|
||
|
Other intangible assets
|
84
|
||
|
All other assets
|
410
|
||
|
Total assets acquired
|
727
|
||
|
Financial liabilities at fair value through profit or loss
|
14
|
||
|
All other liabilities
|
488
|
||
|
Total liabilities assumed
|
502
|
||
|
Total identifiable net assets
|
225
|
||
|
Goodwill
|
235
|
||
|
Total identifiable net assets and goodwill acquired
|
460
|
||
|
in € m.
|
2024
|
2023
|
2022
|
|||
|
Cash and cash equivalents
|
0
|
7
|
1,126
|
|||
|
All remaining assets
|
0
|
105
|
659
|
|||
|
Total assets disposed
|
0
|
113
|
1,785
|
|||
|
Total liabilities disposed
|
0
|
213
|
1,676
|
|||
|
|
217
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
218
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
219
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
220
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
2024
|
||||||||||||
|
in € m.(unless stated otherwise)
|
CorporateBank
|
InvestmentBank
|
PrivateBank
|
Asset Management
|
Corporate &Other
|
TotalConsolidated
|
||||||
|
Net revenues1
|
7,506
|
10,558
|
9,386
|
2,649
|
1,406
|
31,504
|
||||||
|
Provision for credit losses
|
347
|
549
|
851
|
(1)
|
83
|
1,830
|
||||||
|
Noninterest expenses
|
||||||||||||
|
Compensation and benefits
|
1,603
|
2,682
|
2,934
|
919
|
3,593
|
11,731
|
||||||
|
General and administrative expenses
|
3,481
|
3,979
|
4,372
|
904
|
(1,494)
|
11,243
|
||||||
|
Impairment of goodwill and other intangible assets
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||
|
Restructuring activities
|
(1)
|
(0)
|
(3)
|
0
|
0
|
(3)
|
||||||
|
Total noninterest expenses
|
5,084
|
6,661
|
7,304
|
1,823
|
2,099
|
22,971
|
||||||
|
Noncontrolling interests
|
0
|
5
|
0
|
194
|
(199)
|
0
|
||||||
|
Profit (loss) before tax
|
2,075
|
3,343
|
1,231
|
632
|
(577)
|
6,703
|
||||||
|
Assets (in € bn)2
|
280
|
756
|
324
|
11
|
21
|
1,391
|
||||||
|
Loans (gross of allowance for loan losses, in € bn)
|
117
|
110
|
257
|
0
|
5
|
490
|
||||||
|
Additions to non-current assets
|
12
|
3
|
160
|
30
|
1,884
|
2,091
|
||||||
|
Deposits (in € bn)
|
313
|
22
|
320
|
0
|
13
|
668
|
||||||
|
Average allocated shareholders' equity
|
11,682
|
23,672
|
13,990
|
5,329
|
11,679
|
66,353
|
||||||
|
Risk-weighted assets (in € bn)
|
78
|
130
|
97
|
18
|
34
|
357
|
||||||
|
of which: operational risk RWA (in € bn)3
|
11
|
15
|
14
|
5
|
13
|
58
|
||||||
|
Leverage exposure (in € bn)
|
339
|
593
|
336
|
10
|
38
|
1,316
|
||||||
|
Employees (full-time equivalent)
|
26,317
|
20,107
|
37,072
|
5,169
|
1,088
|
89,753
|
||||||
|
Post-tax return on average shareholders’ equity4,5
|
11.7%
|
9.1%
|
5.2%
|
8.0%
|
N/M
|
5.5%
|
||||||
|
Post-tax return on average tangible shareholders’ equity4,5
|
12.6%
|
9.4%
|
5.2%
|
18.0%
|
N/M
|
6.2%
|
||||||
|
Cost/income ratio6
|
67.7%
|
63.1%
|
77.8%
|
68.8%
|
N/M
|
72.9%
|
||||||
|
1
includes:
|
||||||||||||
|
Net interest income
|
4,960
|
3,398
|
5,786
|
25
|
991
|
15,161
|
||||||
|
Net income (loss) from equity method investments
|
(1)
|
(46)
|
21
|
36
|
2
|
12
|
||||||
|
2
includes:
|
||||||||||||
|
Equity method investments
|
90
|
379
|
102
|
451
|
6
|
1,028
|
||||||
|
|
221
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
2023
|
||||||||||||
|
in € m.(unless stated otherwise)
|
CorporateBank
|
InvestmentBank
|
PrivateBank
|
Asset Management
|
Corporate &Other
|
TotalConsolidated
|
||||||
|
Net revenues1
|
7,718
|
9,160
|
9,571
|
2,383
|
2,324
|
31,155
|
||||||
|
Provision for credit losses
|
266
|
431
|
783
|
(1)
|
26
|
1,505
|
||||||
|
Noninterest expenses
|
||||||||||||
|
Compensation and benefits
|
1,530
|
2,526
|
2,805
|
891
|
3,378
|
11,131
|
||||||
|
General and administrative expenses
|
3,122
|
4,091
|
4,696
|
934
|
(2,731)
|
10,112
|
||||||
|
Impairment of goodwill and other intangible assets
|
0
|
233
|
0
|
0
|
0
|
233
|
||||||
|
Restructuring activities
|
(4)
|
(3)
|
228
|
0
|
(1)
|
220
|
||||||
|
Total noninterest expenses
|
4,648
|
6,847
|
7,730
|
1,825
|
646
|
21,695
|
||||||
|
Noncontrolling interests
|
0
|
3
|
0
|
163
|
(166)
|
0
|
||||||
|
Profit (loss) before tax
|
2,804
|
1,879
|
1,058
|
396
|
1,817
|
7,955
|
||||||
|
Assets (in € bn)2
|
264
|
658
|
331
|
10
|
54
|
1,317
|
||||||
|
Loans (gross of allowance for loan losses, in € bn)
|
117
|
101
|
261
|
0
|
6
|
485
|
||||||
|
Additions to non-current assets
|
13
|
89
|
90
|
73
|
1,853
|
2,118
|
||||||
|
Deposits (in € bn)
|
289
|
18
|
308
|
0
|
10
|
625
|
||||||
|
Average allocated shareholders' equity
|
11,547
|
23,544
|
13,219
|
5,157
|
9,681
|
63,149
|
||||||
|
Risk-weighted assets (in € bn)
|
69
|
140
|
86
|
15
|
40
|
350
|
||||||
|
of which: operational risk RWA (in € bn)3
|
6
|
22
|
8
|
3
|
19
|
57
|
||||||
|
Leverage exposure (in € bn)
|
307
|
546
|
339
|
10
|
39
|
1,240
|
||||||
|
Employees (full-time equivalent)
|
25,439
|
20,063
|
38,411
|
4,963
|
1,254
|
90,130
|
||||||
|
Post-tax return on average shareholders’ equity4,5
|
16.6%
|
4.8%
|
4.8%
|
5.1%
|
N/M
|
9.1%
|
||||||
|
Post-tax return on average tangible shareholders’ equity4,5
|
17.8%
|
4.9%
|
5.2%
|
12.0%
|
N/M
|
10.2%
|
||||||
|
Cost/income ratio6
|
60.2%
|
74.7%
|
80.8%
|
76.6%
|
N/M
|
69.6%
|
||||||
|
1
includes:
|
||||||||||||
|
Net interest income
|
5,115
|
3,013
|
6,156
|
(124)
|
1,963
|
16,122
|
||||||
|
Net income (loss) from equity method investments
|
(6)
|
(70)
|
(5)
|
42
|
2
|
(38)
|
||||||
|
2
includes:
|
||||||||||||
|
Equity method investments
|
91
|
413
|
84
|
420
|
5
|
1,013
|
||||||
|
|
222
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
2022
|
||||||||||||
|
in € m.(unless stated otherwise)
|
CorporateBank
|
InvestmentBank
|
PrivateBank
|
Asset Management
|
Corporate &Other
|
TotalConsolidated
|
||||||
|
Net revenues1
|
6,337
|
10,016
|
9,152
|
2,608
|
(1,050)
|
27,063
|
||||||
|
Provision for credit losses
|
335
|
319
|
583
|
(2)
|
(9)
|
1,226
|
||||||
|
Noninterest expenses
|
||||||||||||
|
Compensation and benefits
|
1,416
|
2,379
|
2,783
|
899
|
3,235
|
10,712
|
||||||
|
General and administrative expenses
|
2,790
|
4,061
|
4,193
|
883
|
(2,199)
|
9,728
|
||||||
|
Impairment of goodwill and other intangible assets
|
0
|
0
|
0
|
68
|
0
|
68
|
||||||
|
Restructuring activities
|
(19)
|
15
|
(113)
|
0
|
(2)
|
(118)
|
||||||
|
Total noninterest expenses
|
4,187
|
6,455
|
6,863
|
1,850
|
1,035
|
20,390
|
||||||
|
Noncontrolling interests
|
0
|
15
|
0
|
174
|
(190)
|
0
|
||||||
|
Profit (loss) before tax
|
1,816
|
3,228
|
1,705
|
585
|
(1,886)
|
5,447
|
||||||
|
Assets (in € bn)2
|
258
|
677
|
333
|
10
|
67
|
1,344
|
||||||
|
Loans (gross of allowance for loan losses, in € bn)
|
122
|
103
|
265
|
0
|
6
|
496
|
||||||
|
Additions to non-current assets
|
3
|
4
|
177
|
41
|
2,267
|
2,494
|
||||||
|
Deposits (in € bn)
|
289
|
16
|
317
|
0
|
7
|
629
|
||||||
|
Average allocated shareholders' equity
|
11,668
|
22,478
|
12,945
|
5,437
|
7,580
|
60,109
|
||||||
|
Risk-weighted assets (in € bn)
|
74
|
139
|
88
|
13
|
46
|
360
|
||||||
|
of which: operational risk RWA (in € bn)3
|
5
|
23
|
8
|
3
|
19
|
58
|
||||||
|
Leverage exposure (in € bn)
|
321
|
530
|
344
|
9
|
36
|
1,240
|
||||||
|
Employees (full-time equivalent)
|
22,621
|
17,946
|
37,710
|
4,778
|
1,876
|
84,930
|
||||||
|
Post-tax return on average shareholders’ equity4,5
|
10.3%
|
9.3%
|
8.6%
|
7.3%
|
N/M
|
8.2%
|
||||||
|
Post-tax return on average tangible shareholders’ equity4,5
|
11.1%
|
9.6%
|
9.2%
|
17.0%
|
N/M
|
9.1%
|
||||||
|
Cost/income ratio6
|
66.1%
|
64.4%
|
75.0%
|
70.9%
|
N/M
|
75.3%
|
||||||
|
1
includes:
|
||||||||||||
|
Net interest income
|
3,628
|
3,467
|
5,222
|
(65)
|
1,732
|
13,983
|
||||||
|
Net income (loss) from equity method investments
|
4
|
50
|
27
|
66
|
6
|
152
|
||||||
|
2
includes:
|
||||||||||||
|
Equity method investments
|
90
|
501
|
99
|
415
|
20
|
1,124
|
||||||
|
|
223
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
2024 increase (decrease)from 2023
|
2023 increase (decrease)from 2022
|
|||||||||||||
|
in € m.(unless stated otherwise)
|
2024
|
2023
|
2022
|
in € m.
|
in %
|
in € m.
|
in %
|
|||||||
|
Net revenues
|
||||||||||||||
|
Corporate Treasury Services
|
4,223
|
4,399
|
3,827
|
(176)
|
(4)
|
572
|
15
|
|||||||
|
Institutional Client Services
|
1,956
|
1,895
|
1,580
|
62
|
3
|
314
|
20
|
|||||||
|
Business Banking
|
1,326
|
1,424
|
930
|
(98)
|
(7)
|
494
|
53
|
|||||||
|
Total net revenues
|
7,506
|
7,718
|
6,337
|
(212)
|
(3)
|
1,381
|
22
|
|||||||
|
Of which:
|
||||||||||||||
|
Net interest income
|
4,960
|
5,115
|
3,628
|
(154)
|
(3)
|
1,487
|
41
|
|||||||
|
Net commissions and fee income
|
2,434
|
2,328
|
2,356
|
106
|
5
|
(28)
|
(1)
|
|||||||
|
Remaining income
|
111
|
275
|
354
|
(164)
|
(59)
|
(79)
|
(22)
|
|||||||
|
Provision for credit losses
|
347
|
266
|
335
|
81
|
30
|
(68)
|
(20)
|
|||||||
|
Noninterest expenses
|
||||||||||||||
|
Compensation and benefits
|
1,603
|
1,530
|
1,416
|
73
|
5
|
114
|
8
|
|||||||
|
General and administrative expenses
|
3,481
|
3,122
|
2,790
|
359
|
12
|
332
|
12
|
|||||||
|
Impairment of goodwill and other intangible assets
|
0
|
0
|
0
|
0
|
N/M
|
0
|
N/M
|
|||||||
|
Restructuring activities
|
(1)
|
(4)
|
(19)
|
4
|
(86)
|
15
|
(77)
|
|||||||
|
Total noninterest expenses
|
5,084
|
4,648
|
4,187
|
436
|
9
|
461
|
11
|
|||||||
|
Noncontrolling interests
|
0
|
0
|
0
|
0
|
N/M
|
0
|
N/M
|
|||||||
|
Profit (loss) before tax
|
2,075
|
2,804
|
1,816
|
(729)
|
(26)
|
988
|
54
|
|||||||
|
Employees (front office, full-time equivalent)1
|
7,943
|
7,682
|
7,332
|
261
|
3
|
350
|
5
|
|||||||
|
Employees (business-aligned operations, full-time equivalent)1
|
8,089
|
7,976
|
7,114
|
113
|
1
|
862
|
12
|
|||||||
|
Employees (allocated central infrastructure, full-time equivalent)1
|
10,285
|
9,781
|
8,175
|
504
|
5
|
1,606
|
20
|
|||||||
|
Total employees (full-time equivalent)1
|
26,317
|
25,439
|
22,621
|
878
|
3
|
2,818
|
12
|
|||||||
|
Total assets (in € bn)1,2
|
280
|
264
|
258
|
16
|
6
|
6
|
2
|
|||||||
|
Risk-weighted assets (in € bn)1
|
78
|
69
|
74
|
9
|
13
|
(5)
|
(7)
|
|||||||
|
of which: operational risk RWA (in € bn)1,3
|
11
|
6
|
5
|
5
|
94
|
0
|
5
|
|||||||
|
Leverage exposure (in € bn)1
|
339
|
307
|
321
|
33
|
11
|
(14)
|
(4)
|
|||||||
|
Deposits (in € bn)1
|
313
|
289
|
289
|
23
|
8
|
1
|
0
|
|||||||
|
Loans (gross of allowance for loan losses, in € bn)1
|
117
|
117
|
122
|
(0)
|
(0)
|
(5)
|
(4)
|
|||||||
|
Cost/income ratio4
|
67.7%
|
60.2%
|
66.1%
|
N/M
|
7.5ppt
|
N/M
|
(5.8)ppt
|
|||||||
|
Post-tax return on average shareholders' equity5,6
|
11.7%
|
16.6%
|
10.3%
|
N/M
|
(4.8)ppt
|
N/M
|
6.2ppt
|
|||||||
|
Post-tax return on average tangible shareholders’ equity5,6
|
12.6%
|
17.8%
|
11.1%
|
N/M
|
(5.3)ppt
|
N/M
|
6.8ppt
|
|||||||
|
|
224
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
2024 increase (decrease)from 2023
|
2023 increase (decrease)from 2022
|
|||||||||||||
|
in € m.(unless stated otherwise)
|
2024
|
2023
|
2022
|
in € m.
|
in %
|
in € m.
|
in %
|
|||||||
|
Net revenues
|
||||||||||||||
|
Fixed Income & Currencies (FIC)
|
8,610
|
7,893
|
8,861
|
717
|
9
|
(968)
|
(11)
|
|||||||
|
Fixed Income & Currencies: Financing
|
3,205
|
2,867
|
2,953
|
339
|
12
|
(86)
|
(3)
|
|||||||
|
Fixed Income & Currencies: Ex-Financing
|
5,405
|
5,026
|
5,909
|
378
|
8
|
(882)
|
(15)
|
|||||||
|
Origination & Advisory
|
2,012
|
1,246
|
998
|
765
|
61
|
249
|
25
|
|||||||
|
Debt Origination
|
1,290
|
843
|
412
|
447
|
53
|
431
|
105
|
|||||||
|
Equity Origination
|
187
|
102
|
101
|
84
|
82
|
1
|
1
|
|||||||
|
Advisory
|
535
|
301
|
485
|
234
|
78
|
(184)
|
(38)
|
|||||||
|
Research and Other
|
(64)
|
21
|
157
|
(85)
|
N/M
|
(136)
|
(87)
|
|||||||
|
Total net revenues
|
10,558
|
9,160
|
10,016
|
1,398
|
15
|
(856)
|
(9)
|
|||||||
|
Provision for credit losses
|
549
|
431
|
319
|
119
|
28
|
112
|
35
|
|||||||
|
Noninterest expenses
|
||||||||||||||
|
Compensation and benefits
|
2,682
|
2,526
|
2,379
|
155
|
6
|
147
|
6
|
|||||||
|
General and administrative expenses
|
3,979
|
4,091
|
4,061
|
(111)
|
(3)
|
30
|
1
|
|||||||
|
Impairment of goodwill and other intangible assets
|
0
|
233
|
0
|
(233)
|
N/M
|
233
|
N/M
|
|||||||
|
Restructuring activities
|
(0)
|
(3)
|
15
|
3
|
(98)
|
(18)
|
N/M
|
|||||||
|
Total noninterest expenses
|
6,661
|
6,847
|
6,455
|
(186)
|
(3)
|
391
|
6
|
|||||||
|
Noncontrolling interests
|
5
|
3
|
15
|
2
|
52
|
(12)
|
(79)
|
|||||||
|
Profit (loss) before tax
|
3,343
|
1,879
|
3,228
|
1,463
|
78
|
(1,348)
|
(42)
|
|||||||
|
Employees (front office, full-time equivalent)1
|
4,869
|
4,843
|
4,333
|
26
|
1
|
510
|
12
|
|||||||
|
Employees (business-aligned operations, full-time equivalent)1
|
3,129
|
3,120
|
2,811
|
9
|
0
|
309
|
11
|
|||||||
|
Employees (allocated central infrastructure, full-time equivalent)1
|
12,109
|
12,101
|
10,802
|
8
|
0
|
1,299
|
12
|
|||||||
|
Total employees (full-time equivalent)1
|
20,107
|
20,063
|
17,946
|
44
|
0
|
2,117
|
12
|
|||||||
|
Total assets (in € bn)1,2
|
756
|
658
|
677
|
98
|
15
|
(18)
|
(3)
|
|||||||
|
Risk-weighted assets (in € bn)1
|
130
|
140
|
139
|
(10)
|
(7)
|
0
|
0
|
|||||||
|
of which: operational risk RWA (in € bn)1,3
|
15
|
22
|
23
|
(7)
|
(32)
|
(2)
|
(7)
|
|||||||
|
Leverage exposure (in € bn)1
|
593
|
546
|
530
|
46
|
8
|
17
|
3
|
|||||||
|
Deposits (in € bn)1
|
22
|
18
|
16
|
4
|
23
|
1
|
9
|
|||||||
|
Loans (gross of allowance for loan losses, in € bn)1
|
110
|
101
|
103
|
9
|
9
|
(2)
|
(2)
|
|||||||
|
Cost/income ratio4
|
63.1%
|
74.7%
|
64.4%
|
N/M
|
(11.6)ppt
|
N/M
|
10.3ppt
|
|||||||
|
Post-tax return on average shareholders’ equity5,6
|
9.1%
|
4.8%
|
9.3%
|
N/M
|
4.3ppt
|
N/M
|
(4.5)ppt
|
|||||||
|
Post-tax return on average tangible shareholders’ equity5,6
|
9.4%
|
4.9%
|
9.6%
|
N/M
|
4.4ppt
|
N/M
|
(4.6)ppt
|
|||||||
|
|
225
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
2024 increase (decrease)from 2023
|
2023 increase (decrease)from 2022
|
|||||||||||||
|
in € m.(unless stated otherwise)
|
2024
|
2023
|
2022
|
in € m.
|
in %
|
in € m.
|
in %
|
|||||||
|
Net revenues:
|
||||||||||||||
|
Personal Banking
|
5,304
|
5,570
|
5,005
|
(267)
|
(5)
|
566
|
11
|
|||||||
|
Wealth Management & Private Banking
|
4,082
|
4,000
|
4,147
|
82
|
2
|
(147)
|
(4)
|
|||||||
|
Total net revenues
|
9,386
|
9,571
|
9,152
|
(185)
|
(2)
|
419
|
5
|
|||||||
|
of which:
|
||||||||||||||
|
Net interest income
|
5,786
|
6,156
|
5,222
|
(370)
|
(6)
|
934
|
18
|
|||||||
|
Net commissions and fee income
|
2,956
|
2,852
|
3,155
|
104
|
4
|
(303)
|
(10)
|
|||||||
|
Remaining income
|
643
|
563
|
775
|
80
|
14
|
(212)
|
(27)
|
|||||||
|
Provision for credit losses
|
851
|
783
|
583
|
68
|
9
|
201
|
34
|
|||||||
|
Noninterest expenses:
|
||||||||||||||
|
Compensation and benefits
|
2,934
|
2,805
|
2,783
|
130
|
5
|
22
|
1
|
|||||||
|
General and administrative expenses
|
4,372
|
4,696
|
4,193
|
(324)
|
(7)
|
503
|
12
|
|||||||
|
Impairment of goodwill and other intangible assets
|
0
|
0
|
0
|
0
|
N/M
|
0
|
N/M
|
|||||||
|
Restructuring activities
|
(3)
|
228
|
(113)
|
(231)
|
N/M
|
341
|
N/M
|
|||||||
|
Total noninterest expenses
|
7,304
|
7,730
|
6,863
|
(426)
|
(6)
|
866
|
13
|
|||||||
|
Noncontrolling interests
|
0
|
0
|
0
|
(0)
|
(45)
|
(0)
|
(12)
|
|||||||
|
Profit (loss) before tax
|
1,231
|
1,058
|
1,705
|
173
|
16
|
(648)
|
(38)
|
|||||||
|
Employees (front office, full-time equivalent)1
|
16,961
|
18,403
|
18,853
|
(1,442)
|
(8)
|
(450)
|
(2)
|
|||||||
|
Employees (business-aligned operations, full-time equivalent)1
|
7,917
|
7,802
|
8,018
|
115
|
1
|
(216)
|
(3)
|
|||||||
|
Employees (allocated central infrastructure, full-time equivalent)1
|
12,193
|
12,205
|
10,839
|
(12)
|
(0)
|
1,366
|
13
|
|||||||
|
Total employees (full-time equivalent)1
|
37,072
|
38,411
|
37,710
|
(1,339)
|
(3)
|
701
|
2
|
|||||||
|
Total assets (in € bn)1,2
|
324
|
331
|
333
|
(7)
|
(2)
|
(2)
|
(1)
|
|||||||
|
Risk-weighted assets (in € bn)1
|
97
|
86
|
88
|
11
|
13
|
(1)
|
(2)
|
|||||||
|
of which: operational risk RWA (in € bn)1,3
|
14
|
8
|
8
|
7
|
88
|
0
|
0
|
|||||||
|
Leverage exposure (in € bn)1
|
336
|
339
|
344
|
(2)
|
(1)
|
(6)
|
(2)
|
|||||||
|
Deposits (in € bn)1
|
320
|
308
|
317
|
13
|
4
|
(10)
|
(3)
|
|||||||
|
Loans (gross of allowance for loan losses, in € bn)1
|
257
|
261
|
265
|
(4)
|
(1)
|
(4)
|
(1)
|
|||||||
|
Assets under Management (in € bn)1,4
|
633
|
578
|
543
|
55
|
10
|
35
|
6
|
|||||||
|
Net flows (in € bn)
|
29
|
23
|
31
|
6
|
26
|
(8)
|
(26)
|
|||||||
|
Cost/income ratio5
|
77.8%
|
80.8%
|
75.0%
|
N/M
|
(2.9)ppt
|
N/M
|
5.8ppt
|
|||||||
|
Post-tax return on average shareholders' equity6,7
|
5.2%
|
4.8%
|
8.6%
|
N/M
|
0.4ppt
|
N/M
|
(3.8)ppt
|
|||||||
|
Post-tax return on average tangible shareholders’ equity6,7
|
5.2%
|
5.2%
|
9.2%
|
N/M
|
0.1ppt
|
N/M
|
(4.0)ppt
|
|||||||
|
|
226
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
2024 increase (decrease)from 2023
|
2023 increase (decrease)from 2022
|
|||||||||||||
|
in € m.(unless stated otherwise)
|
2024
|
2023
|
2022
|
in € m.
|
in %
|
in € m.
|
in %
|
|||||||
|
Net revenues
|
||||||||||||||
|
Management fees
|
2,479
|
2,314
|
2,458
|
164
|
7
|
(143)
|
(6)
|
|||||||
|
Performance and transaction fees
|
148
|
128
|
125
|
20
|
16
|
2
|
2
|
|||||||
|
Other
|
23
|
(59)
|
24
|
82
|
N/M
|
(84)
|
N/M
|
|||||||
|
Total net revenues
|
2,649
|
2,383
|
2,608
|
267
|
11
|
(225)
|
(9)
|
|||||||
|
Provision for credit losses
|
(1)
|
(1)
|
(2)
|
0
|
(23)
|
1
|
(50)
|
|||||||
|
Noninterest expenses
|
||||||||||||||
|
Compensation and benefits
|
919
|
891
|
899
|
28
|
3
|
(8)
|
(1)
|
|||||||
|
General and administrative expenses
|
904
|
934
|
883
|
(29)
|
(3)
|
51
|
6
|
|||||||
|
Impairment of goodwill and other intangible assets
|
0
|
0
|
68
|
0
|
N/M
|
(68)
|
N/M
|
|||||||
|
Restructuring activities
|
0
|
0
|
0
|
(0)
|
(43)
|
(0)
|
(15)
|
|||||||
|
Total noninterest expenses
|
1,823
|
1,825
|
1,850
|
(1)
|
(0)
|
(26)
|
(1)
|
|||||||
|
Noncontrolling interests
|
194
|
163
|
174
|
32
|
20
|
(12)
|
(7)
|
|||||||
|
Profit (loss) before tax
|
632
|
396
|
585
|
236
|
60
|
(188)
|
(32)
|
|||||||
|
Employees (front office, full-time equivalent)1
|
2,069
|
2,062
|
2,059
|
7
|
0
|
3
|
0
|
|||||||
|
Employees (business-aligned operations, full-time equivalent)1
|
2,506
|
2,325
|
2,225
|
181
|
8
|
100
|
4
|
|||||||
|
Employees (allocated central infrastructure, full-time equivalent)1
|
594
|
576
|
494
|
18
|
3
|
82
|
17
|
|||||||
|
Total employees (full-time equivalent)1
|
5,169
|
4,963
|
4,778
|
206
|
4
|
185
|
4
|
|||||||
|
Total assets (in € bn)1,2
|
11
|
10
|
10
|
0
|
2
|
0
|
2
|
|||||||
|
Risk-weighted assets (in € bn)1
|
18
|
15
|
13
|
3
|
22
|
2
|
18
|
|||||||
|
of which: operational risk RWA (in € bn)1,3
|
5
|
3
|
3
|
1
|
35
|
0
|
2
|
|||||||
|
Leverage exposure (in € bn)1
|
10
|
10
|
9
|
0
|
4
|
0
|
3
|
|||||||
|
Assets under Management (in € bn)1,4
|
1,012
|
896
|
821
|
115
|
13
|
75
|
9
|
|||||||
|
Net flows (in € bn)
|
26
|
28
|
(20)
|
(3)
|
(9)
|
48
|
N/M
|
|||||||
|
Cost/income ratio5
|
68.8%
|
76.6%
|
70.9%
|
N/M
|
(7.8)ppt
|
N/M
|
5.6ppt
|
|||||||
|
Post-tax return on average shareholders' equity6,7
|
8.0%
|
5.1%
|
7.3%
|
N/M
|
2.9ppt
|
N/M
|
(2.2)ppt
|
|||||||
|
Post-tax return on average tangible shareholders’ equity6,7
|
18.0%
|
12.0%
|
17.0%
|
N/M
|
6.1ppt
|
N/M
|
(5.1)ppt
|
|||||||
|
|
227
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
2024 increase (decrease)from 2023
|
2023 increase (decrease)from 2022
|
|||||||||||||
|
in € m.(unless stated otherwise)
|
2024
|
2023
|
2022
|
in € m.
|
in %
|
in € m.
|
in %
|
|||||||
|
Net revenues
|
1,406
|
2,324
|
(1,050)
|
(918)
|
(40)
|
3,373
|
N/M
|
|||||||
|
Provision for credit losses
|
83
|
26
|
(9)
|
57
|
N/M
|
35
|
N/M
|
|||||||
|
Noninterest expenses
|
||||||||||||||
|
Compensation and benefits
|
3,593
|
3,378
|
3,235
|
215
|
6
|
143
|
4
|
|||||||
|
General and administrative expenses
|
(1,494)
|
(2,731)
|
(2,199)
|
1,237
|
(45)
|
(532)
|
24
|
|||||||
|
Impairment of goodwill and other intangible assets
|
0
|
0
|
0
|
0
|
N/M
|
0
|
N/M
|
|||||||
|
Restructuring activities
|
0
|
(1)
|
(2)
|
1
|
N/M
|
1
|
(40)
|
|||||||
|
Total noninterest expenses
|
2,099
|
646
|
1,035
|
1,453
|
N/M
|
(388)
|
(38)
|
|||||||
|
Noncontrolling interests
|
(199)
|
(166)
|
(190)
|
(33)
|
20
|
24
|
(12)
|
|||||||
|
Profit (loss) before tax
|
(577)
|
1,817
|
(1,886)
|
(2,394)
|
N/M
|
3,703
|
N/M
|
|||||||
|
Total Employees (full-time equivalent)1
|
36,269
|
35,917
|
32,186
|
352
|
1
|
3,731
|
12
|
|||||||
|
Risk-weighted assets (in € bn)1
|
34
|
40
|
46
|
(6)
|
(15)
|
(6)
|
(13)
|
|||||||
|
Leverage exposure (in € bn)1
|
38
|
39
|
36
|
(1)
|
(3)
|
3
|
7
|
|||||||
|
|
228
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
in € m.
|
2024
|
2023
|
2022
|
|||
|
Germany:
|
||||||
|
Corporate Bank
|
3,811
|
4,225
|
3,166
|
|||
|
Investment Bank
|
641
|
573
|
587
|
|||
|
Private Bank
|
6,389
|
6,567
|
5,876
|
|||
|
Asset Management
|
1,286
|
1,211
|
1,266
|
|||
|
Total Germany
|
12,127
|
12,576
|
10,894
|
|||
|
UK:
|
||||||
|
Corporate Bank
|
193
|
192
|
143
|
|||
|
Investment Bank
|
3,882
|
3,503
|
4,343
|
|||
|
Private Bank
|
46
|
54
|
3
|
|||
|
Asset Management
|
404
|
350
|
356
|
|||
|
Total UK
|
4,525
|
4,099
|
4,844
|
|||
|
Rest of Europe:
|
||||||
|
Corporate Bank
|
1,238
|
1,196
|
1,109
|
|||
|
Investment Bank
|
477
|
330
|
293
|
|||
|
Private Bank
|
1,953
|
1,981
|
2,185
|
|||
|
Asset Management
|
308
|
274
|
275
|
|||
|
Total Rest of Europe
|
3,975
|
3,782
|
3,862
|
|||
|
Americas (primarily United States):
|
||||||
|
Corporate Bank
|
1,090
|
1,011
|
975
|
|||
|
Investment Bank
|
3,869
|
3,042
|
3,033
|
|||
|
Private Bank
|
475
|
462
|
466
|
|||
|
Asset Management
|
562
|
432
|
580
|
|||
|
Total Americas
|
5,996
|
4,946
|
5,053
|
|||
|
Asia/Pacific, Middle East and Africa:
|
||||||
|
Corporate Bank
|
1,173
|
1,094
|
946
|
|||
|
Investment Bank
|
1,688
|
1,713
|
1,761
|
|||
|
Private Bank
|
524
|
506
|
621
|
|||
|
Asset Management
|
90
|
115
|
131
|
|||
|
Total Asia/Pacific, Middle East and Africa
|
3,476
|
3,428
|
3,459
|
|||
|
Corporate & Other
|
1,406
|
2,324
|
(1,050)
|
|||
|
Consolidated net revenues1
|
31,504
|
31,155
|
27,063
|
|||
|
|
229
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
in € m.
|
2024
|
2023
|
2022
|
|||
|
Interest and similar income:
|
||||||
|
Interest income on cash and central bank balances
|
7,045
|
7,048
|
1,936
|
|||
|
Interest income on interbank balances (w/o central banks)
|
643
|
607
|
352
|
|||
|
Central bank funds sold and securities purchased under resale agreements
|
1,935
|
1,069
|
504
|
|||
|
Loans
|
23,330
|
22,032
|
14,238
|
|||
|
Other
|
2,140
|
2,103
|
1,969
|
|||
|
Total Interest and similar income from assets measured at amortized cost
|
35,094
|
32,857
|
18,999
|
|||
|
Interest income on financial assets at fair value through other comprehensive income
|
1,408
|
1,097
|
798
|
|||
|
Total interest and similar income calculated using the effective interest method
|
36,502
|
33,955
|
19,798
|
|||
|
Financial assets at fair value through profit or loss
|
12,493
|
9,592
|
4,652
|
|||
|
Total interest and similar income
|
48,996
|
43,546
|
24,449
|
|||
|
Thereof: negative interest expense on financial liabilities
|
28
|
76
|
959
|
|||
|
Interest expense:
|
||||||
|
Interest-bearing deposits
|
14,410
|
10,658
|
3,719
|
|||
|
Central bank funds purchased and securities sold under repurchase agreements
|
708
|
388
|
304
|
|||
|
Other short-term borrowings
|
390
|
310
|
111
|
|||
|
Long-term debt
|
6,770
|
6,154
|
2,409
|
|||
|
Trust preferred securities
|
17
|
16
|
13
|
|||
|
Other
|
3,035
|
2,848
|
1,119
|
|||
|
Total interest expense measured at amortized cost
|
25,330
|
20,374
|
7,676
|
|||
|
Financial liabilities at fair value through profit or loss
|
8,505
|
7,051
|
2,791
|
|||
|
Total interest expense
|
33,835
|
27,424
|
10,466
|
|||
|
Thereof: negative interest income on financial assets
|
39
|
81
|
461
|
|||
|
Net interest income
|
15,161
|
16,122
|
13,983
|
|||
|
in € m.
|
2024
|
2023
|
2022
|
|||
|
Trading income (loss):
|
||||||
|
FIC Sales and Trading
|
5,045
|
5,116
|
5,352
|
|||
|
Other trading income (loss)
|
517
|
390
|
(2,607)
|
|||
|
Total trading income (loss)
|
5,563
|
5,506
|
2,745
|
|||
|
Net gains (losses) on non-trading financial assets mandatory at fair value through profit or loss:
|
||||||
|
Breakdown by financial assets category:
|
||||||
|
Debt Securities
|
(94)
|
89
|
(43)
|
|||
|
Equity Securities
|
24
|
(10)
|
47
|
|||
|
Loans and loan commitments
|
(8)
|
112
|
(5)
|
|||
|
Deposits
|
(4)
|
(5)
|
14
|
|||
|
Others non-trading financial assets mandatory at fair value through profit and loss
|
18
|
31
|
(73)
|
|||
|
Total net gains (losses) on non-trading financial assets mandatory at fair value through profit or loss:
|
(65)
|
217
|
(61)
|
|||
|
Net gains (losses) on financial assets/liabilities designated at fair value through profit or loss:
|
||||||
|
Breakdown by financial asset/liability category:
|
||||||
|
Loans and loan commitments
|
5
|
12
|
(2)
|
|||
|
Deposits
|
2
|
(0)
|
4
|
|||
|
Long-term debt
|
157
|
(180)
|
265
|
|||
|
Other financial assets/liabilities designated at fair value through profit or loss
|
(7)
|
20
|
11
|
|||
|
Total net gains (losses) on financial assets/liabilities designated at fair value through profit or loss
|
158
|
(148)
|
277
|
|||
|
Total net gains (losses) on financial assets/liabilities at fair value through profit or loss
|
5,655
|
5,575
|
2,962
|
|||
|
|
230
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
in € m.
|
2024
|
2023
|
2022
|
|||
|
Net interest income
|
15,161
|
16,122
|
13,983
|
|||
|
Trading income (loss)1
|
5,563
|
5,506
|
2,745
|
|||
|
Net gains (losses) on non-trading financial assets mandatory at fair value through profit or loss
|
(65)
|
217
|
(61)
|
|||
|
Net gains (losses) on financial assets/liabilities designated at fair value through profit or loss
|
158
|
(148)
|
277
|
|||
|
Total net gains (losses) on financial assets/liabilities at fair value through profit or loss
|
5,655
|
5,575
|
2,962
|
|||
|
Total net interest income and net gains (losses) on financial assets/liabilities at fair valuethrough profit or loss2
|
20,816
|
21,697
|
16,945
|
|||
|
Corporate Treasury Services
|
2,832
|
2,936
|
2,457
|
|||
|
Institutional Client Services
|
1,002
|
946
|
566
|
|||
|
Business Banking
|
1,086
|
1,184
|
697
|
|||
|
Corporate Bank
|
4,919
|
5,067
|
3,720
|
|||
|
Fixed Income & Currency
|
8,521
|
8,121
|
8,696
|
|||
|
Remaining Products
|
(126)
|
(19)
|
(431)
|
|||
|
Investment Bank
|
8,395
|
8,102
|
8,265
|
|||
|
Personal Banking
|
3,882
|
4,133
|
4,650
|
|||
|
Wealth Management and Private Banking
|
2,117
|
2,245
|
1,961
|
|||
|
Private Bank
|
5,998
|
6,377
|
6,610
|
|||
|
Asset Management
|
269
|
(11)
|
(250)
|
|||
|
Corporate & Other
|
1,235
|
2,162
|
(1,401)
|
|||
|
Total net interest income and net gains (losses) on financial assets/liabilities at fair valuethrough profit or loss
|
20,816
|
21,697
|
16,945
|
|||
|
|
231
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
in € m.
|
2024
|
2023
|
2022
|
|||
|
Net commissions and fee income and expense:
|
||||||
|
Commissions and fee income
|
13,190
|
11,657
|
12,512
|
|||
|
Commissions and fee expense
|
2,818
|
2,452
|
2,675
|
|||
|
Net commissions and fee income
|
10,372
|
9,206
|
9,838
|
|||
|
Dec 31,2024
|
||||||||||||
|
in € m.(unless stated otherwise)
|
CorporateBank
|
InvestmentBank
|
PrivateBank
|
AssetManagement
|
Corporate &Other
|
TotalConsolidated
|
||||||
|
Major type of services:
|
||||||||||||
|
Commissions for administration
|
215
|
54
|
265
|
16
|
(0)
|
550
|
||||||
|
Commissions for assets under management
|
20
|
0
|
416
|
3,805
|
(0)
|
4,242
|
||||||
|
Commissions for other securities
|
451
|
0
|
38
|
1
|
0
|
491
|
||||||
|
Underwriting and advisory fees
|
53
|
1,640
|
6
|
0
|
66
|
1,764
|
||||||
|
Brokerage fees
|
21
|
327
|
1,052
|
39
|
1
|
1,440
|
||||||
|
Commissions for local payments
|
550
|
13
|
909
|
0
|
(9)
|
1,464
|
||||||
|
Commissions for foreign commercial business
|
483
|
32
|
20
|
0
|
(34)
|
502
|
||||||
|
Commissions for foreign currency/exchange business
|
6
|
0
|
4
|
0
|
(0)
|
10
|
||||||
|
Commissions for loan processing and guarantees
|
697
|
365
|
270
|
0
|
1
|
1,334
|
||||||
|
Intermediary fees
|
30
|
1
|
402
|
0
|
11
|
444
|
||||||
|
Fees for sundry other customer services
|
320
|
419
|
87
|
117
|
6
|
949
|
||||||
|
Total commissions and fee income
|
2,848
|
2,852
|
3,470
|
3,978
|
42
|
13,190
|
||||||
|
Commissions and fee expense
|
(2,818)
|
|||||||||||
|
Net commissions and fee income
|
10,372
|
|||||||||||
|
Dec 31,2023
|
||||||||||||
|
in € m.(unless stated otherwise)
|
CorporateBank
|
InvestmentBank
|
PrivateBank
|
AssetManagement
|
Corporate &Other
|
TotalConsolidated
|
||||||
|
Major type of services:
|
||||||||||||
|
Commissions for administration
|
204
|
55
|
247
|
11
|
(2)
|
515
|
||||||
|
Commissions for assets under management
|
18
|
0
|
362
|
3,527
|
(0)
|
3,907
|
||||||
|
Commissions for other securities
|
461
|
0
|
37
|
1
|
1
|
499
|
||||||
|
Underwriting and advisory fees
|
43
|
1,093
|
16
|
0
|
4
|
1,156
|
||||||
|
Brokerage fees
|
19
|
280
|
971
|
33
|
(20)
|
1,282
|
||||||
|
Commissions for local payments
|
488
|
0
|
995
|
0
|
1
|
1,484
|
||||||
|
Commissions for foreign commercial business
|
475
|
27
|
22
|
0
|
(27)
|
497
|
||||||
|
Commissions for foreign currency/exchange business
|
6
|
0
|
4
|
0
|
(0)
|
10
|
||||||
|
Commissions for loan processing and guarantees
|
646
|
329
|
230
|
0
|
1
|
1,207
|
||||||
|
Intermediary fees
|
28
|
3
|
364
|
0
|
10
|
405
|
||||||
|
Fees for sundry other customer services
|
248
|
290
|
41
|
117
|
0
|
695
|
||||||
|
Total commissions and fee income
|
2,635
|
2,078
|
3,288
|
3,689
|
(33)
|
11,657
|
||||||
|
Commissions and fee expense
|
(2,452)
|
|||||||||||
|
Net commissions and fee income
|
9,206
|
|||||||||||
|
|
232
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31,2022
|
||||||||||||
|
in € m.(unless stated otherwise)
|
CorporateBank
|
InvestmentBank
|
PrivateBank
|
AssetManagement
|
Corporate &Other
|
TotalConsolidated
|
||||||
|
Major type of services:
|
||||||||||||
|
Commissions for administration
|
218
|
33
|
254
|
17
|
(3)
|
520
|
||||||
|
Commissions for assets under management
|
18
|
1
|
363
|
3,642
|
(0)
|
4,024
|
||||||
|
Commissions for other securities
|
512
|
(0)
|
47
|
0
|
0
|
559
|
||||||
|
Underwriting and advisory fees
|
35
|
1,373
|
12
|
0
|
(52)
|
1,368
|
||||||
|
Brokerage fees
|
19
|
253
|
1,164
|
65
|
(1)
|
1,501
|
||||||
|
Commissions for local payments
|
479
|
3
|
1,006
|
0
|
8
|
1,497
|
||||||
|
Commissions for foreign commercial business
|
466
|
33
|
62
|
0
|
(5)
|
556
|
||||||
|
Commissions for foreign currency/exchange business
|
15
|
0
|
5
|
0
|
(0)
|
19
|
||||||
|
Commissions for loan processing and guarantees
|
618
|
298
|
292
|
0
|
5
|
1,213
|
||||||
|
Intermediary fees
|
23
|
2
|
523
|
0
|
13
|
562
|
||||||
|
Fees for sundry other customer services
|
282
|
277
|
10
|
122
|
4
|
695
|
||||||
|
Total commissions and fee income
|
2,684
|
2,273
|
3,739
|
3,847
|
(30)
|
12,512
|
||||||
|
Commissions and fee expense
|
(2,675)
|
|||||||||||
|
Net commissions and fee income
|
9,838
|
|||||||||||
|
|
233
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
in € m.
|
2024
|
2023
|
2022
|
|||
|
Gains
|
10
|
5
|
11
|
|||
|
Losses
|
(21)
|
(101)
|
(13)
|
|||
|
Net gains (losses) from derecognition of financial assets measured at amortized cost
|
(11)
|
(96)
|
(2)
|
|||
|
in € m.
|
2024
|
2023
|
2022
|
|||
|
Other income (loss):
|
||||||
|
Insurance premiums
|
12
|
4
|
3
|
|||
|
Net income (loss) from hedge relationships qualifying for hedge accounting
|
386
|
335
|
(594)
|
|||
|
Remaining other income (loss)1
|
(131)
|
48
|
937
|
|||
|
Total other income (loss)
|
267
|
387
|
346
|
|||
|
in € m.
|
2024
|
2023
|
2022
|
|||
|
General and administrative expenses:
|
||||||
|
Information Technology
|
3,610
|
3,755
|
3,680
|
|||
|
Occupancy, furniture and equipment expenses
|
1,624
|
1,478
|
1,429
|
|||
|
Regulatory, Tax & Insurance1
|
1,028
|
1,399
|
1,285
|
|||
|
Professional services
|
763
|
899
|
858
|
|||
|
Banking Services and outsourced operations
|
964
|
964
|
881
|
|||
|
Market Data and Research Services
|
400
|
374
|
378
|
|||
|
Travel expenses
|
153
|
143
|
110
|
|||
|
Marketing expenses
|
149
|
203
|
165
|
|||
|
Other expenses2
|
2,552
|
899
|
943
|
|||
|
Total general and administrative expenses
|
11,243
|
10,112
|
9,728
|
|||
|
|
234
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
in € m.
|
2024
|
2023
|
2022
|
|||
|
Corporate Bank
|
(1)
|
(4)
|
(19)
|
|||
|
Investment Bank
|
(0)
|
(3)
|
15
|
|||
|
Private Bank
|
(3)
|
228
|
(113)
|
|||
|
Asset Management
|
0
|
0
|
0
|
|||
|
Corporate & Other
|
0
|
(1)
|
(2)
|
|||
|
Total Net Restructuring Charges
|
(3)
|
220
|
(118)
|
|||
|
in € m.
|
2024
|
2023
|
2022
|
|||
|
Restructuring – Staff related
|
(5)
|
178
|
(117)
|
|||
|
thereof:
|
||||||
|
Termination Benefits
|
(6)
|
176
|
(132)
|
|||
|
Retention Acceleration
|
0
|
1
|
15
|
|||
|
Social Security
|
1
|
1
|
0
|
|||
|
Restructuring – Non Staff related
|
1
|
42
|
(1)
|
|||
|
Total Net Restructuring Charges
|
(3)
|
220
|
(118)
|
|||
|
Full-time equivalent staff
|
2024
|
2023
|
2022
|
|||
|
Corporate Bank
|
10
|
29
|
113
|
|||
|
Investment Bank
|
5
|
9
|
54
|
|||
|
Private Bank
|
116
|
377
|
594
|
|||
|
Asset Management
|
2
|
0
|
1
|
|||
|
Infrastructure
|
35
|
61
|
141
|
|||
|
Total full-time equivalent staff
|
168
|
476
|
903
|
|||
|
|
235
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
in € m.
|
2024
|
2023
|
2022
|
|||
|
Net income (loss) attributable to Deutsche Bank shareholders and additional equity components
|
4,342
|
6,332
|
5,420
|
|||
|
Coupons paid on additional equity components
|
(574)
|
(498)
|
(479)
|
|||
|
Net income (loss) attributable to Deutsche Bank shareholders –numerator for basic earnings per share
|
3,768
|
5,834
|
4,940
|
|||
|
Effect of dilutive securities
|
0
|
0
|
0
|
|||
|
Net income (loss) attributable to Deutsche Bank shareholders after assumedconversions – numerator for diluted earnings per share
|
3,768
|
5,834
|
4,940
|
|||
|
Number of shares in million
|
||||||
|
Weighted-average shares outstanding – denominator for basic earnings per share
|
1,993.6
|
2,064.1
|
2,084.9
|
|||
|
Effect of dilutive securities:
|
||||||
|
Deferred shares
|
45.7
|
39.9
|
40.7
|
|||
|
Other (including trading options)
|
0.0
|
0.0
|
0.0
|
|||
|
Dilutive potential common shares
|
45.7
|
39.9
|
40.7
|
|||
|
Adjusted weighted-average shares after assumed conversions –denominator for diluted earnings per share
|
2,039.3
|
2,104.0
|
2,125.6
|
|||
|
in €
|
2024
|
2023
|
2022
|
|||
|
Basic earnings per share
|
1.89
|
2.83
|
2.37
|
|||
|
Diluted earnings per share
|
1.85
|
2.77
|
2.32
|
|||
|
|
236
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
in € m.
|
Dec 31, 2024
|
Dec 31, 2023
|
||
|
Financial assets classified as held for trading:
|
||||
|
Trading assets:
|
||||
|
Trading securities
|
124,857
|
115,832
|
||
|
Other trading assets1
|
14,914
|
9,443
|
||
|
Total trading assets
|
139,772
|
125,275
|
||
|
Positive market values from derivative financial instruments
|
291,800
|
251,877
|
||
|
Total financial assets classified as held for trading
|
431,571
|
377,151
|
||
|
Non-trading financial assets mandatory at fair value through profit or loss:
|
||||
|
Securities purchased under resale agreements
|
88,736
|
65,937
|
||
|
Securities borrowed
|
15,913
|
13,036
|
||
|
Loans
|
1,954
|
812
|
||
|
Other financial assets mandatory at fair value through profit or loss
|
7,721
|
8,261
|
||
|
Total Non-trading financial assets mandatory at fair value through profit or loss
|
114,324
|
88,047
|
||
|
Financial assets designated at fair value through profit or loss:
|
||||
|
Loans
|
0
|
75
|
||
|
Other financial assets designated at fair value through profit or loss
|
0
|
0
|
||
|
Total financial assets designated at fair value through profit or loss
|
0
|
75
|
||
|
Total financial assets at fair value through profit or loss
|
545,895
|
465,273
|
||
|
in € m.
|
Dec 31, 2024
|
Dec 31, 2023
|
||
|
Financial liabilities classified as held for trading:
|
||||
|
Trading liabilities:
|
||||
|
Trading securities
|
41,864
|
43,114
|
||
|
Other trading liabilities
|
1,635
|
890
|
||
|
Total trading liabilities
|
43,498
|
44,005
|
||
|
Negative market values from derivative financial instruments
|
276,410
|
238,278
|
||
|
Total financial liabilities classified as held for trading
|
319,908
|
282,283
|
||
|
Financial liabilities designated at fair value through profit or loss:
|
||||
|
Securities sold under repurchase agreements
|
69,121
|
72,377
|
||
|
Loan commitments
|
6
|
5
|
||
|
Long-term debt
|
22,203
|
10,709
|
||
|
Other financial liabilities designated at fair value through profit or loss
|
717
|
636
|
||
|
Total financial liabilities designated at fair value through profit or loss
|
92,047
|
83,727
|
||
|
Investment contract liabilities
|
454
|
484
|
||
|
Total financial liabilities at fair value through profit or loss
|
412,409
|
366,494
|
||
|
|
237
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
in € m.
|
Dec 31, 2024
|
Dec 31, 2023
|
||
|
Notional value of financial assets exposed to credit risk
|
0
|
75
|
||
|
Annual change in the fair value reflected in the Statement of Income
|
0
|
1
|
||
|
Cumulative change in the fair value
|
0
|
(0)
|
||
|
Notional of credit derivatives used to mitigate credit risk
|
0
|
40
|
||
|
Annual change in the fair value reflected in the Statement of Income
|
0
|
(0)
|
||
|
Cumulative change in the fair value
|
0
|
(1)
|
||
|
in € m.
|
Dec 31, 2024
|
Dec 31, 2023
|
||
|
Presented in Other comprehensive Income
|
||||
|
Cumulative change in the fair value
|
(157)
|
19
|
||
|
Presented in Statement of income
|
||||
|
Annual change in the fair value reflected in the Statement of Income
|
0
|
0
|
||
|
Cumulative change in the fair value
|
0
|
0
|
||
|
in € m.
|
Dec 31, 2024
|
Dec 31, 2023
|
||
|
Cumulative gains or losses within equity during the period
|
0
|
0
|
||
|
in € m.
|
Dec 31, 2024
|
Dec 31, 2023
|
||
|
Amount presented in other comprehensive income realized at derecognition
|
(8)
|
0
|
||
|
in € m.
|
Dec 31, 2024
|
Dec 31, 2023
|
||
|
Including undrawn loan commitments²
|
1,085
|
1,769
|
||
|
Excluding undrawn loan commitments
|
497
|
1,104
|
||
|
|
238
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
239
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
240
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
241
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
242
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2024
|
Dec 31, 2023
|
|||||||||||
|
in € m.
|
Quotedprices inactive market(Level 1)
|
Valuationtechniqueobservableparameters(Level 2)
|
Valuationtechniqueunobservableparameters(Level 3)
|
Quotedprices inactive market(Level 1)
|
Valuationtechniqueobservableparameters(Level 2)
|
Valuationtechniqueunobservableparameters(Level 3)
|
||||||
|
Financial assets held at fair value:
|
||||||||||||
|
Trading assets
|
52,387
|
78,237
|
9,148
|
53,095
|
62,760
|
9,420
|
||||||
|
Trading securities
|
52,387
|
69,507
|
2,964
|
52,886
|
59,752
|
3,194
|
||||||
|
Other trading assets
|
0
|
8,730
|
6,184
|
210
|
3,007
|
6,226
|
||||||
|
Positive market values from derivative financial instruments
|
940
|
282,927
|
7,933
|
2,198
|
241,481
|
8,198
|
||||||
|
Non-trading financial assets mandatory at fair value through profit or loss
|
1,346
|
107,173
|
5,805
|
2,275
|
80,744
|
5,028
|
||||||
|
Financial assets designated at fair value through profit or loss
|
0
|
0
|
0
|
0
|
75
|
0
|
||||||
|
Financial assets at fair value through other comprehensive income
|
21,901
|
16,806
|
3,383
|
18,273
|
14,324
|
2,949
|
||||||
|
Other financial assets at fair value
|
1,460
|
(1,135)2
|
12
|
1,353
|
(489)2
|
5
|
||||||
|
Total financial assets held at fair value
|
78,034
|
484,008
|
26,281
|
77,193
|
398,894
|
25,599
|
||||||
|
Financial liabilities held at fair value:
|
||||||||||||
|
Trading liabilities
|
30,765
|
12,614
|
119
|
36,361
|
7,617
|
27
|
||||||
|
Trading securities
|
30,765
|
11,073
|
26
|
36,361
|
6,727
|
26
|
||||||
|
Other trading liabilities
|
0
|
1,542
|
93
|
0
|
890
|
0
|
||||||
|
Negative market values from derivative financial instruments
|
2,238
|
265,464
|
8,707
|
2,333
|
228,280
|
7,666
|
||||||
|
Financial liabilities designated at fair value through profit or loss
|
0
|
87,479
|
4,569
|
169
|
80,309
|
3,248
|
||||||
|
Investment contract liabilities
|
0
|
454
|
0
|
0
|
484
|
0
|
||||||
|
Other financial liabilities at fair value
|
539
|
3,1012
|
(13)3
|
486
|
1,1942
|
(85)3
|
||||||
|
Total financial liabilities held at fair value
|
33,543
|
369,113
|
13,382
|
39,349
|
317,884
|
10,856
|
||||||
|
|
243
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
244
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2024
|
||||||||||||||||||||
|
in € m.
|
Balance,beginningof year
|
Changesin thegroup ofconsoli-datedcompanies
|
Totalgains/losses1
|
Purchases
|
Sales
|
Issu-ances2
|
Settle-ments3
|
TransfersintoLevel 34
|
Transfersout ofLevel 34
|
Balance,end ofyear
|
||||||||||
|
Financial assets held atfair value:
|
||||||||||||||||||||
|
Trading securities
|
2,995
|
0
|
230
|
1,985
|
(1,558)
|
0
|
(482)
|
371
|
(577)
|
2,964
|
||||||||||
|
Positive market valuesfrom derivative financialinstruments
|
8,198
|
0
|
454
|
0
|
0
|
0
|
(583)
|
2,257
|
(2,394)
|
7,933
|
||||||||||
|
Other trading assets
|
6,226
|
0
|
77
|
814
|
(1,378)
|
2,513
|
(2,016)
|
706
|
(756)
|
6,184
|
||||||||||
|
Non-trading financial assets mandatory at fair value through profit or loss
|
5,226
|
(1)
|
88
|
1,736
|
(80)
|
736
|
(1,098)
|
365
|
(1,170)
|
5,805
|
||||||||||
|
Financial assets designated at fair value through profit or loss
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||||||
|
Financial assets at fair value through other comprehensive income
|
2,949
|
0
|
1265
|
776
|
(378)
|
978
|
(1,322)
|
716
|
(462)
|
3,383
|
||||||||||
|
Other financial assets atfair value
|
5
|
0
|
3
|
0
|
0
|
0
|
0
|
5
|
(1)
|
12
|
||||||||||
|
Total financial assets heldat fair value
|
25,599
|
(1)
|
9776,7
|
5,311
|
(3,393)
|
4,227
|
(5,501)
|
4,421
|
(5,359)
|
26,281
|
||||||||||
|
Financial liabilities heldat fair value:
|
||||||||||||||||||||
|
Trading securities
|
26
|
0
|
(0)
|
0
|
0
|
0
|
0
|
0
|
0
|
26
|
||||||||||
|
Negative market valuesfrom derivative financialinstruments
|
7,666
|
0
|
1,186
|
0
|
0
|
0
|
(175)
|
2,156
|
(2,126)
|
8,707
|
||||||||||
|
Other trading liabilities
|
0
|
0
|
0
|
0
|
0
|
0
|
93
|
0
|
0
|
93
|
||||||||||
|
Financial liabilitiesdesignated at fair valuethrough profit or loss
|
3,248
|
0
|
129
|
0
|
0
|
2,958
|
(474)
|
377
|
(1,669)
|
4,569
|
||||||||||
|
Other financial liabilitiesat fair value
|
(85)
|
0
|
102
|
0
|
0
|
0
|
18
|
1
|
(49)
|
(13)
|
||||||||||
|
Total financial liabilitiesheld at fair value
|
10,856
|
0
|
1,4176,7
|
0
|
0
|
2,958
|
(537)
|
2,533
|
(3,844)
|
13,382
|
||||||||||
|
|
245
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2023
|
||||||||||||||||||||
|
in € m.
|
Balance,beginningof year
|
Changesin thegroup ofconsoli-datedcompanies
|
Totalgains/losses1
|
Purchases
|
Sales
|
Issu-ances2
|
Settle-ments3
|
TransfersintoLevel 34
|
Transfersout ofLevel 34
|
Balance,end ofyear
|
||||||||||
|
Financial assets held atfair value:
|
||||||||||||||||||||
|
Trading securities
|
3,053
|
0
|
22
|
1,651
|
(974)
|
43
|
(615)
|
545
|
(532)
|
3,194
|
||||||||||
|
Positive market valuesfrom derivative financialinstruments
|
9,564
|
0
|
104
|
0
|
0
|
0
|
(538)
|
2,073
|
(3,006)
|
8,198
|
||||||||||
|
Other trading assets
|
5,494
|
0
|
42
|
604
|
(997)
|
2,253
|
(1,424)
|
636
|
(383)
|
6,226
|
||||||||||
|
Non-trading financial assets mandatory at fair value through profit or loss
|
5,790
|
15
|
(51)
|
682
|
(254)
|
504
|
(1,190)
|
211
|
(681)
|
5,028
|
||||||||||
|
Financial assets designated at fair value through profit or loss
|
94
|
0
|
0
|
0
|
0
|
0
|
(94)
|
0
|
0
|
0
|
||||||||||
|
Financial assets at fair value through other comprehensive income
|
2,676
|
0
|
(65)5
|
238
|
(214)
|
1,918
|
(1,280)
|
184
|
(509)
|
2,949
|
||||||||||
|
Other financial assets atfair value
|
5
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
1
|
5
|
||||||||||
|
Total financial assets heldat fair value
|
26,675
|
15
|
536,7
|
3,176
|
(2,438)
|
4,719
|
(5,140)
|
3,650
|
(5,110)
|
25,599
|
||||||||||
|
Financial liabilities held atfair value:
|
||||||||||||||||||||
|
Trading securities
|
30
|
0
|
(4)
|
0
|
0
|
0
|
0
|
0
|
(0)
|
26
|
||||||||||
|
Negative market valuesfrom derivative financialinstruments
|
8,500
|
0
|
101
|
0
|
0
|
0
|
(435)
|
1,848
|
(2,348)
|
7,666
|
||||||||||
|
Other trading liabilities
|
3
|
0
|
3
|
0
|
0
|
0
|
(6)
|
0
|
0
|
0
|
||||||||||
|
Financial liabilitiesdesignated at fair valuethrough profit or loss
|
2,792
|
0
|
43
|
0
|
0
|
2,272
|
(853)
|
27
|
(1,032)
|
3,248
|
||||||||||
|
Other financial liabilitiesat fair value
|
(511)
|
0
|
325
|
0
|
0
|
0
|
54
|
3
|
44
|
(85)
|
||||||||||
|
Total financial liabilitiesheld at fair value
|
10,815
|
0
|
4686,7
|
0
|
0
|
2,272
|
(1,240)
|
1,878
|
(3,336)
|
10,856
|
||||||||||
|
|
246
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
247
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2024
|
Dec 31, 2023
|
|||||||
|
in € m.
|
Positive fair valuemovement fromusing reasonablepossible alternatives
|
Negative fair valuemovement fromusing reasonablepossible alternatives
|
Positive fair valuemovement fromusing reasonablepossible alternatives
|
Negative fair valuemovement fromusing reasonablepossible alternatives
|
||||
|
Securities:
|
||||||||
|
Debt securities
|
308
|
276
|
196
|
221
|
||||
|
Commercial mortgage-backed securities
|
17
|
17
|
16
|
27
|
||||
|
Mortgage and other asset-backed securities
|
11
|
11
|
12
|
19
|
||||
|
Corporate, sovereign and other debt securities
|
280
|
248
|
167
|
176
|
||||
|
Equity securities
|
78
|
77
|
94
|
93
|
||||
|
Derivatives:
|
||||||||
|
Credit
|
207
|
105
|
200
|
101
|
||||
|
Equity
|
36
|
33
|
44
|
38
|
||||
|
Interest related
|
798
|
337
|
633
|
368
|
||||
|
Foreign Exchange
|
56
|
24
|
47
|
17
|
||||
|
Other
|
110
|
105
|
91
|
86
|
||||
|
Loans:
|
||||||||
|
Loans
|
458
|
387
|
486
|
355
|
||||
|
Other
|
0
|
0
|
0
|
0
|
||||
|
Total
|
2,052
|
1,343
|
1,790
|
1,278
|
||||
|
|
248
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
249
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2024
|
||||||||||||
|
Fair value
|
||||||||||||
|
in € m.(unless stated otherwise)
|
Assets
|
Liabilities
|
Valuation technique(s)¹
|
Significant unobservableinput(s) (Level 3)
|
Range
|
|||||||
|
Financial instruments held at fair value –Non-Derivative financial instruments held at fair value:
|
||||||||||||
|
Mortgage and other asset backedsecurities held for trading:
|
||||||||||||
|
Commercial mortgage-backedsecurities
|
31
|
0
|
Price based
|
Price
|
0 %
|
102 %
|
||||||
|
Discounted cash flow
|
Credit spread (bps)
|
167
|
1,486
|
|||||||||
|
Mortgage- and other asset-backedsecurities
|
93
|
0
|
Price based
|
Price
|
0 %
|
107 %
|
||||||
|
Discounted cash flow
|
Credit spread (bps)
|
106
|
1,027
|
|||||||||
|
Recovery rate
|
60 %
|
85 %
|
||||||||||
|
Constant default rate
|
0 %
|
4 %
|
||||||||||
|
Constant prepayment rate
|
4 %
|
18 %
|
||||||||||
|
Total mortgage- and other asset-backedsecurities
|
124
|
0
|
||||||||||
|
Debt securities and otherdebt obligations
|
4,379
|
4,537
|
Price based
|
Price
|
0 %
|
300 %
|
||||||
|
Held for trading
|
2,726
|
26
|
Discounted cash flow
|
Credit spread (bps)
|
9
|
651
|
||||||
|
Corporate, sovereign andother debt securities
|
2,726
|
|||||||||||
|
Non-trading financial assets mandatory at fair value through profit or loss
|
1,499
|
|||||||||||
|
Designated at fair value through profit or loss
|
0
|
4,512
|
||||||||||
|
Financial assets at fair value through other comprehensive income
|
154
|
|||||||||||
|
Equity securities
|
809
|
0
|
Market approach
|
Price per net asset value
|
0 %
|
100 %
|
||||||
|
Held for trading
|
114
|
0
|
Enterprise value/EBITDA(multiple)
|
5
|
14
|
|||||||
|
Enterprise value/Revenue(multiple)
|
1
|
15
|
||||||||||
|
Non-trading financial assets mandatory at fair value through profit or loss
|
695
|
Discounted cash flow
|
Weighted average cost capital
|
9 %
|
20 %
|
|||||||
|
Designated at fair value through profit or loss
|
0
|
Price based
|
Price
|
0 %
|
100 %
|
|||||||
|
Loans
|
10,817
|
93
|
Price based
|
Price
|
0 %
|
123 %
|
||||||
|
Held for trading
|
5,931
|
93
|
Discounted cash flow
|
Credit spread (bps)
|
100
|
1,621
|
||||||
|
Non-trading financial assets mandatory at fair value through profit or loss
|
1,779
|
|||||||||||
|
Designated at fair value through profit or loss
|
0
|
0
|
Recovery rate
|
40 %
|
84 %
|
|||||||
|
Financial assets at fair value through other comprehensive income
|
3,107
|
|||||||||||
|
Loan commitments
|
0
|
6
|
Discounted cash flow
|
Credit spread (bps)
|
226
|
954
|
||||||
|
Recovery rate
|
40 %
|
84 %
|
||||||||||
|
Loan pricing model
|
Utilization
|
0 %
|
100 %
|
|||||||||
|
Other financial instruments
|
2,2082
|
513
|
Discounted cash flow
|
IRR
|
7 %
|
13 %
|
||||||
|
Repo rate (bps)
|
30
|
285
|
||||||||||
|
Total non-derivative financialinstruments held at fair value
|
18,336
|
4,688
|
||||||||||
|
|
250
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2024
|
||||||||||||
|
Fair value
|
||||||||||||
|
in € m.(unless stated otherwise)
|
Assets
|
Liabilities
|
Valuation technique(s)
|
Significant unobservableinput(s) (Level 3)
|
Range
|
|||||||
|
Financial instruments held at fair value:
|
||||||||||||
|
Market values from derivativefinancial instruments:
|
||||||||||||
|
Interest rate derivatives
|
5,218
|
5,207
|
Discounted cash flow
|
Swap rate (bps)
|
(4,176)
|
3,975
|
||||||
|
Inflation swap rate
|
0 %
|
5 %
|
||||||||||
|
Constant default rate
|
0 %
|
12 %
|
||||||||||
|
Constant prepayment rate
|
4 %
|
16 %
|
||||||||||
|
Option pricing model
|
Inflation volatility
|
0 %
|
6 %
|
|||||||||
|
Interest rate volatility
|
0 %
|
3 %
|
||||||||||
|
IR - IR correlation
|
(10) %
|
99 %
|
||||||||||
|
Hybrid correlation
|
(70) %
|
55 %
|
||||||||||
|
Credit derivatives
|
510
|
562
|
Discounted cash flow
|
Credit spread (bps)
|
15
|
1,148
|
||||||
|
Recovery rate
|
0 %
|
40 %
|
||||||||||
|
Correlation pricingmodel
|
Credit correlation
|
0 %
|
0 %
|
|||||||||
|
Equity derivatives
|
642
|
1,201
|
Option pricing model
|
Stock volatility
|
2 %
|
86 %
|
||||||
|
Index volatility
|
9 %
|
27 %
|
||||||||||
|
Index - index correlation
|
0 %
|
0 %
|
||||||||||
|
Stock - stock correlation
|
0 %
|
0 %
|
||||||||||
|
Stock Forwards
|
0 %
|
1 %
|
||||||||||
|
Index Forwards
|
0 %
|
1 %
|
||||||||||
|
FX derivatives
|
995
|
1,470
|
Option pricing model
|
Volatility
|
(9) %
|
33 %
|
||||||
|
Quoted Vol
|
0 %
|
0 %
|
||||||||||
|
Discounted cash flow
|
Swap rate (bps)
|
(3)
|
100
|
|||||||||
|
Other derivatives
|
580
|
2541
|
Discounted cash flow
|
Credit spread (bps)
|
286
|
626
|
||||||
|
Option pricing model
|
Index volatility
|
0 %
|
160 %
|
|||||||||
|
Price
|
17 %
|
75 %
|
||||||||||
|
Commodity correlation
|
0 %
|
87 %
|
||||||||||
|
Total market values from derivativefinancial instruments
|
7,945
|
8,694
|
||||||||||
|
|
251
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
Dec 31, 2023
|
|||||||||||
|
Fair value
|
||||||||||||
|
in € m.(unless stated otherwise)
|
Assets
|
Liabilities
|
Valuation technique(s)¹
|
Significant unobservableinput(s) (Level 3)
|
Range
|
|||||||
|
Financial instruments held at fair value –Non-Derivative financial instrumentsheld at fair value:
|
||||||||||||
|
Mortgage and other asset backedsecurities held for trading:
|
||||||||||||
|
Commercial mortgage-backedsecurities
|
86
|
0
|
Price based
|
Price
|
0 %
|
102 %
|
||||||
|
Discounted cash flow
|
Credit spread (bps)
|
220
|
1,830
|
|||||||||
|
Mortgage- and other asset-backedsecurities
|
94
|
0
|
Price based
|
Price
|
0 %
|
104 %
|
||||||
|
Discounted cash flow
|
Credit spread (bps)
|
110
|
1,828
|
|||||||||
|
Recovery rate
|
50 %
|
85 %
|
||||||||||
|
Constant default rate
|
0 %
|
2 %
|
||||||||||
|
Constant prepayment rate
|
2 %
|
29 %
|
||||||||||
|
Total mortgage- and other asset-backedsecurities
|
180
|
0
|
||||||||||
|
Debt securities and other debtobligations
|
4,385
|
3,116
|
Price based
|
Price
|
0 %
|
300 %
|
||||||
|
Held for trading
|
2,887
|
26
|
Discounted cash flow
|
Credit spread (bps)
|
84
|
651
|
||||||
|
Corporate, sovereign and otherdebt securities
|
2,887
|
|||||||||||
|
Non-trading financial assets mandatory at fair value through profit or loss
|
1,254
|
|||||||||||
|
Designated at fair value through profit or loss
|
0
|
3,089
|
||||||||||
|
Financial assets at fair value through other comprehensive income
|
244
|
|||||||||||
|
Equity securities
|
778
|
0
|
Market approach
|
Price per net asset value
|
0 %
|
100 %
|
||||||
|
Held for trading
|
127
|
0
|
Enterprise value/EBITDA(multiple)
|
5
|
15
|
|||||||
|
Non-trading financial assets mandatory at fair value through profit or loss
|
652
|
Discounted cash flow
|
Weighted average cost capital
|
18 %
|
20 %
|
|||||||
|
Designated at fair value through profit or loss
|
0
|
Price based
|
Price
|
0 %
|
100 %
|
|||||||
|
Loans
|
9,405
|
0
|
Price based
|
Price
|
0 %
|
124 %
|
||||||
|
Held for trading
|
6,121
|
0
|
Discounted cash flow
|
Credit spread (bps)
|
12
|
1,207
|
||||||
|
Non-trading financial assets mandatory at fair value through profit or loss
|
696
|
|||||||||||
|
Designated at fair value through profit or loss
|
0
|
0
|
Recovery rate
|
40 %
|
75 %
|
|||||||
|
Financial assets at fair value through other comprehensive income
|
2,588
|
|||||||||||
|
Loan commitments
|
0
|
5
|
Discounted cash flow
|
Credit spread (bps)
|
169
|
1,070
|
||||||
|
Recovery rate
|
40 %
|
76 %
|
||||||||||
|
Loan pricing model
|
Utilization
|
0 %
|
100 %
|
|||||||||
|
Other financial instruments
|
2,6472
|
1543
|
Discounted cash flow
|
IRR
|
7 %
|
13 %
|
||||||
|
Repo rate (bps)
|
120
|
595
|
||||||||||
|
Total non-derivative financialinstruments held at fair value
|
17,396
|
3,275
|
||||||||||
|
|
252
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2023
|
||||||||||||
|
Fair value
|
||||||||||||
|
in € m.(unless stated otherwise)
|
Assets
|
Liabilities
|
Valuation technique(s)
|
Significant unobservableinput(s) (Level 3)
|
Range
|
|||||||
|
Financial instruments held at fair value:
|
||||||||||||
|
Market values from derivativefinancial instruments:
|
||||||||||||
|
Interest rate derivatives
|
4,997
|
4,070
|
Discounted cash flow
|
Swap rate (bps)
|
(3,932)
|
4,150
|
||||||
|
Inflation swap rate
|
1 %
|
15 %
|
||||||||||
|
Constant default rate
|
0 %
|
18 %
|
||||||||||
|
Constant prepayment rate
|
0 %
|
26 %
|
||||||||||
|
Option pricing model
|
Inflation volatility
|
0 %
|
7 %
|
|||||||||
|
Interest rate volatility
|
0 %
|
43 %
|
||||||||||
|
IR - IR correlation
|
(10) %
|
96 %
|
||||||||||
|
Hybrid correlation
|
(90) %
|
65 %
|
||||||||||
|
Credit derivatives
|
501
|
503
|
Discounted cash flow
|
Credit spread (bps)
|
2
|
7,535
|
||||||
|
Recovery rate
|
8 %
|
40 %
|
||||||||||
|
Correlation pricingmodel
|
Credit correlation
|
26 %
|
59 %
|
|||||||||
|
Equity derivatives
|
339
|
1,027
|
Option pricing model
|
Stock volatility
|
0 %
|
84 %
|
||||||
|
Index volatility
|
7 %
|
23 %
|
||||||||||
|
Index - index correlation
|
0 %
|
0 %
|
||||||||||
|
Stock - stock correlation
|
0 %
|
0 %
|
||||||||||
|
Stock Forwards
|
0 %
|
3 %
|
||||||||||
|
Index Forwards
|
0 %
|
6 %
|
||||||||||
|
FX derivatives
|
1,765
|
1,850
|
Option pricing model
|
Volatility
|
(6) %
|
39 %
|
||||||
|
Quoted Vol
|
0 %
|
0 %
|
||||||||||
|
Discounted cash flow
|
Swap rate (bps)
|
(7)
|
50
|
|||||||||
|
Other derivatives
|
601
|
1301
|
Discounted cash flow
|
Credit spread (bps)
|
234
|
610
|
||||||
|
Option pricing model
|
Index volatility
|
0 %
|
129 %
|
|||||||||
|
Price
|
73 %
|
77 %
|
||||||||||
|
Commodity correlation
|
0 %
|
85 %
|
||||||||||
|
Total market values from derivativefinancial instruments
|
8,203
|
7,581
|
||||||||||
|
|
253
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
in € m.
|
Dec 31, 2024
|
Dec 31, 2023
|
|||
|
Financial assets held at fair value:
|
|||||
|
Trading securities
|
113
|
29
|
|||
|
Positive market values from derivative financial instruments
|
1,535
|
1,347
|
|||
|
Other trading assets
|
(54)
|
59
|
|||
|
Non-trading financial assets mandatory at fair value through profit or loss
|
57
|
(47)
|
|||
|
Financial assets designated at fair value through profit or loss
|
0
|
0
|
|||
|
Financial assets at fair value through other comprehensive income
|
(4)
|
(2)
|
|||
|
Other financial assets at fair value
|
(3)
|
(0)
|
|||
|
Total financial assets held at fair value
|
1,645
|
1,385
|
|||
|
Financial liabilities held at fair value:
|
|||||
|
Trading securities
|
0
|
4
|
|||
|
Negative market values from derivative financial instruments
|
(1,930)
|
(1,287)
|
|||
|
Other trading liabilities
|
0
|
0
|
|||
|
Financial liabilities designated at fair value through profit or loss
|
(104)
|
(53)
|
|||
|
Other financial liabilities at fair value
|
(102)
|
(268)
|
|||
|
Total financial liabilities held at fair value
|
(2,135)
|
(1,604)
|
|||
|
Total
|
(490)
|
(219)
|
|||
|
in € m.
|
2024
|
2023
|
||
|
Balance, beginning of year
|
577
|
550
|
||
|
New trades during the period
|
343
|
295
|
||
|
Amortization
|
(141)
|
(144)
|
||
|
Matured trades
|
(53)
|
(69)
|
||
|
Subsequent move to observability1
|
(36)2
|
(53)
|
||
|
Exchange rate changes
|
1
|
(1)
|
||
|
Balance, end of year
|
691
|
577
|
||
|
|
254
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Assets
|
Liabilities
|
|
Cash and central bank balances
|
Deposits
|
|
Interbank balances (w/o central banks)
|
Central bank funds purchased, and securities sold under repurchase agreements
|
|
Central bank funds sold, and securities purchased under resale agreements
|
Securities loaned
|
|
Securities borrowed
|
Other short-term borrowings
|
|
Other financial assets
|
Other financial liabilities
|
|
|
255
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2024
|
||||||||||
|
in € m.
|
Carrying value
|
Fair value
|
Quotedprices inactive market(Level 1)
|
Valuationtechniqueobservableparameters(Level 2)
|
Valuationtechniqueunobservableparameters(Level 3)
|
|||||
|
Financial assets:
|
||||||||||
|
Cash and central bank balances
|
147,494
|
147,494
|
147,494
|
0
|
0
|
|||||
|
Interbank balances (w/o central banks)
|
6,160
|
6,160
|
(0)
|
6,160
|
0
|
|||||
|
Central bank funds sold and securitiespurchased under resale agreements
|
40,803
|
40,923
|
0
|
40,923
|
0
|
|||||
|
Securities borrowed
|
44
|
44
|
0
|
44
|
0
|
|||||
|
Loans
|
483,897
|
470,058
|
0
|
13,338
|
456,720
|
|||||
|
Other financial assets
|
92,572
|
91,214
|
12,063
|
78,482
|
669
|
|||||
|
Financial liabilities:
|
||||||||||
|
Deposits
|
667,700
|
667,609
|
2
|
667,607
|
0
|
|||||
|
Central bank funds purchased and securitiessold under repurchase agreements
|
3,740
|
3,727
|
0
|
3,727
|
0
|
|||||
|
Securities loaned
|
2
|
2
|
0
|
2
|
0
|
|||||
|
Other short-term borrowings
|
9,895
|
9,903
|
0
|
9,903
|
0
|
|||||
|
Other financial liabilities
|
79,371
|
79,371
|
2,237
|
77,134
|
0
|
|||||
|
Long-term debt
|
114,899
|
114,496
|
0
|
112,033
|
2,463
|
|||||
|
Trust preferred securities
|
287
|
273
|
0
|
273
|
0
|
|||||
|
Dec 31, 2023
|
||||||||||
|
in € m.
|
Carrying value
|
Fair value
|
Quotedprices inactive market(Level 1)
|
Valuationtechniqueobservableparameters(Level 2)
|
Valuationtechniqueunobservableparameters(Level 3)
|
|||||
|
Financial assets:
|
||||||||||
|
Cash and central bank balances
|
178,416
|
178,416
|
178,416
|
0
|
0
|
|||||
|
Interbank balances (w/o central banks)
|
6,140
|
6,140
|
0
|
6,140
|
0
|
|||||
|
Central bank funds sold and securitiespurchased under resale agreements
|
14,725
|
14,778
|
0
|
14,034
|
744
|
|||||
|
Securities borrowed
|
39
|
39
|
0
|
39
|
0
|
|||||
|
Loans
|
479,353
|
454,972
|
0
|
11,519
|
443,453
|
|||||
|
Other financial assets
|
106,617
|
105,132
|
13,304
|
90,973
|
855
|
|||||
|
Financial liabilities:
|
||||||||||
|
Deposits
|
625,486
|
624,731
|
2
|
624,729
|
0
|
|||||
|
Central bank funds purchased and securitiessold under repurchase agreements
|
3,038
|
3,031
|
0
|
3,031
|
0
|
|||||
|
Securities loaned
|
3
|
3
|
0
|
3
|
0
|
|||||
|
Other short-term borrowings
|
9,620
|
9,628
|
0
|
9,628
|
0
|
|||||
|
Other financial liabilities
|
99,272
|
99,272
|
1,961
|
97,311
|
0
|
|||||
|
Long-term debt
|
119,390
|
117,510
|
0
|
113,723
|
3,787
|
|||||
|
Trust preferred securities
|
289
|
264
|
0
|
264
|
0
|
|||||
|
|
256
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
in € m.
|
Dec 31, 2024
|
Dec 31, 2023
|
||
|
Securities purchased under resale agreement
|
2,786
|
1,805
|
||
|
Debt securities:
|
||||
|
German government
|
2,006
|
1,566
|
||
|
U.S. Treasury and U.S. government agencies
|
10,640
|
9,232
|
||
|
U.S. local (municipal) governments
|
719
|
446
|
||
|
Other foreign governments
|
18,661
|
15,672
|
||
|
Corporates
|
189
|
686
|
||
|
Other asset-backed securities
|
0
|
0
|
||
|
Mortgage-backed securities, including obligations of U.S. federal agencies
|
414
|
442
|
||
|
Other debt securities
|
1,607
|
831
|
||
|
Total debt securities
|
34,236
|
28,874
|
||
|
Loans
|
5,068
|
4,867
|
||
|
Total financial assets at fair value through other comprehensive income
|
42,090
|
35,546
|
||
|
in € m.
|
Dec 31, 2024
|
31-Dec-23
|
||
|
Carrying amount of all associates that are individually immaterial to the Group
|
1,028
|
1,013
|
||
|
Aggregated amount of the Group's share of profit (loss) from continuing operations1
|
(4)
|
(107)
|
||
|
Aggregated amount of the Group's share of post-tax profit (loss) from discontinued operations
|
0
|
0
|
||
|
Aggregated amount of the Group's share of other comprehensive income
|
(1)
|
(16)
|
||
|
Aggregated amount of the Group's share of total comprehensive income
|
(5)
|
(123)
|
||
|
|
257
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2024
|
||||||||||||||
|
Amounts not set off on the balance sheet
|
||||||||||||||
|
in € m.
|
Grossamountsof financialassets
|
Grossamountsset offon thebalancesheet
|
Netamountsof financialassetspresentedon thebalancesheet
|
Impact ofMasterNettingAgreements
|
Cashcollateral
|
Financialinstrumentcollateral¹
|
Net amount
|
|||||||
|
Central bank funds sold and securities purchasedunder resale agreements (enforceable)
|
54,483
|
(14,429)
|
40,053
|
0
|
0
|
(39,831)
|
223
|
|||||||
|
Central bank funds sold and securities purchasedunder resale agreements (non-enforceable)
|
749
|
0
|
749
|
0
|
0
|
(749)
|
0
|
|||||||
|
Securities borrowed (enforceable)
|
32
|
0
|
32
|
0
|
0
|
(32)
|
0
|
|||||||
|
Securities borrowed (non-enforceable)
|
11
|
0
|
11
|
0
|
0
|
0
|
11
|
|||||||
|
Financial assets at fair value through profit or loss (enforceable)
|
615,693
|
(232,705)
|
382,988
|
(231,243)
|
(33,729)
|
(108,134)
|
9,882
|
|||||||
|
Of which: Positive market values from derivative financial instruments (enforceable)
|
298,563
|
(16,164)
|
282,399
|
(229,605)
|
(33,689)
|
(9,392)
|
9,713
|
|||||||
|
Financial assets at fair value through profit or loss (non-enforceable)
|
162,908
|
0
|
162,908
|
0
|
(1,303)
|
(6,993)
|
154,611
|
|||||||
|
Of which: Positive market values from derivative financial instruments (non-enforceable)
|
9,400
|
0
|
9,400
|
0
|
(1,188)
|
(1,344)
|
6,868
|
|||||||
|
Total financial assets at fair value through profitor loss
|
778,601
|
(232,705)
|
545,895
|
(231,243)
|
(35,032)
|
(115,127)
|
164,494
|
|||||||
|
Loans at amortized cost
|
483,897
|
0
|
483,897
|
0
|
(10,836)
|
(72,983)
|
400,078
|
|||||||
|
Other assets
|
105,704
|
(4,526)
|
101,178
|
(24,750)
|
(52)
|
(30)
|
76,346
|
|||||||
|
Of which: Positive market values from derivatives qualifying for hedge accounting (enforceable)
|
362
|
(25)
|
337
|
(210)
|
(52)
|
(30)
|
45
|
|||||||
|
Remaining assets subject to netting
|
2,786
|
0
|
2,786
|
0
|
0
|
0
|
2,786
|
|||||||
|
Remaining assets not subject to netting
|
216,430
|
0
|
216,430
|
0
|
(623)
|
(4,438)
|
211,369
|
|||||||
|
Total assets
|
1,642,694
|
(251,661)
|
1,391,033
|
(255,993)
|
(46,543)
|
(233,190)
|
855,307
|
|||||||
|
|
258
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2024
|
||||||||||||||
|
Amounts not set off on the balance sheet
|
||||||||||||||
|
in € m.
|
Grossamountsof financialliabilities
|
Grossamountsset offon thebalancesheet
|
Netamountsof financialliabilitiespresentedon thebalancesheet
|
Impact ofMasterNettingAgreements
|
Cashcollateral
|
Financialinstrumentcollateral¹
|
Net amount
|
|||||||
|
Deposits
|
667,700
|
0
|
667,700
|
0
|
0
|
0
|
667,700
|
|||||||
|
Central bank funds purchased and securities soldunder repurchase agreements (enforceable)
|
16,819
|
(14,429)
|
2,390
|
0
|
0
|
(2,390)
|
0
|
|||||||
|
Central bank funds purchased and securities soldunder repurchase agreements (non-enforceable)
|
1,350
|
0
|
1,350
|
0
|
0
|
(123)
|
1,227
|
|||||||
|
Securities loaned (enforceable)
|
1
|
0
|
1
|
0
|
0
|
(1)
|
0
|
|||||||
|
Securities loaned (non-enforceable)
|
1
|
0
|
1
|
0
|
0
|
(1)
|
0
|
|||||||
|
Financial liabilities at fair value through profit or loss (enforceable)
|
609,711
|
(232,683)
|
377,028
|
(230,472)
|
(23,677)
|
(66,495)
|
56,383
|
|||||||
|
Of which: Negative market values from derivative financial instruments (enforceable)
|
284,351
|
(16,613)
|
267,738
|
(228,718)
|
(23,677)
|
(2,458)
|
12,884
|
|||||||
|
Financial liabilities at fair value through profit or loss (non-enforceable)
|
35,382
|
0
|
35,382
|
0
|
(607)
|
(3,332)
|
31,442
|
|||||||
|
Of which: Negative market values from derivative financial instruments (non-enforceable)
|
8,672
|
0
|
8,672
|
0
|
(607)
|
(142)
|
7,923
|
|||||||
|
Total financial liabilities at fair value through profitor loss
|
645,092
|
(232,683)
|
412,409
|
(230,472)
|
(24,285)
|
(69,828)
|
87,825
|
|||||||
|
Other liabilities
|
100,165
|
(4,549)
|
95,616
|
(37,086)
|
(91)
|
(101)
|
58,338
|
|||||||
|
Of which: Negative market values from derivatives qualifying for hedge accounting (enforceable)
|
1,699
|
(24)
|
1,676
|
(1,098)
|
(91)
|
(101)
|
386
|
|||||||
|
Remaining liabilities not subject to netting
|
129,700
|
0
|
129,700
|
0
|
(6)
|
0
|
129,694
|
|||||||
|
Total liabilities
|
1,560,829
|
(251,661)
|
1,309,168
|
(267,559)
|
(24,382)
|
(72,444)
|
944,784
|
|||||||
|
Dec 31, 2023
|
||||||||||||||
|
Amounts not set off on the balance sheet
|
||||||||||||||
|
in € m.
|
Grossamountsof financialassets
|
Grossamountsset offon thebalancesheet
|
Netamountsof financialassetspresentedon thebalancesheet
|
Impact ofMasterNettingAgreements
|
Cashcollateral
|
Financialinstrumentcollateral¹
|
Net amount
|
|||||||
|
Central bank funds sold and securities purchasedunder resale agreements (enforceable)
|
21,574
|
(9,999)
|
11,574
|
0
|
0
|
(11,491)
|
84
|
|||||||
|
Central bank funds sold and securities purchasedunder resale agreements (non-enforceable)
|
3,151
|
0
|
3,151
|
0
|
0
|
(2,270)
|
881
|
|||||||
|
Securities borrowed (enforceable)
|
33
|
0
|
33
|
0
|
0
|
(33)
|
0
|
|||||||
|
Securities borrowed (non-enforceable)
|
6
|
0
|
6
|
0
|
0
|
0
|
6
|
|||||||
|
Financial assets at fair value through profit or loss (enforceable)
|
513,839
|
(199,135)
|
314,704
|
(197,447)
|
(32,109)
|
(74,885)
|
10,263
|
|||||||
|
Of which: Positive market values from derivative financial instruments (enforceable)
|
259,177
|
(15,657)
|
243,520
|
(195,517)
|
(32,092)
|
(5,766)
|
10,145
|
|||||||
|
Financial assets at fair value through profit or loss (non-enforceable)
|
150,569
|
0
|
150,569
|
0
|
(1,227)
|
(10,167)
|
139,174
|
|||||||
|
Of which: Positive market values from derivative financial instruments (non-enforceable)
|
8,357
|
0
|
8,357
|
0
|
(1,101)
|
(1,077)
|
6,178
|
|||||||
|
Total financial assets at fair value through profitor loss
|
664,408
|
(199,135)
|
465,273
|
(197,447)
|
(33,337)
|
(85,052)
|
149,437
|
|||||||
|
Loans at amortized cost
|
479,353
|
0
|
479,353
|
0
|
(11,317)
|
(69,594)
|
398,442
|
|||||||
|
Other assets
|
123,694
|
(8,997)
|
114,697
|
(24,019)
|
(79)
|
(13)
|
90,587
|
|||||||
|
Of which: Positive market values from derivatives qualifying for hedge accounting (enforceable)
|
911
|
(42)
|
869
|
(644)
|
(79)
|
(13)
|
133
|
|||||||
|
Remaining assets subject to netting
|
1,805
|
0
|
1,805
|
0
|
0
|
0
|
1,805
|
|||||||
|
Remaining assets not subject to netting
|
241,373
|
0
|
241,373
|
0
|
(73)
|
(3,533)
|
237,767
|
|||||||
|
Total assets
|
1,535,397
|
(218,131)
|
1,317,266
|
(221,466)
|
(44,805)
|
(171,985)
|
879,010
|
|||||||
|
|
259
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2023
|
||||||||||||||
|
Amounts not set off on the balance sheet
|
||||||||||||||
|
in € m.
|
Grossamountsof financialliabilities
|
Grossamountsset offon thebalancesheet
|
Netamountsof financialliabilitiespresentedon thebalancesheet
|
Impact ofMasterNettingAgreements
|
Cashcollateral
|
Financialinstrumentcollateral¹
|
Net amount
|
|||||||
|
Deposits
|
625,486
|
0
|
625,486
|
0
|
0
|
0
|
625,486
|
|||||||
|
Central bank funds purchased and securities soldunder repurchase agreements (enforceable)
|
11,890
|
(9,999)
|
1,891
|
0
|
0
|
(1,891)
|
0
|
|||||||
|
Central bank funds purchased and securities soldunder repurchase agreements (non-enforceable)
|
1,147
|
0
|
1,147
|
0
|
0
|
(51)
|
1,096
|
|||||||
|
Securities loaned (enforceable)
|
3
|
0
|
3
|
0
|
0
|
(3)
|
0
|
|||||||
|
Securities loaned (non-enforceable)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|||||||
|
Financial liabilities at fair value through profit or loss (enforceable)
|
540,811
|
(199,160)
|
341,651
|
(197,940)
|
(21,990)
|
(68,806)
|
52,915
|
|||||||
|
Of which: Negative market values from derivative financial instruments (enforceable)
|
245,627
|
(16,140)
|
229,487
|
(195,978)
|
(21,990)
|
(2,608)
|
8,910
|
|||||||
|
Financial liabilities at fair value through profit or loss (non-enforceable)
|
24,843
|
0
|
24,843
|
0
|
(785)
|
(4,485)
|
19,572
|
|||||||
|
Of which: Negative market values from derivative financial instruments (non-enforceable)
|
8,792
|
0
|
8,792
|
0
|
(723)
|
(191)
|
7,878
|
|||||||
|
Total financial liabilities at fair value through profitor loss
|
565,654
|
(199,160)
|
366,494
|
(197,940)
|
(22,776)
|
(73,292)
|
72,487
|
|||||||
|
Other liabilities
|
121,990
|
(8,972)
|
113,018
|
(33,574)
|
(23)
|
(1)
|
79,419
|
|||||||
|
Of which: Negative market values from derivatives qualifying for hedge accounting (enforceable)
|
254
|
(20)
|
233
|
(182)
|
(23)
|
(1)
|
26
|
|||||||
|
Remaining liabilities not subject to netting
|
132,896
|
0
|
132,896
|
0
|
0
|
0
|
132,896
|
|||||||
|
Total liabilities
|
1,459,066
|
(218,131)
|
1,240,935
|
(231,514)
|
(22,799)
|
(75,239)
|
911,384
|
|||||||
|
|
260
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
in € m.
|
Dec 31, 2024
|
Dec 31, 2023
|
||
|
Agriculture, forestry and fishing
|
336
|
386
|
||
|
Mining and quarrying
|
4,342
|
3,130
|
||
|
Manufacturing
|
28,359
|
30,564
|
||
|
Electricity, gas, steam and air conditioning supply
|
5,017
|
4,734
|
||
|
Water supply, sewerage, waste management and remediation activities
|
598
|
486
|
||
|
Construction
|
4,604
|
4,494
|
||
|
Wholesale and retail trade, repair of motor vehicles and motorcycles
|
22,481
|
22,127
|
||
|
Transport and storage
|
5,347
|
5,617
|
||
|
Accommodation and food service activities
|
2,749
|
1,865
|
||
|
Information and communication
|
9,940
|
8,082
|
||
|
Financial and insurance activities
|
133,350
|
116,298
|
||
|
Real estate activities
|
51,535
|
50,793
|
||
|
Professional, scientific and technical activities
|
6,623
|
6,958
|
||
|
Administrative and support service activities
|
9,496
|
9,385
|
||
|
Public administration and defense, compulsory social security
|
6,235
|
6,131
|
||
|
Education
|
313
|
281
|
||
|
Human health services and social work activities
|
4,170
|
4,432
|
||
|
Arts, entertainment and recreation
|
840
|
1,072
|
||
|
Other service activities
|
7,341
|
5,624
|
||
|
Activities of households as employers, undifferentiated goods- and services-producing activities of households for own use
|
204,282
|
216,056
|
||
|
Activities of extraterritorial organizations and bodies
|
22
|
0
|
||
|
Gross loans
|
507,981
|
498,516
|
||
|
(Deferred expense)/unearned income
|
1,352
|
1,675
|
||
|
Loans less (deferred expense)/unearned income
|
506,629
|
496,841
|
||
|
Less: Allowance for loan losses
|
5,697
|
5,208
|
||
|
Total loans
|
500,932
|
491,632
|
||
|
|
261
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2024
|
||||||||||
|
Allowance for Credit Losses²
|
||||||||||
|
in € m.
|
Stage 1
|
Stage 2
|
Stage 3
|
Stage 3 POCI⁴
|
Total
|
|||||
|
Balance, beginning of year
|
447
|
680
|
3,960
|
198
|
5,285
|
|||||
|
Movements in financial assets including new business and credit extensions
|
(150)
|
194
|
1,814
|
3
|
1,861
|
|||||
|
Transfers due to changes in creditworthiness
|
128
|
(128)
|
0
|
N/M
|
0
|
|||||
|
Changes due to modifications that did not result inderecognition
|
N/M
|
N/M
|
N/M
|
N/M
|
N/M
|
|||||
|
Changes in models
|
(2)
|
(7)
|
0
|
0
|
(9)
|
|||||
|
Financial assets that have been derecognized during the period³
|
0
|
0
|
(1,229)
|
0
|
(1,229)
|
|||||
|
Recovery of written off amounts
|
0
|
0
|
157
|
0
|
157
|
|||||
|
Foreign exchange and other changes
|
15
|
(3)
|
(290)
|
11
|
(267)
|
|||||
|
Balance, end of reporting period
|
438
|
736
|
4,412
|
213
|
5,799
|
|||||
|
Provision for Credit Losses excluding country risk¹
|
(24)
|
59
|
1,814
|
3
|
1,852
|
|||||
|
Dec 31, 2023
|
||||||||||
|
Allowance for Credit Losses²
|
||||||||||
|
in € m.
|
Stage 1
|
Stage 2
|
Stage 3
|
Stage 3 POCI⁴
|
Total
|
|||||
|
Balance, beginning of year
|
533
|
626
|
3,656
|
180
|
4,995
|
|||||
|
Movements in financial assets including new business and credit extensions
|
(195)
|
294
|
1,647
|
32
|
1,778
|
|||||
|
Transfers due to changes in creditworthiness
|
170
|
(150)
|
(20)
|
N/M
|
0
|
|||||
|
Changes due to modifications that did not result inderecognition
|
N/M
|
N/M
|
N/M
|
N/M
|
N/M
|
|||||
|
Changes in models
|
(57)-
|
(53)
|
0
|
0
|
(110)
|
|||||
|
Financial assets that have been derecognized during the period³
|
0
|
0
|
(1,145)
|
(52)
|
(1,197)
|
|||||
|
Recovery of written off amounts
|
0
|
0
|
93
|
0
|
93
|
|||||
|
Foreign exchange and other changes
|
(3)
|
(38)
|
(271)
|
38
|
(273)
|
|||||
|
Balance, end of reporting period
|
447
|
680
|
3,960
|
198
|
5,285
|
|||||
|
Provision for Credit Losses excluding country risk¹
|
(83)
|
92
|
1,627
|
32
|
1,668
|
|||||
|
Dec 31, 2022
|
||||||||||
|
Allowance for Credit Losses²
|
||||||||||
|
in € m.
|
Stage 1
|
Stage 2
|
Stage 3
|
Stage 3 POCI⁴
|
Total
|
|||||
|
Balance, beginning of year
|
440
|
532
|
3,740
|
182
|
4,895
|
|||||
|
Movements in financial assets including new business and credit extensions
|
(32)
|
204
|
887
|
22
|
1,081
|
|||||
|
Transfers due to changes in creditworthiness
|
122
|
(121)
|
(0)
|
0
|
||||||
|
Changes due to modifications that did not result inderecognition
|
N/M
|
N/M
|
N/M
|
N/M
|
N/M
|
|||||
|
Changes in models
|
0
|
0
|
0
|
0
|
0
|
|||||
|
Financial assets that have been derecognized during the period³
|
0
|
0
|
(1,014)
|
(28)
|
(1,043)
|
|||||
|
Recovery of written off amounts
|
0
|
0
|
68
|
3
|
71
|
|||||
|
Foreign exchange and other changes
|
2
|
12
|
(25)
|
1
|
(10)
|
|||||
|
Balance, end of reporting period
|
533
|
626
|
3,656
|
180
|
4,995
|
|||||
|
Provision for Credit Losses excluding country risk¹
|
90
|
82
|
886
|
22
|
1,081
|
|||||
|
|
262
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2024
|
||||||||||
|
Allowance for Credit Losses
|
||||||||||
|
in € m.
|
Stage 1
|
Stage 2
|
Stage 3
|
Stage 3 POCI
|
Total
|
|||||
|
Fair Value through OCI
|
12
|
16
|
10
|
0
|
38
|
|||||
|
Dec 31, 2023
|
||||||||||
|
Allowance for Credit Losses
|
||||||||||
|
in € m.
|
Stage 1
|
Stage 2
|
Stage 3
|
Stage 3 POCI
|
Total
|
|||||
|
Fair Value through OCI
|
13
|
13
|
22
|
0
|
48
|
|||||
|
Dec 31, 2022
|
||||||||||
|
Allowance for Credit Losses
|
||||||||||
|
in € m.
|
Stage 1
|
Stage 2
|
Stage 3
|
Stage 3 POCI
|
Total
|
|||||
|
Fair Value through OCI
|
14
|
12
|
43
|
0
|
69
|
|||||
|
Dec 31, 2024
|
||||||||||
|
Allowance for Credit Losses2
|
||||||||||
|
in € m.
|
Stage 1
|
Stage 2
|
Stage 3
|
Stage 3 POCI
|
Total
|
|||||
|
Balance, beginning of year
|
117
|
88
|
187
|
0
|
393
|
|||||
|
Movements including new business
|
(22)
|
3
|
(19)
|
0
|
(38)
|
|||||
|
Transfers due to changes in creditworthiness
|
10
|
(9)
|
(0)
|
0
|
0
|
|||||
|
Changes in models
|
0
|
0
|
0
|
0
|
0
|
|||||
|
Foreign exchange and other changes
|
1
|
(1)
|
5
|
0
|
6
|
|||||
|
Balance, end of reporting period
|
106
|
82
|
173
|
0
|
361
|
|||||
|
of which: Financial guarantees
|
67
|
49
|
99
|
0
|
214
|
|||||
|
Provision for Credit Losses excluding country risk1
|
(13)
|
(6)
|
(20)
|
0
|
(38)
|
|||||
|
Dec 31, 2023
|
||||||||||
|
Allowance for Credit Losses2
|
||||||||||
|
in € m.
|
Stage 1
|
Stage 2
|
Stage 3
|
Stage 3 POCI
|
Total
|
|||||
|
Balance, beginning of year
|
144
|
97
|
310
|
0
|
551
|
|||||
|
Movements including new business
|
(39)
|
(3)
|
(118)
|
0
|
(160)
|
|||||
|
Transfers due to changes in creditworthiness
|
11
|
(4)
|
(7)
|
0
|
0
|
|||||
|
Changes in models
|
0
|
0
|
0
|
0
|
0
|
|||||
|
Foreign exchange and other changes
|
1
|
(2)
|
3
|
0
|
2
|
|||||
|
Balance, end of reporting period
|
117
|
88
|
187
|
0
|
393
|
|||||
|
of which: Financial guarantees
|
84
|
37
|
113
|
0
|
233
|
|||||
|
Provision for Credit Losses excluding country risk1
|
(28)
|
(7)
|
(125)
|
0
|
(160)
|
|||||
|
Dec 31, 2022
|
||||||||||
|
Allowance for Credit Losses2
|
||||||||||
|
in € m.
|
Stage 1
|
Stage 2
|
Stage 3
|
Stage 3 POCI
|
Total
|
|||||
|
Balance, beginning of year
|
108
|
111
|
225
|
0
|
443
|
|||||
|
Movements including new business
|
21
|
(1)
|
78
|
0
|
99
|
|||||
|
Transfers due to changes in creditworthiness
|
12
|
(15)
|
3
|
0
|
0
|
|||||
|
Changes in models
|
0
|
0
|
0
|
0
|
0
|
|||||
|
Foreign exchange and other changes
|
4
|
3
|
3
|
0
|
9
|
|||||
|
Balance, end of reporting period
|
144
|
97
|
310
|
0
|
551
|
|||||
|
of which: Financial guarantees
|
95
|
56
|
226
|
0
|
378
|
|||||
|
Provision for Credit Losses excluding country risk1
|
33
|
(16)
|
82
|
0
|
99
|
|||||
|
|
263
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
in € m.
|
Dec 31, 2024
|
Dec 31, 2023
|
||
|
Carrying amount of transferred assets
|
||||
|
Trading securities not derecognized due to the following transactions:
|
||||
|
Repurchase agreements
|
40,438
|
45,106
|
||
|
Securities lending agreements
|
8,313
|
10,155
|
||
|
Total return swaps
|
14,013
|
4,483
|
||
|
Other
|
2,523
|
5,060
|
||
|
Total trading securities
|
65,288
|
64,804
|
||
|
Other trading assets
|
51
|
138
|
||
|
Non-trading financial assets mandatory at fair value through profit or loss
|
107
|
203
|
||
|
Financial assets at fair value through other comprehensive income
|
5,134
|
7,080
|
||
|
Loans at amortized cost1
|
17
|
26
|
||
|
Others
|
4,335
|
8,674
|
||
|
Total
|
74,931
|
80,924
|
||
|
Carrying amount of associated liabilities
|
66,654
|
70,706
|
||
|
in € m.
|
Dec 31, 2024
|
Dec 31, 2023
|
||
|
Carrying amount of the original assets transferred
|
||||
|
Trading securities
|
1,073
|
1,043
|
||
|
Non-trading financial assets mandatory at fair value through profit or loss
|
0
|
317
|
||
|
Carrying amount of the assets continued to be recognized
|
||||
|
Trading securities
|
26
|
28
|
||
|
Non-trading financial assets mandatory at fair value through profit or loss
|
0
|
16
|
||
|
Carrying amount of associated liabilities
|
52
|
78
|
||
|
|
264
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31,2024
|
Dec 31,2023
|
|||||||||||
|
in € m.
|
Carryingvalue
|
Fair value
|
MaximumExposureto Loss¹
|
Carryingvalue
|
Fair value
|
MaximumExposureto Loss¹
|
||||||
|
Loans at amortized cost
|
||||||||||||
|
Securitization notes
|
441
|
397
|
397
|
389
|
344
|
344
|
||||||
|
Other
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||
|
Total loans at amortized cost
|
441
|
397
|
397
|
389
|
344
|
344
|
||||||
|
Financial assets held at fair value through profit or loss
|
||||||||||||
|
Securitization notes
|
0
|
0
|
0
|
23
|
23
|
23
|
||||||
|
Non-standard Interest Rate, cross-currency or inflation-linked swap
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||
|
Total financial assets held at fair value through profit or loss
|
0
|
0
|
0
|
23
|
23
|
23
|
||||||
|
Financial assets at fair value through other comprehensive income:
|
||||||||||||
|
Securitization notes
|
669
|
560
|
560
|
706
|
592
|
592
|
||||||
|
Other
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||
|
Total financial assets at fair value through other comprehensive income
|
669
|
560
|
560
|
706
|
592
|
592
|
||||||
|
Total financial assets representing on-going involvement
|
1,110
|
957
|
957
|
1,118
|
959
|
959
|
||||||
|
Financial liabilities held at fair value through profit or loss
|
||||||||||||
|
Non-standard Interest Rate, cross-currency or inflation-linked swap
|
(0)
|
(0)
|
0
|
0
|
0
|
0
|
||||||
|
Total financial liabilities representing on-going involvement
|
(0)
|
(0)
|
0
|
0
|
0
|
0
|
||||||
|
Dec 31,2024
|
Dec 31,2023
|
|||||||||||
|
in € m.
|
Year-to-date P&L
|
CumulativeP&L
|
Gain/(loss)on disposal
|
Year-to-date P&L
|
CumulativeP&L
|
Gain/(loss)on disposal
|
||||||
|
Securitization notes
|
50
|
220
|
25
|
48
|
164
|
7
|
||||||
|
Non-standard Interest Rate, cross-currency orinflation-linked swap
|
(0)
|
(0)
|
0
|
0
|
0
|
0
|
||||||
|
Net gains/(losses) recognized from on-goinginvolvement in derecognized assets
|
50
|
220
|
25
|
48
|
164
|
7
|
||||||
|
|
265
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
in € m.
|
Dec 31, 2024
|
Dec 31, 2023
|
||
|
Financial assets at fair value through profit or loss
|
58,749
|
55,166
|
||
|
Financial assets at fair value through other comprehensive income
|
5,263
|
7,222
|
||
|
Loans
|
41,758
|
54,148
|
||
|
Other
|
4,462
|
9,610
|
||
|
Total
|
110,231
|
126,146
|
||
|
in € m.
|
Dec 31, 2024
|
Dec 31, 2023
|
||
|
Financial assets at fair value through profit or loss
|
55,310
|
57,143
|
||
|
Financial assets at fair value through other comprehensive income
|
5,013
|
7,073
|
||
|
Loans
|
4,618
|
5,428
|
||
|
Other
|
2,904
|
7,815
|
||
|
Total
|
67,845
|
77,459
|
||
|
in € m.
|
Dec 31, 2024
|
Dec 31, 2023
|
||
|
Securities and other financial assets accepted as collateral
|
479,022
|
379,573
|
||
|
Of which:
|
||||
|
Collateral sold or repledged
|
366,245
|
324,757
|
||
|
|
266
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
in € m.
|
Owner occupied properties
|
Furniture and equipment
|
Leasehold improvements
|
Construction-in-progress
|
Property and equipment owned (IAS 16)
|
Right-of-use for leased assets (IFRS 16)
|
Total
|
|||||||
|
Cost of acquisition:
|
||||||||||||||
|
Balance as of January 1, 2023
|
503
|
2,434
|
3,523
|
216
|
6,676
|
6,187
|
12,863
|
|||||||
|
Changes in the group of consolidated companies
|
0
|
(8)
|
7
|
0
|
(1)
|
34
|
34
|
|||||||
|
Additions
|
0
|
84
|
40
|
297
|
422
|
263
|
685
|
|||||||
|
Transfers
|
0
|
23
|
193
|
(50)
|
167
|
251
|
419
|
|||||||
|
Reclassifications (to)/from “held for sale”
|
(22)
|
0
|
0
|
0
|
(22)
|
0
|
(22)
|
|||||||
|
Disposals
|
41
|
113
|
643
|
0
|
798
|
152
|
950
|
|||||||
|
Exchange rate changes
|
1
|
(27)
|
(43)
|
(2)
|
(71)
|
(77)
|
(148)
|
|||||||
|
Balance as of December 31, 2023
|
441
|
2,393
|
3,078
|
461
|
6,374
|
6,507
|
12,881
|
|||||||
|
Changes in the group of consolidated companies
|
0
|
(1)
|
(0)
|
0
|
(1)
|
(0)
|
(1)
|
|||||||
|
Additions
|
1
|
128
|
107
|
293
|
528
|
145
|
673
|
|||||||
|
Transfers
|
106
|
77
|
334
|
(394)
|
122
|
237
|
360
|
|||||||
|
Reclassifications (to)/from “held for sale”
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|||||||
|
Disposals
|
0
|
199
|
281
|
1
|
482
|
156
|
638
|
|||||||
|
Exchange rate changes
|
(1)
|
33
|
59
|
1
|
93
|
115
|
208
|
|||||||
|
Balance as of December 31, 2024
|
547
|
2,431
|
3,298
|
360
|
6,636
|
6,848
|
13,484
|
|||||||
|
Accumulated depreciation and impairment:
|
||||||||||||||
|
Balance as of January 1, 2023
|
286
|
2,022
|
2,304
|
1
|
4,613
|
2,147
|
6,760
|
|||||||
|
Changes in the group of consolidated companies
|
0
|
(10)
|
(0)
|
0
|
(11)
|
(0)
|
(11)
|
|||||||
|
Depreciation
|
9
|
127
|
199
|
0
|
335
|
543
|
878
|
|||||||
|
Impairment losses
|
7
|
8
|
5
|
0
|
21
|
23
|
43
|
|||||||
|
Reversals of impairment losses
|
0
|
0
|
0
|
0
|
0
|
8
|
8
|
|||||||
|
Transfers
|
(0)
|
17
|
54
|
0
|
71
|
(41)
|
29
|
|||||||
|
Reclassifications (to)/from “held for sale”
|
(19)
|
0
|
0
|
0
|
(19)
|
0
|
(19)
|
|||||||
|
Disposals
|
20
|
108
|
638
|
0
|
766
|
141
|
907
|
|||||||
|
Exchange rate changes
|
0
|
(22)
|
(25)
|
(0)
|
(46)
|
(24)
|
(70)
|
|||||||
|
Balance as of December 31, 2023
|
264
|
2,033
|
1,900
|
1
|
4,198
|
2,498
|
6,696
|
|||||||
|
Changes in the group of consolidated companies
|
0
|
(1)
|
(0)
|
0
|
(1)
|
0
|
(1)
|
|||||||
|
Depreciation
|
5
|
126
|
266
|
0
|
397
|
548
|
945
|
|||||||
|
Impairment losses
|
14
|
1
|
19
|
0
|
34
|
34
|
67
|
|||||||
|
Reversals of impairment losses
|
0
|
0
|
0
|
0
|
0
|
2
|
2
|
|||||||
|
Transfers
|
104
|
20
|
1
|
1
|
126
|
(0)
|
126
|
|||||||
|
Reclassifications (to)/from “held for sale”
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|||||||
|
Disposals
|
0
|
196
|
278
|
1
|
475
|
153
|
628
|
|||||||
|
Exchange rate changes
|
(0)
|
29
|
29
|
0
|
57
|
30
|
87
|
|||||||
|
Balance as of December 31, 2024
|
386
|
2,014
|
1,936
|
1
|
4,337
|
2,954
|
7,291
|
|||||||
|
Carrying amount:
|
||||||||||||||
|
Balance as of December 31, 2023
|
177
|
360
|
1,179
|
460
|
2,176
|
4,009
|
6,185
|
|||||||
|
Balance as of December 31, 2024
|
161
|
417
|
1,361
|
360
|
2,299
|
3,894
|
6,193
|
|||||||
|
|
267
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
268
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
in € m.
|
Dec 31, 2024
|
Dec 31, 2023
|
||
|
Future cash outflows not reflected in lease liabilities:
|
||||
|
Not later than one year
|
30
|
14
|
||
|
Later than one year and not later than five years
|
470
|
590
|
||
|
Later than five years
|
4,230
|
4,318
|
||
|
Future cash outflows not reflected in lease liabilities
|
4,731
|
4,922
|
||
|
|
269
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
in € m.
|
Investment Bank
|
Corporate Bank
|
AssetManage-ment
|
Private Bank
|
Total
|
|||||
|
Balance as of January 1, 2023
|
0
|
0
|
2,919
|
0
|
2,919
|
|||||
|
Goodwill acquired during the year
|
235
|
0
|
0
|
0
|
235
|
|||||
|
Purchase accounting adjustments
|
0
|
0
|
0
|
0
|
0
|
|||||
|
Transfers
|
0
|
0
|
0
|
0
|
0
|
|||||
|
Reclassification from (to) “held for sale”
|
0
|
0
|
(7)
|
0
|
(7)
|
|||||
|
Goodwill related to dispositions without being classified as “held for sale”
|
0
|
0
|
0
|
0
|
0
|
|||||
|
Impairment losses1
|
(233)
|
0
|
0
|
0
|
(233)
|
|||||
|
Exchange rate changes/other
|
(2)
|
0
|
(63)
|
0
|
(65)
|
|||||
|
Balance as of December 31, 2023
|
0
|
0
|
2,849
|
0
|
2,849
|
|||||
|
Gross amount of goodwill
|
4,175
|
615
|
3,336
|
3,723
|
11,848
|
|||||
|
Accumulated impairment losses
|
(4,175)
|
(615)
|
(487)
|
(3,723)
|
(9,000)
|
|||||
|
Balance as of January 1, 2024
|
0
|
0
|
2,849
|
0
|
2,849
|
|||||
|
Goodwill acquired during the year
|
0
|
0
|
0
|
0
|
0
|
|||||
|
Purchase accounting adjustments
|
0
|
0
|
0
|
0
|
0
|
|||||
|
Transfers
|
0
|
0
|
0
|
0
|
0
|
|||||
|
Reclassification from (to) “held for sale”
|
0
|
0
|
0
|
0
|
0
|
|||||
|
Goodwill related to dispositions without being classified as “held for sale”
|
0
|
0
|
0
|
0
|
0
|
|||||
|
Impairment losses1
|
0
|
0
|
0
|
0
|
0
|
|||||
|
Exchange rate changes/other
|
0
|
0
|
114
|
0
|
114
|
|||||
|
Balance as of December 31, 2024
|
0
|
0
|
2,963
|
0
|
2,963
|
|||||
|
Gross amount of goodwill
|
4,418
|
643
|
3,477
|
3,737
|
12,275
|
|||||
|
Accumulated impairment losses
|
(4,418)
|
(643)
|
(515)
|
(3,737)
|
(9,313)
|
|||||
|
|
270
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
271
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Primary goodwill-
carrying cash-generating unit
|
Description of key assumptions
|
Uncertainty associated with key assumptions and potential events/circumstances that could have a negative effect
|
|
|
Asset Management
|
—
Strong organic growth: Build out Xtrackers and Alternatives offering, maintain robust performance in Active and further building out client channels and partnerships
—
Future of Finance: Emerge as a winner from disruption in the Asset Management space caused by digital distribution channels
—
Gateway to Europe: Leverage global franchise and roots in Europe to become the first point of contact for global investors targeting Europe
|
—
Challenging and continued uncertainty around the market environment and volatility unfavourable to its investment strategies
—
Unfavorable margin development and adverse competition levels in key markets and products beyond expected levels
—
Business/execution risks, e.g., underachievement of net flow targets from market uncertainty, loss of high-quality client facing employees, unfavorable investment performance, lower than expected efficiency gains
—
Uncertainty around regulation and its potential implications not yet anticipated
|
|
|
Change in Key Assumptions
|
Asset Management
|
|
|
Discount rate (post tax) increase
|
||
|
from
|
10.4 %
|
|
|
to
|
12.3 %
|
|
|
Change in projected future earnings in each period by
|
(16.9) %
|
|
|
Long term growth rate
|
||
|
from
|
3.3 %
|
|
|
to
|
N/M
|
|
|
|
272
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Purchased intangible assets
|
Internallygeneratedintangibleassets
|
Total otherintangibleassets
|
||||||||||||||||
|
Unamortized
|
Amortized
|
Amortized
|
||||||||||||||||
|
in € m.
|
Retailinvestmentmanagementagreements
|
Other
|
Totalunamortizedpurchasedintangibleassets
|
Customer-relatedintangibleassets
|
Contract-basedintangibleassets
|
Softwareandother
|
Totalamortizedpurchasedintangibleassets
|
Software
|
||||||||||
|
Cost of acquisition/manufacture:
|
||||||||||||||||||
|
Balance as ofJanuary 1, 2023
|
1,083
|
441
|
1,524
|
1,421
|
70
|
792
|
2,283
|
10,116
|
13,923
|
|||||||||
|
Additions
|
0
|
0
|
0
|
56
|
0
|
66
|
122
|
1,314
|
1,436
|
|||||||||
|
Changes in the group ofconsolidated companies
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|||||||||
|
Disposals
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
71
|
72
|
|||||||||
|
Reclassifications from(to) “held for sale”
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|||||||||
|
Transfers
|
0
|
0
|
0
|
0
|
0
|
(4)
|
(4)
|
0
|
(4)
|
|||||||||
|
Exchange rate changes
|
(37)
|
0
|
(37)
|
(21)
|
0
|
0
|
(21)
|
(72)
|
(130)
|
|||||||||
|
Balance as ofDecember 31, 2023
|
1,046
|
440
|
1,486
|
1,456
|
70
|
854
|
2,380
|
11,288
|
15,154
|
|||||||||
|
Additions
|
0
|
0
|
0
|
2
|
0
|
8
|
10
|
1,407
|
1,417
|
|||||||||
|
Changes in the group ofconsolidated companies
|
0
|
0
|
0
|
(49)
|
(1)
|
(1)
|
(51)
|
0
|
(51)
|
|||||||||
|
Disposals
|
0
|
0
|
0
|
0
|
0
|
31
|
31
|
121
|
152
|
|||||||||
|
Reclassifications from(to) “held for sale”
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|||||||||
|
Transfers
|
0
|
23
|
23
|
(40)
|
(35)
|
(28)
|
(103)
|
(3)
|
(83)
|
|||||||||
|
Exchange rate changes
|
71
|
0
|
71
|
42
|
0
|
2
|
44
|
171
|
286
|
|||||||||
|
Balance as ofDecember 31, 2024
|
1,117
|
463
|
1,580
|
1,411
|
35
|
803
|
2,249
|
12,742
|
16,571
|
|||||||||
|
Accumulated amortizationand impairment:
|
||||||||||||||||||
|
Balance as ofJanuary 1, 2023
|
342
|
439
|
781
|
1,417
|
70
|
659
|
2,146
|
6,824
|
9,750
|
|||||||||
|
Amortization for the year
|
0
|
0
|
0
|
3
|
0
|
35
|
38
|
1,027
|
1,0641
|
|||||||||
|
Changes in the group ofconsolidated companies
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|||||||||
|
Disposals
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
71
|
72
|
|||||||||
|
Reclassifications from(to) “held for sale”
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|||||||||
|
Impairment losses
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
24
|
242
|
|||||||||
|
Reversals of impairmentlosses
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|||||||||
|
Transfers
|
0
|
0
|
0
|
0
|
0
|
(3)
|
(3)
|
0
|
(3)
|
|||||||||
|
Exchange rate changes
|
(12)
|
0
|
(12)
|
(20)
|
0
|
(1)
|
(21)
|
(54)
|
(87)
|
|||||||||
|
Balance as ofDecember 31, 2023
|
330
|
439
|
769
|
1,399
|
70
|
690
|
2,159
|
7,749
|
10,676
|
|||||||||
|
Amortization for the year
|
0
|
0
|
0
|
5
|
0
|
36
|
41
|
1,130
|
1,1713
|
|||||||||
|
Changes in the group ofconsolidated companies
|
0
|
0
|
0
|
(49)
|
(1)
|
(1)
|
(51)
|
0
|
(51)
|
|||||||||
|
Disposals
|
0
|
0
|
0
|
0
|
0
|
31
|
31
|
121
|
152
|
|||||||||
|
Reclassifications from(to) “held for sale”
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|||||||||
|
Impairment losses
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
29
|
294
|
|||||||||
|
Reversals of impairmentlosses
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|||||||||
|
Transfers
|
0
|
23
|
23
|
(40)
|
(34)
|
(29)
|
(103)
|
(1)
|
(80)
|
|||||||||
|
Exchange rate changes
|
22
|
0
|
22
|
40
|
0
|
0
|
40
|
130
|
192
|
|||||||||
|
Balance as ofDecember 31, 2024
|
353
|
461
|
814
|
1,356
|
35
|
664
|
2,055
|
8,917
|
11,785
|
|||||||||
|
Carrying amount:
|
||||||||||||||||||
|
As of December 31, 2023
|
716
|
1
|
717
|
57
|
0
|
164
|
221
|
3,539
|
4,478
|
|||||||||
|
As of December 31, 2024
|
764
|
2
|
766
|
55
|
0
|
139
|
194
|
3,825
|
4,786
|
|||||||||
|
|
273
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Useful livesin years
|
||
|
Internally generated intangible assets:
|
||
|
Software
|
up to 10
|
|
|
Purchased intangible assets:
|
||
|
Customer-related intangible assets
|
up to 15
|
|
|
Other
|
up to 20
|
|
|
|
274
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
in € m.
|
Dec 31, 2024
|
Dec 31, 2023
|
||
|
Other assets
|
31
|
0
|
||
|
Total assets classified as held for sale
|
31
|
0
|
||
|
Total liabilities classified as held for sale
|
0
|
0
|
||
|
|
275
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
in € m.
|
Dec 31, 2024
|
Dec 31, 2023
|
||
|
Brokerage and securities related receivables
|
||||
|
Cash/margin receivables
|
42,179
|
40,157
|
||
|
Receivables from prime brokerage
|
5
|
5
|
||
|
Pending securities transactions past settlement date
|
979
|
1,801
|
||
|
Receivables from unsettled regular way trades
|
17,527
|
30,603
|
||
|
Total brokerage and securities related receivables
|
60,690
|
72,566
|
||
|
Debt Securities held to collect
|
21,643
|
21,853
|
||
|
Accrued interest receivable
|
4,575
|
4,158
|
||
|
Assets held for sale
|
31
|
0
|
||
|
Assets related to insurance business
|
133
|
92
|
||
|
Other
|
14,106
|
16,028
|
||
|
Total other assets
|
101,178
|
114,698
|
||
|
in € m.
|
Dec 31, 2024
|
Dec 31, 2023
|
||
|
Brokerage and securities related payables
|
||||
|
Cash/margin payables
|
49,133
|
49,516
|
||
|
Payables from prime brokerage
|
13
|
18
|
||
|
Pending securities transactions past settlement date
|
1,207
|
2,641
|
||
|
Payables from unsettled regular way trades
|
13,401
|
29,365
|
||
|
Total brokerage and securities related payables
|
63,755
|
81,539
|
||
|
Accrued interest payable
|
5,113
|
4,785
|
||
|
Liabilities held for sale
|
0
|
0
|
||
|
Lease liabilities
|
4,488
|
4,493
|
||
|
Liabilities related to insurance business
|
121
|
87
|
||
|
Other
|
22,138
|
22,114
|
||
|
Total other liabilities
|
95,616
|
113,018
|
||
|
in € m.
|
Dec 31, 2024
|
Dec 31, 2023
|
||
|
Noninterest-bearing demand deposits
|
177,915
|
187,078
|
||
|
Interest-bearing deposits
|
||||
|
Demand deposits
|
197,340
|
162,444
|
||
|
Time deposits
|
203,756
|
188,468
|
||
|
Savings deposits
|
88,689
|
87,496
|
||
|
Total interest-bearing deposits
|
489,786
|
438,408
|
||
|
Total deposits
|
667,700
|
625,486
|
||
|
|
276
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
in € m.
|
OperationalRisk
|
CivilLitigation
|
RegulatoryEnforcement
|
Re-structuring
|
Other
|
Total1
|
||||||
|
Balance as of January 1, 2023
|
45
|
627
|
570
|
248
|
398
|
1,888
|
||||||
|
Changes in the group of consolidated companies
|
(1)
|
(2)
|
(0)
|
(2)
|
4
|
(1)
|
||||||
|
New provisions
|
8
|
881
|
109
|
287
|
709
|
1,993
|
||||||
|
Amounts used
|
4
|
328
|
196
|
132
|
604
|
1,264
|
||||||
|
Unused amounts reversed
|
8
|
73
|
339
|
69
|
82
|
570
|
||||||
|
Effects from exchange rate fluctuations/Unwind of discount
|
0
|
18
|
(13)
|
0
|
1
|
6
|
||||||
|
Transfers
|
(1)
|
1
|
(1)
|
0
|
(5)
|
(6)
|
||||||
|
Balance as of December 31, 2023
|
40
|
1,124
|
129
|
333
|
421
|
2,047
|
||||||
|
Changes in the group of consolidated companies
|
0
|
0
|
0
|
0
|
(0)
|
(0)
|
||||||
|
New provisions
|
6
|
2,201
|
84
|
149
|
312
|
2,751
|
||||||
|
Amounts used
|
2
|
954
|
8
|
55
|
67
|
1,086
|
||||||
|
Unused amounts reversed
|
4
|
509
|
41
|
153
|
66
|
773
|
||||||
|
Effects from exchange rate fluctuations/Unwind of discount
|
0
|
3
|
2
|
0
|
1
|
5
|
||||||
|
Transfers
|
(0)
|
30
|
(0)
|
0
|
(16)
|
13
|
||||||
|
Balance as of December 31, 2024
|
40
|
1,895
|
166
|
273
|
584
|
2,958
|
||||||
|
|
277
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
278
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
279
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
280
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
281
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
282
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
283
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
284
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
285
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
286
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
in € m.
|
Dec 31, 2024
|
Dec 31, 2023
|
||
|
Irrevocable lending commitments
|
219,767
|
206,084
|
||
|
Revocable lending commitments
|
49,932
|
49,325
|
||
|
Contingent liabilities
|
73,468
|
65,131
|
||
|
Total
|
343,167
|
320,540
|
||
|
|
287
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
in € m.
|
Dec 31, 2024
|
Dec 31, 2023
|
||
|
Other short-term borrowings:
|
||||
|
Commercial paper
|
5,954
|
5,497
|
||
|
Other
|
3,940
|
4,123
|
||
|
Total other short-term borrowings
|
9,895
|
9,620
|
||
|
in € m.
|
Due in2025
|
Due in2026
|
Due in2027
|
Due in2028
|
Due in2029
|
Due after2029
|
TotalDec 31,2024
|
TotalDec 31,2023
|
||||||||
|
Senior debt:
|
||||||||||||||||
|
Bonds and notes:
|
||||||||||||||||
|
Fixed rate
|
14,134
|
13,514
|
12,286
|
9,531
|
10,493
|
11,456
|
71,414
|
72,656
|
||||||||
|
Floating rate
|
2,058
|
1,442
|
2,768
|
823
|
494
|
3,611
|
11,196
|
9,028
|
||||||||
|
Other
|
1,554
|
1,545
|
881
|
1,469
|
939
|
14,190
|
20,578
|
26,394
|
||||||||
|
Subordinated debt:
|
||||||||||||||||
|
Bonds and notes:
|
||||||||||||||||
|
Fixed rate
|
2,883
|
2,000
|
2,436
|
0
|
0
|
4,307
|
11,626
|
11,163
|
||||||||
|
Floating rate
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||||
|
Other
|
0
|
42
|
20
|
0
|
0
|
22
|
85
|
149
|
||||||||
|
Total long-term debt
|
20,628
|
18,543
|
18,391
|
11,823
|
11,926
|
33,587
|
114,899
|
119,390
|
||||||||
|
in € m.
|
Dec 31, 2024
|
Dec 31, 2023
|
||
|
Fixed rate
|
0
|
0
|
||
|
Floating rate
|
287
|
289
|
||
|
Total trust preferred securities
|
287
|
289
|
||
|
|
288
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2024
|
||||||||||
|
in € m.
|
On demand
|
Due within3 months
|
Due between3 and 12months
|
Due between1 and 5 years
|
Due after5 years
|
|||||
|
Noninterest bearing deposits
|
177,915
|
0
|
0
|
0
|
0
|
|||||
|
Interest bearing deposits
|
198,045
|
159,292
|
112,543
|
16,012
|
10,422
|
|||||
|
Trading liabilities1
|
43,498
|
0
|
0
|
0
|
0
|
|||||
|
Negative market values from derivative financialinstruments1
|
276,410
|
0
|
0
|
0
|
0
|
|||||
|
Financial liabilities designated at fair valuethrough profit or loss
|
30,224
|
35,024
|
5,943
|
13,767
|
8,373
|
|||||
|
Investment contract liabilities2
|
0
|
0
|
454
|
0
|
0
|
|||||
|
Negative market values from derivative financialinstruments qualifying for hedge accounting3
|
0
|
978
|
614
|
27
|
57
|
|||||
|
Central bank funds purchased
|
1,227
|
0
|
0
|
0
|
0
|
|||||
|
Securities sold under repurchase agreements
|
407
|
1,143
|
182
|
1,089
|
25
|
|||||
|
Securities loaned
|
2
|
0
|
0
|
0
|
0
|
|||||
|
Other short-term borrowings
|
1,487
|
5,767
|
2,862
|
0
|
0
|
|||||
|
Long-term debt
|
0
|
7,119
|
18,030
|
70,602
|
36,195
|
|||||
|
Trust preferred securities
|
0
|
0
|
302
|
0
|
0
|
|||||
|
Lease liabilities
|
3
|
157
|
454
|
1,933
|
3,116
|
|||||
|
Other financial liabilities
|
72,780
|
1,076
|
1,059
|
1,829
|
87
|
|||||
|
Off-balance sheet loan commitments
|
212,990
|
0
|
0
|
0
|
0
|
|||||
|
Financial guarantees
|
32,368
|
0
|
0
|
0
|
0
|
|||||
|
Total4
|
1,047,356
|
210,557
|
142,443
|
105,258
|
58,275
|
|||||
|
Dec 31, 2023
|
||||||||||
|
in € m.
|
On demand
|
Due within3 months
|
Due between3 and 12months
|
Due between1 and 5 years
|
Due after5 years
|
|||||
|
Noninterest bearing deposits
|
187,078
|
0
|
0
|
0
|
0
|
|||||
|
Interest bearing deposits
|
162,650
|
150,427
|
107,907
|
13,432
|
10,627
|
|||||
|
Trading liabilities1
|
44,005
|
0
|
0
|
0
|
0
|
|||||
|
Negative market values from derivative financialinstruments1
|
238,278
|
0
|
0
|
0
|
0
|
|||||
|
Financial liabilities designated at fair valuethrough profit or loss
|
26,521
|
41,868
|
4,862
|
7,438
|
5,064
|
|||||
|
Investment contract liabilities2
|
0
|
0
|
484
|
0
|
0
|
|||||
|
Negative market values from derivative financialinstruments qualifying for hedge accounting3
|
0
|
132
|
24
|
18
|
60
|
|||||
|
Central bank funds purchased
|
1,057
|
1
|
0
|
0
|
0
|
|||||
|
Securities sold under repurchase agreements
|
373
|
659
|
317
|
790
|
48
|
|||||
|
Securities loaned
|
3
|
0
|
0
|
0
|
0
|
|||||
|
Other short-term borrowings
|
1,566
|
5,338
|
2,910
|
0
|
0
|
|||||
|
Long-term debt
|
26
|
17,475
|
18,342
|
69,773
|
30,692
|
|||||
|
Trust preferred securities
|
0
|
0
|
307
|
0
|
0
|
|||||
|
Lease liabilities
|
16
|
230
|
589
|
1,816
|
3,331
|
|||||
|
Other financial liabilities
|
90,041
|
1,342
|
1,954
|
509
|
62
|
|||||
|
Off-balance sheet loan commitments
|
197,337
|
0
|
0
|
0
|
0
|
|||||
|
Financial guarantees
|
29,113
|
0
|
0
|
0
|
0
|
|||||
|
Total4
|
978,064
|
217,470
|
137,696
|
93,775
|
49,883
|
|||||
|
|
289
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Number of shares
|
Issued andfully paid
|
Treasury shares
|
Outstanding
|
|||
|
Common shares, January 1, 2023
|
2,066,773,131
|
(28,931,618)
|
2,037,841,513
|
|||
|
Shares issued under share-based compensation plans
|
0
|
0
|
0
|
|||
|
Capital increase
|
0
|
0
|
0
|
|||
|
Common shares cancelled
|
(26,530,172)
|
26,530,172
|
0
|
|||
|
Shares purchased for treasury
|
0
|
(81,868,366)
|
(81,868,366)
|
|||
|
Shares sold or distributed from treasury
|
0
|
36,074,703
|
36,074,703
|
|||
|
Common shares, December 31, 2023
|
2,040,242,959
|
(48,195,109)
|
1,992,047,850
|
|||
|
Shares issued under share-based compensation plans
|
0
|
0
|
0
|
|||
|
Capital increase
|
0
|
0
|
0
|
|||
|
Common shares cancelled
|
(45,541,366)
|
45,541,366
|
0
|
|||
|
Shares purchased for treasury
|
0
|
(86,796,707)
|
(86,796,707)
|
|||
|
Shares sold or distributed from treasury
|
0
|
39,874,612
|
39,874,612
|
|||
|
Common shares, December 31, 2024
|
1,994,701,593
|
(49,575,838)
|
1,945,125,755
|
|||
|
Authorized capital
|
Consideration
|
Pre-emptive rights
|
Expiration date
|
|||
|
€ 512,000,000
|
Cash
|
May be excluded pursuant to Section 186 (3) sentence 4 of the Stock Corporation Act and may be excluded in so far as it is necessary to grant pre-emptive rights to the holders of option rights, convertible bonds, and convertible participatory rights
|
April 30, 2026
|
|||
|
€ 2,048,000,000
|
Cash
|
May be excluded in so far as it is necessary to grant pre-emptive rights to the holders of option rights, convertible bonds, and convertible participatory rights.
|
April 30, 2026
|
|||
|
|
|
|
|
|
|
|
|
2024(proposed)
|
2023
|
2022
|
||||
|
Cash dividends declared (in € )
|
1,312,959,884
|
882,615,288
|
609,934,751
|
|||
|
Cash dividends declared per common share (in €)
|
0.68
|
0.45
|
0.30
|
|||
|
|
290
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
291
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Grant year(s)
|
Deutsche Bank Equity Plan
|
Vesting schedule
|
Eligibility
|
|||
|
2022-20244
|
Annual Award
|
1/4: 12 months1
|
Select employees as
|
|||
|
1/4: 24 months1
|
annual performance-based
|
|||||
|
1/4: 36 months1
|
compensation
|
|||||
|
1/4: 48 months1
|
(CB/IB/CRU and InstVV MRTs)2
|
|||||
|
Annual Award
|
1/3: 12 months1
|
Select employees as
|
||||
|
1/3: 24 months1
|
annual performance-based
|
|||||
|
1/3: 36 months1
|
compensation (non-CB/IB/CRU)2
|
|||||
|
Annual Award
|
1/5: 12 months1
|
Select employees as
|
||||
|
1/5: 24 months1
|
annual performance-based
|
|||||
|
1/5: 36 months1
|
compensation (Senior Management)
|
|||||
|
1/5: 48 months1
|
||||||
|
1/5: 60 months1
|
||||||
|
Retention/New Hire
|
Individual specification
|
Select employees to attract andretain the best talent
|
||||
|
Severance
|
Individual specification
|
Regulatory requirement for certain employees to defer severance payments
|
||||
|
Annual Award – Upfront
|
Vesting immediately at grant3
|
Selected employees
|
||||
|
2019-20214
|
Annual Award
|
1/4: 12 months1
|
Select employees as
|
|||
|
1/4: 24 months1
|
annual performance-based
|
|||||
|
1/4: 36 months1
|
compensation
|
|||||
|
1/4: 48 months1
|
(CB/IB/CRU and InstVV MRTs in an Material Business Unit)2
|
|||||
|
Annual Award
|
1/3: 12 months1
|
Select employees as
|
||||
|
1/3: 24 months1
|
annual performance-based
|
|||||
|
1/3: 36 months1
|
compensation (non-CB/IB/CRU)2
|
|||||
|
Annual Award
|
1/5: 12 months1
|
Select employees as
|
||||
|
1/5: 24 months1
|
annual performance-based
|
|||||
|
1/5: 36 months1
|
compensation (Senior Management)
|
|||||
|
1/5: 48 months1
|
||||||
|
1/5: 60 months1
|
||||||
|
Retention/New Hire/Off-Cycle 5
|
Individual specification
|
Select employees to attract andretain the best talent
|
||||
|
Severance
|
Individual specification
|
Regulatory requirement for certain employees to defer severance payments
|
||||
|
Annual Award – Upfront
|
Vesting immediately at grant3
|
Regulated employees
|
||||
|
2017-20184
|
Annual Award
|
1/4: 12 months1
|
Select employees as
|
|||
|
1/4: 24 months1
|
annual performance-based
|
|||||
|
1/4: 36 months1
|
compensation
|
|||||
|
1/4: 48 months1
|
||||||
|
Or cliff vesting after 54 months1
|
Members of Senior Leadership Cadre
|
|||||
|
Severance
|
Individual specification
|
Regulatory requirement for certain employees to defer severance payments
|
||||
|
Retention/New Hire/Off-Cycle
|
Individual specification
|
Select employees to attract and retain the best talent
|
||||
|
Share units (in thousands)
|
2024
|
2023
|
||
|
Balance outstanding as of January 01
|
128,627
|
127,528
|
||
|
Granted
|
41,167
|
50,930
|
||
|
Released
|
(50,015)
|
(44,963)
|
||
|
Forfeited
|
(3,491)
|
(4,565)
|
||
|
Other movements
|
300
|
(302)
|
||
|
Balance outstanding as of December 31
|
116,588
|
128,627
|
||
|
|
292
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
2024
|
2023
|
|||||||||||
|
Weighted average fair value per award granted in year
|
Weighted average share price at release in year
|
Weighted average remaining contractual life in years
|
Weighted average fair value per award granted in the year
|
Weighted average share price at release in year
|
Weighted average remaining contractual life in years
|
|||||||
|
DB Equity Plan
|
€ 10.30
|
€ 12.92
|
1.4
|
€ 9.85
|
€ 11.51
|
1.5
|
||||||
|
|
293
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Grant year(s)
|
Award Type
|
Vesting schedule
|
Eligibility
|
|||
|
2023 - 2024
|
Annual Awards
|
1/4: 12 months1
|
Select employees as annual
|
|||
|
1/4: 24 months1
|
performance-based
|
|||||
|
1/4: 36 months1
|
compensation (InstVV MRTs)
|
|||||
|
1/4: 48 months1
|
||||||
|
Annual Awards
|
1/3: 12 months1
|
Select employees as annual
|
||||
|
1/3: 24 months1
|
performance-based
|
|||||
|
1/3: 36 months1
|
compensation (non-InstVV MRTs)
|
|||||
|
Annual Awards (Senior Management)
|
1/5: 12 months1
|
Members of the Executive Board
|
||||
|
1/5: 24 months1
|
||||||
|
1/5: 36 months1
|
||||||
|
1/5: 48 months1
|
||||||
|
1/5: 60 months1
|
||||||
|
Annual Award - Upfront
|
Vesting immediately at grant1
|
Regulated employees
|
||||
|
Retention/New Hire4
|
Individual specification
|
Select employees to attract and retain the best talent
|
||||
|
Severance
|
Individual specification
|
Regulatory requirement for certain employees to defer severance payments
|
||||
|
2022
|
Annual Awards
|
1/4: 12 months1
|
Select employees as annual
|
|||
|
1/4: 24 months1
|
performance-based
|
|||||
|
1/4: 36 months1
|
compensation (InstVV MRTs)
|
|||||
|
1/4: 48 months1
|
||||||
|
Annual Awards
|
1/3: 12 months1
|
Select employees as annual
|
||||
|
1/3: 24 months1
|
performance-based
|
|||||
|
1/3: 36 months1
|
compensation (non-InstVV MRTs)
|
|||||
|
Annual Awards (Senior Management)
|
1/5: 12 months1
|
Members of the Executive Board
|
||||
|
1/5: 24 months1
|
||||||
|
1/5: 36 months1
|
||||||
|
1/5: 48 months1
|
||||||
|
1/5: 60 months1
|
||||||
|
Retention/New Hire4
|
Individual specification
|
Select employees to attract and retain the best talent
|
||||
|
Severance
|
Individual specification
|
Regulatory requirement for certain employees to defer severance payments
|
||||
|
2021
|
Annual Awards
|
1/4: 12 months1
|
Select employees as annual
|
|||
|
1/4: 24 months1
|
performance-based
|
|||||
|
1/4: 36 months1
|
compensation (InstVV MRTs)
|
|||||
|
1/4: 48 months1
|
||||||
|
Annual Awards
|
1/3: 12 months1
|
Select employees as annual
|
||||
|
1/3: 24 months1
|
performance-based
|
|||||
|
1/3: 36 months1
|
compensation (non-InstVV MRTs)
|
|||||
|
Annual Awards (Senior Management)
|
1/5: 12 months1
|
Members of the Executive Board
|
||||
|
1/5: 24 months1
|
||||||
|
1/5: 36 months1
|
||||||
|
1/5: 48 months1
|
||||||
|
1/5: 60 months1
|
||||||
|
Retention/New Hire/Off-Cycle 4
|
Individual specification
|
Select employees to attract and retain the best talent
|
||||
|
2020
|
Annual Awards
|
1/3: 12 months1
|
Select employees as annual
|
|||
|
1/3: 24 months1
|
performance-based
|
|||||
|
1/3: 36 months1
|
compensation (non-InstVV MRTs)
|
|||||
|
Annual Awards (Senior Management)
|
1/5: 12 months1
|
Members of the Executive Board
|
||||
|
1/5: 24 months1
|
||||||
|
1/5: 36 months1
|
||||||
|
1/5: 48 months1
|
||||||
|
1/5: 60 months1
|
||||||
|
Severance
|
Individual specification
|
Regulatory requirement for certain employees to defer severance payments
|
||||
|
2019
|
Annual Awards (Senior Management)
|
1/5: 12 months1
|
Members of the Executive Board
|
|||
|
1/5: 24 months1
|
||||||
|
1/5: 36 months1
|
||||||
|
1/5: 48 months1
|
||||||
|
1/5: 60 months1
|
||||||
|
Performance Share Unit Award
|
1/3: March 20221
|
Members of the Executive Board
|
||||
|
(one-off IPO related award granted in 2019)
|
1/3: March 20231
|
|||||
|
1/3: March 20241
|
||||||
|
2018
|
Performance Share Unit Award
|
1/3: March 20221
|
Select Senior Managers
|
|||
|
(one-off IPO related award )1
|
1/3: March 20231
|
|||||
|
1/3: March 20241
|
||||||
|
SAR Award (one-off IPO related award)
|
For non-MRTs:1 June 20213
|
all DWS employees 2
|
||||
|
For MRTs:1 March 20231,3
|
||||||
|
|
294
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
DWS Equity Plan
|
DWS SAR Plan
|
|||||||||||
|
2024
|
2023
|
2024
|
2023
|
|||||||||
|
Share units (in thousands)
|
Number of Awards
|
Number of Awards
|
Number of Awards
|
Weighted-average exercise price
|
Number of Awards
|
Weighted-average exercise price
|
||||||
|
Outstanding at beginning of year
|
2,377
|
2,329
|
735
|
€ 24.65
|
887
|
€ 24.65
|
||||||
|
Granted
|
938
|
1,213
|
35
|
€ 22.33
|
0
|
-
|
||||||
|
Issued or Exercised
|
(1,342)
|
(1,101)
|
(369)
|
€ 24.35
|
(122)
|
€ 24.65
|
||||||
|
Forfeited
|
(41)
|
(86)
|
0
|
-
|
(10)
|
€ 24.65
|
||||||
|
Expired
|
0
|
0
|
(18)
|
€ 23.40
|
(18)
|
€ 24.65
|
||||||
|
Other Movements
|
86
|
22
|
(16)
|
€ 22.33
|
(1)
|
€ 24.65
|
||||||
|
Outstanding at end of year
|
2,017
|
2,377
|
367
|
€ 22.33
|
735
|
€ 24.65
|
||||||
|
Of which, exercisable
|
0
|
0
|
367
|
€ 22.33
|
695
|
€ 24.65
|
||||||
|
2024
|
2023
|
|||||||||||
|
Weighted average fair value per award granted in year
|
Weighted average share price at release/ exercise in year
|
Weighted average remaining contractual life in years
|
Weighted average fair value per award granted in the year
|
Weighted average share price at release/ exercise in year
|
Weighted average remaining contractual life in years
|
|||||||
|
DWS Equity Plan
|
€ 31.59
|
€ 35.79
|
1.4
|
€ 25.40
|
€ 31.33
|
1.4
|
||||||
|
DWS SAR Plan
|
€ 13.40
|
€ 38.78
|
0.8
|
n/a
|
€ 31.64
|
1.9
|
||||||
|
Measurement dateDec 31, 2024
|
Measurement dateDec 31, 2023
|
|||
|
Units (in thousands)
|
367
|
735
|
||
|
Fair value
|
€ 17.72
|
€ 10.81
|
||
|
Share price
|
€ 39.80
|
€ 34.80
|
||
|
Exercise price
|
€ 22.33
|
€ 24.65
|
||
|
Expected volatility (weighted-average)
|
33%
|
32%
|
||
|
Expected life (weighted-average) in years
|
0.8
|
1.9
|
||
|
Expected dividends (% of income)
|
65%
|
88%
|
||
|
|
295
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2024
|
||||||||||
|
in € m.
|
Germany
|
UK
|
U.S.
|
Other
|
Total
|
|||||
|
Defined benefit obligation related to
|
||||||||||
|
Active plan participants
|
3,084
|
272
|
229
|
715
|
4,300
|
|||||
|
Participants in deferred status
|
1,805
|
1,321
|
526
|
84
|
3,736
|
|||||
|
Participants in payment status
|
5,075
|
1,210
|
461
|
229
|
6,975
|
|||||
|
Total defined benefit obligation
|
9,964
|
2,803
|
1,216
|
1,028
|
15,011
|
|||||
|
Fair value of plan assets
|
10,237
|
3,678
|
1,050
|
1,141
|
16,106
|
|||||
|
Funding ratio (in %)
|
103 %
|
131 %
|
86 %1
|
111 %
|
107 %
|
|||||
|
Dec 31, 2023
|
||||||||||
|
in € m.
|
Germany
|
UK
|
U.S.
|
Other
|
Total
|
|||||
|
Defined benefit obligation related to
|
||||||||||
|
Active plan participants
|
3,301
|
300
|
215
|
661
|
4,477
|
|||||
|
Participants in deferred status
|
1,926
|
1,450
|
509
|
87
|
3,972
|
|||||
|
Participants in payment status
|
5,277
|
1,276
|
448
|
231
|
7,232
|
|||||
|
Total defined benefit obligation
|
10,504
|
3,026
|
1,172
|
979
|
15,681
|
|||||
|
Fair value of plan assets
|
10,532
|
3,912
|
1,003
|
1,071
|
16,518
|
|||||
|
Funding ratio (in %)
|
100 %
|
129 %
|
86 %1
|
109 %
|
105 %
|
|||||
|
|
296
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
in € m.
|
Germany
|
UK
|
U.S.
|
Other
|
Total
|
|||||
|
Actual benefit payments 2024
|
539
|
113
|
85
|
62
|
799
|
|||||
|
Benefits expected to be paid 2025
|
565
|
128
|
89
|
76
|
858
|
|||||
|
Benefits expected to be paid 2026
|
568
|
135
|
92
|
67
|
862
|
|||||
|
Benefits expected to be paid 2027
|
587
|
146
|
91
|
70
|
894
|
|||||
|
Benefits expected to be paid 2028
|
600
|
156
|
96
|
73
|
925
|
|||||
|
Benefits expected to be paid 2029
|
615
|
168
|
95
|
72
|
950
|
|||||
|
Benefits expected to be paid 2030 – 2034
|
3,211
|
911
|
460
|
377
|
4,959
|
|||||
|
Weighted average duration of defined benefitobligation (in years)
|
11
|
15
|
9
|
9
|
11
|
|||||
|
|
297
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2024
|
Dec 31, 2023
|
|||||||||||||||
|
Germany
|
UK
|
U.S.1
|
Other
|
Germany
|
UK
|
U.S.1
|
Other
|
|||||||||
|
Discount rate (in %)
|
3.52 %
|
5.48 %
|
5.51 %
|
3.20 %
|
3.33 %
|
4.50 %
|
5.01 %
|
3.33 %
|
||||||||
|
Rate of price inflation (in %)
|
2.06 %
|
3.46 %
|
2.20 %
|
1.60 %
|
2.30 %
|
3.42 %
|
2.20 %
|
1.84 %
|
||||||||
|
Rate of nominal increase infuture compensation levels (in %)
|
2.25 %
|
3.46 %
|
2.30 %
|
2.96 %
|
2.48 %
|
3.42 %
|
2.30 %
|
2.83 %
|
||||||||
|
Rate of nominal increase forpensions in payment (in %)
|
2.06 %
|
3.18 %
|
2.20 %
|
0.59 %
|
2.77 %
|
3.15 %
|
2.20 %
|
0.69 %
|
||||||||
|
Assumed life expectancyat age 65
|
||||||||||||||||
|
For a male aged 65at measurement date
|
21.5
|
23.2
|
22.1
|
22.0
|
21.4
|
23.2
|
22.0
|
22.0
|
||||||||
|
For a female aged 65at measurement date
|
23.7
|
25.1
|
23.5
|
24.1
|
23.6
|
25.0
|
23.5
|
24.1
|
||||||||
|
For a male aged 45at measurement date
|
22.8
|
24.4
|
23.5
|
23.6
|
22.7
|
24.4
|
23.4
|
23.5
|
||||||||
|
For a female aged 45at measurement date
|
24.8
|
26.4
|
24.9
|
25.6
|
24.7
|
26.3
|
24.8
|
25.6
|
||||||||
|
Mortality tables applied
|
ModifiedRichttafelnHeubeck2018G
|
SAPS (S3)Light/Very Lightwith CMI2023projections
|
PRI-2012withMP-2021projection
|
Countryspecifictables
|
ModifiedRichttafelnHeubeck2018G
|
SAPS (S3)Light\Very Lightwith CMI2022projections
|
PRI-2012withMP-2021projection
|
Countryspecifictables
|
||||||||
|
|
298
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
299
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
2024
|
|||||||||||
|
in € m.
|
Germany
|
UK
|
U.S.
|
Other
|
Total
|
||||||
|
Change in the present value of the defined benefit obligation:
|
|||||||||||
|
Balance, beginning of year
|
10,504
|
3,026
|
1,172
|
979
|
15,681
|
||||||
|
Defined benefit cost recognized in Profit & Loss
|
|||||||||||
|
Current service cost
|
119
|
8
|
7
|
37
|
171
|
||||||
|
Interest cost
|
343
|
137
|
58
|
32
|
570
|
||||||
|
Past service cost and gain or loss arising from settlements
|
14
|
1
|
0
|
0
|
15
|
||||||
|
Defined benefit cost recognized in Other Comprehensive Income
|
|||||||||||
|
Actuarial gain or loss arising from changes in financialassumptions
|
(549)
|
(398)
|
(13)
|
13
|
(947)
|
||||||
|
Actuarial gain or loss arising from changes in demographic assumptions
|
0
|
10
|
0
|
3
|
13
|
||||||
|
Actuarial gain or loss arising from experience
|
71
|
(12)
|
(1)
|
11
|
69
|
||||||
|
Cash flow and other changes
|
|||||||||||
|
Contributions by plan participants
|
1
|
0
|
0
|
16
|
17
|
||||||
|
Benefits paid
|
(539)
|
(113)
|
(85)
|
(62)
|
(799)
|
||||||
|
Payments in respect to settlements
|
0
|
0
|
0
|
0
|
0
|
||||||
|
Acquisitions/Divestitures
|
0
|
0
|
0
|
0
|
0
|
||||||
|
Exchange rate changes
|
0
|
142
|
78
|
(1)
|
219
|
||||||
|
Other
|
0
|
2
|
0
|
0
|
2
|
||||||
|
Balance, end of year
|
9,964
|
2,803
|
1,216
|
1,028
|
15,011
|
||||||
|
thereof:
|
|||||||||||
|
Unfunded
|
0
|
10
|
139
|
68
|
217
|
||||||
|
Funded
|
9,964
|
2,793
|
1,077
|
960
|
14,794
|
||||||
|
Change in fair value of plan assets:
|
|||||||||||
|
Balance, beginning of year
|
10,532
|
3,912
|
1,003
|
1,071
|
16,518
|
||||||
|
Defined benefit cost recognized in Profit & Loss
|
|||||||||||
|
Interest income
|
350
|
177
|
50
|
34
|
611
|
||||||
|
Defined benefit cost recognized in Other Comprehensive Income
|
|||||||||||
|
Return from plan assets less interest income
|
(148)
|
(479)
|
4
|
34
|
(589)
|
||||||
|
Cash flow and other changes
|
|||||||||||
|
Contributions by plan participants
|
1
|
0
|
0
|
16
|
17
|
||||||
|
Contributions by the employer
|
41
|
0
|
0
|
36
|
77
|
||||||
|
Benefits paid1
|
(539)
|
(112)
|
(71)
|
(54)
|
(776)
|
||||||
|
Payments in respect to settlements
|
0
|
0
|
0
|
0
|
0
|
||||||
|
Acquisitions/Divestitures
|
0
|
0
|
0
|
0
|
0
|
||||||
|
Exchange rate changes
|
0
|
185
|
67
|
4
|
256
|
||||||
|
Other
|
0
|
0
|
0
|
1
|
1
|
||||||
|
Plan administration costs
|
0
|
(5)
|
(3)
|
(1)
|
(9)
|
||||||
|
Balance, end of year
|
10,237
|
3,678
|
1,050
|
1,141
|
16,106
|
||||||
|
Funded status, end of year
|
273
|
875
|
(166)
|
113
|
1,095
|
||||||
|
Change in irrecoverable surplus (asset ceiling)
|
|||||||||||
|
Balance, beginning of year
|
0
|
0
|
0
|
(102)
|
(102)
|
||||||
|
Interest cost
|
0
|
0
|
0
|
(1)
|
(1)
|
||||||
|
Changes in irrecoverable surplus
|
0
|
0
|
0
|
(9)
|
(9)
|
||||||
|
Exchange rate changes
|
0
|
0
|
0
|
1
|
1
|
||||||
|
Balance, end of year
|
0
|
0
|
0
|
(111)
|
(111)
|
||||||
|
Net asset (liability) recognized
|
273
|
875
|
(166)
|
2
|
9842
|
||||||
|
Fair value of reimbursement rights
|
0
|
0
|
0
|
3
|
3
|
||||||
|
|
300
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
2023
|
|||||||||||
|
in € m.
|
Germany
|
UK
|
U.S.
|
Other
|
Total
|
||||||
|
Change in the present value of the defined benefit obligation:
|
|||||||||||
|
Balance, beginning of year
|
10,037
|
2,876
|
1,202
|
884
|
14,999
|
||||||
|
Defined benefit cost recognized in Profit & Loss
|
|||||||||||
|
Current service cost
|
115
|
9
|
7
|
33
|
164
|
||||||
|
Interest cost
|
373
|
137
|
61
|
35
|
606
|
||||||
|
Past service cost and gain or loss arising from settlements
|
8
|
2
|
0
|
(1)
|
9
|
||||||
|
Defined benefit cost recognized in Other Comprehensive Income
|
|||||||||||
|
Actuarial gain or loss arising from changes in financialassumptions
|
387
|
55
|
39
|
36
|
517
|
||||||
|
Actuarial gain or loss arising from changes in demographicassumptions
|
36
|
(59)
|
0
|
(1)
|
(24)
|
||||||
|
Actuarial gain or loss arising from experience
|
45
|
55
|
(7)
|
9
|
102
|
||||||
|
Cash flow and other changes
|
|||||||||||
|
Contributions by plan participants
|
1
|
0
|
0
|
16
|
17
|
||||||
|
Benefits paid
|
(498)
|
(109)
|
(89)
|
(50)
|
(746)
|
||||||
|
Payments in respect to settlements
|
0
|
0
|
0
|
0
|
0
|
||||||
|
Acquisitions/Divestitures
|
0
|
0
|
0
|
0
|
0
|
||||||
|
Exchange rate changes
|
0
|
60
|
(41)
|
18
|
37
|
||||||
|
Other
|
0
|
0
|
0
|
0
|
0
|
||||||
|
Balance, end of year
|
10,504
|
3,026
|
1,172
|
979
|
15,681
|
||||||
|
thereof:
|
|||||||||||
|
Unfunded
|
0
|
9
|
138
|
72
|
219
|
||||||
|
Funded
|
10,504
|
3,017
|
1,034
|
907
|
15,462
|
||||||
|
Change in fair value of plan assets:
|
|||||||||||
|
Balance, beginning of year
|
10,351
|
3,768
|
996
|
962
|
16,077
|
||||||
|
Defined benefit cost recognized in Profit & Loss
|
|||||||||||
|
Interest income
|
387
|
180
|
50
|
37
|
654
|
||||||
|
Defined benefit cost recognized in Other Comprehensive Income
|
|||||||||||
|
Return from plan assets less interest income
|
247
|
(5)
|
28
|
28
|
298
|
||||||
|
Cash flow and other changes
|
|||||||||||
|
Contributions by plan participants
|
1
|
0
|
0
|
16
|
17
|
||||||
|
Contributions by the employer
|
44
|
0
|
40
|
41
|
125
|
||||||
|
Benefits paid1
|
(498)
|
(108)
|
(74)
|
(41)
|
(721)
|
||||||
|
Payments in respect to settlements
|
0
|
0
|
0
|
0
|
0
|
||||||
|
Acquisitions/Divestitures
|
0
|
0
|
0
|
0
|
0
|
||||||
|
Exchange rate changes
|
0
|
83
|
(35)
|
29
|
77
|
||||||
|
Other
|
0
|
0
|
0
|
0
|
0
|
||||||
|
Plan administration costs
|
0
|
(6)
|
(2)
|
(1)
|
(9)
|
||||||
|
Balance, end of year
|
10,532
|
3,912
|
1,003
|
1,071
|
16,518
|
||||||
|
Funded status, end of year
|
28
|
886
|
(169)
|
92
|
837
|
||||||
|
Change in irrecoverable surplus (asset ceiling)
|
|||||||||||
|
Balance, beginning of year
|
0
|
0
|
0
|
(107)
|
(107)
|
||||||
|
Interest cost
|
0
|
0
|
0
|
(2)
|
(2)
|
||||||
|
Changes in irrecoverable surplus
|
0
|
0
|
0
|
13
|
13
|
||||||
|
Exchange rate changes
|
0
|
0
|
0
|
(6)
|
(6)
|
||||||
|
Balance, end of year
|
0
|
0
|
0
|
(102)
|
(102)
|
||||||
|
Net asset (liability) recognized
|
28
|
886
|
(169)
|
(10)
|
7352
|
||||||
|
Fair value of reimbursement rights
|
0
|
0
|
0
|
3
|
3
|
||||||
|
|
301
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
302
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2024
|
Dec 31, 2023
|
|||||||||||||||||||
|
in € m.
|
Germany
|
UK
|
U.S.
|
Other
|
Total
|
Germany
|
UK
|
U.S.
|
Other
|
Total
|
||||||||||
|
Cash and cash equivalents
|
305
|
163
|
3
|
66
|
537
|
179
|
92
|
53
|
71
|
395
|
||||||||||
|
Equity instruments1
|
1,060
|
0
|
111
|
256
|
1,427
|
1,213
|
0
|
109
|
215
|
1,537
|
||||||||||
|
Investment-grade bonds2
|
||||||||||||||||||||
|
Government
|
1,814
|
77
|
277
|
214
|
2,382
|
1,882
|
919
|
366
|
189
|
3,356
|
||||||||||
|
Non-government bonds
|
4,090
|
531
|
474
|
358
|
5,453
|
4,081
|
915
|
369
|
347
|
5,712
|
||||||||||
|
Non-investment-grade bonds
|
||||||||||||||||||||
|
Government
|
86
|
0
|
4
|
4
|
94
|
103
|
1
|
1
|
4
|
109
|
||||||||||
|
Non-government bonds
|
380
|
17
|
19
|
25
|
441
|
325
|
73
|
16
|
21
|
435
|
||||||||||
|
Securitized and other Debt Investments
|
37
|
21
|
85
|
16
|
159
|
47
|
99
|
78
|
10
|
234
|
||||||||||
|
Insurance
|
0
|
2,756
|
0
|
16
|
2,772
|
0
|
1,807
|
0
|
15
|
1,822
|
||||||||||
|
Alternatives
|
||||||||||||||||||||
|
Real estate
|
719
|
0
|
0
|
99
|
818
|
727
|
0
|
0
|
97
|
824
|
||||||||||
|
Commodities
|
54
|
0
|
0
|
2
|
56
|
39
|
0
|
0
|
4
|
43
|
||||||||||
|
Private equity
|
0
|
0
|
0
|
4
|
4
|
0
|
0
|
0
|
3
|
3
|
||||||||||
|
Other3
|
989
|
0
|
0
|
60
|
1,049
|
1,022
|
0
|
0
|
60
|
1,082
|
||||||||||
|
Derivatives (Market Value)
|
||||||||||||||||||||
|
Interest rate
|
730
|
113
|
(49)
|
13
|
807
|
909
|
171
|
(3)
|
17
|
1,094
|
||||||||||
|
Credit
|
(18)
|
0
|
57
|
0
|
39
|
(18)
|
(1)
|
16
|
0
|
(3)
|
||||||||||
|
Inflation
|
0
|
0
|
0
|
14
|
14
|
0
|
(5)
|
0
|
13
|
8
|
||||||||||
|
Foreign exchange
|
(17)
|
0
|
0
|
(6)
|
(23)
|
21
|
0
|
0
|
5
|
26
|
||||||||||
|
Other
|
8
|
0
|
69
|
0
|
77
|
2
|
(159)
|
(2)
|
0
|
(159)
|
||||||||||
|
Total fair value of plan assets
|
10,237
|
3,678
|
1,050
|
1,141
|
16,106
|
10,532
|
3,912
|
1,003
|
1,071
|
16,518
|
||||||||||
|
Dec 31, 2024
|
Dec 31, 2023
|
|||||||||||||||||||
|
in € m.
|
Germany
|
UK
|
U.S.
|
Other
|
Total
|
Germany
|
UK
|
U.S.
|
Other
|
Total
|
||||||||||
|
Cash and cash equivalents
|
(118)
|
(56)
|
3
|
12
|
(159)
|
29
|
92
|
50
|
19
|
190
|
||||||||||
|
Equity instruments1
|
757
|
0
|
110
|
45
|
912
|
933
|
0
|
109
|
39
|
1,081
|
||||||||||
|
Investment-grade bonds2
|
||||||||||||||||||||
|
Government
|
599
|
77
|
256
|
52
|
984
|
601
|
919
|
360
|
41
|
1,921
|
||||||||||
|
Non-government bonds
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||||||
|
Non-investment-grade bonds
|
||||||||||||||||||||
|
Government
|
2
|
0
|
1
|
0
|
3
|
1
|
1
|
0
|
0
|
2
|
||||||||||
|
Non-government bonds
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||||||
|
Securitized and other Debt Investments
|
0
|
0
|
0
|
0
|
0
|
0
|
98
|
0
|
0
|
98
|
||||||||||
|
Insurance
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||||||
|
Alternatives
|
||||||||||||||||||||
|
Real estate
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||||||
|
Commodities
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||||||
|
Private equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||||||
|
Other
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||||||
|
Derivatives (Market Value)
|
||||||||||||||||||||
|
Interest rate
|
0
|
0
|
(57)
|
0
|
(57)
|
0
|
0
|
(16)
|
0
|
(16)
|
||||||||||
|
Credit
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||||||
|
Inflation
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||||||
|
Foreign exchange
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||||||
|
Other
|
8
|
0
|
0
|
0
|
8
|
2
|
0
|
0
|
0
|
2
|
||||||||||
|
Total fair value of quotedplan assets
|
1,248
|
21
|
313
|
109
|
1,691
|
1,566
|
1,110
|
503
|
99
|
3,278
|
||||||||||
|
|
303
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2024
|
||||||||||||||
|
in € m.
|
Germany
|
UnitedKingdom
|
UnitedStates
|
OtherEurozone
|
Otherdevelopedcountries
|
Emergingmarkets
|
Total
|
|||||||
|
Cash and cash equivalents
|
(20)
|
172
|
30
|
311
|
20
|
24
|
537
|
|||||||
|
Equity instruments
|
29
|
30
|
818
|
345
|
150
|
55
|
1,427
|
|||||||
|
Government bonds(investment-grade and above)
|
376
|
77
|
300
|
980
|
207
|
442
|
2,382
|
|||||||
|
Government bonds(non-investment-grade)
|
2
|
0
|
1
|
0
|
0
|
91
|
94
|
|||||||
|
Non-government bonds(investment-grade and above)
|
500
|
632
|
1,843
|
2,021
|
392
|
65
|
5,453
|
|||||||
|
Non-government bonds(non-investment-grade)
|
26
|
27
|
22
|
359
|
3
|
4
|
441
|
|||||||
|
Securitized and other Debt Investments
|
23
|
21
|
83
|
15
|
17
|
0
|
159
|
|||||||
|
Subtotal
|
936
|
959
|
3,097
|
4,031
|
789
|
681
|
10,493
|
|||||||
|
Share (in %)
|
9%
|
9%
|
30%
|
38%
|
8%
|
6%
|
100%
|
|||||||
|
Other asset categories
|
5,613
|
|||||||||||||
|
Fair value of plan assets
|
16,106
|
|||||||||||||
|
Dec 31, 2023
|
||||||||||||||
|
in € m.
|
Germany
|
UnitedKingdom
|
UnitedStates
|
OtherEurozone
|
Otherdevelopedcountries
|
Emergingmarkets
|
Total
|
|||||||
|
Cash and cash equivalents
|
(20)
|
98
|
67
|
195
|
29
|
26
|
395
|
|||||||
|
Equity instruments
|
21
|
52
|
921
|
325
|
179
|
40
|
1,538
|
|||||||
|
Government bonds(investment-grade and above)
|
420
|
919
|
419
|
910
|
191
|
497
|
3,356
|
|||||||
|
Government bonds(non-investment-grade)
|
0
|
1
|
0
|
2
|
0
|
106
|
109
|
|||||||
|
Non-government bonds(investment-grade and above)
|
503
|
693
|
1,909
|
2,099
|
449
|
60
|
5,713
|
|||||||
|
Non-government bonds(non-investment-grade)
|
5
|
67
|
29
|
330
|
3
|
1
|
435
|
|||||||
|
Securitized and other Debt Investments
|
32
|
98
|
77
|
14
|
10
|
1
|
232
|
|||||||
|
Subtotal
|
961
|
1,928
|
3,422
|
3,875
|
861
|
731
|
11,778
|
|||||||
|
Share (in %)
|
8%
|
16%
|
29%
|
33%
|
7%
|
6%
|
100%
|
|||||||
|
Other asset categories
|
4,740
|
|||||||||||||
|
Fair value of plan assets
|
16,518
|
|||||||||||||
|
|
304
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
305
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2024
|
Dec 31, 2023
|
|||||||||||||||
|
in € m.
|
Germany
|
UK
|
U.S.
|
Other
|
Germany
|
UK
|
U.S.
|
Other
|
||||||||
|
Interest rate (–50 bp):
|
||||||||||||||||
|
(Increase) in DBO
|
(525)
|
(210)
|
(25)
|
(45)
|
(575)
|
(230)
|
(25)
|
(40)
|
||||||||
|
Expected increase in plan assets1
|
465
|
225
|
20
|
15
|
355
|
150
|
20
|
15
|
||||||||
|
Expected net impact on funded status (de-) increase
|
(60)
|
15
|
(5)
|
(30)
|
(220)
|
(80)
|
(5)
|
(25)
|
||||||||
|
Interest rate (+50 bp):
|
||||||||||||||||
|
Decrease in DBO
|
500
|
195
|
25
|
40
|
545
|
215
|
25
|
40
|
||||||||
|
Expected (decrease) in plan assets1
|
(465)
|
(205)
|
(20)
|
(15)
|
(355)
|
(150)
|
(20)
|
(15)
|
||||||||
|
Expected net impact on funded status (de-) increase
|
35
|
(10)
|
5
|
25
|
190
|
65
|
5
|
25
|
||||||||
|
Credit spread (–50 bp):
|
||||||||||||||||
|
(Increase) in DBO
|
(525)
|
(210)
|
(55)
|
(50)
|
(575)
|
(230)
|
(50)
|
(45)
|
||||||||
|
Expected increase in plan assets1
|
305
|
220
|
35
|
10
|
320
|
65
|
15
|
10
|
||||||||
|
Expected net impact on funded status (de-) increase
|
(220)
|
10
|
(20)
|
(40)
|
(255)
|
(165)
|
(35)
|
(35)
|
||||||||
|
Credit spread (+50 bp):
|
||||||||||||||||
|
Decrease in DBO
|
500
|
195
|
50
|
45
|
545
|
215
|
50
|
45
|
||||||||
|
Expected (decrease) in plan assets1
|
(305)
|
(200)
|
(35)
|
(10)
|
(320)
|
(65)
|
(15)
|
(10)
|
||||||||
|
Expected net impact on funded status (de-) increase
|
195
|
(5)
|
15
|
35
|
225
|
150
|
35
|
35
|
||||||||
|
Rate of price inflation (–50 bp):2
|
||||||||||||||||
|
Decrease in DBO
|
165
|
150
|
5
|
10
|
300
|
150
|
10
|
10
|
||||||||
|
Expected (decrease) in plan assets1
|
(260)
|
(150)
|
0
|
(5)
|
(275)
|
(95)
|
0
|
(5)
|
||||||||
|
Expected net impact on funded status (de-) increase
|
(95)
|
0
|
5
|
5
|
25
|
55
|
10
|
5
|
||||||||
|
Rate of price inflation (+50 bp):2
|
||||||||||||||||
|
(Increase) in DBO
|
(280)
|
(160)
|
(5)
|
(10)
|
(310)
|
(160)
|
(5)
|
(10)
|
||||||||
|
Expected increase in plan assets1
|
260
|
160
|
0
|
5
|
275
|
95
|
0
|
5
|
||||||||
|
Expected net impact on funded status (de-) increase
|
(20)
|
0
|
(5)
|
(5)
|
(35)
|
(65)
|
(5)
|
(5)
|
||||||||
|
Rate of real increase in future compensationlevels (–50 bp):
|
||||||||||||||||
|
Decrease in DBO, net impact on funded status
|
25
|
5
|
0
|
10
|
30
|
5
|
0
|
10
|
||||||||
|
Rate of real increase in future compensationlevels (+50 bp):
|
||||||||||||||||
|
(Increase) in DBO, net impact on funded status
|
(25)
|
(5)
|
0
|
(10)
|
(30)
|
(5)
|
0
|
(10)
|
||||||||
|
Longevity improvements by 10 %:3
|
||||||||||||||||
|
(Increase) in DBO
|
(205)
|
(60)
|
(20)
|
(10)
|
(225)
|
(60)
|
(20)
|
(10)
|
||||||||
|
Expected increase in plan assets
|
0
|
55
|
0
|
0
|
0
|
40
|
0
|
0
|
||||||||
|
Expected net impact on funded status (de-) increase
|
(205)
|
(5)
|
(20)
|
(10)
|
(225)
|
(20)
|
(20)
|
(10)
|
||||||||
|
|
306
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
2025
|
||
|
in € m.
|
Total
|
|
|
Expected contributions to
|
||
|
Defined benefit plan assets
|
85
|
|
|
BVV
|
60
|
|
|
Other defined contribution plans
|
280
|
|
|
Expected benefit payments for unfunded defined benefit plans
|
30
|
|
|
Expected total cash flow related to post-employment benefits
|
455
|
|
|
in € m.
|
2024
|
2023
|
2022
|
|||
|
Expenses for defined benefit plans:
|
||||||
|
Service cost1
|
171
|
164
|
229
|
|||
|
Net interest cost (income)
|
(40)
|
(45)
|
(10)
|
|||
|
Total expenses defined benefit plans
|
131
|
119
|
219
|
|||
|
Expenses for defined contribution plans:
|
||||||
|
BVV
|
61
|
55
|
57
|
|||
|
Other defined contribution plans
|
282
|
265
|
258
|
|||
|
Total expenses for defined contribution plans
|
343
|
320
|
315
|
|||
|
Total expenses for post-employment benefit plans
|
474
|
439
|
534
|
|||
|
Employer contributions to state-mandated pension plans
|
||||||
|
Pensions related payments social security in Germany
|
232
|
218
|
214
|
|||
|
Contributions to pension fund for Postbank´s postal civil servants
|
51
|
57
|
58
|
|||
|
Further pension related state-mandated benefit plans
|
258
|
248
|
216
|
|||
|
Total employer contributions to state-mandated benefit plans
|
542
|
523
|
488
|
|||
|
Expenses for share-based payments:
|
||||||
|
Expenses for share-based payments, equity settled2
|
426
|
436
|
405
|
|||
|
Expenses for share-based payments, cash settled2
|
64
|
43
|
29
|
|||
|
Expenses for cash retention plans2
|
471
|
448
|
418
|
|||
|
Expenses for severance payments3
|
487
|
293
|
82
|
|||
|
|
307
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
in € m.
|
2024
|
2023
|
2022
|
|||
|
Current tax expense (benefit):
|
||||||
|
Tax expense (benefit) for current year
|
1,330
|
1,284
|
919
|
|||
|
Adjustments for prior years
|
(16)
|
56
|
(132)
|
|||
|
Total current tax expense (benefit)
|
1,314
|
1,340
|
787
|
|||
|
Deferred tax expense (benefit):
|
||||||
|
Origination and reversal of temporary differences, unused tax losses and tax credits
|
900
|
1,158
|
381
|
|||
|
Effect of changes in tax law and/or tax rate
|
23
|
7
|
(19)
|
|||
|
Adjustments for prior years
|
(13)
|
(1,002)
|
(1,256)
|
|||
|
Total deferred tax expense (benefit)
|
909
|
163
|
(894)
|
|||
|
Total income tax expense (benefit)
|
2,223
|
1,503
|
(107)
|
|||
|
in € m.
|
2024
|
2023
|
2022
|
|||
|
Expected tax expense (benefit) at domestic income tax rate of 31.3% (31.3% for 2023 and 31.3% for 2022)
|
2,098
|
2,490
|
1,705
|
|||
|
Foreign rate differential
|
(192)
|
(85)
|
(115)
|
|||
|
Tax-exempt gains on securities and other income
|
(246)
|
(319)
|
(217)
|
|||
|
Loss (income) on equity method investments
|
(6)
|
0
|
(12)
|
|||
|
Nondeductible expenses
|
520
|
392
|
429
|
|||
|
Impairments of goodwill
|
0
|
55
|
(0)
|
|||
|
Changes in recognition and measurement of deferred tax assets1
|
(59)
|
(1,238)
|
(1,891)
|
|||
|
Effect of changes in tax law and/or tax rate
|
23
|
7
|
(19)
|
|||
|
Effect related to share-based payments
|
(1)
|
0
|
(5)
|
|||
|
Other1
|
85
|
201
|
18
|
|||
|
Actual income tax expense (benefit)
|
2,223
|
1,503
|
(107)
|
|||
|
|
308
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
in € m.
|
2024
|
2023
|
2022
|
|||
|
Actuarial gains (losses) related to defined benefit plans
|
(115)
|
137
|
(642)
|
|||
|
Net fair value gains (losses) attributable to credit risk related to financialliabilities designated as at fair value through profit or loss
|
54
|
18
|
(25)
|
|||
|
Financial assets mandatory at fair value through other comprehensive income:
|
||||||
|
Unrealized net gains (losses) arising during the period
|
113
|
59
|
312
|
|||
|
Realized net gains (losses) arising during the period (reclassified to profit or loss)
|
13
|
1
|
(61)
|
|||
|
Derivatives hedging variability of cash flows:
|
||||||
|
Unrealized net gains (losses) arising during the period
|
73
|
(132)
|
229
|
|||
|
Net gains (losses) reclassified to profit or loss
|
(64)
|
(110)
|
(18)
|
|||
|
Other equity movement:
|
||||||
|
Unrealized net gains (losses) arising during the period
|
141
|
151
|
192
|
|||
|
Net gains (losses) reclassified to profit or loss
|
6
|
0
|
0
|
|||
|
Income taxes credited (charged) to other comprehensive income
|
221
|
124
|
(13)
|
|||
|
Other income taxes credited (charged) to equity
|
104
|
50
|
25
|
|||
|
in € m.
|
Dec 31, 2024
|
Dec 31, 2023
|
||
|
Deferred tax assets:
|
||||
|
Unused tax losses
|
3,966
|
4,747
|
||
|
Unused tax credits
|
172
|
23
|
||
|
Deductible temporary differences:
|
||||
|
Trading activities, including derivatives
|
3,634
|
2,927
|
||
|
Employee benefits, including equity settled share based payments
|
1,755
|
1,828
|
||
|
Accrued interest expense
|
1,477
|
999
|
||
|
Loans and borrowings, including allowance for loans
|
846
|
949
|
||
|
Leases
|
857
|
855
|
||
|
Intangible Assets
|
52
|
80
|
||
|
Fair value OCI (IFRS 9)
|
496
|
332
|
||
|
Other assets
|
525
|
485
|
||
|
Other provisions
|
237
|
88
|
||
|
Other liabilities
|
6
|
6
|
||
|
Total deferred tax assets pre offsetting
|
14,023
|
13,319
|
||
|
Deferred tax liabilities:
|
||||
|
Taxable temporary differences:
|
||||
|
Trading activities, including derivatives
|
4,874
|
3,970
|
||
|
Employee benefits, including equity settled share based payments
|
324
|
291
|
||
|
Loans and borrowings, including allowance for loans
|
538
|
617
|
||
|
Leases
|
762
|
758
|
||
|
Intangible Assets
|
752
|
717
|
||
|
Fair value OCI (IFRS 9)
|
45
|
43
|
||
|
Other assets
|
270
|
272
|
||
|
Other provisions
|
292
|
89
|
||
|
Other liabilities
|
38
|
40
|
||
|
Total deferred tax liabilities pre offsetting
|
7,895
|
6,797
|
||
|
|
309
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
in € m.
|
Dec 31, 2024
|
Dec 31, 2023
|
||
|
Presented as deferred tax assets
|
6,702
|
7,039
|
||
|
Presented as deferred tax liabilities
|
574
|
517
|
||
|
Net deferred tax assets
|
6,128
|
6,522
|
||
|
in € m.
|
Dec 31, 2024¹
|
Dec 31, 2023¹
|
||
|
Deductible temporary differences
|
(39)
|
(36)
|
||
|
Not expiring
|
(4,945)
|
(5,119)
|
||
|
Expiring in subsequent period
|
(2)
|
(28)
|
||
|
Expiring after subsequent period
|
(77)
|
(55)
|
||
|
Unused tax losses
|
(5,024)
|
(5,202)
|
||
|
Expiring after subsequent period
|
0
|
0
|
||
|
Unused tax credits
|
(1)
|
(1)
|
||
|
|
310
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
311
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
Dec 31, 2024
|
2024
|
Dec 31, 2023
|
2023
|
||||||||||||
|
in € m.
|
Assets
|
Liabilities
|
Nominalamount
|
Fair Valuechanges usedfor hedgeeffectiveness
|
Assets
|
Liabilities
|
Nominalamount
|
Fair Valuechanges usedfor hedgeeffectiveness
|
||||||||
|
Derivatives held as fair value hedges
|
2,546
|
6,282
|
108,170
|
671
|
2,246
|
6,386
|
99,106
|
1,917
|
||||||||
|
2024
|
2023
|
|||
|
in € m.
|
Hedgeineffectiveness
|
Hedgeineffectiveness
|
||
|
Result of fair value hedges
|
454
|
140
|
||
|
|
312
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2024
|
2024
|
|||||||||||||
|
Carrying amount of Financialinstruments designated as fairvalue hedges
|
Accumulated amount offair value hedgeadjustments - Total
|
Accumulated amount offair value hedgeadjustments - Terminatedhedge relationships
|
Fair Valuechanges usedfor hedgeeffectiveness
|
|||||||||||
|
in € m.
|
Assets
|
Liabilities
|
Assets
|
Liabilities
|
Assets
|
Liabilities
|
||||||||
|
Financial assets at fair value throughother comprehensive income
|
17,305
|
0
|
(1,284)
|
0
|
1
|
0
|
(93)
|
|||||||
|
Bonds at amortized cost
|
1,949
|
0
|
(21)
|
0
|
(1)
|
0
|
(10)
|
|||||||
|
Long-term debt
|
0
|
73,946
|
0
|
(3,816)
|
0
|
(101)
|
(194)
|
|||||||
|
Deposits
|
0
|
1,072
|
0
|
(162)
|
0
|
0
|
79
|
|||||||
|
Loans at amortized cost
|
0
|
0
|
0
|
0
|
(1)
|
0
|
0
|
|||||||
|
Dec 31, 2023
|
2023
|
|||||||||||||
|
Carrying amount of Financialinstruments designated as fairvalue hedges
|
Accumulated amount offair value hedgeadjustments - Total
|
Accumulated amount offair value hedgeadjustments - Terminatedhedge relationships
|
Fair Valuechanges usedfor hedgeeffectiveness
|
|||||||||||
|
in € m.
|
Assets
|
Liabilities
|
Assets
|
Liabilities
|
Assets
|
Liabilities
|
||||||||
|
Financial assets at fair value throughother comprehensive income
|
13,468
|
0
|
(1,277)
|
0
|
49
|
0
|
486
|
|||||||
|
Bonds at amortized cost
|
361
|
0
|
(12)
|
0
|
(23)
|
0
|
25
|
|||||||
|
Long-term debt
|
0
|
71,769
|
0
|
(3,936)
|
0
|
(184)
|
(2,274)
|
|||||||
|
Deposits
|
0
|
289
|
0
|
(93)
|
0
|
0
|
(14)
|
|||||||
|
Loans at amortized cost
|
0
|
0
|
(1)
|
0
|
0
|
0
|
0
|
|||||||
|
Dec 31, 2024
|
2024
|
Dec 31, 2023
|
2023
|
|||||||||||||
|
in € m.
|
Assets
|
Liabilities
|
Nominalamount
|
Fair Valuechanges usedfor hedgeeffectiveness
|
Assets
|
Liabilities
|
Nominalamount
|
Fair Valuechanges usedfor hedgeeffectiveness
|
||||||||
|
Derivatives held as cash flow hedges
|
58
|
183
|
109,671
|
(229)
|
416
|
228
|
111,462
|
537
|
||||||||
|
in € m.
|
Dec 31, 2024
|
Dec 31, 2023
|
Dec 31, 2022
|
|||
|
Reported in Equity1
|
36
|
44
|
(790)
|
|||
|
thereof relates to terminated programs
|
0
|
0
|
0
|
|||
|
Gains (losses) posted to equity for the year ended
|
(242)
|
436
|
(819)
|
|||
|
Gains (losses) removed from equity for the year ended
|
234
|
398
|
71
|
|||
|
thereof relates to terminated programs
|
0
|
0
|
0
|
|||
|
Changes of hedged item's value used for hedge effectiveness
|
(212)
|
434
|
(899)
|
|||
|
Ineffectiveness recorded within P&L
|
13
|
101
|
16
|
|||
|
|
313
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2024
|
2024
|
Dec 31, 2023
|
2023
|
|||||||||||||
|
in € m.
|
Assets
|
Liabilities
|
Nominal amount
|
Fair Valuechanges usedfor hedgeeffectiveness
|
Assets
|
Liabilities
|
Nominal amount
|
Fair Valuechanges usedfor hedgeeffectiveness
|
||||||||
|
Derivatives held as net investment hedges
|
189
|
1,595
|
45,517
|
(2,442)
|
736
|
157
|
42,751
|
317
|
||||||||
|
2024
|
2023
|
|||||||
|
in € m.
|
Fair value changesrecognized inEquity1
|
Hedgeineffectiveness
|
Fair value changesrecognized inEquity1
|
Hedgeineffectiveness
|
||||
|
Result of net investment hedges
|
(2,384)
|
(81)
|
(169)
|
(138)
|
||||
|
in € m.
|
Within 1 year
|
1–3 years
|
3–5 years
|
Over 5 years
|
||||
|
As of December 31, 2024
|
||||||||
|
Nominal amount Foreign exchange forwards
|
36,976
|
318
|
3
|
0
|
||||
|
Nominal amount Foreign exchange swaps
|
7,990
|
230
|
0
|
0
|
||||
|
Total
|
44,966
|
548
|
3
|
0
|
||||
|
As of December 31, 2023
|
||||||||
|
Nominal amount Foreign exchange forwards
|
33,347
|
85
|
18
|
0
|
||||
|
Nominal amount Foreign exchange swaps
|
8,683
|
579
|
39
|
0
|
||||
|
Total
|
42,030
|
664
|
57
|
0
|
||||
|
|
314
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
in € m.
|
2024
|
2023
|
2022
|
|||
|
Short-term employee benefits
|
47
|
37
|
37
|
|||
|
Post-employment benefits
|
4
|
7
|
5
|
|||
|
Other long-term benefits
|
35
|
17
|
15
|
|||
|
Termination benefits
|
0
|
0
|
2
|
|||
|
Share-based payment
|
15
|
18
|
17
|
|||
|
Total
|
101
|
79
|
76
|
|||
|
in € m.
|
2024
|
2023
|
||
|
Loans outstanding, beginning of year
|
44
|
119
|
||
|
Net movement in loans during the period
|
70
|
(98)
|
||
|
Changes in the group of consolidated companies
|
0
|
0
|
||
|
Exchange rate changes/other
|
(41)
|
23
|
||
|
Loans outstanding, end of year1
|
73
|
44
|
||
|
Other credit risk related transactions:
|
||||
|
Allowance for loan losses
|
0
|
1
|
||
|
Provision for loan losses
|
1
|
0
|
||
|
Guarantees and commitments
|
3
|
1
|
||
|
|
315
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
in € m.
|
2024
|
2023
|
||
|
Deposits outstanding, beginning of year
|
33
|
31
|
||
|
Net movement in deposits during the period
|
(4)
|
2
|
||
|
Changes in the group of consolidated companies
|
0
|
0
|
||
|
Exchange rate changes/other
|
0
|
0
|
||
|
Deposits outstanding, end of year
|
29
|
33
|
||
|
in € m.
|
2024
|
2023
|
||
|
Equity shares issued by the Group held in plan assets
|
0
|
0
|
||
|
Other assets
|
2
|
1
|
||
|
Fees paid from plan assets to asset managers of the Group
|
16
|
21
|
||
|
Market value of derivatives with a counterparty of the Group
|
679
|
698
|
||
|
Notional amount of derivatives with a counterparty of the Group
|
9,730
|
8,146
|
||
|
|
316
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2024
|
Dec 31, 2023
|
|||
|
DWS Group GmbH & Co. KGaA
|
||||
|
Proportion of ownership interests and voting rights held by noncontrolling interests
|
20.51 %
|
20.51 %
|
||
|
Place of business
|
Global
|
Global
|
||
|
in € m
|
Dec 31, 2024
|
Dec 31, 2023
|
||
|
Net income attributable to noncontrolling interests
|
133
|
117
|
||
|
Accumulated noncontrolling interests of the subsidiary
|
1,546
|
1,620
|
||
|
Dividends paid to noncontrolling interests
|
250
|
84
|
||
|
Summarized financial information:
|
||||
|
Total assets
|
11,871
|
11,683
|
||
|
Total liabilities
|
4,379
|
3,852
|
||
|
Total net revenues
|
2,765
|
2,614
|
||
|
Net income (loss)
|
652
|
567
|
||
|
Total comprehensive income (loss), net of tax
|
904
|
424
|
||
|
Dec 31, 2024
|
Dec 31, 2023
|
|||||||
|
in € m.
|
Totalassets
|
Restrictedassets
|
Totalassets
|
Restrictedassets
|
||||
|
Interest-earning deposits with banks
|
132,741
|
31
|
163,454
|
108
|
||||
|
Financial assets at fair value through profit or loss
|
545,895
|
62,615
|
465,273
|
58,270
|
||||
|
Financial assets at fair value through other comprehensive income
|
42,090
|
5,969
|
35,546
|
7,618
|
||||
|
Loans at amortized cost
|
483,897
|
41,942
|
479,353
|
54,343
|
||||
|
Other
|
186,409
|
3,206
|
173,641
|
7,920
|
||||
|
Total
|
1,391,033
|
113,762
|
1,317,266
|
128,259
|
||||
|
|
317
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
318
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
319
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2024
|
||||||||||
|
in € m.
|
Repacka-ging andInvestmentEntities
|
Third PartyFundingEntities
|
Securiti-zations
|
Funds
|
Total
|
|||||
|
Assets
|
||||||||||
|
Cash and central bank balances
|
0
|
0
|
0
|
0
|
0
|
|||||
|
Interbank balances (w/o central banks)
|
1
|
0
|
0
|
2
|
3
|
|||||
|
Central bank funds sold and securitiespurchased under resale agreements
|
0
|
1,009
|
382
|
4,532
|
5,923
|
|||||
|
Securities Borrowed
|
0
|
0
|
0
|
0
|
0
|
|||||
|
Total financial assets at fair valuethrough profit or loss
|
321
|
4,314
|
4,652
|
71,818
|
81,105
|
|||||
|
Trading assets
|
152
|
2,489
|
3,773
|
4,075
|
10,490
|
|||||
|
Positive market values(derivative financial instruments)
|
169
|
386
|
38
|
6,044
|
6,636
|
|||||
|
Non-trading financial assets mandatory at fair value through profit or loss
|
0
|
1,439
|
841
|
61,699
|
63,978
|
|||||
|
Financial assets designated at fairvalue through profit or loss
|
0
|
0
|
0
|
0
|
0
|
|||||
|
Financial assets at fair value through other comprehensive income
|
0
|
1,212
|
479
|
194
|
1,885
|
|||||
|
Loans at amortized cost
|
188
|
63,015
|
34,260
|
21,540
|
119,003
|
|||||
|
Other assets
|
1
|
735
|
4,361
|
7,774
|
12,871
|
|||||
|
Total assets
|
510
|
70,285
|
44,134
|
105,858
|
220,788
|
|||||
|
Liabilities
|
||||||||||
|
Total financial liabilities at fair valuethrough profit or loss
|
1
|
45
|
138
|
6,549
|
6,733
|
|||||
|
Negative market values(derivative financial instruments)
|
1
|
45
|
138
|
6,549
|
6,733
|
|||||
|
Other short-term borrowings
|
0
|
0
|
0
|
0
|
0
|
|||||
|
Other liabilities
|
0
|
0
|
0
|
0
|
0
|
|||||
|
Total liabilities
|
1
|
45
|
138
|
6,549
|
6,733
|
|||||
|
Off-balance sheet exposure
|
0
|
8,085
|
12,915
|
8,089
|
29,089
|
|||||
|
Total
|
509
|
78,325
|
56,912
|
107,398
|
243,144
|
|||||
|
|
320
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2023
|
||||||||||
|
in € m.
|
Repacka-ging andInvestmentEntities
|
Third PartyFundingEntities
|
Securiti-zations
|
Funds
|
Total
|
|||||
|
Assets
|
||||||||||
|
Cash and central bank balances
|
0
|
0
|
0
|
0
|
0
|
|||||
|
Interbank balances (w/o central banks)
|
1
|
0
|
0
|
9
|
11
|
|||||
|
Central bank funds sold and securitiespurchased under resale agreements
|
0
|
373
|
209
|
3,482
|
4,064
|
|||||
|
Securities Borrowed
|
0
|
0
|
0
|
0
|
0
|
|||||
|
Total financial assets at fair valuethrough profit or loss
|
237
|
4,137
|
3,372
|
53,909
|
61,654
|
|||||
|
Trading assets
|
193
|
2,663
|
2,750
|
3,302
|
8,908
|
|||||
|
Positive market values(derivative financial instruments)
|
44
|
450
|
6
|
3,272
|
3,772
|
|||||
|
Non-trading financial assets mandatory at fair value through profit or loss
|
0
|
1,024
|
615
|
47,335
|
48,974
|
|||||
|
Financial assets designated at fairvalue through profit or loss
|
0
|
0
|
0
|
0
|
0
|
|||||
|
Financial assets at fair value through other comprehensive income
|
0
|
893
|
330
|
264
|
1,487
|
|||||
|
Loans at amortized cost
|
233
|
66,033
|
31,002
|
19,433
|
116,701
|
|||||
|
Other assets
|
1
|
677
|
3,406
|
10,581
|
14,665
|
|||||
|
Total assets
|
472
|
72,112
|
38,319
|
87,679
|
198,582
|
|||||
|
Liabilities
|
||||||||||
|
Total financial liabilities at fair valuethrough profit or loss
|
43
|
51
|
71
|
5,098
|
5,264
|
|||||
|
Negative market values(derivative financial instruments)
|
43
|
51
|
71
|
5,098
|
5,264
|
|||||
|
Other short-term borrowings
|
0
|
0
|
0
|
0
|
0
|
|||||
|
Other liabilities
|
0
|
0
|
0
|
0
|
0
|
|||||
|
Total liabilities
|
43
|
51
|
71
|
5,098
|
5,264
|
|||||
|
Off-balance sheet exposure
|
0
|
8,737
|
10,720
|
6,386
|
25,843
|
|||||
|
Total
|
429
|
80,798
|
48,967
|
88,967
|
219,162
|
|||||
|
|
321
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
322
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Amounts to be recovered or settled
|
Total
|
|||||
|
in € m.
|
within one year
|
after one year
|
Dec 31, 2024
|
|||
|
Cash and central bank balances
|
147,494
|
0
|
147,494
|
|||
|
Interbank balances (w/o central banks)
|
6,154
|
6
|
6,160
|
|||
|
Central bank funds sold and securities purchased under resale agreements
|
32,061
|
8,742
|
40,803
|
|||
|
Securities borrowed
|
32
|
11
|
44
|
|||
|
Financial assets at fair value through profit or loss
|
538,650
|
7,246
|
545,895
|
|||
|
Financial assets at fair value through other comprehensive income
|
10,539
|
31,551
|
42,090
|
|||
|
Equity method investments
|
0
|
1,028
|
1,028
|
|||
|
Loans at amortized cost
|
131,164
|
352,733
|
483,897
|
|||
|
Property and equipment
|
0
|
6,193
|
6,193
|
|||
|
Goodwill and other intangible assets
|
0
|
7,749
|
7,749
|
|||
|
Other assets
|
77,235
|
23,943
|
101,178
|
|||
|
Assets for current tax
|
1,287
|
514
|
1,801
|
|||
|
Total assets before deferred tax assets
|
944,616
|
439,715
|
1,384,331
|
|||
|
Deferred tax assets
|
6,702
|
|||||
|
Total assets
|
1,391,033
|
|||||
|
Amounts to be recovered or settled
|
Total
|
|||||
|
in € m.
|
within one year
|
after one year
|
Dec 31, 2024
|
|||
|
Deposits
|
642,421
|
25,279
|
667,701
|
|||
|
Central bank funds purchased and securities sold under repurchase agreements
|
2,710
|
1,030
|
3,740
|
|||
|
Securities loaned
|
2
|
0
|
2
|
|||
|
Financial liabilities at fair value through profit or loss
|
393,378
|
19,032
|
412,409
|
|||
|
Other short-term borrowings
|
9,895
|
0
|
9,895
|
|||
|
Other liabilities
|
88,347
|
7,269
|
95,616
|
|||
|
Provisions
|
3,326
|
0
|
3,326
|
|||
|
Liabilities for current tax
|
492
|
228
|
720
|
|||
|
Long-term debt
|
20,628
|
94,270
|
114,899
|
|||
|
Trust preferred securities
|
287
|
0
|
287
|
|||
|
Total liabilities before deferred tax liabilities
|
1,161,486
|
147,109
|
1,308,594
|
|||
|
Deferred tax liabilities
|
574
|
|||||
|
Total liabilities
|
1,309,168
|
|||||
|
|
323
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Amounts to be recovered or settled
|
Total
|
|||||
|
in € m.
|
within one year
|
after one year
|
Dec 31, 2023
|
|||
|
Cash and central bank balances
|
178,416
|
0
|
178,416
|
|||
|
Interbank balances (w/o central banks)
|
5,535
|
606
|
6,140
|
|||
|
Central bank funds sold and securities purchased under resale agreements
|
8,263
|
6,462
|
14,725
|
|||
|
Securities borrowed
|
32
|
6
|
39
|
|||
|
Financial assets at fair value through profit or loss
|
459,625
|
5,648
|
465,273
|
|||
|
Financial assets at fair value through other comprehensive income
|
7,393
|
28,152
|
35,546
|
|||
|
Equity method investments
|
0
|
1,013
|
1,013
|
|||
|
Loans at amortized cost
|
133,131
|
346,222
|
479,353
|
|||
|
Property and equipment
|
0
|
6,185
|
6,185
|
|||
|
Goodwill and other intangible assets
|
0
|
7,327
|
7,327
|
|||
|
Other assets
|
93,111
|
21,587
|
114,698
|
|||
|
Assets for current tax
|
1,084
|
429
|
1,513
|
|||
|
Total assets before deferred tax assets
|
886,590
|
423,637
|
1,310,227
|
|||
|
Deferred tax assets
|
7,039
|
|||||
|
Total assets
|
1,317,266
|
|||||
|
Amounts to be recovered or settled
|
Total
|
|||||
|
in € m.
|
within one year
|
after one year
|
Dec 31, 2023
|
|||
|
Deposits
|
602,392
|
23,095
|
625,486
|
|||
|
Central bank funds purchased and securities sold under repurchase agreements
|
2,215
|
823
|
3,038
|
|||
|
Securities loaned
|
3
|
0
|
3
|
|||
|
Financial liabilities at fair value through profit or loss
|
356,973
|
9,521
|
366,494
|
|||
|
Other short-term borrowings
|
9,620
|
0
|
9,620
|
|||
|
Other liabilities
|
107,337
|
5,681
|
113,018
|
|||
|
Provisions
|
2,448
|
0
|
2,448
|
|||
|
Liabilities for current tax
|
369
|
262
|
631
|
|||
|
Long-term debt
|
30,942
|
88,448
|
119,390
|
|||
|
Trust preferred securities
|
289
|
0
|
289
|
|||
|
Total liabilities before deferred tax liabilities
|
1,112,588
|
127,830
|
1,240,418
|
|||
|
Deferred tax liabilities
|
517
|
|||||
|
Total liabilities
|
1,240,935
|
|||||
|
|
324
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
325
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
326
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Dec 31, 2024
|
Dec 31, 2023
|
|||
|
in € m.
|
CRR/CRD
|
CRR/CRD
|
||
|
Common Equity Tier 1 (CET 1) capital: instruments and reserves
|
||||
|
Capital instruments, related share premium accounts and other reserves
|
44,130
|
44,908
|
||
|
Retained earnings
|
19,978
|
16,509
|
||
|
Accumulated other comprehensive income (loss), net of tax
|
(1,229)
|
(1,760)
|
||
|
Independently reviewed interim profits net of any foreseeable charge or dividend1
|
801
|
3,493
|
||
|
Other
|
1,020
|
973
|
||
|
Common Equity Tier 1 (CET 1) capital before regulatory adjustments
|
64,700
|
64,124
|
||
|
Common Equity Tier 1 (CET 1) capital: regulatory adjustments
|
||||
|
Additional value adjustments (negative amount)
|
(1,680)
|
(1,727)
|
||
|
Other prudential filters (other than additional value adjustments)
|
95
|
(126)
|
||
|
Goodwill and other intangible assets (net of related tax liabilities) (negative amount)
|
(5,277)
|
(5,014)
|
||
|
Deferred tax assets that rely on future profitability excluding those arising fromtemporary differences (net of related tax liabilities where the conditions in Art. 38 (3)CRR are met) (negative amount)
|
(3,463)
|
(4,207)
|
||
|
Negative amounts resulting from the calculation of expected loss amounts
|
(3,037)
|
(2,386)
|
||
|
Defined benefit pension fund assets (net of related tax liabilities) (negative amount)
|
(1,173)
|
(920)
|
||
|
Direct, indirect and synthetic holdings by an institution of own CET 1 instruments (negative amount)
|
0
|
(0)
|
||
|
Direct, indirect and synthetic holdings by the institution of the CET 1 instruments of financial sector entities where the institution has a significant investment in those entities (amount above the 10 % / 15 % thresholds and net of eligible short positions) (negative amount)
|
0
|
0
|
||
|
Deferred tax assets arising from temporary differences (net of related tax liabilities where the conditions in Art. 38 (3) CRR are met) (amount above the 10 % / 15 % thresholds) (negative amount)
|
0
|
0
|
||
|
Regulatory adjustments relating to unrealized gains and losses pursuant toArt. 468 CRR
|
1,012
|
0
|
||
|
Other regulatory adjustments2
|
(1,721)
|
(1,679)
|
||
|
Total regulatory adjustments to Common Equity Tier 1 (CET 1) capital
|
(15,244)
|
(16,058)
|
||
|
Common Equity Tier 1 (CET 1) capital
|
49,457
|
48,066
|
||
|
Additional Tier 1 (AT1) capital: instruments
|
||||
|
Capital instruments and the related share premium accounts
|
11,508
|
8,578
|
||
|
Amount of qualifying items referred to in Art. 484 (4) CRR and the related sharepremium accounts subject to phase out from AT1
|
0
|
0
|
||
|
Additional Tier 1 (AT1) capital before regulatory adjustments
|
11,508
|
8,578
|
||
|
Additional Tier 1 (AT1) capital: regulatory adjustments
|
||||
|
Direct, indirect and synthetic holdings by an institution of own AT1 instruments(negative amount)
|
(130)
|
(250)
|
||
|
Residual amounts deducted from AT1 capital with regard to deduction from CET 1 capital during the transitional period pursuant to Art. 472 CRR
|
||||
|
Other regulatory adjustments
|
0
|
0
|
||
|
Total regulatory adjustments to Additional Tier 1 (AT1) capital
|
(130)
|
(250)
|
||
|
Additional Tier 1 (AT1) capital
|
11,378
|
8,328
|
||
|
Tier 1 capital (T1 = CET 1 + AT1)
|
60,835
|
56,395
|
||
|
Tier 2 (T2) capital
|
7,676
|
8,610
|
||
|
Total capital (TC = T1 + T2)
|
68,511
|
65,005
|
||
|
Total risk-weighted assets
|
357,427
|
349,742
|
||
|
|
||||
|
Common Equity Tier 1 capital ratio (as a percentage of risk-weighted assets)
|
13.8
|
13.7
|
||
|
Tier 1 capital ratio (as a percentage of risk-weighted assets)
|
17.0
|
16.1
|
||
|
Total capital ratio (as a percentage of risk-weighted assets)
|
19.2
|
18.6
|
||
|
|
327
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
CRR/CRD
|
||||
|
in € m.
|
Dec 31, 2024
|
Dec 31, 2023
|
||
|
Total shareholders’ equity per accounting balance sheet (IASB IFRS)
|
68,709
|
65,999
|
||
|
Difference between equity per IASB IFRS / EU IFRS³
|
(2,433)
|
(1,513)
|
||
|
Total shareholders’ equity per accounting balance sheet (EU IFRS)
|
66,276
|
64,486
|
||
|
Deconsolidation/Consolidation of entities
|
(24)
|
(35)
|
||
|
Of which:
|
||||
|
Additional paid-in capital
|
0
|
0
|
||
|
Retained earnings
|
(24)
|
(35)
|
||
|
Accumulated other comprehensive income (loss), net of tax
|
0
|
0
|
||
|
Total shareholders' equity per regulatory balance sheet
|
66,252
|
64,451
|
||
|
Minority Interests (amount allowed in consolidated CET 1)
|
1,020
|
973
|
||
|
AT1 coupon and shareholder distribution deduction1
|
(2,565)
|
(1,279)
|
||
|
Capital instruments not eligible under CET 1 as per CRR 28(1)
|
(7)
|
(21)
|
||
|
Common Equity Tier 1 (CET 1) capital before regulatory adjustments
|
64,700
|
64,124
|
||
|
Prudential filters
|
(1,585)
|
(1,853)
|
||
|
Of which:
|
||||
|
Additional value adjustments
|
(1,680)
|
(1,727)
|
||
|
Any increase in equity that results from securitized assets
|
0
|
(0)
|
||
|
Fair value reserves related to gains or losses on cash flow hedges and gains or losses on liabilities designated at fair value resulting from changes in own credit standing
|
95
|
(126)
|
||
|
Regulatory adjustments
|
(13,659)
|
(14,205)
|
||
|
Of which:
|
||||
|
Goodwill and other intangible assets (net of related tax liabilities) (negative amount)
|
(5,277)
|
(5,014)
|
||
|
Deferred tax assets that rely on future profitability
|
(3,463)
|
(4,207)
|
||
|
Negative amounts resulting from the calculation of expected loss amounts
|
(3,037)
|
(2,386)
|
||
|
Defined benefit pension fund assets (net of related tax liabilities) (negative amount)
|
(1,173)
|
(920)
|
||
|
Direct, indirect and synthetic holdings by the institution of the CET 1 instruments of financial sector entitieswhere the institution has a significant investment in those entities
|
0
|
0
|
||
|
Securitization positions not included in risk-weighted assets
|
0
|
0
|
||
|
Regulatory adjustments relating to unrealized gains and losses pursuant to Art. 468 CRR
|
1,012
|
0
|
||
|
Others2
|
(1,721)
|
(1,679)
|
||
|
Common Equity Tier 1 capital
|
49,457
|
48,066
|
||
|
|
328
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
329
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
in € m.
|
2024
|
2023
|
2022
|
|||
|
Interest income, excluding dividends from subsidiaries
|
42,684
|
38,205
|
20,682
|
|||
|
Dividends received from subsidiaries:
|
||||||
|
Bank subsidiaries
|
446
|
516
|
395
|
|||
|
Nonbank subsidiaries
|
1,677
|
2,255
|
1,117
|
|||
|
Interest expense
|
32,068
|
26,260
|
9,909
|
|||
|
Net interest and dividend income
|
12,740
|
14,715
|
12,284
|
|||
|
Provision for credit losses
|
1,359
|
1,158
|
829
|
|||
|
Net interest and dividend income after provision for credit losses
|
11,380
|
13,557
|
11,455
|
|||
|
Noninterest income:
|
||||||
|
Commissions and fee income
|
5,114
|
4,513
|
4,383
|
|||
|
Net gains (losses) on financial assets/liabilities at fair value through profit or loss
|
4,736
|
4,681
|
1,824
|
|||
|
Other income (loss)1
|
1,939
|
(412)
|
3,541
|
|||
|
Total noninterest income
|
11,789
|
8,782
|
9,747
|
|||
|
Noninterest expenses:
|
||||||
|
Compensation and benefits
|
6,271
|
5,896
|
5,679
|
|||
|
General and administrative expenses
|
7,461
|
6,540
|
6,273
|
|||
|
Services provided by (to) affiliates, net
|
2,486
|
2,540
|
2,165
|
|||
|
Impairment of goodwill and other intangible assets
|
0
|
0
|
0
|
|||
|
Total noninterest expenses
|
16,218
|
14,975
|
14,118
|
|||
|
Income (loss) before income taxes
|
6,951
|
7,363
|
7,084
|
|||
|
Income tax expense (benefit)
|
1,307
|
906
|
(1,189)
|
|||
|
Net income (loss) attributable to Deutsche Bank shareholders and additional equity components
|
5,644
|
6,457
|
8,273
|
|||
|
in € m.
|
2024
|
2023
|
2022
|
|||
|
Net income (loss) attributable to Deutsche Bank shareholders and additional equity components
|
5,644
|
6,457
|
8,273
|
|||
|
Other comprehensive income (loss), net of tax
|
197
|
(143)
|
(1,006)
|
|||
|
Total comprehensive income (loss), net of tax
|
5,841
|
6,314
|
7,267
|
|||
|
|
330
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
in € m.
|
Dec 31, 2024
|
Dec 31, 2023
|
||
|
Assets:
|
||||
|
Cash and central bank balances:
|
117,769
|
149,493
|
||
|
Interbank balances (w/o central banks):
|
||||
|
Bank subsidiaries
|
24,335
|
10,787
|
||
|
Other
|
5,298
|
4,869
|
||
|
Central bank funds sold, securities purchased under resale agreements, securities borrowed:
|
||||
|
Bank subsidiaries
|
0
|
0
|
||
|
Nonbank subsidiaries
|
9,340
|
10,783
|
||
|
Other
|
40,835
|
14,758
|
||
|
Financial assets at fair value through profit or loss:
|
||||
|
Bank subsidiaries
|
2,049
|
2,972
|
||
|
Nonbank subsidiaries
|
2,203
|
968
|
||
|
Other
|
480,479
|
409,623
|
||
|
Financial assets at fair value through other comprehensive income
|
68,423
|
54,038
|
||
|
Investments in associates
|
285
|
291
|
||
|
Investment in subsidiaries:
|
||||
|
Bank subsidiaries
|
6,830
|
5,569
|
||
|
Nonbank subsidiaries
|
26,311
|
24,989
|
||
|
Loans:
|
||||
|
Bank subsidiaries
|
45,569
|
56,042
|
||
|
Nonbank subsidiaries
|
36,467
|
33,581
|
||
|
Other
|
353,037
|
350,411
|
||
|
Other assets:
|
||||
|
Bank subsidiaries
|
2,727
|
2,679
|
||
|
Nonbank subsidiaries
|
10,947
|
11,372
|
||
|
Other
|
100,273
|
104,272
|
||
|
Total assets
|
1,333,178
|
1,247,496
|
||
|
Liabilities and equity:
|
||||
|
Deposits:
|
||||
|
Bank subsidiaries
|
28,657
|
30,781
|
||
|
Nonbank subsidiaries
|
14,197
|
13,453
|
||
|
Other
|
568,530
|
530,991
|
||
|
Central bank funds purchased, securities sold under repurchase agreements and securities loaned:
|
||||
|
Bank subsidiaries
|
1,298
|
563
|
||
|
Nonbank subsidiaries
|
28,881
|
38,260
|
||
|
Other
|
3,718
|
3,025
|
||
|
Financial liabilities at fair value through profit or loss:
|
||||
|
Bank subsidiaries
|
3,038
|
3,613
|
||
|
Nonbank subsidiaries
|
1,329
|
1,261
|
||
|
Other
|
359,961
|
314,707
|
||
|
Other short-term borrowings:
|
||||
|
Bank subsidiaries
|
586
|
127
|
||
|
Nonbank subsidiaries
|
684
|
814
|
||
|
Other
|
9,681
|
9,283
|
||
|
Other liabilities:
|
||||
|
Bank subsidiaries
|
1,624
|
1,660
|
||
|
Nonbank subsidiaries
|
6,282
|
8,541
|
||
|
Other
|
82,547
|
85,416
|
||
|
Long-term debt
|
154,437
|
143,919
|
||
|
Total liabilities
|
1,265,448
|
1,186,414
|
||
|
Total shareholders’ equity
|
56,179
|
52,513
|
||
|
Additional equity components
|
11,550
|
8,569
|
||
|
Total equity
|
67,729
|
61,082
|
||
|
Total liabilities and equity
|
1,333,178
|
1,247,496
|
||
|
|
331
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
in € m.
|
2024
|
2023
|
2022
|
|||
|
Net cash provided by (used in) operating activities
|
(29,917)
|
5,231
|
5,522
|
|||
|
Cash flows from investing activities:
|
||||||
|
Proceeds from:
|
||||||
|
Sale of financial assets at fair value through other comprehensive income
|
17,261
|
14,245
|
13,307
|
|||
|
Maturities of financial assets at fair value through other comprehensive income
|
14,788
|
13,769
|
15,847
|
|||
|
Sale of debt securities held to collect at amortized cost
|
20
|
0
|
0
|
|||
|
Maturities of debt securities held to collect at amortized cost
|
6,435
|
6,702
|
5,585
|
|||
|
Sale of equity method investments
|
0
|
20
|
117
|
|||
|
Sale of property and equipment
|
17
|
28
|
7
|
|||
|
Purchase of:
|
||||||
|
Financial assets at fair value through other comprehensive income
|
(35,559)
|
(32,017)
|
(34,484)
|
|||
|
Debt Securities held to collect at amortized cost
|
(5,110)
|
(3,920)
|
(15,780)
|
|||
|
Investments in associates
|
(57)
|
(60)
|
(97)
|
|||
|
Property and equipment
|
(377)
|
(327)
|
(237)
|
|||
|
Net change in investments in subsidiaries
|
(495)
|
(35)
|
622
|
|||
|
Other, net
|
(1,303)
|
(1,199)
|
(1,066)
|
|||
|
Net cash provided by (used in) investing activities
|
(4,379)
|
(2,794)
|
(16,180)
|
|||
|
Cash flows from financing activities:
|
||||||
|
Issuances of subordinated long-term debt
|
3
|
1,396
|
2,672
|
|||
|
Repayments and extinguishments of subordinated long-term debt
|
(114)
|
(1,407)
|
(42)
|
|||
|
Issuances of trust preferred securities
|
0
|
0
|
0
|
|||
|
Repayments and extinguishments of trust preferred securities
|
0
|
0
|
0
|
|||
|
Principal portion of lease payments
|
(413)
|
(395)
|
(445)
|
|||
|
Common shares issued
|
0
|
0
|
0
|
|||
|
Purchases of treasury shares
|
(1,126)
|
(857)
|
(695)
|
|||
|
Sale of treasury shares
|
0
|
395
|
0
|
|||
|
Additional Equity Components (AT1) issued
|
3,000
|
0
|
2,000
|
|||
|
Additional Equity Components (AT1) repaid
|
0
|
0
|
(1,750)
|
|||
|
Purchases of Additional Equity Components (AT1)
|
(3,341)
|
(356)
|
(759)
|
|||
|
Sale of Additional Equity Components (AT1)
|
3,316
|
415
|
785
|
|||
|
Coupon on additional equity components, pre tax
|
(574)
|
(498)
|
(479)
|
|||
|
Cash dividends paid to Deutsche Bank shareholders
|
(883)
|
(610)
|
(406)
|
|||
|
Net cash provided by (used in) financing activities
|
(131)
|
(1,918)
|
879
|
|||
|
Net effect of exchange rate changes on cash and cash equivalents
|
1,967
|
(791)
|
2,378
|
|||
|
Net increase (decrease) in cash and cash equivalents
|
(32,460)
|
(273)
|
(7,400)
|
|||
|
Cash and cash equivalents at beginning of period
|
137,068
|
137,341
|
144,741
|
|||
|
Cash and cash equivalents at end of period
|
104,608
|
137,068
|
137,341
|
|||
|
Net cash provided by (used in) operating activities include
|
||||||
|
Income taxes paid (received), net
|
738
|
196
|
464
|
|||
|
Interest paid
|
31,629
|
24,360
|
8,736
|
|||
|
Interest received
|
41,863
|
38,161
|
19,415
|
|||
|
Dividends received
|
2,754
|
2,053
|
1,391
|
|||
|
Cash and cash equivalents comprise
|
||||||
|
Cash and central bank balances (not included Interest-earning time deposits with central banks)
|
98,417
|
132,547
|
131,763
|
|||
|
Interbank balances (w/o central banks)
|
6,191
|
4,521
|
5,578
|
|||
|
Total
|
104,608
|
137,068
|
137,341
|
|||
|
in € m.
|
Due in2025
|
Due in2026
|
Due in2027
|
Due in2028
|
Due in2029
|
Due after2029
|
TotalDec 31,2024
|
TotalDec 31,2023
|
||||||||
|
Senior debt:
|
||||||||||||||||
|
Bonds and notes:
|
||||||||||||||||
|
Fixed rate
|
13,652
|
13,011
|
12,286
|
9,536
|
10,493
|
11,503
|
70,482
|
70,735
|
||||||||
|
Floating rate
|
2,058
|
1,442
|
2,768
|
823
|
494
|
3,611
|
11,196
|
9,026
|
||||||||
|
Other
|
1,787
|
1,772
|
1,206
|
1,688
|
1,148
|
52,338
|
59,940
|
51,793
|
||||||||
|
Subordinated debt
|
||||||||||||||||
|
Bonds and notes:
|
||||||||||||||||
|
Fixed rate
|
3,484
|
2,000
|
2,436
|
0
|
0
|
4,315
|
12,234
|
11,749
|
||||||||
|
Floating rate
|
0
|
0
|
0
|
0
|
0
|
500
|
500
|
468
|
||||||||
|
Other
|
0
|
42
|
20
|
0
|
0
|
22
|
85
|
149
|
||||||||
|
Total long-term debt
|
20,981
|
18,268
|
18,716
|
12,048
|
12,135
|
72,289
|
154,437
|
143,919
|
||||||||
|
|
332
|
|
Deutsche Bank
|
Additional Notes
|
|
|
Annual Report 2024
|
Report of Independent Registered Public Accounting Firm
|
|
|
|
333
|
|
Deutsche Bank
|
Additional Notes
|
|
|
Annual Report 2024
|
Report of Independent Registered Public Accounting Firm
|
|
|
Valuation of level 3 financial instruments and related inputs not quoted in active markets
|
||
|
Description of the Matter
|
Management uses valuation techniques to establish the fair value of level 3 financial instruments and related inputs not quoted in active markets. The Group held level 3 financial assets and financial liabilities measured at fair value of EUR 26,281 million and EUR 13,382 million respectively as of December 31, 2024. The relevant financial instruments are reported within financial assets and liabilities at fair value through profit or loss, and financial assets at fair value through other comprehensive income. Information on the valuation techniques, models and methodologies used in the measurement of fair value is provided in notes 1 and 13 of the notes to the consolidated financial statements.
|
|
|
Financial instruments and related inputs that are not quoted in active markets include structured derivatives valued using complex models; more-complex or illiquid OTC derivatives; distressed debt; highly-structured bonds; illiquid loans, including those relating to commercial real estate; credit spreads used to determine valuation adjustments; and other inputs which cannot be observed for financial instruments with longer-dated maturities.
|
||
|
Auditing the valuation of level 3 financial instruments and related inputs not quoted in active markets was complex due to the valuation techniques and models being utilized and the unobservability of the significant inputs used.
|
||
|
How We Addressed the Matter in Our Audit
|
We obtained an understanding, evaluated the design and tested the operating effectiveness of the controls over management’s processes to determine fair value of financial instruments and determination of significant unobservable inputs therein. This includes controls relating to independent price verification; independent validation of valuation models, including assessment of model limitations; monitoring valuation model usage; and calculation of fair value adjustments.
|
|
|
We evaluated the valuation techniques, models and methodologies, and tested the inputs used in those models. We performed an independent revaluation of a sample of derivatives and other financial instruments at fair value that are not quoted in active markets, using independent models and inputs. We also independently assessed the reasonableness of a sample of proxy inputs used by comparing them to market data sources and evaluated their relevance to the related financial instruments.
|
||
|
In addition, we evaluated the methodology and inputs used by management in determining fair value adjustments against the requirements of IFRS 13 and performed recalculations for a sample of these valuation adjustments using our own independent data and methodology.
|
||
|
We involved our financial instruments valuation specialists in the procedures related to valuation models, independent revaluation and fair value adjustments.
|
||
|
|
334
|
|
Deutsche Bank
|
Additional Notes
|
|
|
Annual Report 2024
|
Report of Independent Registered Public Accounting Firm
|
|
|
Inclusion of forward-looking information in the model-based calculation of expected credit losses
|
||
|
Description of the Matter
|
As of December 31, 2024, the Group recognized an allowance for credit losses of EUR 6,198 million, with EUR 1,390 million relating to stage 1 and stage 2 allowances. Information on the inclusion of forward-looking information into the model-based calculation of expected credit losses and their adjustments for stages 1 and 2 is provided in notes 1 and 19 of the notes to the consolidated financial statements.
|
|
|
The estimated probabilities of default (PD) used in the model-based calculation of expected credit losses on non-defaulted financial instruments (IFRS 9 stage 1 and stage 2) are based on historical information, combined with current economic developments and forward-looking macroeconomic forecasts (e.g., gross domestic product and unemployment rates). Statistical techniques are used to transform the base scenario for future macroeconomic developments into multiple scenarios. These scenarios are the basis for deriving multi-year PD curves for different rating and counterparty classes, which are used in the calculation of expected credit losses.
|
||
|
Given the economic uncertainties regarding pronounced movements in interest rates, current geopolitical conflicts and other sources of volatility impacting macroeconomic variables, the estimation of forward-looking information requires significant judgment. To reflect these uncertainties, management must assess whether to make adjustments to its standard process for inclusion of macroeconomic variables into the expected credit loss model and forecasting methods, either by adjusting the macroeconomic variables or through the inclusion of management overlays..
|
||
|
Auditing the forward-looking information, included in the model-based calculation of expected credit losses, and any adjustment thereof, was complex due to the economic uncertainty and significant use of judgment.
|
||
|
How We Addressed the Matter in Our Audit
|
We obtained an understanding of the processes implemented by management, assessed the design of the controls over the selection, determination, monitoring and validation of forward-looking information in respect of the requirements under IFRS 9, and tested their operating effectiveness.
|
|
|
We evaluated management’s review of its expected credit loss model and forecasting methods conducted through the model validation process. Furthermore, we evaluated the methods used to include the selected variables in the baseline scenario and the derivation of the multiple scenarios.
|
||
|
We assessed the baseline macroeconomic forecasts by comparing them with macroeconomic forecasts published by external sources.
|
||
|
We also evaluated the methodology applied by management to determine whether to adjust its standard process for inclusion of macroeconomic variables or to adjust the model results through management overlays. In doing so, we assessed the results of management’s sensitivity analysis and compared the macroeconomic variables used to our own benchmark analysis. We also assessed that the adjustments were included in the calculation of expected credit losses according to management’s methodology.
|
||
|
To assess the inclusion of forward-looking information in the model-based calculation of expected credit losses, we involved internal credit risk modelling specialists.
|
||
|
|
335
|
|
Deutsche Bank
|
Additional Notes
|
|
|
Annual Report 2024
|
Report of Independent Registered Public Accounting Firm
|
|
|
Expected credit losses for defaulted commercial real estate loans
|
||
|
Description of the Matter
|
As of December 31, 2024, the Group recognized loan exposures of EUR 36,463 million relating to the non-recourse commercial real estate loans business with corresponding allowances of EUR 795 million. Information on the Group’s commercial real estate loans business is included in Note 19 of the notes to the consolidated financial statements as well as the section titled “Commercial Real Estate” within the “ chapter “Credit Risk Exposure” (Focus Areas 2024) of the Risk Report (combined management report), which is an integral part of the Consolidated Financial Statements.
|
|
|
Identifying and calculating the expected credit losses for defaulted loan exposures involves various assumptions and estimation of inputs, particularly regarding the solvency of the borrower, expectations of future cash flows, observable market prices and expected proceeds from the realization of collateral.
|
||
|
Auditing expected credit losses (ECL) for defaulted commercial real estate loans was complex due to the economic uncertainty and significant use of judgment.
|
||
|
How We Addressed the Matter in Our Audit
|
We obtained an understanding of the processes for identifying and calculating expected credit losses for borrowers in the commercial real estate loans business. We assessed the design and tested the operating effectiveness of controls related to credit risk rating, the application of default criteria and transfer to stage 3 in accordance with IFRS 9 and the calculation of the expected credit loss.
|
|
|
We evaluated the criteria used by management to determine defaulted loans in accordance with IFRS 9.
|
||
|
For a sample of commercial real estate loans, we analyzed the application of default criteria used for ECL-staging. For loans classified as stage 3 we assessed the significant assumptions concerning the estimated future cash flows from the loan exposures by assessing the collateral value, the solvency of the borrower and the publicly available market and industry forecasts. We searched for and evaluated information that corroborates or contradicts management’s forecasted assumptions. We also tested the arithmetical accuracy of the expected credit loss calculated for defaulted exposures.
|
||
|
We involved internal specialists to assess the valuation of commercial real estate collateral on a sample basis.
|
||
|
|
336
|
|
Deutsche Bank
|
Additional Notes
|
|
|
Annual Report 2024
|
Report of Independent Registered Public Accounting Firm
|
|
|
Measurement of goodwill for the Asset Management cash-generating unit
|
||
|
Description of the Matter
|
As of December 31, 2024, the Group reported goodwill of EUR 2,963 million that was exclusively allocated to its Asset Management cash-generating unit (CGU). Information on the measurement of goodwill is provided in notes 1 and 23 of the notes to the consolidated financial statements.
|
|
|
For purposes of the impairment test, the recoverable amount of the Asset Management CGU is calculated using the discounted cash flow model. In this context, significant assumptions are made regarding the earnings projections and the input parameters of the Capital Asset Pricing Model from which the discount rate is derived.
|
||
|
Auditing the measurement of goodwill for the Asset Management CGU involved a high degree of judgment due to the earnings projections and discount rate contained in the discounted cash flow model.
|
||
|
How We Addressed the Matter in Our Audit
|
We obtained an understanding of the process for preparing the earnings projections and calculating the recoverable amount of the Asset Management CGU. In this respect, we also obtained an understanding of management’s controls regarding the earnings projections and the discount rate, assessed the design of such controls and tested their operating effectiveness.
|
|
|
We analyzed the significant assumptions described above with a focus on significant changes compared with the prior year. In this regard, we assessed the consistency and reasonableness of the significant assumptions used in the discounted cash flow model by comparing them with external market expectations.
|
||
|
In analyzing the expected future cash flows of the Asset Management CGU, we compared the earnings projections with the prior fiscal year’s projections and the actual results achieved and evaluated any significant deviations, also with their impact for cash flows. Furthermore, we assessed the discount rate by comparing it to a range of externally available data.
|
||
|
To assess the above assumptions made in the recoverability the Asset Management CGU, we involved internal business valuation specialists.
|
||
|
|
337
|
|
Deutsche Bank
|
Additional Notes
|
|
|
Annual Report 2024
|
Report of Independent Registered Public Accounting Firm
|
|
|
Recognition and measurement of deferred tax assets
|
||
|
Description of the Matter
|
As of December 31, 2024, the Group reported net deferred tax assets of EUR 6,128 million. Information on the recognition and measurement of deferred tax assets is provided in notes 1 and 34 of the notes to the consolidated financial statements.
|
|
|
The recognition and measurement of deferred tax assets is based on the estimation of the ability to utilize unused tax losses and deductible temporary differences against potential future taxable income. This estimate is based, among others, on assumptions regarding forecasted operating results based upon the approved business plan.
|
||
|
Auditing the deferred tax assets was complex because of the use of judgment in estimation of future taxable income and the ability to use tax losses.
|
||
|
How We Addressed the Matter in Our Audit
|
We obtained an understanding of the process to determine whether deductible temporary differences and unused tax losses are identified in different jurisdictions and measured in accordance with the provisions of tax law and rules for accounting for deferred taxes under IAS 12, evaluated the design and tested the operating effectiveness of the related controls.
|
|
|
We tested the assumptions used to develop and allocate elements of the approved business plan as a basis for estimating the future taxable income of the relevant group companies and tax groups.
|
||
|
Furthermore, we evaluated the recognition of deferred tax assets by analyzing the key assumptions made in estimating future taxable income. We assessed the estimates made in the forecasted operating results by comparing the underlying key assumptions with historical and prospective data available externally. We compared the historical forecasts with the actual results. In addition, we assessed the estimated tax adjustments and we performed sensitivity analyses on the utilization periods of the respective deferred tax assets.
|
||
|
To assess the assumptions used in the recoverability of the deferred taxes, we involved our tax professionals and internal business valuation specialists.
|
||
|
|
338
|
|
Deutsche Bank
|
Additional Notes
|
|
|
Annual Report 2024
|
Report of Independent Registered Public Accounting Firm
|
|
|
Provisions and contingent liabilities for civil litigation and regulatory enforcement
|
||
|
Description of the Matter
|
As of December 31, 2024, the Group’s provisions for civil litigation and regulatory enforcement were EUR 2.1 billion and contingent liabilities were EUR 0.7 billion. Information on Provisions for civil litigation and regulatory enforcement is provided in notes 1 and 27 of the notes to the consolidated financial statements.
|
|
|
The Group operates in a legal and regulatory environment that exposes it to significant litigation risks. The estimates for recognition and measurement of provisions or disclosure of contingent liabilities are based upon currently available information and a variety of assumptions and variables.
|
||
|
Significant judgment is required in assessing probability and estimating the amount of an outflow of economic resources given the inherent uncertainties that exist in civil litigation and regulatory enforcement matters.
|
||
|
Auditing the provisions and contingent liabilities for selected civil litigation and regulatory enforcement matters was complex due to the significant subjectivity involved in management’s estimate of the probability and amount of outflow of economic resources.
|
||
|
How We Addressed the Matter in Our Audit
|
We obtained an understanding, evaluated the design and tested the operating effectiveness of management’s controls over the process for recognizing and measuring provisions and disclosing contingent liabilities for civil litigation and regulatory enforcement.
|
|
|
For a sample of relevant matters, we evaluated management’s assessment of the probability and amount of economic outflow, including the assumptions and variables considered for each respective matter. These procedures included inspecting internal and external legal analyses detailing the judgmental aspects subject to legal interpretations. We also read minutes of key management committee meetings (including the Management Board) as well as related correspondence, such as court proceedings, settlement agreements, regulatory inquiries and investigation reports. We obtained correspondence directly from external legal counsel to assess the information provided by management and performed inquiries with external counsel as necessary..
|
||
|
We involved internal valuation specialists to assess the methodology of relevant matters on which the provision amounts were determined as well as internal legal specialists to assess for applicable matters the probability of an outflow and the amount of provision recognized.
|
||
|
|
339
|
|
Deutsche Bank
|
Additional Notes
|
|
|
Annual Report 2024
|
Report of Independent Registered Public Accounting Firm
|
|
|
Introduction
|
|
|
Compensation Report for the Management Board and the Supervisory Board
|
|
|
Employee Compensation Report
|
|
|
Compensation of the Management Board
|
|
|
Application of the compensation system in the financial year
|
|
|
Management Board compensation 2024
|
|
|
Outlook for the 2025 financial year
|
|
|
Compensation of Supervisory Board members
|
|
|
Comparative presentation of compensation and earnings trends
|
|
|
Compensation of the employees (unaudited)
|
|
|
|
340
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
341
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
342
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
343
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
|
344
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
|
|
345
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
|
346
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
347
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Component
|
Principle
|
Implementation
|
||
|
Fixed Compensation
|
||||
|
Base salary
|
The base salary rewards the Management Board member for performing the respective role and responsibilities. This fixed compensation component is intended to ensure a fair and market-oriented income and to ensure that undue risks are avoided.
|
Monthly payment; annual base salary ofbetween € 1.75 million and € 3.8 million
|
||
|
Fringe benefits
|
Management Board members can be granted fringe benefits according to the Management Board Fringe Benefits Guideline resolved by the Supervisory Board.
|
Company car and driver services as well,if applicable, moving expenses, housingallowance, insurance premiums andreimbursement of businessrepresentation expenses.
|
||
|
Pension / pension allowance
|
Management Board members receive contributions to their company pension scheme in accordance with the regulations laid down in the Management Board members service contracts.
|
-Defined contribution system: annualcontribution of € 650,000 p.a.; interestaccrues at an average rate of 2% p.a.,4% p.a. for legacy entitlements-New Management Board members:pension allowance in cash; CEO€650,000 p.a. and other Management Board members €450,000 p.a.
|
||
|
Variable Compensation
|
||||
|
Short-Term Incentive (STI)
|
The Short-Term Incentive (STI) rewards the individual value contribution of each member of the Management Board to achieving short- and medium-term objectives in accordance with the corporate strategy. The STI objectives are tailored to the role and responsibilities of the respective Management Board member and the level of achievement can be individually influenced by the Management Board member.
|
-Short-Term Incentive (STI) assessed after one year-Target achievement based on annualperformance assessment of amaximum of 5 objectives with balancedweightings between financial,sustainability and individual objectives.Maximum achievement level: 150%-Payout: 50% in cash after the 1-yearassessment period and 50% equity-based, this portion is also paid out in cash after an additional holding period of 1 year
|
||
|
Long-Term Incentive (LTI)
|
The Long-Term Incentive (LTI) is largely based on a sustainable increase in the value of the bank. The Relative Total Shareholder Return (RTSR) builds a constant metric within the framework that promotes the linking of shareholder interests with those of the Management Board members. Other stakeholder aspects are taken into account by defining strategically material financial Key Performance Indicators (KPIs) as well as material sustainability targets. Their achievement forms the basis for the final review at the end of the 3-year performance period. The Supervisory Board placed the primary focus on the deferred compensation component by setting the LTI at 60% of the total variable target compensation. In order to appropriately reflect the importance of long-term corporate development in the Management Board’s compensation, 100% of the LTI is shared-based.
|
-Long-Term Incentive (LTI) assessed after 3 years-Target achievement based on performance assessment of 4 LTI objectives with flexible weightings: Group financials (e.g., Return on Tangible Equity (RoTE), growth in Tangible Book Value Per Share (TBVPS)), Relative Total Shareholder Return (RTSR) and Environmental, Social and Governance (ESG) objectives over a forward-looking assessment period of 3 years.Maximum achievement level: 150%-Initially allocated as a target cash amount-Conversion into equity-based instruments (virtual shares) after first year of performance period-Final determination of number of equity-based units at the end of three-year performance period-Full disposal of LTI after 9 years: delivered in five equal, consecutive installments, starting one year after the assessment period and each with an additional holding period of one year
|
||
|
Further aspects
|
||||
|
Compensation caps
|
In accordance with Section 87a German Stock Corporation Act, the Supervisory Board sets an upper limit for the amount of compensation. If the compensation for a financial year exceeds this amount, compliance with the maximum limit is ensured by a corresponding reduction in the payment of the variable compensation.
|
-Maximum compensation of € 12 million according to Section 87a German Stock Corporation Act for each Management Board member- Maximum ratio of fixed to variable compensation: 1:2
|
||
|
Backtesting, malusand clawback
|
To ensure the sustainable development of the bank and to avoid taking inappropriate risks, the payment of variable compensation may be restricted or cancelled. The Supervisory Board has the option of withholding (malus) or reclaiming (clawback) all or part of the short-term and long-term variable compensation in the event of gross misconduct or misrepresentation in financial reporting.
|
-Regular review if results achieved in the past are sustainable (backtesting)-Variable compensation in deferral period may be (partially) forfeited in the event of negative Group results, in the event specific solvency or liquidity conditions are not met, individual misconduct, dismissal for cause or negative individual contributions to performance (malus)-Variable compensation already paid might be reclaimed in accordance withSections 18 (5) and 20 (6) of the Remuneration Ordinance for Institutions
|
||
|
|
348
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Component
|
Principle
|
Implementation
|
||
|
Shareholding guideline
|
The members of the Management Board are obliged to build up a holding of Deutsche Bank shares within 4 years. The shares must be held for the entire duration of the appointment. If the base salary is increased, the obligation to hold shares increases accordingly.
|
-Build-up period of 4 years-CEO – 200% of annual gross base salary and other Management Board members 100% of annual gross base salary-Shares to be held for the duration of the appointment
|
||
|
|
|
349
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
350
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
351
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
2024
|
2023
|
|||||||||
|
in €
|
Basesalary
|
Short-TermIncentive
|
Long-TermIncentive
|
Totalcompensation2
|
Totalcompensation3
|
|||||
|
Chief Executive Officer1
|
||||||||||
|
Target value
|
3,800,000
|
2,400,000
|
3,600,000
|
9,800,000
|
9,300,000
|
|||||
|
Maximum value
|
12,000,000
|
9,850,000
|
||||||||
|
President, CFO and responsible for Asset Management
|
||||||||||
|
Target value
|
3,200,000
|
2,040,000
|
3,060,000
|
8,300,000
|
8,300,000
|
|||||
|
Maximum value
|
10,850,000
|
9,850,000
|
||||||||
|
Head of Corporate Bank and Investment Bank
|
||||||||||
|
Target value
|
3,400,000
|
2,160,000
|
3,240,000
|
8,800,000
|
8,800,000
|
|||||
|
Maximum value
|
11,500,000
|
9,850,000
|
||||||||
|
Head of Private Bank1
|
||||||||||
|
Target value
|
3,200,000
|
2,080,000
|
3,120,000
|
8,400,000
|
7,900,000
|
|||||
|
Maximum value
|
11,000,000
|
9,850,000
|
||||||||
|
Chief Technology, Data and Innovation Officer
|
||||||||||
|
Target value
|
2,400,000
|
1,640,000
|
2,460,000
|
6,500,000
|
6,500,000
|
|||||
|
Maximum
|
8,550,000
|
8,550,000
|
||||||||
|
CEO Asia-Pacific, Europe, Middle East & Africa and Germany
|
||||||||||
|
Target value
|
2,400,000
|
1,640,000
|
2,460,000
|
6,500,000
|
6,500,000
|
|||||
|
Maximum
|
8,550,000
|
8,550,000
|
||||||||
|
Chief Compliance and Anti-Financial Crime Officer1
|
||||||||||
|
Target value
|
1,750,000
|
490,000
|
735,000
|
2,975,000
|
−
|
|||||
|
Maximum value
|
3,500,000
|
−
|
||||||||
|
Chief Operating Officer
|
||||||||||
|
Target value
|
2,400,000
|
1,640,000
|
2,460,000
|
6,500,000
|
6,500,000
|
|||||
|
Maximum
|
8,550,000
|
8,550,000
|
||||||||
|
Chief Executive Officer Americas and Chief Legal Officer
|
||||||||||
|
Target value
|
2,400,000
|
1,640,000
|
2,460,000
|
6,500,000
|
6,500,000
|
|||||
|
Maximum
|
8,550,000
|
8,550,000
|
||||||||
|
Chief Risk Officer
|
||||||||||
|
Target value
|
2,400,000
|
1,640,000
|
2,460,000
|
6,500,000
|
6,500,000
|
|||||
|
Maximum
|
8,550,000
|
8,550,000
|
||||||||
|
|
352
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Management Board Member
|
Weighting(in %)
|
Short-Term Incentive
|
AchievementLevel(in %)
|
|||
|
Christian Sewing
|
25.0%
|
Group adjusted costs
|
103.30%
|
|||
|
25.0%
|
Group revenues
|
|||||
|
15.0%
|
Further evolve and deliver on Group strategy
|
|||||
|
15.0%
|
Drive regulatory remediation and control enhancements
|
|||||
|
20.0%
|
Lead roll-out of “This is Deutsche Bank” framework
|
|||||
|
James von Moltke
|
25.0%
|
Group adjusted costs
|
98.30%
|
|||
|
25.0%
|
Group revenues
|
|||||
|
15.0%
|
Drive key measures underpinning further Group-level strategic evolvement with particular focus on capital-related topics as well as equity story / anchor investors; support DWS’s strategic priorities
|
|||||
|
15.0%
|
Drive regulatory remediation and transformation
|
|||||
|
20.0%
|
Lead roll-out of “This is Deutsche Bank” framework
|
|||||
|
Fabrizio Campelli
|
25.0%
|
Corporate Bank (CB) / Investment Bank (IB) revenues
|
108.70%
|
|||
|
10.0%
|
Group adjusted costs
|
|||||
|
15.0%
|
Divisional adjusted costs
|
|||||
|
15.0%
|
Deliver on CB / IB strategy execution and client leadership; drive key measures underpinning further group-level strategic evolvement
|
|||||
|
15.0%
|
Further improve controls and demonstrate effectiveness to regulators
|
|||||
|
20.0%
|
Lead roll-out of “This is Deutsche Bank” framework
|
|||||
|
Claudio de Sanctis
|
25.0%
|
Private Bank revenues
|
98.90%
|
|||
|
10.0%
|
Group adjusted costs Private Bank ACB
|
|||||
|
15.0%
|
Divisional adjusted cost
|
|||||
|
15.0%
|
Deliver on Privat Bank strategy execution, operating model and client leadership
|
|||||
|
15.0%
|
Deliver on regulatory remediation, especially driving remaining Private Bank Germany client remediation
|
|||||
|
20.0%
|
Lead roll-out of “This is Deutsche Bank” framework
|
|||||
|
Bernd Leukert
|
10.0%
|
Group adjusted costs
|
90.80%
|
|||
|
10.0%
|
Divisional adjusted costs
|
|||||
|
20.0%
|
Align TDI operating model to group-wide capabilities shared between business and IT driving mid/long-term required cost efficiencies, while running Deutsche Bank systems safely on a daily basis
|
|||||
|
20.0%
|
Deliver on Deutsche Bank’s Technology and Innovation Book of Work
|
|||||
|
20.0%
|
Deliver on Deutsche Bank’s regulatory requirements (especially regarding data & payments)
|
|||||
|
20.0%
|
Lead roll-out of “This is Deutsche Bank” framework
|
|||||
|
Alexander von zur Mühlen
|
20.0%
|
Revenues across Germany, EMEA and APAC
|
93.80%
|
|||
|
20.0%
|
Group adjusted costs
|
|||||
|
20.0%
|
Evolve and execute on regional strategies across Germany, EMEA and APAC, and strengthen client focus
|
|||||
|
20.0%
|
Deliver on regulatory remediation, especially driving remaining Private Bank Germany client remediation
|
|||||
|
20.0%
|
Lead roll-out of “This is Deutsche Bank” framework
|
|||||
|
|
353
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Management Board Member
|
Weighting(in %)
|
Short-Term Incentive
|
AchievementLevel(in %)
|
|||
|
Laura Padovani
|
10.0%
|
Group adjusted costs
|
96.50%
|
|||
|
(Member since
|
10.0%
|
Divisional adjusted costs
|
||||
|
July 1, 2024)
|
30.0%
|
Deliver on regulatory remediation
|
||||
|
30.0%
|
Further evolve Compliance & Anti-Financial-Crime Operating Model to mitigate risk, meet regulatory requirements and generate efficiencies
|
|||||
|
20.0%
|
Lead roll-out of “„This is Deutsche Bank” framework
|
|||||
|
Rebecca Short
|
15.0%
|
Group adjusted costs
|
98.00%
|
|||
|
15.0%
|
Divisional adjusted costs
|
|||||
|
15.0%
|
Embed new Target Operating Model
|
|||||
|
20.0%
|
Deliver HR and procurement excellence
|
|||||
|
20.0%
|
Drive remediation and control enhancements
|
|||||
|
20.0%
|
Lead roll-out of “This is Deutsche Bank” framework
|
|||||
|
Professor Dr. Stefan Simon
|
20.0%
|
Group adjusted costs
|
60.80%
|
|||
|
20.0%
|
Deliver on regulatory remediation and drive down litigation portfolio
|
|||||
|
20.0%
|
Franchise leadership Americas
|
|||||
|
20.0%
|
Further evolve CAO Operating Model and reduce governance complexity
|
|||||
|
20.0%
|
Lead roll-out of “This is Deutsche Bank” framework
|
|||||
|
Olivier Vigneron
|
10.0%
|
Group adjusted costs
|
77.90%
|
|||
|
10.0%
|
Divisional adjusted costs
|
|||||
|
20.0%
|
Safeguard macro-cycle downside risks; proactively manage the risk profile, prioritizing earnings stability
|
|||||
|
20.0%
|
Uplift core Risk organization and frameworks
|
|||||
|
20.0%
|
Deliver on regulatory remediation
|
|||||
|
20.0%
|
Lead roll-out of “This is Deutsche Bank”
|
|||||
|
|
354
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Management Board member
|
Achievement Grade (in %)
|
Short-Term Incentive
|
Pay-for-Performance Summary
|
|||
|
Quantitative Objectives
Christian Sewing/James von Moltke
|
79.0%
|
Group adjusted cost
|
The direct adjusted costs KPI focuses on the operating cost development of Deutsche Bank Group which is essential to position the bank for sustainable performance in 2025 and beyond. “Adjusted costs” means that litigation, severance and restructuring and impairment costs are excluded in line with the external reporting.In 2024, the direct adjusted cost base was €20.4 billion, representing 79% target achievement.
|
|||
|
100.0%
|
Group revenues
|
The revenue excl. V&T KPI incentives business momentum and sustainable business growth. It measures revenues growth excluding valuation and timing differences (V&T) that arise on derivatives used to hedge the Group’s balance sheet. These are accounting impacts, and valuation losses that are expected to be recovered over time as the underlying instruments approach maturity.In 2024, revenues excluding valuation and timing differences were €29.5 billion, representing 100% target achievement.
|
||||
|
Qualitative Objectives
Christian Sewing
|
120.0%
|
Further evolve and deliver on Group strategy
|
• In a challenging environment, the Group delivered on its transformation agenda under Christian Sewing leadership• The businesses have clear momentum, which is visible through the revenue delivery of € 30.1 billion (as per IFRS as issued by the IASB and endorsed by the EU), disciplined cost management and enhanced capital efficiency.• A clear strategic path beyond 2025 was developed, which is based on further developing our Global Hausbank service offering and sustainably increasingreturns in 2025 and in the years thereafter.• Key stakeholder relationships, particularly with regulators, investors and policymakers were further strengthened through Christian Sewing’s focused engagement.
|
|||
|
70.0%
|
Drive regulatory remediation and control enhancements
|
• A strong focus during this period was on driving regulatory remediation and enhancing controls. To achieve this, Christian Sewing established a clear prioritization of regulatory remediation for the entire Management Board, coupled with strong personal engagement with regulators and critical regulatory topics.• Structural and personnel adjustments were implemented to accelerate remediation efforts.• Additionally, the approach included a strong commitment to resolving longstanding regulatory issues in 2024 by transitioning from tactical fixes to strategic solutions. This comprehensive effort underscores the dedication to regulatory excellence and the creation of a sustainable compliance framework.• Despite the significant progress in 2024 and positive signals from regulators, the SB also took into consideration the long-standing nature of some remediation topics in the evaluation of the MB’s performance.
|
||||
|
150.0%
|
Lead roll-out of “This is Deutsche Bank” framework
|
• Christian Sewing clearly shaped and successfully drove the global roll-out of the “This is Deutsche Bank” framework, connecting purpose, vision, strategy, culture and claim.• Strong engagement with the Management Board and senior leaders set the tone for emphasizing “This is Deutsche Bank” in executive committees and ambassador events, encouraging leadership by example.• Leadership in the roll-out was further demonstrated through extensive employee engagements, such as ambassador events, cross-divisional all-staff calls / “ask me anything” sessions, divisional executive committee meetings and townhalls, international “This is Deutsche Bank” gatherings, and cross-divisional leadership initiatives.• Laid the foundation for a continued focus on people and culture across all hierarchy levels, driving the organization’s evolution into a purpose-led organization with clients at the center of what Deutsche Bank is doing.
|
|
|
355
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Management Board member
|
Achievement Grade (in %)
|
Short-Term Incentive
|
Pay-for-Performance Summary
|
|||
|
Qualitative Objectives
James von Moltke
|
115.0%
|
Drive key measures underpinning further Group-level strategic evolution with a particular focus on capital-related topics and equity story / anchor investors; support DWS’s strategic priorities
|
• James von Moltke successfully drove key measures, including supporting the Group’s strategic evolution, with a specific focus on capital-related topics delivering € 22 billion in cumulative capital optimization actions, positioning the firm for successful 2025 capital distributions.• Continued refinement of Deutsche Bank’s equity story and focused investor engagement successfully attracting long-term investors which benefited the share registry.• After many years of prework, successful roll-out of the Shareholder Value-Added framework with further potential to improve strategic planning, resource allocation, and financial performance yet to come.• Created reporting tools and established processes to enhance the dialogue across the firm on the use of Shareholder Value-Added.• Supported the 2024 strategic priorities of DWS by assessing and advising on several strategic objectives for DWS. This included the delivery against financial targets, notably exceeding plan on Profit before Tax (PBT), increasing the focus on findings remediation and closure, including the U.S regulatory priorities, onboarding the new Chairman and contributing to an enhanced dialogue with the DWS Supervisory Board.
|
|||
|
75.0%
|
Drive regulatory remediation and transformation
|
• Key regulatory milestones included the closing of significant findings related to European Central Bank requirements for risk governance, addressing liquidity aspects, and mitigating regulatory capital headwinds.• Significantly reduced open findings, achieving a notable reduction in severe (F4) findings and overdue findings.• Finance transformation initiatives drove substantial improvements, with a focus on process reengineering to enhance control and cost efficiencies. This included detailed analyses of granular service processes, piloting innovative tools and contributing to major technology projects, e.g., SAP4/Hana implementation and cloud migration.• Although important milestones of remediation programs were achieved the Supervisory Board took into consideration that continued focus on this issue is required to gradually transition from remediation to a sustainable “business as usual” risk management.
|
||||
|
125.0%
|
Lead roll-out of “This is Deutsche Bank” framework
|
• Emphasized cultural leadership through continuous engagement in the rollout of the “This is Deutsche Bank” framework.• Fostered engagement programs to align behaviors with the aspirational culture across Finance, with Finance leadership actively participating in initiatives and engagement programs to align behaviors with the aspirational culture.• Encouraged DB employees' engagement and supported actionable ideas for improvement through innovative efforts such as the #MyOneThing app and the CFO Shark Tank initiative.
|
||||
|
|
356
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Member of the Management Board
|
Target Amount(in €)
|
Achievement level(in %)
|
Overall Amount STI(in €)
|
|||
|
Christian Sewing
|
2,370,000
|
103.30
|
2,448,210
|
|||
|
James von Moltke
|
2,040,000
|
98.30
|
2,005,320
|
|||
|
Fabrizio Campelli
|
2,160,000
|
108.70
|
2,347,920
|
|||
|
Claudio de Sanctis
|
2,080,000
|
98.90
|
2,057,120
|
|||
|
Bernd Leukert
|
1,640,000
|
90.80
|
1,489,120
|
|||
|
Alexander von zur Mühlen
|
1,640,000
|
93.80
|
1,538,320
|
|||
|
Laura Padovani1
|
245,000
|
96.50
|
236,425
|
|||
|
Rebecca Short
|
1,640,000
|
98.00
|
1,607,200
|
|||
|
Professor Dr. Stefan Simon
|
1,640,000
|
60.80
|
997,120
|
|||
|
Olivier Vigneron
|
1,640,000
|
77.90
|
1,277,560
|
|||
|
|
Member of the Management Board
|
STI cash payout in 2025(in €)
|
STI equity-based grant in 2025(in €)
|
Number of equity-based instruments1
|
|||
|
Christian Sewing2
|
1,200,642
|
1,200,642
|
59,999
|
|||
|
James von Moltke
|
1,002,660
|
1,002,660
|
50,105
|
|||
|
Fabrizio Campelli3
|
1,150,481
|
1,056,564
|
52,799
|
|||
|
Claudio de Sanctis
|
1,028,560
|
1,028,560
|
51,400
|
|||
|
Bernd Leukert
|
744,560
|
744,560
|
37,208
|
|||
|
Alexander von zur Mühlen
|
769,160
|
769,160
|
38,437
|
|||
|
Laura Padovani4
|
118,213
|
118,213
|
5,907
|
|||
|
Rebecca Short
|
803,600
|
803,600
|
40,158
|
|||
|
Professor Dr. Stefan Simon
|
498,560
|
498,560
|
24,914
|
|||
|
Olivier Vigneron
|
638,780
|
638,780
|
31,921
|
|||
|
|
357
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
Members of the Management Board
|
LTI Target allocation in €
|
Average shareprice beforeconversion in €2
|
Number of equity-based units
|
|||
|
Christian Sewing
|
3,555,000
|
20.010
|
177652
|
|||
|
James von Moltke
|
3,060,000
|
0.000
|
152916
|
|||
|
Fabrizio Campelli
|
3,240,000
|
0.000
|
161911
|
|||
|
Claudio de Sanctis
|
3,120,000
|
0.000
|
155914
|
|||
|
Bernd Leukert
|
2,460,000
|
0.000
|
122932
|
|||
|
Alexander von zur Mühlen
|
2,460,000
|
0.000
|
122932
|
|||
|
Laura Padovani1
|
367,500
|
0.000
|
18365
|
|||
|
Rebecca Short
|
2,460,000
|
0.000
|
122932
|
|||
|
Professor Dr. Stefan Simon
|
2,460,000
|
0.000
|
122932
|
|||
|
Olivier Vigneron
|
2,460,000
|
0.000
|
122932
|
|||
|
|
358
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
|
359
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
Members of the Management Board
|
Balance as ofFeb 9, 2024
|
Granted
|
Delivered
|
Forfeited
|
Balance as ofFeb 7, 2025
|
|||||
|
Christian Sewing
|
1,121,379
|
214,469
|
–
|
–
|
1,335,848
|
|||||
|
James von Moltke
|
894,440
|
187,779
|
52,134
|
–
|
1,030,086
|
|||||
|
Fabrizio Campelli
|
557,589
|
194,514
|
29,705
|
–
|
722,397
|
|||||
|
Claudio de Sanctis
|
465,211
|
184,267
|
176,900
|
–
|
472,579
|
|||||
|
Bernd Leukert
|
458,204
|
156,324
|
3,037
|
–
|
611,491
|
|||||
|
Alexander von zur Mühlen
|
431,888
|
156,324
|
32,784
|
–
|
555,428
|
|||||
|
Laura Padovani1
|
–
|
–
|
–
|
–
|
16,436
|
|||||
|
Rebecca Short
|
310,690
|
156,324
|
14,273
|
–
|
452,741
|
|||||
|
Professor Dr. Stefan Simon
|
418,338
|
156,3242
|
86,2803
|
–
|
488,3834
|
|||||
|
Olivier Vigneron
|
206,890
|
156,114
|
28,957
|
–
|
334,048
|
|||||
|
|
360
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
as of February 7, 2025
|
||||||||||||||||
|
Members of the Management Board
|
Number of Deutsche Bank shares(in units)as of Feb 9,2024
|
Number of Deutsche Bank shares(in units)
|
Restricted Equity Award(s)/ Outstanding Equity Units(deferred with additionalretention period)(in units)
|
thereof 75% of Restricted Equity Award(s)/ Outstanding Equity Units chargeable to share obligation(deferred with additionalretention period)(in units)
|
Total value of Deutsche Bank shares and Restricted Equity Award(s)/ Outstanding Equity Units chargeable to share obligation(in units)
|
Share retention obligation must be fulfilledYes / No1
|
Level of required shareholding obligation(in units)2
|
Fulfillment ratio(in %)
|
||||||||
|
Christian Sewing
|
222,171
|
222,171
|
1,335,848
|
1,001,886
|
1,224,057
|
Yes
|
408,778
|
299%
|
||||||||
|
James von Moltke
|
74,753
|
102,272
|
1,030,086
|
772,564
|
874,836
|
Yes
|
172,117
|
508%
|
||||||||
|
Fabrizio Campelli
|
185,509
|
201,291
|
722,397
|
541,798
|
743,089
|
Yes
|
182,874
|
406%
|
||||||||
|
Claudio de Sanctis
|
105,665
|
262,244
|
472,579
|
354,434
|
616,678
|
No
|
172,117
|
358%
|
||||||||
|
Bernd Leukert
|
10,007
|
12,667
|
611,491
|
458,618
|
471,285
|
Yes
|
129,088
|
365%
|
||||||||
|
Alexander von zur Mühlen
|
447,485
|
476,944
|
555,428
|
416,571
|
893,515
|
Yes
|
129,088
|
692%
|
||||||||
|
Laura Padovani 3
|
0
|
0
|
16,436
|
12,327
|
12,327
|
No
|
94,127
|
13%
|
||||||||
|
Rebecca Short
|
69,168
|
73,637
|
452,741
|
339,556
|
413,193
|
No
|
129,088
|
320%
|
||||||||
|
Prof. Dr. Stefan Simon
|
0
|
0
|
488,383
|
366,287
|
366,287
|
Yes
|
129,088
|
284%
|
||||||||
|
Olivier Vigneron
|
21,841
|
37,139
|
334,048
|
250,536
|
287,675
|
No
|
129,088
|
223%
|
||||||||
|
Total
|
1,136,599
|
1,388,365
|
6,019,437
|
4,514,577
|
5,902,942
|
1,675,453
|
||||||||||
|
Members of theManagement Board
|
Annual contribution,in the year
|
Interest credited,in the year
|
Account balance,end of year
|
Service cost (IFRS),in the year
|
Present value of thedefined benefitobligation (IFRS),end of year
|
|||||||||||||||
|
in €
|
2024
|
2023
|
2024
|
2023
|
2024
|
2023
|
2024
|
2023
|
2024
|
2023
|
||||||||||
|
Christian Sewing
|
728,000
|
747,500
|
0
|
0
|
8,752,000
|
8,024,000
|
574,078
|
564,889
|
7,132,345
|
6,457,344
|
||||||||||
|
James von Moltke
|
715,000
|
812,500
|
0
|
0
|
6,519,500
|
5,846,750
|
577,371
|
667,237
|
5,561,609
|
4,948,283
|
||||||||||
|
Fabrizio Campelli
|
773,500
|
786,500
|
0
|
0
|
4,741,754
|
3,968,254
|
542,981
|
525,920
|
3,486,558
|
2,909,388
|
||||||||||
|
Claudio de Sanctis
|
760,500
|
386,750
|
0
|
0
|
1,147,250
|
386,750
|
542,293
|
272,499
|
823,356
|
278,217
|
||||||||||
|
Bernd Leukert
|
689,000
|
702,000
|
0
|
0
|
4,125,334
|
3,436,334
|
596,463
|
573,019
|
3,742,460
|
3,077,074
|
||||||||||
|
Alexander von zur Mühlen1
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||||||
|
Laura Padovani1,2
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||||||
|
Rebecca Short
|
786,500
|
806,000
|
0
|
0
|
2,966,168
|
2,179,668
|
522,769
|
519,350
|
1,983,351
|
1,448,786
|
||||||||||
|
Prof. Dr. Stefan Simon1
|
0
|
473,959
|
0
|
0
|
3,483,460
|
3,483,460
|
0
|
373,627
|
2,944,486
|
2,896,341
|
||||||||||
|
Olivier Vigneron
|
747,500
|
760,500
|
0
|
0
|
2,152,584
|
1,405,084
|
548,749
|
543,072
|
1,633,309
|
1,053,069
|
||||||||||
|
|
361
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
2024
|
2023
|
|||||||||
|
in €
|
Basesalary1
|
ActualShort-Term Incentive
|
TargetLong-Term Incentive2
|
Pro-Forma Totalcompensation
|
Totalcompensation
|
|||||
|
Christian Sewing
|
3,750,000
|
2,448,210
|
3,555,000
|
9,753,210
|
8,745,497
|
|||||
|
James von Moltke
|
3,200,000
|
2,005,320
|
3,060,000
|
8,265,320
|
7,605,057
|
|||||
|
Fabrizio Campelli
|
3,400,000
|
2,347,920
|
3,240,000
|
8,987,920
|
7,996,596
|
|||||
|
Claudio de Sanctis3
|
3,200,000
|
2,057,120
|
3,120,000
|
8,377,120
|
3,712,322
|
|||||
|
Bernd Leukert
|
2,400,000
|
1,489,120
|
2,460,000
|
6,349,120
|
6,012,121
|
|||||
|
Alexander von zur Mühlen
|
2,400,000
|
1,538,320
|
2,460,000
|
6,398,320
|
6,090,841
|
|||||
|
Laura Padovani4
|
875,000
|
236,425
|
367,500
|
1,478,925
|
–
|
|||||
|
Rebecca Short
|
2,400,000
|
1,607,200
|
2,460,000
|
6,467,200
|
6,115,108
|
|||||
|
Professor Dr. Stefan Simon
|
2,400,000
|
997,120
|
2,460,000
|
5,857,120
|
6,080,591
|
|||||
|
Olivier Vigneron
|
2,400,000
|
1,277,560
|
2,460,000
|
6,137,560
|
5,952,363
|
|||||
|
Total
|
26,425,000
|
16,004,315
|
25,642,500
|
68,071,815
|
58,310,496
|
|||||
|
|
362
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
Christian Sewing
|
James von Moltke
|
|||||||||||||||
|
2024
|
2023
|
2024
|
2023
|
|||||||||||||
|
in € t.
|
in %
|
in € t.
|
in %
|
in € t.
|
in %
|
in € t.
|
in %
|
|||||||||
|
Fixed compensation components:
|
||||||||||||||||
|
Base salary
|
3,7501
|
77%
|
3,600
|
72%
|
3,200
|
68%
|
3,150
|
77%
|
||||||||
|
Pension allowance
|
0
|
0%
|
0
|
0%
|
0
|
0%
|
0
|
0%
|
||||||||
|
Fringe benefits
|
113
|
2%
|
255
|
5%
|
107
|
2%
|
72
|
2%
|
||||||||
|
Total fixed compensation
|
3,863
|
79%
|
3,855
|
77%
|
3,307
|
70%
|
3,222
|
79%
|
||||||||
|
Variable compensation components:
|
||||||||||||||||
|
Deferred variable compensation
|
||||||||||||||||
|
thereof Restricted Incentive Awards:
|
||||||||||||||||
|
2019 Restricted Incentive Award for 2018
|
0
|
0%
|
232
|
5%
|
0
|
0%
|
169
|
4%
|
||||||||
|
2020 Restricted Incentive Award for 2019
|
43
|
1%
|
43
|
1%
|
43
|
1%
|
43
|
1%
|
||||||||
|
2021 Restricted Incentive Award for 2020
|
304
|
6%
|
304
|
6%
|
213
|
4%
|
213
|
5%
|
||||||||
|
2022 Restricted Incentive Award for 2021
|
0
|
0%
|
577
|
12%
|
0
|
0%
|
419
|
10%
|
||||||||
|
2023 Restricted Incentive Award for 2022
|
667
|
14%
|
0
|
0%
|
522
|
11%
|
0
|
0%
|
||||||||
|
thereof Equity Awards:
|
||||||||||||||||
|
Fringe benefits
|
0
|
0%
|
0
|
0%
|
0
|
0%
|
0
|
0%
|
||||||||
|
Total variable compensation
|
1,013
|
21%
|
1,155
|
23%
|
1,433
|
30%
|
843
|
21%
|
||||||||
|
Total compensation
|
4,876
|
100%
|
5,010
|
100%
|
4,740
|
100%
|
4,065
|
100%
|
||||||||
|
Fabrizio Campelli
|
Claudio de Sanctis1
|
|||||||||||||||
|
2024
|
2023
|
2024
|
2023
|
|||||||||||||
|
in € t.
|
in %
|
in € t.
|
in %
|
in € t.
|
in %
|
in € t.
|
in %
|
|||||||||
|
Fixed compensation components:
|
||||||||||||||||
|
Base salary
|
3,400
|
82%
|
3,250
|
83%
|
3,2002
|
99%
|
1,500
|
99%
|
||||||||
|
Pension allowance
|
0
|
0%
|
0
|
0%
|
0
|
0%
|
0
|
0%
|
||||||||
|
Fringe benefits
|
6
|
0%
|
33
|
1%
|
20
|
1%
|
9
|
1%
|
||||||||
|
Total fixed compensation
|
3,406
|
82%
|
3,283
|
84%
|
3,220
|
100%
|
1,509
|
100%
|
||||||||
|
Variable compensation components:
|
||||||||||||||||
|
Deferred variable compensation
|
||||||||||||||||
|
thereof Restricted Incentive Awards:
|
||||||||||||||||
|
2019 Restricted Incentive Award for 2018
|
0
|
0%
|
0
|
0%
|
0
|
0%
|
0
|
0%
|
||||||||
|
2020 Restricted Incentive Award for 2019
|
7
|
0%
|
7
|
0%
|
0
|
0%
|
0
|
0%
|
||||||||
|
2021 Restricted Incentive Award for 2020
|
213
|
5%
|
213
|
5%
|
0
|
0%
|
0
|
0%
|
||||||||
|
2022 Restricted Incentive Award for 2021
|
0
|
0%
|
406
|
10%
|
0
|
0%
|
0
|
0%
|
||||||||
|
2023 Restricted Incentive Award for 2022
|
502
|
12%
|
0
|
0%
|
0
|
0%
|
0
|
0%
|
||||||||
|
thereof Equity Awards:
|
0
|
0%
|
0
|
0%
|
0
|
0%
|
0
|
0%
|
||||||||
|
Fringe benefits
|
0
|
0%
|
0
|
0%
|
0
|
0%
|
0
|
0%
|
||||||||
|
Total variable compensation
|
722
|
17%
|
626
|
16%
|
0
|
0%
|
0
|
0%
|
||||||||
|
Total compensation
|
4,129
|
100%
|
3,909
|
100%
|
3,220
|
100%
|
1,509
|
100%
|
||||||||
|
|
363
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Bernd Leukert
|
Alexander von zur Mühlen
|
|||||||||||||||
|
2024
|
2023
|
2024
|
2023
|
|||||||||||||
|
in € t.
|
in %
|
in € t.
|
in %
|
in € t.
|
in %
|
in € t.
|
in %
|
|||||||||
|
Fixed compensation components:
|
||||||||||||||||
|
Base salary
|
2,3911
|
78%
|
2,3971
|
80%
|
2,5762
|
62%
|
2,5592
|
68%
|
||||||||
|
Pension allowance
|
0
|
0%
|
0
|
0%
|
650
|
16%
|
650
|
17%
|
||||||||
|
Fringe benefits
|
9
|
0%
|
6
|
0%
|
136
|
3%
|
88
|
2%
|
||||||||
|
Total fixed compensation
|
2,400
|
78%
|
2,403
|
80%
|
3,362
|
81%
|
3,297
|
88%
|
||||||||
|
Variable compensation components:
|
||||||||||||||||
|
Deferred variable compensation
|
||||||||||||||||
|
thereof Restricted Incentive Awards:
|
||||||||||||||||
|
2019 Restricted Incentive Award for 2018
|
0
|
0%
|
0
|
0%
|
0
|
0%
|
0
|
0%
|
||||||||
|
2020 Restricted Incentive Award for 2019
|
0
|
0%
|
0
|
0%
|
0
|
0%
|
0
|
0%
|
||||||||
|
2021 Restricted Incentive Award for 2020
|
188
|
6%
|
188
|
6%
|
74
|
2%
|
74
|
2%
|
||||||||
|
2022 Restricted Incentive Award for 2021
|
0
|
0%
|
399
|
13%
|
0
|
0%
|
395
|
10%
|
||||||||
|
2023 Restricted Incentive Award for 2022
|
477
|
16%
|
0
|
0%
|
473
|
11%
|
0
|
0%
|
||||||||
|
thereof Equity Awards:
|
0
|
0%
|
0
|
0%
|
0
|
0%
|
0
|
0%
|
||||||||
|
Fringe benefits
|
0
|
0%
|
0
|
0%
|
2193
|
5%
|
0
|
0%
|
||||||||
|
Total variable compensation
|
666
|
22%
|
587
|
20%
|
766
|
19%
|
470
|
12%
|
||||||||
|
Total compensation
|
3,065
|
100%
|
2,990
|
100%
|
4,128
|
100%
|
3,767
|
100%
|
||||||||
|
Laura Padovani (member since July 1, 2024)
|
Rebecca Short
|
|||||||||||||||
|
2024
|
2023
|
2024
|
2023
|
|||||||||||||
|
in € t.
|
in %
|
in € t.
|
in %
|
in € t.
|
in %
|
in € t.
|
in %
|
|||||||||
|
Fixed compensation components:
|
||||||||||||||||
|
Base salary
|
875
|
79%
|
–
|
–
|
2,400
|
81%
|
2,400
|
90%
|
||||||||
|
Pension allowance
|
225
|
20%
|
–
|
–
|
0
|
0%
|
0
|
0%
|
||||||||
|
Fringe benefits
|
12
|
1%
|
–
|
–
|
56
|
2%
|
33
|
1%
|
||||||||
|
Total fixed compensation
|
1,112
|
100%
|
–
|
–
|
2,456
|
83%
|
2,433
|
91%
|
||||||||
|
Variable compensation components:
|
||||||||||||||||
|
Deferred variable compensation
|
||||||||||||||||
|
thereof Restricted Incentive Awards:
|
||||||||||||||||
|
2019 Restricted Incentive Award for 2018
|
0
|
0%
|
–
|
–
|
0
|
0%
|
0
|
0%
|
||||||||
|
2020 Restricted Incentive Award for 2019
|
0
|
0%
|
–
|
–
|
0
|
0%
|
0
|
0%
|
||||||||
|
2021 Restricted Incentive Award for 2020
|
0
|
0%
|
–
|
–
|
0
|
0%
|
0
|
0%
|
||||||||
|
2022 Restricted Incentive Award for 2021
|
0
|
0%
|
–
|
–
|
0
|
0%
|
241
|
9%
|
||||||||
|
2023 Restricted Incentive Award for 2022
|
0
|
0%
|
–
|
–
|
491
|
17%
|
0
|
0%
|
||||||||
|
thereof Equity Awards:
|
0
|
0%
|
–
|
–
|
0
|
0%
|
0
|
0%
|
||||||||
|
Fringe benefits
|
0
|
0%
|
–
|
–
|
0
|
0%
|
0
|
0%
|
||||||||
|
Total variable compensation
|
0
|
0%
|
–
|
–
|
491
|
17%
|
241
|
9%
|
||||||||
|
Total compensation
|
1,112
|
100%
|
–
|
–
|
2,946
|
100%
|
2,674
|
100%
|
||||||||
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|||||||||
|
Professor Dr. Stefan Simon
|
Olivier Vigneron
|
|||||||||||||||
|
2024
|
2023
|
2024
|
2023
|
|||||||||||||
|
in € t.
|
in %
|
in € t.
|
in %
|
in € t.
|
in %
|
in € t.
|
in %
|
|||||||||
|
Fixed compensation components:
|
||||||||||||||||
|
Base salary
|
2,4681
|
59%
|
2,4291
|
73%
|
2,400
|
90%
|
2,400
|
99%
|
||||||||
|
Pension allowance
|
650
|
16%
|
271
|
8%
|
0
|
0%
|
0
|
0%
|
||||||||
|
Fringe benefits
|
117
|
3%
|
55
|
2%
|
13
|
0%
|
33
|
1%
|
||||||||
|
Total fixed compensation
|
3,235
|
78%
|
2,755
|
83%
|
2,413
|
90%
|
2,433
|
100%
|
||||||||
|
Variable compensation components:
|
||||||||||||||||
|
Deferred variable compensation
|
||||||||||||||||
|
thereof Restricted Incentive Awards:
|
||||||||||||||||
|
2019 Restricted Incentive Award for 2018
|
0
|
0%
|
0
|
0%
|
0
|
0%
|
0
|
0%
|
||||||||
|
2020 Restricted Incentive Award for 2019
|
0
|
0%
|
0
|
0%
|
0
|
0%
|
0
|
0%
|
||||||||
|
2021 Restricted Incentive Award for 2020
|
78
|
2%
|
78
|
2%
|
0
|
0%
|
0
|
0%
|
||||||||
|
2022 Restricted Incentive Award for 2021
|
0
|
0%
|
396
|
12%
|
0
|
0%
|
0
|
0%
|
||||||||
|
2023 Restricted Incentive Award for 2022
|
475
|
11%
|
0
|
0%
|
266
|
10%
|
0
|
0%
|
||||||||
|
thereof Equity Awards:
|
0
|
0%
|
0
|
0%
|
0
|
0%
|
0
|
0%
|
||||||||
|
Fringe benefits
|
3632
|
9%
|
91
|
3%
|
0
|
0%
|
0
|
0%
|
||||||||
|
Total variable compensation
|
916
|
22%
|
564
|
17%
|
266
|
10%
|
0
|
0%
|
||||||||
|
Total compensation
|
4,151
|
100%
|
3,319
|
100%
|
2,679
|
100%
|
2,433
|
100%
|
||||||||
|
|
364
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
Karl von Rohrmember untilOctober 31, 2023
|
Christiana Rileymember untilMay 17, 2023
|
Stuart Lewismember untilMay 19, 2022
|
Frank Kuhnkemember untilApril 30, 2021
|
|||||||||||||
|
2024
|
2024
|
2024
|
2024
|
||||||||||||||
|
in € t.
|
in %
|
in € t.
|
in %
|
in € t.
|
in %
|
in € t.
|
in %
|
||||||||||
|
Non-Compete payment
|
1,625
|
67%
|
0
|
0%
|
0
|
0%
|
0
|
0%
|
|||||||||
|
Deferred variable compensation
|
|||||||||||||||||
|
Restricted Incentive Awards
|
800
|
33%
|
0
|
0%
|
388
|
100%
|
200
|
100%
|
|||||||||
|
Equity Awards
|
0
|
0%
|
0
|
0%
|
0
|
0%
|
0
|
0%
|
|||||||||
|
Fringe benefits
|
0
|
0%
|
2
|
100%
|
0
|
0%
|
0
|
0%
|
|||||||||
|
Pension benefits
|
0
|
0%
|
0
|
0%
|
0
|
0%
|
0
|
0%
|
|||||||||
|
Total compensation
|
2,425
|
100%
|
2
|
100%
|
388
|
100%
|
200
|
100%
|
|||||||||
|
Werner Steinmüllermember untilJuly 31, 2020
|
Sylvie Matheratmember untilJuly 31, 2019
|
Garth Ritchiemember untilJuly 31, 2019
|
Frank Strauß1 member until July 31, 2019
|
||||||||||||||
|
2024
|
2024
|
2024
|
2024
|
||||||||||||||
|
in € t.
|
in %
|
in € t.
|
in %
|
in € t.
|
in %
|
in € t.
|
in %
|
||||||||||
|
Deferred variable compensation
|
|||||||||||||||||
|
Restricted Incentive Awards
|
134
|
100%
|
2,3332
|
100%
|
1,7902
|
100%
|
2,6682
|
100%
|
|||||||||
|
Equity Awards
|
0
|
0%
|
0
|
0%
|
0
|
0%
|
0
|
0%
|
|||||||||
|
Fringe benefits
|
0
|
0%
|
0
|
0%
|
0
|
0%
|
0
|
0%
|
|||||||||
|
Pension benefits
|
0
|
0%
|
0
|
0%
|
0
|
0%
|
0
|
0%
|
|||||||||
|
Total compensation
|
134
|
100%
|
2,333
|
100%
|
1,790
|
100%
|
2,668
|
100%
|
|||||||||
|
Nicolas Moreaumember until Dec 31, 2018
|
John Cryanmember until April 8, 2018
|
||||||||||||
|
2024
|
2024
|
||||||||||||
|
DB AG
|
DWS Management GmbH
|
Overall
|
|||||||||||
|
in € t.
|
in € t.
|
in € t.
|
in %
|
in € t.
|
in € t.
|
||||||||
|
Deferred variable compensation
|
|||||||||||||
|
Restricted Incentive Awards
|
404
|
2,1901
|
2,594
|
95%
|
0
|
0%
|
|||||||
|
Equity Awards
|
0
|
1422
|
142
|
5%
|
4,382
|
100%
|
|||||||
|
Fringe benefits
|
0
|
0
|
0
|
0%
|
0
|
0%
|
|||||||
|
Pension benefits
|
0
|
0
|
0
|
0%
|
0
|
0%
|
|||||||
|
Total compensation
|
404
|
2,332
|
2,736
|
100%
|
4,382
|
100%
|
|||||||
|
|
365
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
366
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
|
367
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Committee chair
|
||
|
Audit Committee
|
150,000
|
|
|
Risk Committee
|
150,000
|
|
|
Technology, Data and Innovation Committee
|
150,000
|
|
|
Chairman’s Committee
|
100,000
|
|
|
Nomination Committee
|
100,000
|
|
|
Compensation Control Committee
|
100,000
|
|
|
Regulatory Oversight Committee
|
100,000
|
|
|
Strategy and Sustainability Committee
|
100,000
|
|
|
Mediation Committee
|
0
|
|
|
|
368
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
369
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Compensation for the financial year 2024
|
||||||||||
|
Members of the Supervisory Board
|
Base compensation
|
Compensation for chairing of the committees
|
Total
|
|||||||
|
in €
|
in %
|
in €
|
in %
|
in €
|
||||||
|
Alexander Wynaendts
|
950,000
|
100%
|
0
|
0%
|
950,000
|
|||||
|
Frank Schulze
|
475,000
|
100%
|
0
|
0%
|
475,000
|
|||||
|
Prof. Dr. Norbert Winkeljohann
|
475,000
|
83%
|
100,000
|
17%
|
575,000
|
|||||
|
Susanne Bleidt
|
300,000
|
100%
|
0
|
0%
|
300,000
|
|||||
|
Mayree Clark
|
300,000
|
67%
|
150,000
|
33%
|
450,000
|
|||||
|
Jan Duscheck
|
300,000
|
100%
|
0
|
0%
|
300,000
|
|||||
|
Manja Eifert
|
300,000
|
100%
|
0
|
0%
|
300,000
|
|||||
|
Claudia Fieber
|
300,000
|
100%
|
0
|
0%
|
300,000
|
|||||
|
Sigmar Gabriel
|
300,000
|
100%
|
0
|
0%
|
300,000
|
|||||
|
Florian Haggenmiller1
|
275,000
|
100%
|
0
|
0%
|
275,000
|
|||||
|
Timo Heider
|
300,000
|
100%
|
0
|
0%
|
300,000
|
|||||
|
Birgit Laumen2
|
0
|
0%
|
0
|
0%
|
0
|
|||||
|
Gerlinde M. Siebert
|
300,000
|
100%
|
0
|
0%
|
300,000
|
|||||
|
Yngve Slyngstad
|
300,000
|
100%
|
0
|
0%
|
300,000
|
|||||
|
Stephan Szukalski
|
300,000
|
100%
|
0
|
0%
|
300,000
|
|||||
|
John Alexander Thain
|
300,000
|
75%
|
100,000
|
25%
|
400,000
|
|||||
|
Jürgen Tögel
|
300,000
|
100%
|
0
|
0%
|
300,000
|
|||||
|
Michele Trogni
|
300,000
|
67%
|
150,000
|
33%
|
450,000
|
|||||
|
Dr. Dagmar Valcárcel3
|
300,000
|
67%
|
150,000
|
33%
|
450,000
|
|||||
|
Dr. Theodor Weimer
|
300,000
|
100%
|
0
|
0%
|
300,000
|
|||||
|
Frank Witter
|
300,000
|
67%
|
150,000
|
33%
|
450,000
|
|||||
|
Total
|
6,975,000
|
90%
|
800,000
|
10%
|
7,775,000
|
|||||
|
|
370
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Compensation for the financial year 2023
|
||||||||||
|
Members of the Supervisory Board
|
Base compensation
|
Committee compensationand/or compensation for charingof the committees
|
Total
|
|||||||
|
in €
|
in %
|
in €
|
in %
|
in €
|
||||||
|
Alexander Wynaendts
|
637,500
|
69%
|
291,667
|
31%
|
929,167
|
|||||
|
Detlef Polaschek1
|
62,500
|
33%
|
125,000
|
67%
|
187,500
|
|||||
|
Frank Schulze2
|
277,083
|
100%
|
0
|
0%
|
277,083
|
|||||
|
Prof. Dr. Norbert Winkeljohann
|
339,583
|
60%
|
225,000
|
40%
|
564,583
|
|||||
|
Ludwig Blomeyer-Bartenstein1
|
41,667
|
33%
|
83,333
|
67%
|
125,000
|
|||||
|
Susanne Bleidt2
|
175,000
|
100%
|
0
|
0%
|
175,000
|
|||||
|
Mayree Clark
|
216,667
|
50%
|
212,500
|
50%
|
429,167
|
|||||
|
Jan Duscheck
|
216,667
|
72%
|
83,333
|
28%
|
300,000
|
|||||
|
Manja Eifert
|
216,667
|
84%
|
41,667
|
16%
|
258,334
|
|||||
|
Claudia Fieber2
|
175,000
|
100%
|
0
|
0%
|
175,000
|
|||||
|
Sigmar Gabriel
|
216,667
|
84%
|
41,667
|
16%
|
258,334
|
|||||
|
Timo Heider
|
216,667
|
78%
|
62,500
|
22%
|
279,167
|
|||||
|
Martina Klee1
|
41,667
|
50%
|
41,667
|
50%
|
83,334
|
|||||
|
Birgit Laumen2
|
175,000
|
100%
|
0
|
0%
|
175,000
|
|||||
|
Gabriele Platscher1
|
41,667
|
33%
|
83,333
|
67%
|
125,000
|
|||||
|
Bernd Rose1
|
41,667
|
29%
|
104,167
|
71%
|
145,834
|
|||||
|
Gerlinde M. Siebert2
|
175,000
|
100%
|
0
|
0%
|
175,000
|
|||||
|
Yngve Slyngstad
|
216,667
|
84%
|
41,667
|
16%
|
258,334
|
|||||
|
Stephan Szukalski2
|
175,000
|
100%
|
0
|
0%
|
175,000
|
|||||
|
John Alexander Thain
|
216,667
|
68%
|
100,000
|
32%
|
316,667
|
|||||
|
Jürgen Tögel2
|
175,000
|
100%
|
0
|
0%
|
175,000
|
|||||
|
Michele Trogni
|
216,667
|
48%
|
233,333
|
52%
|
450,000
|
|||||
|
Dr. Dagmar Valcárcel3
|
216,667
|
48%
|
233,333
|
52%
|
450,000
|
|||||
|
Stefan Viertel1
|
41,667
|
29%
|
104,167
|
71%
|
145,834
|
|||||
|
Dr. Theodor Weimer
|
216,667
|
84%
|
41,667
|
16%
|
258,334
|
|||||
|
Frank Werneke1
|
41,667
|
33%
|
83,333
|
67%
|
125,000
|
|||||
|
Frank Witter
|
216,667
|
56%
|
170,833
|
44%
|
387,500
|
|||||
|
Total
|
5,000,005
|
68%
|
2,404,167
|
32%
|
7,404,172
|
|||||
|
Payment of the virtual share units
|
||||
|
Members of the Supervisory Board
|
Virtual share units accrued during the term of office until May 17, 2023
|
Amount paid outin February 2024in €¹
|
||
|
Alexander Wynaendts
|
10,287.340
|
123,534
|
||
|
Detlef Polaschek
|
54,246.220
|
651,410
|
||
|
Ludwig Blomeyer-Bartenstein
|
36,164.150
|
434,274
|
||
|
Mayree Clark
|
48,753.550
|
585,452
|
||
|
Jan Duscheck
|
31,622.390
|
379,734
|
||
|
Manja Eifert
|
2,420.550
|
29,067
|
||
|
Sigmar Gabriel
|
13,123.540
|
157,593
|
||
|
Timo Heider
|
32,243.510
|
387,193
|
||
|
Martina Klee
|
19,567.670
|
234,976
|
||
|
Gabriele Platscher
|
36,164.150
|
434,274
|
||
|
Bernd Rose
|
34,436.160
|
413,523
|
||
|
Yngve Slyngstad
|
2,074.760
|
24,915
|
||
|
John Alexander Thain
|
24,109.430
|
289,516
|
||
|
Michele Trogni
|
43,315.860
|
520,154
|
||
|
Dr. Dagmar Valcárcel
|
36,257.850
|
435,399
|
||
|
Stefan Viertel
|
11,855.880
|
142,370
|
||
|
Dr. Theodor Weimer
|
11,488.660
|
137,960
|
||
|
Frank Werneke
|
6,403.560
|
76,897
|
||
|
Prof. Dr. Norbert Winkeljohann
|
49,368.980
|
592,842
|
||
|
Frank Witter
|
9,272.180
|
111,344
|
||
|
Total
|
513,176.390
|
6,162,427
|
||
|
|
371
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
until May 17, 2023
|
||||
|
Committeein €
|
Chair
|
Member
|
||
|
Audit Committee
|
200,000
|
100,000
|
||
|
Risk Committee
|
200,000
|
100,000
|
||
|
Nomination Committee
|
100,000
|
50,000
|
||
|
Mediation Committee
|
0
|
0
|
||
|
Regulatory Oversight Committee
|
200,000
|
100,000
|
||
|
Chairman’s Committee
|
100,000
|
50,000
|
||
|
Compensation Control Committee
|
100,000
|
50,000
|
||
|
Strategy and Sustainability Committee
|
100,000
|
50,000
|
||
|
Technology, Data and Innovation Committee
|
200,000
|
100,000
|
||
|
|
372
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
2024
|
2023
|
2022
|
2021
|
2020
|
Annual change from 2024 to 2023 in %
|
Annual change from 2023 to 2022 in %
|
Annual change from 2022 to 2021 in %
|
Annual change from 2021 to 2020 in %
|
||||||||||
|
1. Company profit development
|
||||||||||||||||||
|
Net income (net loss) of Deutsche Bank AG (in € m)
|
2,883
|
4,999
|
5,506
|
1,919
|
(1,769)
|
(42)
|
(9)
|
187
|
N/M
|
|||||||||
|
Net income (net loss) of Deutsche Bank Group (in € m)
|
3,366
|
4,772
|
5,525
|
2,365
|
495
|
(29)
|
(14)
|
134
|
N/M
|
|||||||||
|
Cost/income ratio of Deutsche Bank Group (in %)
|
76.3%
|
75.1%
|
74.9%
|
84.6%
|
88.3%
|
2
|
0
|
(11)
|
(4)
|
|||||||||
|
Return on Tangible Equity (RoTE) of Deutsche Bank
|
4.7%
|
7.4%
|
9.4%
|
3.8%
|
0.2%
|
(36)
|
(21)
|
147
|
N/M
|
|||||||||
|
2. Average compensation employees
|
||||||||||||||||||
|
World-wide on a full-time equivalent basis
|
122,985
|
116,713
|
125,301
|
120,336
|
113,350
|
5
|
(7)
|
4
|
6
|
|||||||||
|
3. Management Board compensation (in € t.)
|
||||||||||||||||||
|
Current Management Board members
|
||||||||||||||||||
|
Christian Sewing(member since January 1, 2015)
|
4,876
|
5,010
|
4,394
|
3,867
|
3,352
|
(3)
|
14
|
14
|
15
|
|||||||||
|
James von Moltke(member since July 1, 2017)
|
4,740
|
4,065
|
3,783
|
4,009
|
3,635
|
17
|
7
|
(6)
|
10
|
|||||||||
|
Fabrizio Campelli(member since November 1, 2019)
|
4,129
|
3,909
|
2,744
|
2,420
|
2,222
|
6
|
42
|
13
|
9
|
|||||||||
|
Claudio de Sanctis(member since July 1, 2023)
|
3,220
|
1,509
|
-
|
-
|
-
|
113
|
N/M
|
N/M
|
N/M
|
|||||||||
|
Bernd Leukert(member since January 1, 2020)
|
3,065
|
2,990
|
2,593
|
2,419
|
2,222
|
3
|
15
|
7
|
9
|
|||||||||
|
Alexander von zur Mühlen(member since August 1, 2020)
|
4,133
|
3,767
|
3,412
|
3,157
|
1,282
|
10
|
10
|
8
|
146
|
|||||||||
|
Laura Padovani(member since July 1, 2024)
|
1,112
|
-
|
-
|
-
|
-
|
N/M
|
N/M
|
N/M
|
N/M
|
|||||||||
|
Rebecca Short(member since May 1, 2021)
|
2,946
|
2,674
|
2,436
|
1,606
|
-
|
10
|
10
|
52
|
N/M
|
|||||||||
|
Prof. Dr. Stefan Simon(member since August 1, 2020)
|
4,118
|
3,319
|
2,488
|
2,446
|
1,007
|
24
|
33
|
2
|
143
|
|||||||||
|
Olivier Vigneron(member since May 20, 2022)
|
2,679
|
2,433
|
1,508
|
-
|
-
|
10
|
61
|
N/M
|
N/M
|
|
|
373
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
2024
|
2023
|
2022
|
2021
|
2020
|
Annual change from 2024 to 2023 in %
|
Annual change from 2023 to 2022 in %
|
Annual change from 2022 to 2021 in %
|
Annual change from 2021 to 2020 in %
|
||||||||||
|
Members who left the Management Board before thefinancial year
|
||||||||||||||||||
|
Karl von Rohr(member until October 31, 2023
|
2,4251
|
3,727
|
3,444
|
3,235
|
2,930
|
(35)
|
8
|
6
|
10
|
|||||||||
|
Christiana Riley(member until May 17, 2023)
|
2
|
2,673
|
3,653
|
3,079
|
3,034
|
(100)
|
(27)
|
19
|
1
|
|||||||||
|
Stuart Lewis(member until May 19, 2023)
|
388
|
1,363
|
2,648
|
3,079
|
2,912
|
(72)
|
(49)
|
(14)
|
6
|
|||||||||
|
Frank Kuhnke(member until 30 April 2021)
|
200
|
348
|
1,6261
|
2,2641
|
2,207
|
(43)
|
(79)
|
(28)
|
3
|
|||||||||
|
Werner Steinmüller(member until July 31, 2020)
|
134
|
283
|
283
|
3,117
|
2,436
|
(53)
|
N/M
|
(91)
|
28
|
|||||||||
|
Sylvie Matherat(member until July 31, 2019)
|
2,3351
|
132
|
134
|
211
|
2,719
|
1
|
N/M
|
(1)
|
(36)
|
(92)
|
||||||||
|
Garth Ritchie(member until July 31, 2019)
|
1,7901
|
268
|
268
|
2,071
|
4,185
|
1
|
N/M
|
N/M
|
(87)
|
(51)
|
||||||||
|
Frank Strauß(member until July 31, 2019)
|
2,6681
|
326
|
326
|
326
|
2,168
|
1
|
N/M
|
N/M
|
N/M
|
(85)
|
||||||||
|
Nicolas Moreau(member until Dec 31, 2018)
|
2,7361
|
286
|
317
|
299
|
1,826
|
N/M
|
(10)
|
6
|
(84)
|
|||||||||
|
Dr. Marcus Schenck(member until May 24, 2018)
|
-
|
65
|
65
|
65
|
65
|
N/M
|
N/M
|
N/M
|
N/M
|
|||||||||
|
John Cryan(member until April 8, 2018)
|
4,3821
|
3,3121
|
47
|
47
|
47
|
32
|
N/M
|
N/M
|
N/M
|
|||||||||
|
4. Supervisory Board compensation (in € t.)
|
||||||||||||||||||
|
Current Supervisory Board members
|
||||||||||||||||||
|
Alexander Wynaendts(member since May 19, 2022)
|
950
|
929
|
496
|
-
|
-
|
2
|
87
|
N/M
|
N/M
|
|||||||||
|
Frank Schulze(member since May 17, 2023)
|
475
|
277
|
-
|
-
|
-
|
71
|
N/M
|
N/M
|
N/M
|
|||||||||
|
Prof. Dr. Norbert Winkeljohann(member since August 1, 2018)
|
575
|
565
|
521
|
496
|
450
|
2
|
8
|
5
|
10
|
|||||||||
|
Susanne Bleidt(member since May 17, 2023)
|
300
|
175
|
-
|
-
|
-
|
71
|
N/M
|
N/M
|
N/M
|
|||||||||
|
Mayree Clark(member since May 24, 2018)
|
450
|
429
|
429
|
450
|
425
|
5
|
N/M
|
(5)
|
6
|
|||||||||
|
Jan Duscheck(member since August 2, 2016)
|
300
|
300
|
300
|
271
|
250
|
N/M
|
N/M
|
11
|
8
|
|||||||||
|
Manja Eifert(member since April 7, 2022)
|
300
|
258
|
117
|
-
|
-
|
16
|
121
|
N/M
|
N/M
|
|||||||||
|
Claudia Fieber(member since May 17, 2023)
|
300
|
175
|
-
|
-
|
-
|
71
|
N/M
|
N/M
|
N/M
|
|||||||||
|
Sigmar Gabriel(member since March 11, 2020)
|
300
|
258
|
200
|
200
|
167
|
16
|
29
|
N/M
|
20
|
|||||||||
|
Florian Haggenmiller(member since January 16, 2024)
|
275
|
-
|
-
|
-
|
-
|
N/M
|
N/M
|
N/M
|
N/M
|
|||||||||
|
Timo Heider(member since May 23, 2013)
|
300
|
279
|
308
|
292
|
250
|
8
|
(9)
|
5
|
17
|
|||||||||
|
Gerlinde Siebert(member since May 17, 2023)
|
300
|
175
|
-
|
-
|
-
|
71
|
N/M
|
N/M
|
N/M
|
|||||||||
|
Yngve Slyngstad(member since May 19, 2022)
|
300
|
258
|
100
|
-
|
-
|
16
|
158
|
N/M
|
N/M
|
|||||||||
|
Stephan Szukalski(member until December 31, 2020;member since May 17, 2023)
|
300
|
175
|
-
|
-
|
200
|
71
|
N/M
|
N/M
|
N/M
|
|||||||||
|
John Alexander Thain(member since May 24, 2018)
|
400
|
317
|
200
|
200
|
200
|
26
|
59
|
N/M
|
N/M
|
|||||||||
|
Jürgen Tögel(member since May 17, 2023)
|
300
|
175
|
-
|
-
|
-
|
71
|
N/M
|
N/M
|
N/M
|
|||||||||
|
Michele Trogni(member since May 24, 2018)
|
450
|
450
|
450
|
392
|
350
|
N/M
|
N/M
|
15
|
12
|
|||||||||
|
Dr. Dagmar Valcárcel(member since August 1, 2019)
|
450
|
450
|
450
|
450
|
425
|
N/M
|
N/M
|
N/M
|
6
|
|
|
374
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
2024
|
2023
|
2022
|
2021
|
2020
|
Annual change from 2024 to 2023 in %
|
Annual change from 2023 to 2022 in %
|
Annual change from 2022 to 2021 in %
|
Annual change from 2021 to 2020 in %
|
||||||||||
|
Dr. Theodor Weimer(member since May 20, 2020)
|
300
|
258
|
200
|
200
|
108
|
16
|
29
|
N/M
|
85
|
|||||||||
|
Frank Witter(member since May 27, 2021)
|
450
|
388
|
300
|
142
|
-
|
16
|
29
|
111
|
N/M
|
|||||||||
|
Former Supervisory Board members
|
||||||||||||||||||
|
Ludwig Blomeyer-Bartenstein(member until May 17, 2023)
|
-
|
125
|
300
|
300
|
300
|
N/M
|
(58)
|
N/M
|
N/M
|
|||||||||
|
Detlef Polaschek(member until May 17, 2023)
|
-
|
188
|
450
|
450
|
450
|
N/M
|
(58)
|
N/M
|
N/M
|
|||||||||
|
Martina Klee(member until May 17, 2023)
|
-
|
83
|
200
|
171
|
150
|
N/M
|
(59)
|
17
|
14
|
|||||||||
|
Birgit Laumen(member until January 12, 2024)
|
-
|
175
|
-
|
-
|
-
|
N/M
|
N/M
|
N/M
|
N/M
|
|||||||||
|
Gabriele Platscher(member until May 17, 2023)
|
-
|
125
|
300
|
300
|
300
|
N/M
|
(58)
|
N/M
|
N/M
|
|||||||||
|
Bernd Rose(member until May 17, 2023)
|
-
|
146
|
350
|
321
|
275
|
N/M
|
(58)
|
9
|
17
|
|||||||||
|
Stefan Viertel(member until May 17, 2023)
|
-
|
146
|
321
|
242
|
-
|
N/M
|
(55)
|
33
|
N/M
|
|||||||||
|
Frank Werneke(member until May 17, 2023)
|
-
|
125
|
300
|
8
|
-
|
N/M
|
(58)
|
N/M
|
N/M
|
|||||||||
|
Dr. Paul Achleitner(member until May 19, 2022)
|
-
|
-
|
375
|
871
|
802
|
N/M
|
N/M
|
(57)
|
9
|
|||||||||
|
Dr. Gerhard Eschelbeck(member until May 19, 2022)
|
-
|
-
|
104
|
217
|
150
|
N/M
|
N/M
|
(52)
|
45
|
|||||||||
|
Henriette Mark(member until March 31, 2022)
|
-
|
-
|
63
|
250
|
250
|
N/M
|
N/M
|
(75)
|
N/M
|
|||||||||
|
Frank Bsirske(member until October 27, 2021)
|
-
|
-
|
-
|
250
|
300
|
N/M
|
N/M
|
N/M
|
(17)
|
|||||||||
|
Gerd Alexander Schütz(member until May 27, 2021)
|
-
|
-
|
-
|
50
|
175
|
N/M
|
N/M
|
N/M
|
(71)
|
|||||||||
|
Katherine Garrett-Cox(member until May 20, 2020)
|
-
|
-
|
-
|
-
|
100
|
N/M
|
N/M
|
N/M
|
N/M
|
|||||||||
|
|
375
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
376
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
|
377
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
378
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
|
379
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
380
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
381
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
382
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Award Type
|
Description
|
Beneficiaries
|
Deferral Period
|
Retention Period
|
Portion
|
|||||
|
Upfront:Cash VC
|
Upfront cash
|
All eligible employees
|
N/A
|
N/A
|
100% of VC, except employees with deferred awards
|
|||||
|
Upfront:Equity Upfront Award (EUA)
|
Upfront equity (linked to Deutsche Bank’s share price over the retention period)
|
MRTs with VC ≥ € 50,000 or where VC exceeds 1/3 of TC
Non-MRTs with deferred awards where 2024 TC >
€ 500,000
|
N/A
|
12 months
|
50% of upfront VC
|
|||||
|
Deferred:Restricted Incentive Award (RIA)
|
Deferred cash
|
All employees with deferred VC
|
Equal tranche vesting:MRTs: 4 yearsSenior Mgmt.1: 5 years
Non-MRTs: 3 years
|
N/A
|
50% of deferred VC
|
|||||
|
Deferred:Restricted Equity Award (REA)
|
Deferred equity (linked to Deutsche Bank’s share price over the vesting and retention period)
|
All employees with deferred VC
|
Equal tranche vesting:MRTs: 4 yearsSenior Mgmt.1: 5 yearsNon-MRTs: 3 years
|
12 months for MRTs
|
50% of deferred VC
|
|
|
383
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
|
384
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
2024
|
2023
|
|||||||||||||||||||
|
in € m.(unless stated otherwise)¹
|
Super-visoryBoard²
|
Mana-gementBoard3
|
CB3
|
IB3
|
PB3
|
AM3
|
ControlFunc-tions3
|
CorporateFunc-tions3
|
GroupTotal
|
GroupTotal
|
||||||||||
|
Number of employees (full-time equivalent)
|
21
|
10
|
16,032
|
7,998
|
24,879
|
4,575
|
7,052
|
29,208
|
89,753
|
90,130
|
||||||||||
|
Total compensation
|
8
|
75
|
1,410
|
2,611
|
2,462
|
794
|
865
|
2,838
|
11,056
|
10,324
|
||||||||||
|
Base salary and allowances
|
8
|
27
|
1,031
|
1,320
|
1,876
|
486
|
689
|
2,177
|
7,606
|
7,421
|
||||||||||
|
Pension expenses
|
0
|
5
|
71
|
71
|
91
|
37
|
52
|
146
|
474
|
440
|
||||||||||
|
Fixed Pay according to§ 2 InstVV
|
8
|
33
|
1,102
|
1,391
|
1,968
|
523
|
741
|
2,323
|
8,081
|
7,861
|
||||||||||
|
Year-end performance-based VC4
|
0
|
42
|
261
|
1,181
|
314
|
235
|
92
|
390
|
2,514
|
1,996
|
||||||||||
|
Other VC4
|
0
|
1
|
1
|
7
|
25
|
17
|
1
|
4
|
55
|
133
|
||||||||||
|
Severance payments
|
0
|
0
|
47
|
32
|
156
|
19
|
31
|
121
|
405
|
334
|
||||||||||
|
Variable Pay according to § 2 InstVV
|
0
|
42
|
308
|
1,219
|
495
|
271
|
124
|
516
|
2,975
|
2,463
|
||||||||||
|
|
385
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
|
386
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
2024
|
|||||||||||||
|
in € m.(unless stated otherwise)¹
|
Super-visoryBoard²
|
Manage-mentBoard3
|
Senior Management4
|
Other Material Risk Takers
|
GroupTotal
|
||||||||
|
Fixed Pay
|
Number of MRTs5
|
21
|
10
|
224
|
1,020
|
1,275
|
|||||||
|
Total Fixed Pay
|
8
|
33
|
166
|
653
|
860
|
||||||||
|
of which: cash-based
|
8
|
29
|
160
|
621
|
818
|
||||||||
|
of which: shares or equivalent ownership interests
|
0
|
0
|
0
|
0
|
0
|
||||||||
|
of which: share-linked instruments or equivalent non-cash instruments
|
0
|
0
|
0
|
0
|
0
|
||||||||
|
of which: other instruments
|
0
|
0
|
0
|
0
|
0
|
||||||||
|
of which: other forms
|
0
|
4
|
6
|
32
|
42
|
||||||||
|
Variable Pay
|
Number of MRTs5
|
0
|
10
|
223
|
984
|
1,217
|
|||||||
|
Total Variable Pay6
|
0
|
42
|
171
|
667
|
881
|
||||||||
|
of which: cash-based
|
0
|
9
|
92
|
351
|
451
|
||||||||
|
of which: deferred
|
0
|
0
|
75
|
269
|
344
|
||||||||
|
of which: shares or equivalent ownership interests
|
0
|
34
|
75
|
316
|
426
|
||||||||
|
of which: deferred
|
0
|
26
|
73
|
269
|
368
|
||||||||
|
of which: share-linked instruments or equivalent non-cash instruments
|
0
|
0
|
4
|
0
|
4
|
||||||||
|
of which: deferred
|
0
|
0
|
3
|
0
|
3
|
||||||||
|
of which: other instruments
|
0
|
0
|
1
|
0
|
1
|
||||||||
|
of which: deferred
|
0
|
0
|
1
|
0
|
1
|
||||||||
|
of which: other forms
|
0
|
0
|
0
|
0
|
0
|
||||||||
|
of which: deferred
|
0
|
0
|
0
|
0
|
0
|
||||||||
|
Total Pay
|
8
|
75
|
338
|
1,321
|
1,741
|
||||||||
|
|
387
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
2024
|
|||||||||||
|
in € m.(unless stated otherwise)¹
|
Super-visoryBoard²
|
Manage-mentBoard3
|
Senior Management4
|
Other Material Risk Takers
|
GroupTotal
|
||||||
|
Guaranteed variable remuneration awards
|
|||||||||||
|
Number of MRTs5
|
0
|
0
|
4
|
2
|
6
|
||||||
|
Total amount
|
0
|
0
|
6
|
9
|
15
|
||||||
|
of which: paid during financial year, not taken into account in bonus cap
|
0
|
0
|
3
|
8
|
10
|
||||||
|
Severance payments awarded in previous periods, paid out during financial year
|
|||||||||||
|
Number of MRTs5
|
0
|
0
|
0
|
0
|
0
|
||||||
|
Total amount
|
0
|
0
|
0
|
0
|
0
|
||||||
|
Severance payments awarded during financial year
|
|||||||||||
|
Number of MRTs5
|
0
|
0
|
8
|
69
|
77
|
||||||
|
Total amount6
|
0
|
0
|
8
|
34
|
42
|
||||||
|
of which: paid during financial year
|
0
|
0
|
8
|
32
|
40
|
||||||
|
of which: deferred
|
0
|
0
|
0
|
2
|
2
|
||||||
|
of which: paid during financial year, not taken into account in bonus cap
|
0
|
0
|
8
|
32
|
40
|
||||||
|
of which: highest payment that has been awarded to a single person
|
0
|
0
|
2
|
3
|
3
|
||||||
|
|
388
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
2024
|
||||||||||||||||
|
in € m.(unless stated otherwise)¹
|
Total amount of deferred remuneration awarded for previous performance periods
|
|
|
Amount of performance adjustment made in the financial year to deferred remuneration that was due to vest in the financial year
|
Amount of performance adjustment made in the financial year to deferred remuneration that was due to vest in future performance years
|
Total amount of adjustment during the financial year due to ex post implicit adjustments5
|
Total amount of deferred remuneration awarded before the financial year actually paid out in the financial year6
|
Total of amount of deferred remuneration awarded for previous performance period that has vested but is subject to retention periods
|
||||||||
|
Supervisory Board2
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||||
|
Cash-based
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||||
|
Shares or equivalent ownership interests
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||||
|
Share-linked instruments or equivalent non-cash instruments
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||||
|
Other instruments
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||||
|
Other forms
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||||
|
Management Board3
|
124
|
18
|
106
|
0
|
0
|
26
|
18
|
11
|
||||||||
|
Cash-based
|
55
|
7
|
48
|
0
|
0
|
0
|
7
|
0
|
||||||||
|
Shares or equivalent ownership interests
|
69
|
11
|
58
|
0
|
0
|
26
|
11
|
11
|
||||||||
|
Share-linked instruments or equivalent non-cash instruments
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||||
|
Other instruments
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||||
|
Other forms
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||||
|
Senior management4
|
374
|
77
|
297
|
0
|
0
|
69
|
77
|
38
|
||||||||
|
Cash-based
|
183
|
38
|
145
|
0
|
0
|
0
|
38
|
0
|
||||||||
|
Shares or equivalent ownership interests
|
183
|
38
|
144
|
0
|
0
|
68
|
38
|
37
|
||||||||
|
Share-linked instruments or equivalent non-cash instruments
|
6
|
1
|
5
|
0
|
0
|
1
|
1
|
1
|
||||||||
|
Other instruments
|
2
|
0
|
2
|
0
|
0
|
0
|
0
|
0
|
||||||||
|
Other forms
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||||
|
Other Material Risk Takers
|
1,472
|
369
|
1,102
|
0
|
1
|
256
|
366
|
141
|
||||||||
|
Cash-based
|
725
|
180
|
545
|
0
|
1
|
0
|
179
|
0
|
||||||||
|
Shares or equivalent ownership interests
|
746
|
189
|
557
|
0
|
1
|
256
|
187
|
141
|
||||||||
|
Share-linked instruments or equivalent non-cash instruments
|
1
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||||
|
Other instruments
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||||
|
Other forms
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||||
|
Total amount
|
1,970
|
465
|
1,505
|
0
|
1
|
351
|
461
|
190
|
||||||||
|
|
389
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
2024
|
2023
|
|||
|
in €
|
Number of individuals
|
Number of individuals
|
||
|
Total Pay1
|
||||
|
1,000,000 to 1,499,999
|
331
|
290
|
||
|
1,500,000 to 1,999,999
|
125
|
88
|
||
|
2,000,000 to 2,499,999
|
59
|
53
|
||
|
2,500,000 to 2,999,999
|
48
|
16
|
||
|
3,000,000 to 3,499,999
|
25
|
8
|
||
|
3,500,000 to 3,999,999
|
14
|
14
|
||
|
4.000,000 to 4,499,999
|
6
|
11
|
||
|
4,500,000 to 4,999,999
|
5
|
1
|
||
|
5,000,000 to 5,999,999
|
9
|
4
|
||
|
6,000,000 to 6,999,999
|
3
|
8
|
||
|
7,000,000 to 7,999,999
|
12
|
5
|
||
|
8,000,000 to 8,999,999
|
3
|
4
|
||
|
9,000,000 to 9,999,999
|
3
|
2
|
||
|
10,000,000 to 10,999,999
|
3
|
0
|
||
|
14,000,000 to 14,999,999
|
0
|
1
|
||
|
17,000,000 to 17,999,999
|
1
|
0
|
||
|
Total
|
647
|
505
|
||
|
Management Body Remuneration
|
Business Areas
|
||||||||||||||||||
|
in € m.(unless stated otherwise)¹
|
Super-visoryBoard2
|
Manage-mentBoard2
|
Total Manage-ment Body
|
Invest-mentBanking2
|
Retail Banking2
|
AssetManage-ment2
|
Corporate Functions2
|
Control Functions2
|
Total
|
||||||||||
|
Total number of Material Risk Takers3
|
1,275
|
||||||||||||||||||
|
of which: Management Body
|
21
|
10
|
31
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
||||||||||
|
of which: Senior Management4
|
N/A
|
N/A
|
N/A
|
27
|
76
|
5
|
79
|
38
|
224
|
||||||||||
|
of which: Other Material Risk Takers
|
N/A
|
N/A
|
N/A
|
582
|
224
|
0
|
130
|
84
|
1,020
|
||||||||||
|
Total Pay of Material Risk Takers
|
8
|
75
|
83
|
1,095
|
295
|
15
|
177
|
77
|
1,741
|
||||||||||
|
of which: variable pay5
|
0
|
42
|
42
|
588
|
143
|
7
|
76
|
23
|
881
|
||||||||||
|
of which: fixed pay
|
8
|
33
|
40
|
507
|
152
|
7
|
100
|
54
|
860
|
||||||||||
|
|
390
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Compliance with German Corporate Governance Code
|
|
|
Management Board
|
|
|
Supervisory Board
|
|
|
Related Party Transactions
|
|
|
Principal accountant fees and services
|
|
|
|
391
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
392
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
393
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
394
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
395
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
|
396
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
397
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
398
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
399
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
400
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
401
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
402
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
403
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
404
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
405
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Name
|
Principal occupation
|
Supervisory board memberships and other directorships
|
|
Alexander Wynaendts
Year of birth: 1960
First elected:
May 19, 2022
Term expires: 2026
|
Chairman of the Supervisory Board,
Deutsche Bank AG
|
Air France-KLM Group S.A.
2
(Member of the Board of Directors); Uber Technologies, Inc.
2
(Member of the Board of Directors); Uber Payments B.V. (Non-Executive Director, Chairman); Puissance Holding B.V. (Non-Executive Director, Chairman)
|
|
Susanne Bleidt
1
Year of birth: 1967
First elected:
Term expires: 2028
|
Staff Council Member
|
Postbank Filialvertrieb AG
3
; Postbeamtenkrankenkasse (Member of the Advisory Board)
|
|
Mayree Clark
Year of birth: 1957
First elected:
Term expires: 2027
|
Supervisory Board member
|
Ally Financial, Inc.
2
(Member of the Board of Directors), Allvue Systems Holdings, Inc. (Member of the Board of Directors)
|
|
Jan Duscheck
1
Year of birth: 1984
Appointed by the court: August 2, 2016
First elected:
May 24, 2018
Term expires: 2028
|
Head of National Working Group: Banking,
ver.di (Vereinte Dienstleistungsgewerkschaft (United Services Union))
|
No memberships or directorships subject to disclosure
|
|
Manja Eifert
1
Year of birth: 1971
Appointed by the court:
April 7, 2022
First elected:
May 17, 2023
Term expires: 2028
|
Staff Council Member
|
No memberships or directorships subject to disclosure
|
|
Claudia Fieber
1
Year of birth: 1966
First elected:
May 17, 2023
Term expires: 2028
|
Staff Council Member
|
No memberships or directorships subject to disclosure
|
|
Sigmar Gabriel
Year of birth: 1959
Appointed by the court: March 11, 2020
First elected:
May 20, 2020
Term expires: 2025
|
Former German Federal Government Minister
|
Heristo AG; Siemens Energy AG
2
; Siemens Energy Management GmbH; ThyssenKrupp Steel Europe AG (Chairman) (until September 15, 2024)
|
|
Florian Haggenmiller
1
Year of birth: 1982
Appointed by the court: January 16, 2024
Term expires: 2028
|
Head of National Working Group: Information and Communications Technology, ver.di (Vereinte Dienstleistungsgewerkschaft (United Services Union))
|
IBM Deutschland GmbH; IBM Central Holding GmbH
|
|
Timo Heider
1
|
Staff Council Member
|
BHW Bausparkasse AG
3
(Deputy Chairman); PCC Services GmbH der Deutschen Bank
3
(Deputy Chairman); Pensionskasse der BHW Bausparkasse VVaG
3
(Deputy Chairman)
|
|
Frank Schulze
1
Year of birth: 1968
First elected:
May 17, 2023
Term expires: 2028
|
Deputy Chairman of the Supervisory Board, Deutsche Bank AG; Staff Council Member
|
No memberships or directorships subject to disclosure
|
|
|
406
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Name
|
Principal occupation
|
Supervisory board memberships and other directorships
|
|
Gerlinde M. Siebert
1
First elected:
Term expires: 2028
|
Global Head of Governance, Deutsche Bank AG
|
No memberships or directorships subject to disclosure
|
|
Yngve Slyngstad
Year of birth: 1962
First elected:
May 19, 2022
Term expires: 2026
|
Chief Executive Officer Aker Asset Management AS
|
No memberships or directorships subject to disclosure
|
|
Stephan Szukalski
1
Year of birth: 1967
First elected:
May 17, 2023
4
Term expires: 2028
|
Federal Chairman, Deutscher Bankangestellten-Verband e.V. (DBV) (German Association of Bank Employees) – Gewerkschaft der Finanzdienstleister (Financial Services Providers Union)
|
PCC Services GmbH der Deutschen Bank
3
(until August 30, 2024)
|
|
John Alexander Thain
Year of birth: 1955
First elected:
Term expires: 2027
|
Supervisory Board member
|
Uber Technologies, Inc.
2
(Member of the Board of Directors); Aperture Investors LLC (Member of the Board of Directors); Pine Island Capital Partners LLC (Chairman)
|
|
Jürgen Tögel
1
Year of birth: 1968
First elected:
May 17, 2023
Term expires: 2028
|
Staff Council Member
|
BVV Versicherungsverein des Bankgewerbes a.G.; BVV Versorgungskasse des Bankgewerbes e.V.; BKK Deutsche Bank AG
3
(Member of the Advisory Board)
|
|
Michele Trogni
Year of birth: 1965
First elected:
Term expires: 2027
|
Chief Executive Officer, Zinnia Corporate Holdings, LLC; Operating Partner, Eldridge (until March 31, 2024)
|
Everly Life, LLC (Member of the Non-Executive Board); Zinnia Corporate Holdings, LLC (CEO and Chairperson of the Board of Directors)
|
|
Dr. Dagmar Valcárcel
Year of birth: 1966
Appointed by the court: August 1, 2019
First elected:
Term expires: 2025
|
Supervisory Board member
|
amedes Holding GmbH; Antin Infrastructure Partners S.A.
2
(Member of the Board of Directors)
|
|
Dr. Theodor Weimer
Year of birth: 1959
First elected:
Term expires: 2025
|
Supervisory Board member;
Chairman of the Executive Board (until September 30, 2024), Co-Chairman of the Executive Board (October 1, 2024 until December 31, 2024), Deutsche Börse AG
2
|
Knorr Bremse AG
2
|
|
Professor Dr. Norbert
Winkeljohann
Year of birth: 1957
First elected:
Term expires: 2027
|
Deputy Chairman of the Supervisory Board of Deutsche Bank AG; Self-Employed Corporate Consultant, Norbert Winkeljohann Advisory & Investments
|
Bayer AG
2
(Chairman); Georgsmarienhütte Holding GmbH; Sievert SE (Chairman); Bohnenkamp AG (Chairman)
|
|
Frank Witter
Year of birth: 1959
First elected:
Term expires: 2025
|
Supervisory Board member
|
Traton SE
2
; VfL Wolfsburg-Fußball GmbH (Chairman) (until July 31, 2024); CGI Inc.
2
(Member of the Board of Directors)
|
|
|
407
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
408
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
409
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
410
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Alexander Wynaendts
|
Susanne Bleidt
|
Mayree Clark
|
Jan Duscheck
|
Manja Eifert
|
Claudia Fieber
|
Sigmar Gabriel
|
Florian Haggenmiller
|
Timo Heider
|
Frank Schulze
|
Gerlinde Siebert
|
Yngve Slyngstad
|
Stephan Szukalski
|
John Thain
|
Jürgen Tögel
|
Michele Trogni
|
Dr. Dagmar Valcárcel
|
Dr. Theodor Weimer
|
Prof. Dr. Norbert Winkeljohann
|
Frank Witter
|
|||
|
Member-
|
No Overboarding*
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
|
|
Independent **
|
✓
|
ER
|
✓
|
ER
|
ER
|
ER
|
✓
|
ER
|
ER
|
ER
|
ER
|
✓
|
ER
|
✓
|
ER
|
✓
|
✓
|
✓
|
✓
|
✓
|
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|
Professional expertise
|
General fields of expertise
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
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|
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|
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|
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Accounting and reporting, incl. sustainability reporting
|
✓
|
✓
|
✓
|
✓
|
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|
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|
✓
|
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|
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|
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|
✓
|
|||||||||
|
Audit Committee Financial Experts ***
|
w
|
w
|
w
|
w
|
||||||||||||||||||
|
Expertise in the area of accounting ***
|
w
|
w
|
w
|
w
|
||||||||||||||||||
|
Expertise in the area of auditing ***
|
w
|
w
|
w
|
w
|
||||||||||||||||||
|
Regulatory framework and Legal requirements
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
|||||||||
|
Human Capital, Compensation and Corporate Culture
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
||
|
Compensation Control Committee Compensation Experts***
|
w
|
w
|
w
|
|||||||||||||||||||
|
Risk Management
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
||||||||
|
Information technology, data and digitalization
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
|||||||||||
|
Strategy, Transformation and ESG
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
|||||
|
Organizational structure and control of a financial institution
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
||||
|
Client/ business
|
Private Banking and Wealth Management
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
||
|
Corporate Banking
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
|||||||||
|
Investment Banking
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
|||||||||||||
|
Asset Management
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
||||||||||||||||
|
Regional
|
Germany
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
||||||
|
Europe
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
||||||||||
|
Americas
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
|||||||||||||
|
APAC
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
||||||||||||
|
|
411
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
412
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
413
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
414
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Members of the Supervisory Board
|
Number ofshares
|
Number ofshare awards
|
||
|
Alexander Wynaendts
|
6,866
|
0
|
||
|
Susanne Bleidt
|
0
|
0
|
||
|
Mayree Clark
|
109,444
|
0
|
||
|
Jan Duscheck
|
0
|
0
|
||
|
Manja Eifert
|
208
|
10
|
||
|
Claudia Fieber
|
401
|
10
|
||
|
Sigmar Gabriel
|
1,373
|
0
|
||
|
Florian Haggenmiller
|
0
|
0
|
||
|
Timo Heider
|
0
|
0
|
||
|
Frank Schulze
|
587
|
0
|
||
|
Gerlinde M. Siebert
|
5,478
|
7,097
|
||
|
Yngve Slyngstad
|
1,200
|
0
|
||
|
Stephan Szukalski
|
0
|
0
|
||
|
John Alexander Thain
|
100,000
|
0
|
||
|
Jürgen Tögel
|
1,161
|
10
|
||
|
Michele Trogni
|
15,000
|
0
|
||
|
Dr. Dagmar Valcárcel
|
1,602
|
0
|
||
|
Dr. Theodor Weimer
|
108,000
|
0
|
||
|
Professor Dr. Norbert Winkeljohann
|
4,150
|
0
|
||
|
Frank Witter
|
1,853
|
0
|
||
|
Total
|
357,323
|
7,127
|
||
|
|
415
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
416
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
417
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
418
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
419
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
Fee category in € m.
|
2024
|
2023
|
||
|
Audit fees
|
69
|
66
|
||
|
Audit-related fees
|
10
|
12
|
||
|
Tax-related fees
|
0
|
0
|
||
|
All other fees
|
1
|
0
|
||
|
Total fees
|
1
|
80
|
78
|
|
|
|
420
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
2024
|
||||||||||||
|
in € m.(unless stated otherwise)
|
CorporateBank
|
InvestmentBank
|
PrivateBank
|
AssetManagement
|
Corporate &Other
|
Total
|
||||||
|
Profit (loss) before tax
|
2,075
|
3,343
|
1,231
|
632
|
(577)
|
6,703
|
||||||
|
Profit (loss)
|
1,494
|
2,407
|
886
|
455
|
(761)
|
4,481
|
||||||
|
Profit (loss) attributable tononcontrolling interests
|
0
|
0
|
0
|
0
|
139
|
139
|
||||||
|
Profit (loss) attributable to DBshareholders and additionalequity components
|
1,494
|
2,407
|
886
|
455
|
(900)
|
4,342
|
||||||
|
Profit (loss) attributable to additional equity components
|
125
|
264
|
159
|
27
|
93
|
668
|
||||||
|
Profit (loss) attributable to Deutsche Bank shareholders
|
1,369
|
2,143
|
727
|
428
|
(993)
|
3,674
|
||||||
|
Average allocated shareholders' equity1
|
11,682
|
23,672
|
13,990
|
5,329
|
11,679
|
66,353
|
||||||
|
Deduct: Average allocated goodwill and other intangible assets1,2
|
776
|
804
|
101
|
2,957
|
2,112
|
6,750
|
||||||
|
Average allocated tangible shareholders' equity1
|
10,906
|
22,868
|
13,889
|
2,372
|
9,568
|
59,603
|
||||||
|
Post-tax return on averageshareholders’ equity1
|
11.7 %
|
9.1 %
|
5.2 %
|
8.0 %
|
N/M
|
5.5 %
|
||||||
|
Post-tax return on averagetangible shareholders’ equity1
|
12.6 %
|
9.4 %
|
5.2 %
|
18.0 %
|
N/M
|
6.2 %
|
||||||
|
|
422
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
2023
|
||||||||||||
|
in € m.(unless stated otherwise)
|
CorporateBank
|
InvestmentBank
|
PrivateBank
|
AssetManagement
|
Corporate &Other
|
Total
|
||||||
|
Profit (loss) before tax
|
2,804
|
1,879
|
1,058
|
396
|
1,817
|
7,955
|
||||||
|
Profit (loss)
|
2,019
|
1,353
|
761
|
285
|
2,033
|
6,452
|
||||||
|
Profit (loss) attributable tononcontrolling interests
|
0
|
0
|
0
|
0
|
119
|
119
|
||||||
|
Profit (loss) attributable to DBshareholders and additionalequity components
|
2,019
|
1,353
|
761
|
285
|
1,913
|
6,332
|
||||||
|
Profit (loss) attributable to additional equity components
|
107
|
226
|
123
|
22
|
83
|
560
|
||||||
|
Profit (loss) attributable to Deutsche Bank shareholders
|
1,912
|
1,127
|
639
|
264
|
1,831
|
5,772
|
||||||
|
Average allocated shareholders' equity1
|
11,547
|
23,544
|
13,219
|
5,157
|
9,681
|
63,149
|
||||||
|
Deduct: Average allocated goodwill and other intangible assets1,2
|
812
|
736
|
826
|
2,959
|
1,101
|
6,434
|
||||||
|
Average allocated tangible shareholders' equity1
|
10,735
|
22,808
|
12,393
|
2,199
|
8,581
|
56,716
|
||||||
|
Post-tax return on averageshareholders’ equity1
|
16.6 %
|
4.8 %
|
4.8 %
|
5.1 %
|
N/M
|
9.1 %
|
||||||
|
Post-tax return on averagetangible shareholders’ equity1
|
17.8 %
|
4.9 %
|
5.2 %
|
12.0 %
|
N/M
|
10.2 %
|
||||||
|
2022
|
||||||||||||
|
in € m.(unless stated otherwise)
|
CorporateBank
|
InvestmentBank
|
PrivateBank
|
AssetManagement
|
Corporate &Other
|
Total
|
||||||
|
Profit (loss) before tax
|
1,816
|
3,228
|
1,705
|
585
|
(1,886)
|
5,447
|
||||||
|
Profit (loss)
|
1,307
|
2,324
|
1,228
|
421
|
274
|
5,554
|
||||||
|
Profit (loss) attributable tononcontrolling interests
|
0
|
0
|
0
|
0
|
134
|
134
|
||||||
|
Profit (loss) attributable to DBshareholders and additionalequity components
|
1,307
|
2,324
|
1,228
|
421
|
140
|
5,420
|
||||||
|
Profit (loss) attributable to additional equity components
|
104
|
234
|
115
|
22
|
26
|
500
|
||||||
|
Profit (loss) attributable to Deutsche Bank shareholders
|
1,203
|
2,090
|
1,112
|
399
|
114
|
4,919
|
||||||
|
Average allocated shareholders' equity1
|
11,668
|
22,478
|
12,945
|
5,437
|
7,580
|
60,109
|
||||||
|
Deduct: Average allocated goodwill and other intangible assets1,2
|
779
|
681
|
850
|
3,093
|
925
|
6,328
|
||||||
|
Average allocated tangible shareholders' equity1
|
10,889
|
21,797
|
12,095
|
2,344
|
6,655
|
53,780
|
||||||
|
Post-tax return on averageshareholders’ equity1
|
10.3 %
|
9.3 %
|
8.6 %
|
7.3 %
|
N/M
|
8.2 %
|
||||||
|
Post-tax return on averagetangible shareholders’ equity1
|
11.1 %
|
9.6 %
|
9.2 %
|
17.0 %
|
N/M
|
9.1 %
|
||||||
|
|
423
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
2024
|
|||||||||||||
|
in € m.
|
CorporateBank
|
InvestmentBank
|
PrivateBank
|
AssetManagement
|
Corporate &Other
|
Totalconsolidated
|
|||||||
|
Revenues
|
7,506
|
10,558
|
9,386
|
2,649
|
1,406
|
31,504
|
|||||||
|
DVA
|
0
|
30
|
0
|
0
|
6
|
37
|
|||||||
|
Sal. Oppenheim workout- International Private Bank
|
0
|
0
|
0
|
0
|
0
|
0
|
|||||||
|
Gain on sale Financial Advisors business Italy – International Private Bank
|
0
|
0
|
0
|
0
|
0
|
0
|
|||||||
|
Total Specific revenue items
|
0
|
30
|
0
|
0
|
6
|
37
|
|||||||
|
Revenues excluding specific items
|
7,506
|
10,588
|
9,386
|
2,649
|
1,412
|
31,541
|
|||||||
|
2023
|
|||||||||||||
|
in € m.
|
CorporateBank
|
InvestmentBank
|
PrivateBank
|
AssetManagement
|
Corporate &Other
|
Totalconsolidated
|
|||||||
|
Revenues
|
7,718
|
9,160
|
9,571
|
2,383
|
2,324
|
31,155
|
|||||||
|
DVA
|
0
|
47
|
0
|
0
|
(5)
|
42
|
|||||||
|
Sal. Oppenheim workout- International Private Bank
|
0
|
0
|
0
|
0
|
0
|
0
|
|||||||
|
Gain on sale Financial Advisors business Italy – International Private Bank
|
0
|
0
|
0
|
0
|
0
|
0
|
|||||||
|
Total Specific revenue items
|
0
|
47
|
0
|
0
|
(5)
|
42
|
|||||||
|
Revenues excluding specific items
|
7,718
|
9,207
|
9,571
|
2,383
|
2,319
|
31,198
|
|||||||
|
2022
|
||||||||||||
|
in € m.
|
CorporateBank
|
InvestmentBank
|
PrivateBank
|
AssetManagement
|
Corporate &Other
|
Totalconsolidated
|
||||||
|
Revenues
|
6,337
|
10,016
|
9,152
|
2,608
|
(1,050)
|
27,063
|
||||||
|
DVA
|
0
|
(49)
|
0
|
0
|
6
|
(43)
|
||||||
|
Sal. Oppenheim workout- International Private Bank
|
0
|
0
|
(125)
|
0
|
0
|
(125)
|
||||||
|
Gain on sale Financial Advisors business Italy – International Private Bank1
|
0
|
0
|
(305)
|
0
|
0
|
(305)
|
||||||
|
Total Specific revenue items
|
0
|
(49)
|
(430)
|
0
|
6
|
(473)
|
||||||
|
Revenues excluding specific items
|
6,337
|
9,968
|
8,721
|
2,608
|
(1,044)
|
26,590
|
||||||
|
|
424
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
in € m.(unless stated otherwise)
|
2024
|
2023
|
2022
|
|||
|
Group
|
||||||
|
Net interest income
|
15,161
|
16,122
|
13,983
|
|||
|
Key banking book segments and other funding effects1
|
13,255
|
13,138
|
10,962
|
|||
|
Key banking book segments
|
13,471
|
13,875
|
11,455
|
|||
|
Other funding effects1
|
(216)
|
(737)
|
(493)
|
|||
|
Accounting asymmetry driven2
|
1,905
|
2,984
|
3,021
|
|||
|
Average interest earning assets3 (in € bn)
|
1,002
|
978
|
987
|
|||
|
Net interest margin4
|
1.5 %
|
1.6 %
|
1.4 %
|
|||
|
Key banking book segments
|
||||||
|
Corporate Bank
|
||||||
|
Net interest income
|
4,960
|
5,115
|
3,628
|
|||
|
Average interest earning assets3 (in € bn)
|
126
|
125
|
131
|
|||
|
Net interest margin4
|
3.9 %
|
4.1 %
|
2.8 %
|
|||
|
Investment Bank Fixed Income and Currencies: Financing
|
||||||
|
Net interest income
|
2,724
|
2,604
|
2,606
|
|||
|
Average interest earning assets3 (in € bn)
|
96
|
93
|
96
|
|||
|
Net interest margin4
|
2.8 %
|
2.8 %
|
2.7 %
|
|||
|
Private Bank
|
||||||
|
Net interest income
|
5,786
|
6,156
|
5,222
|
|||
|
Average interest earning assets3 (in € bn)
|
262
|
265
|
268
|
|||
|
Net interest margin4
|
2.2 %
|
2.3 %
|
2.0 %
|
|||
|
Total Key banking book segments
|
||||||
|
Net interest income
|
13,471
|
13,875
|
11,455
|
|||
|
Average interest earning assets3 (in € bn)
|
484
|
483
|
494
|
|||
|
Net interest margin4
|
2.8 %
|
2.9 %
|
2.3 %
|
|||
|
|
425
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
2024
|
|||||||||||||
|
in € m.
|
CorporateBank
|
InvestmentBank
|
PrivateBank
|
AssetManagement
|
Corporate &Other
|
Totalconsolidated
|
|||||||
|
Noninterest expenses
|
5,084
|
6,661
|
7,304
|
1,823
|
2,099
|
22,971
|
|||||||
|
Nonoperating costs:
|
|||||||||||||
|
Impairment of goodwill and otherintangible assets
|
0
|
0
|
0
|
0
|
0
|
0
|
|||||||
|
Litigation charges, net
|
376
|
126
|
28
|
13
|
1,491
|
2,035
|
|||||||
|
Restructuring and severance
|
103
|
101
|
301
|
24
|
1
|
529
|
|||||||
|
Total nonoperating costs
|
479
|
227
|
330
|
37
|
1,491
|
2,564
|
|||||||
|
Adjusted costs
|
4,605
|
6,434
|
6,974
|
1,786
|
608
|
20,407
|
|||||||
|
2023
|
|||||||||||||
|
in € m.
|
CorporateBank
|
InvestmentBank
|
PrivateBank
|
AssetManagement
|
Corporate &Other
|
Totalconsolidated
|
|||||||
|
Noninterest expenses
|
4,648
|
6,847
|
7,730
|
1,825
|
646
|
21,695
|
|||||||
|
Nonoperating costs:
|
|||||||||||||
|
Impairment of goodwill and otherintangible assets
|
0
|
233
|
0
|
0
|
0
|
233
|
|||||||
|
Litigation charges, net
|
53
|
147
|
123
|
26
|
(37)
|
311
|
|||||||
|
Restructuring and severance
|
76
|
87
|
346
|
34
|
23
|
566
|
|||||||
|
Total nonoperating costs
|
129
|
468
|
468
|
59
|
(14)
|
1,110
|
|||||||
|
Adjusted costs
|
4,519
|
6,379
|
7,261
|
1,765
|
661
|
20,585
|
|||||||
|
2022
|
||||||||||||
|
in € m.
|
CorporateBank
|
InvestmentBank
|
PrivateBank
|
AssetManagement
|
Corporate &Other
|
Totalconsolidated
|
||||||
|
Noninterest expenses
|
4,187
|
6,455
|
6,863
|
1,850
|
1,035
|
20,390
|
||||||
|
Nonoperating costs:
|
||||||||||||
|
Impairment of goodwill and otherintangible assets
|
0
|
0
|
0
|
68
|
0
|
68
|
||||||
|
Litigation charges, net
|
23
|
166
|
(60)
|
24
|
261
|
413
|
||||||
|
Restructuring and severance
|
(7)
|
43
|
(87)
|
37
|
6
|
(8)
|
||||||
|
Total nonoperating costs
|
16
|
209
|
(147)
|
129
|
267
|
474
|
||||||
|
Adjusted costs
|
4,170
|
6,246
|
7,011
|
1,722
|
767
|
19,916
|
||||||
|
|
426
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
in € b.(unless stated otherwise)
|
2024
|
2023
|
2022
|
|||
|
Total assets
|
1,391
|
1,317
|
1,344
|
|||
|
Deduct: Derivatives (incl. hedging derivatives) credit line netting
|
230
|
196
|
228
|
|||
|
Deduct: Derivatives cash collateral received / paid
|
59
|
56
|
70
|
|||
|
Deduct: Securities Financing Transactions credit line netting
|
2
|
2
|
2
|
|||
|
Deduct: Pending settlements netting
|
13
|
29
|
17
|
|||
|
Net assets (adjusted)
|
1,087
|
1,034
|
1,026
|
|||
|
in € m.
|
2024 increase (decrease)from 2023
|
2023 increase (decrease)from 2022
|
||||||||||||
|
(unless stated otherwise)
|
2024
|
2023
|
2022
|
in € m.
|
in %
|
in € m.
|
in %
|
|||||||
|
Total shareholders’ equity (Book value)
|
68,709
|
65,999
|
61,772
|
2,711
|
4
|
4,227
|
7
|
|||||||
|
Goodwill and other intangible assets1
|
(6,962)
|
(6,573)
|
(6,327)
|
(389)
|
6
|
(246)
|
4
|
|||||||
|
Tangible shareholders’ equity (Tangiblebook value)
|
61,747
|
59,426
|
55,445
|
2,321
|
4
|
3,981
|
7
|
|||||||
|
in € m.
|
2024 increase (decrease)from 2023
|
2023 increase (decrease)from 2022
|
||||||||||||
|
(unless stated otherwise)
|
2024
|
2023
|
2022
|
in € m.
|
in %
|
in € m.
|
in %
|
|||||||
|
Number of shares
|
1,994.7
|
2,040.2
|
2,066.8
|
(45.5)
|
(2.2)
|
(26.5)
|
(1.3)
|
|||||||
|
Shares outstanding:
|
||||||||||||||
|
Treasury shares
|
(49.6)
|
(48.2)
|
(28.9)
|
(1.4)
|
2.9
|
(19.3)
|
66.6
|
|||||||
|
Vested share awards
|
38.5
|
46.3
|
45.6
|
(7.8)
|
(16.9)
|
0.8
|
1.7
|
|||||||
|
Basic shares outstanding
|
1,983.6
|
2,038.4
|
2,083.4
|
(54.8)
|
(2.7)
|
(45.0)
|
(2.2)
|
|||||||
|
Book value per basic share outstanding in €
|
34.64
|
32.38
|
29.65
|
2.26
|
7.0
|
2.73
|
9.2
|
|||||||
|
Tangible book value per basic shareoutstanding in €
|
31.13
|
29.15
|
26.61
|
1.98
|
6.8
|
2.54
|
9.5
|
|||||||
|
|
427
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
428
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
429
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
430
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
431
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
432
|
|
Deutsche Bank
|
||
|
Annual Report 2024
|
||
|
|
433
|
|
Deutsche Bank
|
||
|
Annual Report 2024 on Form 20-F
|
||
|
Average balance sheet and interest and similar income
|
2024
|
2023
|
2022
|
|||||||||||||||
|
in € m.(unless stated otherwise)
|
Averagebalance
|
Interest andsimilar income
|
Averageyield/rate
|
Averagebalance
|
Interest andsimilar income
|
Averageyield/rate
|
Averagebalance
|
Interest andsimilar income
|
Averageyield/rate
|
|||||||||
|
Assets:1
|
||||||||||||||||||
|
Interest-earning deposits with banks:2,4
|
||||||||||||||||||
|
In German offices
|
58,807
|
2,725
|
4.63 %
|
76,885
|
2,723
|
3.54 %
|
85,923
|
251
|
0.29 %
|
|||||||||
|
In Non-German offices
|
85,074
|
4,964
|
5.83 %
|
87,356
|
4,915
|
5.63 %
|
86,204
|
1,852
|
2.15 %
|
|||||||||
|
Total interest-earning deposits with banks
|
143,880
|
7,689
|
5.34 %
|
164,241
|
7,638
|
4.65 %
|
172,127
|
2,104
|
1.22 %
|
|||||||||
|
Central bank funds sold:5
|
||||||||||||||||||
|
In German offices
|
0
|
0
|
N/M
|
0
|
0
|
N/M
|
0
|
0
|
N/M
|
|||||||||
|
In Non-German offices
|
0
|
1
|
N/M
|
0
|
1
|
N/M
|
0
|
1
|
N/M
|
|||||||||
|
Total central bank funds sold
|
0
|
1
|
N/M
|
0
|
1
|
N/M
|
0
|
1
|
N/M
|
|||||||||
|
Securities purchased under resale agreements:4,5
|
||||||||||||||||||
|
In German offices
|
14,462
|
895
|
6.19 %
|
5,212
|
389
|
7.46 %
|
3,116
|
112
|
3.59 %
|
|||||||||
|
In Non-German offices
|
10,976
|
1,040
|
9.48 %
|
6,864
|
679
|
9.90 %
|
6,239
|
392
|
6.28 %
|
|||||||||
|
Total securities purchased under resale agreements
|
25,438
|
1,935
|
7.61 %
|
12,076
|
1,068
|
8.85 %
|
9,355
|
504
|
5.38 %
|
|||||||||
|
Securities borrowed:4
|
||||||||||||||||||
|
In German offices
|
32
|
3
|
8.22 %
|
73
|
2
|
3.04 %
|
119
|
2
|
1.99 %
|
|||||||||
|
In Non-German offices
|
16
|
0
|
N/M
|
2
|
3
|
N/M
|
0
|
48
|
N/M
|
|||||||||
|
Total securities borrowed
|
49
|
3
|
5.44 %
|
75
|
5
|
6.98 %
|
119
|
51
|
42.33 %
|
|||||||||
|
Interest-earning financial assets at fair value through profit or loss:4
|
||||||||||||||||||
|
In German offices
|
65,667
|
2,003
|
3.05 %
|
61,225
|
1,475
|
2.41 %
|
58,722
|
477
|
0.81 %
|
|||||||||
|
In Non-German offices
|
186,580
|
10,402
|
5.58 %
|
155,018
|
8,005
|
5.16 %
|
146,147
|
3,852
|
2.64 %
|
|||||||||
|
Total interest-earning financial assets at fair value through profit or loss
|
252,247
|
12,405
|
4.92 %
|
216,243
|
9,480
|
4.38 %
|
204,869
|
4,328
|
2.11 %
|
|||||||||
|
Financial assets at fair value through OCI:4
|
||||||||||||||||||
|
In German offices
|
3,866
|
81
|
2.10 %
|
3,754
|
73
|
1.94 %
|
3,043
|
38
|
1.25 %
|
|||||||||
|
In Non-German offices
|
35,778
|
1,359
|
3.80 %
|
27,568
|
1,027
|
3.72 %
|
29,781
|
761
|
2.56 %
|
|||||||||
|
Total financial assets at fair value through OCI
|
39,644
|
1,440
|
3.63 %
|
31,322
|
1,100
|
3.51 %
|
32,825
|
799
|
2.43 %
|
|||||||||
|
Loans at amortized cost:3,4
|
||||||||||||||||||
|
In German offices
|
255,185
|
7,757
|
3.04 %
|
262,486
|
7,271
|
2.77 %
|
260,928
|
5,446
|
2.09 %
|
|||||||||
|
In Non-German offices
|
229,014
|
15,573
|
6.80 %
|
227,552
|
14,760
|
6.49 %
|
232,658
|
8,793
|
3.78 %
|
|||||||||
|
Total loans
|
484,199
|
23,330
|
4.80 %
|
490,038
|
22,032
|
4.50 %
|
493,587
|
14,239
|
2.88 %
|
|||||||||
|
Total other interest-earning assets4
|
56,237
|
2,127
|
3.78 %
|
63,629
|
2,066
|
3.25 %
|
74,242
|
1,005
|
1.35 %
|
|||||||||
|
Total interest-earning assets
|
1,001,695
|
48,928
|
4.88 %
|
977,624
|
43,389
|
4.44 %
|
987,124
|
23,030
|
2.33 %
|
|||||||||
|
Cash and due from banks
|
20,526
|
17,188
|
18,515
|
|||||||||||||||
|
Noninterest-earning financial assets at fair value through profit or loss:
|
||||||||||||||||||
|
In German offices
|
114,121
|
131,000
|
153,294
|
|||||||||||||||
|
In Non-German offices
|
133,943
|
139,411
|
170,096
|
|||||||||||||||
|
All other assets
|
105,303
|
92,682
|
88,383
|
|||||||||||||||
|
Allowance for credit losses
|
(5,544)
|
(5,170)
|
(5,029)
|
|||||||||||||||
|
Total assets
|
1,370,042
|
1,352,734
|
1,412,384
|
|||||||||||||||
|
% of assets attributable to Non-German offices
|
45 %
|
44 %
|
49 %
|
|||||||||||||||
|
|
S-1
|
|
Deutsche Bank
|
||
|
Annual Report 2024 on Form 20-F
|
||
|
Average balance sheet and interest expense
|
2024
|
2023
|
2022
|
|||||||||||||||
|
in € m.(unless stated otherwise)
|
Averagebalance
|
Interest
|
Averageyield/rate
|
Averagebalance
|
Interest
|
Averageyield/rate
|
Averagebalance
|
Interest
|
Averageyield/rate
|
|||||||||
|
Liabilities and equity:1
|
||||||||||||||||||
|
Interest-bearing deposits:4
|
||||||||||||||||||
|
In German offices:
|
||||||||||||||||||
|
Time deposits
|
112,564
|
4,393
|
3.90 %
|
105,401
|
3,717
|
3.53 %
|
80,142
|
995
|
1.24 %
|
|||||||||
|
Savings deposits
|
87,437
|
1,175
|
1.34 %
|
81,730
|
624
|
0.76 %
|
85,360
|
254
|
0.30 %
|
|||||||||
|
Demand deposits
|
96,261
|
2,635
|
2.74 %
|
68,340
|
1,604
|
2.35 %
|
70,200
|
(83)
|
(0.12) %
|
|||||||||
|
Total in German offices
|
296,261
|
8,203
|
2.77 %
|
255,472
|
5,945
|
2.33 %
|
235,702
|
1,165
|
0.49 %
|
|||||||||
|
In Non-German offices:
|
||||||||||||||||||
|
Time deposits
|
89,683
|
4,009
|
4.47 %
|
66,861
|
3,156
|
4.72 %
|
55,530
|
1,488
|
2.68 %
|
|||||||||
|
Savings deposits
|
1,330
|
104
|
7.82 %
|
1,475
|
86
|
5.85 %
|
1,823
|
49
|
2.70 %
|
|||||||||
|
Demand deposits
|
82,735
|
2,091
|
2.53 %
|
78,820
|
1,445
|
1.83 %
|
91,542
|
619
|
0.68 %
|
|||||||||
|
Total in Non-German offices
|
173,748
|
6,204
|
3.57 %
|
147,156
|
4,688
|
3.19 %
|
148,895
|
2,157
|
1.45 %
|
|||||||||
|
Total interest-bearing deposits
|
470,010
|
14,407
|
3.07 %
|
402,628
|
10,632
|
2.64 %
|
384,598
|
3,322
|
0.86 %
|
|||||||||
|
Central bank funds purchased:5
|
||||||||||||||||||
|
In German offices
|
0
|
0
|
0.00 %
|
0
|
0
|
0.00 %
|
0
|
0
|
0.00 %
|
|||||||||
|
In Non-German offices
|
303
|
40
|
13.06 %
|
578
|
39
|
6.71 %
|
0
|
12
|
0.00 %
|
|||||||||
|
Total central bank funds purchased
|
303
|
40
|
13.06 %
|
578
|
39
|
6.71 %
|
0
|
12
|
0.00 %
|
|||||||||
|
Securities sold under repurchase agreements:4,5
|
||||||||||||||||||
|
In German offices
|
2,236
|
424
|
18.95 %
|
998
|
169
|
16.98 %
|
274
|
97
|
35.24 %
|
|||||||||
|
In Non-German offices
|
466
|
245
|
52.56 %
|
340
|
180
|
52.84 %
|
808
|
195
|
24.14 %
|
|||||||||
|
Total securities sold under repurchase agreements
|
2,702
|
669
|
24.74 %
|
1,338
|
349
|
26.10 %
|
1,082
|
292
|
26.95 %
|
|||||||||
|
Securities loaned:4
|
||||||||||||||||||
|
In German offices
|
0
|
0
|
N/M
|
3
|
0
|
N/M
|
1
|
0
|
(4.76) %
|
|||||||||
|
In Non-German offices
|
5
|
5
|
N/M
|
6
|
13
|
N/M
|
16
|
14
|
87.36 %
|
|||||||||
|
Total securities loaned
|
5
|
5
|
N/M
|
10
|
13
|
N/M
|
17
|
14
|
82.39 %
|
|||||||||
|
Interest-bearing financial liabilities at fair value through profit or loss:4
|
||||||||||||||||||
|
In German offices
|
47,341
|
1,723
|
3.64 %
|
40,832
|
1,004
|
2.46 %
|
39,620
|
529
|
1.34 %
|
|||||||||
|
In Non-German offices
|
99,360
|
6,726
|
6.77 %
|
99,399
|
5,937
|
5.97 %
|
87,295
|
1,939
|
2.22 %
|
|||||||||
|
Total interest-bearing financial liabilities at fair value through profit or loss
|
146,702
|
8,449
|
5.76 %
|
140,231
|
6,941
|
4.95 %
|
126,914
|
2,468
|
1.94 %
|
|||||||||
|
Commercial paper:5
|
||||||||||||||||||
|
In German offices
|
1,369
|
62
|
4.57 %
|
1,870
|
83
|
4.42 %
|
1,286
|
8
|
0.64 %
|
|||||||||
|
In Non-German offices
|
2,776
|
128
|
4.61 %
|
1,236
|
61
|
4.96 %
|
531
|
6
|
1.15 %
|
|||||||||
|
Total commercial paper
|
4,145
|
191
|
4.60 %
|
3,106
|
144
|
4.63 %
|
1,817
|
14
|
0.79 %
|
|||||||||
|
Other short-term borrowings:4
|
||||||||||||||||||
|
In German offices
|
1,449
|
72
|
4.99 %
|
1,073
|
30
|
2.79 %
|
713
|
13
|
1.83 %
|
|||||||||
|
In Non-German offices
|
3,673
|
127
|
3.46 %
|
2,817
|
136
|
4.82 %
|
2,398
|
83
|
3.48 %
|
|||||||||
|
Total other short-term borrowings
|
5,122
|
199
|
3.89 %
|
3,890
|
166
|
4.26 %
|
3,111
|
97
|
3.10 %
|
|||||||||
|
Long-term debt and trust preferred securities:4
|
||||||||||||||||||
|
In German offices
|
86,734
|
4,593
|
5.30 %
|
89,391
|
3,885
|
4.35 %
|
104,507
|
1,213
|
1.16 %
|
|||||||||
|
In Non-German offices
|
27,937
|
2,189
|
7.83 %
|
35,405
|
2,280
|
6.44 %
|
39,427
|
876
|
2.22 %
|
|||||||||
|
Total long-term debt and trust preferred securities
|
114,671
|
6,781
|
5.91 %
|
124,796
|
6,165
|
4.94 %
|
143,934
|
2,090
|
1.45 %
|
|||||||||
|
Total other interest-bearing liabilities4
|
53,525
|
3,028
|
5.66 %
|
59,379
|
2,819
|
4.75 %
|
65,793
|
739
|
1.12 %
|
|||||||||
|
Total interest-bearing liabilities
|
797,184
|
33,768
|
4.24 %
|
735,956
|
27,267
|
3.71 %
|
727,265
|
9,047
|
1.24 %
|
|||||||||
|
|
S-2
|
|
Deutsche Bank
|
||
|
Annual Report 2024 on Form 20-F
|
||
|
Average balance sheet and interest expense
|
2024
|
2023
|
2022
|
|||||||||||||||
|
in € m.(unless stated otherwise)
|
Averagebalance
|
Interest
|
Averageyield/rate
|
Averagebalance
|
Interest
|
Averageyield/rate
|
Averagebalance
|
Interest
|
Averageyield/rate
|
|||||||||
|
Noninterest-bearing deposits:
|
||||||||||||||||||
|
In German offices
|
152,658
|
188,312
|
205,775
|
|||||||||||||||
|
In Non-German offices
|
21,590
|
23,859
|
32,361
|
|||||||||||||||
|
Noninterest-bearing financial liabilities at fair value through profit or loss:
|
||||||||||||||||||
|
In German offices
|
98,482
|
112,497
|
135,751
|
|||||||||||||||
|
In Non-German offices
|
135,405
|
142,339
|
171,287
|
|||||||||||||||
|
All other noninterest-bearing liabilities
|
87,082
|
76,282
|
70,097
|
|||||||||||||||
|
Total shareholders’ equity
|
66,353
|
63,149
|
60,109
|
|||||||||||||||
|
Additional equity components
|
9,603
|
8,563
|
7,944
|
|||||||||||||||
|
Noncontrolling interests
|
1,684
|
1,778
|
1,795
|
|||||||||||||||
|
Total equity
|
77,641
|
73,490
|
69,848
|
|||||||||||||||
|
Total liabilities and equity
|
1,370,042
|
1,352,734
|
1,412,384
|
|||||||||||||||
|
% of liabilities attributable to Non-German offices
|
42 %
|
41 %
|
42 %
|
|||||||||||||||
|
Rate spread
|
0.65 %
|
0.73 %
|
1.09 %
|
|||||||||||||||
|
Net interest margin (Net interest income tototal interest-earning assets):
|
||||||||||||||||||
|
In German offices
|
(0.39) %
|
0.21 %
|
0.85 %
|
|||||||||||||||
|
In Non-German offices
|
2.90 %
|
2.81 %
|
1.87 %
|
|||||||||||||||
|
Total
|
1.51 %
|
1.65 %
|
1.42 %
|
|||||||||||||||
|
|
S-3
|
|
Deutsche Bank
|
||
|
Annual Report 2024 on Form 20-F
|
||
|
2024 over 2023 due to changes in¹
|
2023 over 2022 due to changes in¹
|
|||||||||||
|
in € m.
|
Netchange
|
Volume
|
Rate
|
Netchange
|
Volume
|
Rate
|
||||||
|
Interest and similar income:
|
||||||||||||
|
Interest-earning deposits with banks:
|
||||||||||||
|
German offices
|
2
|
(726)
|
727
|
2,472
|
(29)
|
2,501
|
||||||
|
Non-German offices
|
49
|
(130)
|
179
|
3,062
|
25
|
3,037
|
||||||
|
Total interest-earning deposits with banks
|
51
|
(856)
|
907
|
5,534
|
(4)
|
5,538
|
||||||
|
Central bank funds sold:
|
||||||||||||
|
German offices
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||
|
Non-German offices
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||
|
Total central bank funds sold
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||
|
Securities purchased under resale agreements:
|
||||||||||||
|
German offices
|
506
|
583
|
(77)
|
277
|
106
|
170
|
||||||
|
Non-German offices
|
361
|
391
|
(30)
|
288
|
43
|
245
|
||||||
|
Total securities purchased under resale agreements
|
867
|
973
|
(107)
|
565
|
149
|
416
|
||||||
|
Securities borrowed:
|
||||||||||||
|
German offices
|
0
|
(2)
|
2
|
0
|
(1)
|
1
|
||||||
|
Non-German offices
|
(3)
|
3
|
(6)
|
(45)
|
48
|
(93)
|
||||||
|
Total securities borrowed
|
(3)
|
1
|
(3)
|
(45)
|
46
|
(92)
|
||||||
|
Financial assets at fair value through profit or loss:
|
||||||||||||
|
German offices
|
528
|
113
|
415
|
998
|
21
|
977
|
||||||
|
Non-German offices
|
2,397
|
1,723
|
674
|
4,153
|
247
|
3,906
|
||||||
|
Total financial assets at fair value through profit or loss
|
2,926
|
1,836
|
1,089
|
5,151
|
268
|
4,883
|
||||||
|
Financial assets at fair value through OCI:
|
||||||||||||
|
German offices
|
8
|
2
|
6
|
35
|
10
|
25
|
||||||
|
Non-German offices
|
332
|
311
|
21
|
266
|
(60)
|
326
|
||||||
|
Total financial assets at fair value through OCI
|
341
|
314
|
27
|
301
|
(50)
|
350
|
||||||
|
Loans at amortized cost:
|
||||||||||||
|
German offices
|
485
|
(207)
|
692
|
1,825
|
33
|
1,793
|
||||||
|
Non-German offices
|
813
|
95
|
717
|
5,968
|
(197)
|
6,165
|
||||||
|
Total loans
|
1,298
|
(111)
|
1,409
|
7,793
|
(164)
|
7,957
|
||||||
|
Other interest-earning assets
|
60
|
(268)
|
329
|
1,061
|
(138)
|
1,199
|
||||||
|
Total interest and similar income
|
5,539
|
1,889
|
3,650
|
20,360
|
107
|
20,252
|
||||||
|
Interest expense:
|
||||||||||||
|
Interest-bearing deposits:
|
||||||||||||
|
German offices
|
2,258
|
1,031
|
1,227
|
4,779
|
106
|
4,674
|
||||||
|
Non-German offices
|
1,516
|
908
|
608
|
2,531
|
(25)
|
2,557
|
||||||
|
Total interest-bearing deposits
|
3,775
|
1,940
|
1,835
|
7,310
|
80
|
7,230
|
||||||
|
Central bank funds purchased:
|
||||||||||||
|
German offices
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||
|
Non-German offices
|
1
|
(24)
|
25
|
26
|
0
|
26
|
||||||
|
Total central bank funds purchasedagreements
|
1
|
(24)
|
25
|
26
|
0
|
26
|
||||||
|
Securities sold under repurchase agreements:
|
||||||||||||
|
German offices
|
254
|
233
|
22
|
73
|
145
|
(72)
|
||||||
|
Non-German offices
|
65
|
66
|
(1)
|
(15)
|
(157)
|
142
|
||||||
|
Total securities sold under repurchaseagreements
|
319
|
299
|
21
|
58
|
(12)
|
70
|
||||||
|
Securities loaned:
|
||||||||||||
|
German offices
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||
|
Non-German offices
|
(8)
|
(2)
|
(6)
|
(1)
|
(11)
|
10
|
||||||
|
Total securities loaned
|
(8)
|
(2)
|
(6)
|
(1)
|
(11)
|
10
|
||||||
|
Financial liabilities at fair value through profit or loss:
|
||||||||||||
|
German offices
|
719
|
179
|
540
|
475
|
17
|
458
|
||||||
|
Non-German offices
|
789
|
(2)
|
791
|
3,998
|
303
|
3,694
|
||||||
|
Total financial liabilities at fair value through profit or loss
|
1,508
|
177
|
1,331
|
4,473
|
320
|
4,153
|
||||||
|
Commercial paper:
|
||||||||||||
|
German offices
|
(20)
|
(23)
|
3
|
74
|
5
|
69
|
||||||
|
Non-German offices
|
67
|
71
|
(5)
|
55
|
16
|
39
|
||||||
|
Total commercial paper
|
47
|
49
|
(2)
|
130
|
21
|
108
|
||||||
|
Other short-term borrowings:
|
||||||||||||
|
German offices
|
42
|
13
|
29
|
17
|
8
|
9
|
||||||
|
Non-German offices
|
(9)
|
35
|
(44)
|
52
|
16
|
36
|
||||||
|
Total other short-term borrowings
|
34
|
48
|
(15)
|
69
|
25
|
45
|
||||||
|
Long-term debt and trust preferred securities:
|
||||||||||||
|
German offices
|
708
|
(119)
|
826
|
2,672
|
(200)
|
2,871
|
||||||
|
Non-German offices
|
(91)
|
(532)
|
441
|
1,404
|
(98)
|
1,502
|
||||||
|
Total long-term debt and trust preferred securities
|
616
|
(651)
|
1,267
|
4,076
|
(298)
|
4,373
|
||||||
|
Other interest-bearing liabilities
|
209
|
(296)
|
505
|
2,080
|
(86)
|
2,166
|
||||||
|
|
S-4
|
|
Deutsche Bank
|
||
|
Annual Report 2024 on Form 20-F
|
||
|
2024 over 2023 due to changes in¹
|
2023 over 2022 due to changes in¹
|
|||||||||||
|
Total interest expense
|
6,500
|
1,540
|
4,961
|
18,220
|
39
|
18,182
|
||||||
|
Net change in net interest income
|
(961)
|
349
|
(1,310)
|
2,139
|
69
|
2,071
|
||||||
|
Up to one year
|
More than one yearand up to five years
|
More than five yearsand up to ten years
|
More than ten years
|
Total
|
||||||||||||||||
|
in € m.
|
Amount
|
Yield
|
Amount
|
Yield
|
Amount
|
Yield
|
Amount
|
Yield
|
Amount
|
Yield
|
||||||||||
|
German government
|
193
|
5.0 %
|
132
|
1.8 %
|
1,156
|
1.3 %
|
774
|
2.7 %
|
2,256
|
2.1 %
|
||||||||||
|
U.S. Treasury and U.S.government agencies
|
590
|
1.3 %
|
4,230
|
1.4 %
|
10,672
|
2.2 %
|
714
|
2.7 %
|
16,206
|
2.0 %
|
||||||||||
|
U.S. local (municipal)governments
|
8
|
6.6 %
|
94
|
6.6 %
|
0
|
0.0 %
|
753
|
5.9 %
|
855
|
5.9 %
|
||||||||||
|
Other foreigngovernments
|
4,831
|
4.0 %
|
7,413
|
3.9 %
|
13,887
|
2.2 %
|
1,554
|
2.7 %
|
27,684
|
2.9 %
|
||||||||||
|
Corporates
|
320
|
3.5 %
|
1,002
|
5.5 %
|
154
|
1.6 %
|
7
|
3.6 %
|
1,483
|
4.6 %
|
||||||||||
|
Other asset-backedsecurities
|
0
|
0.0 %
|
0
|
0.0 %
|
152
|
4.8 %
|
0
|
0.0 %
|
152
|
4.8 %
|
||||||||||
|
Mortgage-backedsecurities, includingobligations of U.S.federal agencies
|
2,207
|
6.2 %
|
468
|
4.7 %
|
554
|
5.0 %
|
483
|
4.8 %
|
3,712
|
5.6 %
|
||||||||||
|
Other debt securities
|
735
|
1.1 %
|
1,048
|
5.7 %
|
144
|
2.6 %
|
1,599
|
4.3 %
|
3,526
|
4.0 %
|
||||||||||
|
|
S-5
|
|
Deutsche Bank
|
||
|
Annual Report 2024 on Form 20-F
|
||
|
Dec 31, 2024in € m.
|
Within 1 year
|
After 1 butwithin 5 years
|
After 5 butwithin 15 years
|
After 15 years
|
Total
|
||||||
|
German:
|
|||||||||||
|
Agriculture, forestry and fishing
|
31
|
26
|
86
|
45
|
188
|
||||||
|
Mining and quarrying
|
7
|
12
|
13
|
1
|
32
|
||||||
|
Manufacturing
|
4,874
|
2,813
|
985
|
232
|
8,904
|
||||||
|
Electricity, gas, steam and air conditioning supply
|
313
|
140
|
430
|
134
|
1,017
|
||||||
|
Water supply, sewerage, waste management and remediation activities
|
89
|
69
|
120
|
35
|
312
|
||||||
|
Construction
|
341
|
190
|
430
|
316
|
1,277
|
||||||
|
Wholesale and retail trade, repair of motor vehicles and motorcycles
|
4,426
|
1,075
|
702
|
385
|
6,587
|
||||||
|
Transport and storage
|
396
|
269
|
356
|
58
|
1,078
|
||||||
|
Accommodation and food service activities
|
58
|
233
|
339
|
126
|
755
|
||||||
|
Information and communication
|
389
|
428
|
101
|
143
|
1,061
|
||||||
|
Financial and insurance activities
|
2,352
|
5,719
|
2,004
|
975
|
11,050
|
||||||
|
Real estate activities
|
1,240
|
1,679
|
2,942
|
4,009
|
9,869
|
||||||
|
Professional, scientific and technical activities
|
611
|
745
|
1,358
|
1,490
|
4,204
|
||||||
|
Administrative and support service activities
|
467
|
467
|
354
|
461
|
1,750
|
||||||
|
Public administration and defense, compulsory social security
|
290
|
87
|
152
|
16
|
544
|
||||||
|
Education
|
12
|
22
|
29
|
39
|
103
|
||||||
|
Human health services and social work activities
|
205
|
353
|
1,173
|
610
|
2,341
|
||||||
|
Arts, entertainment and recreation
|
409
|
33
|
74
|
99
|
615
|
||||||
|
Other service activities
|
893
|
1,063
|
1,087
|
143
|
3,186
|
||||||
|
Activities of households as employers, undifferentiated goods- and services-producing activities of households for own use
|
9,983
|
19,824
|
52,980
|
84,328
|
167,116
|
||||||
|
Activities of extraterritorial organizations and bodies
|
0
|
0
|
0
|
0
|
0
|
||||||
|
Total German
|
27,384
|
35,247
|
65,714
|
93,644
|
221,989
|
||||||
|
Non-German:
|
|||||||||||
|
Agriculture, forestry and fishing
|
70
|
49
|
23
|
5
|
148
|
||||||
|
Mining and quarrying
|
3,199
|
1,009
|
99
|
2
|
4,309
|
||||||
|
Manufacturing
|
12,653
|
5,406
|
1,270
|
54
|
19,383
|
||||||
|
Electricity, gas, steam and air conditioning supply
|
1,434
|
1,621
|
826
|
119
|
3,999
|
||||||
|
Water supply, sewerage, waste management and remediation activities
|
68
|
189
|
24
|
3
|
284
|
||||||
|
Construction
|
1,319
|
1,407
|
413
|
185
|
3,323
|
||||||
|
Wholesale and retail trade, repair of motor vehicles and motorcycles
|
12,128
|
2,358
|
795
|
582
|
15,863
|
||||||
|
Transport and storage
|
1,703
|
1,850
|
648
|
32
|
4,234
|
||||||
|
Accommodation and food service activities
|
730
|
887
|
339
|
36
|
1,993
|
||||||
|
Information and communication
|
3,548
|
4,909
|
383
|
38
|
8,878
|
||||||
|
Financial and insurance activities
|
51,550
|
59,865
|
9,018
|
1,864
|
122,297
|
||||||
|
Real estate activities
|
16,899
|
21,054
|
3,421
|
292
|
41,665
|
||||||
|
Professional, scientific and technical activities
|
1,174
|
678
|
369
|
197
|
2,418
|
||||||
|
Administrative and support service activities
|
1,811
|
5,255
|
632
|
33
|
7,732
|
||||||
|
Public administration and defense, compulsory social security
|
1,455
|
1,190
|
3,014
|
33
|
5,691
|
||||||
|
Education
|
50
|
124
|
22
|
14
|
210
|
||||||
|
Human health services and social work activities
|
370
|
1,164
|
138
|
157
|
1,828
|
||||||
|
Arts, entertainment and recreation
|
75
|
110
|
25
|
14
|
224
|
||||||
|
Other service activities
|
1,734
|
1,380
|
837
|
202
|
4,153
|
||||||
|
Activities of households as employers, undifferentiated goods- and services-producing activities of households for own use
|
8,503
|
9,945
|
9,966
|
8,752
|
37,167
|
||||||
|
Activities of extraterritorial organizations and bodies
|
17
|
5
|
0
|
0
|
22
|
||||||
|
Total Non-German
|
120,492
|
120,454
|
32,261
|
12,614
|
285,822
|
||||||
|
Gross loans
|
147,876
|
155,702
|
97,975
|
106,258
|
507,810
|
||||||
|
(Deferred expense)/unearned income
|
73
|
278
|
764
|
237
|
1,352
|
||||||
|
Loans less (deferred expense)/unearned income
|
147,803
|
155,424
|
97,211
|
106,021
|
506,459
|
||||||
|
Dec 31,2024in € m.
|
Within 1 years
|
After one butwithin 5 years
|
After 5 butwithin 15 years
|
After 15 years
|
Total
|
|||||
|
Fixed rate loans
|
44,349
|
45,670
|
79,275
|
96,017
|
265,311
|
|||||
|
Floating or adjustable rate loans
|
103,527
|
110,032
|
18,701
|
10,241
|
242,500
|
|||||
|
Total
|
147,876
|
155,702
|
97,975
|
106,258
|
507,810
|
|||||
|
|
S-6
|
|
Deutsche Bank
|
||
|
Annual Report 2024 on Form 20-F
|
||
|
Dec 31, 2024
|
||||||||||
|
in € m.
|
Loans at amortized cost (Gross carrying Amount)
|
Allowance for credit losses
|
Net Charge Offs
|
Allowance for credit losses to total loans at amortized cost at end of period (%) ¹
|
Net charge-offs during the period to average loans at amortized cost outstanding during the period (%)
|
|||||
|
Agriculture, forestry and fishing
|
336
|
6
|
0
|
1.77%
|
0.04%
|
|||||
|
Mining and quarrying
|
1,885
|
11
|
(0)
|
0.57%
|
(0.00%)
|
|||||
|
Manufacturing
|
26,634
|
596
|
49
|
2.24%
|
0.18%
|
|||||
|
Electricity, gas, steam and air conditioning supply
|
4,346
|
92
|
(0)
|
2.11%
|
(0.00%)
|
|||||
|
Water supply, sewerage, waste management and remediation activities
|
595
|
4
|
0
|
0.69%
|
0.06%
|
|||||
|
Construction
|
4,330
|
105
|
(59)
|
2.43%
|
(1.37%)
|
|||||
|
Wholesale and retail trade, repair of motor vehicles and motorcycles
|
21,405
|
375
|
86
|
1.75%
|
0.45%
|
|||||
|
Transport and storage
|
4,766
|
52
|
9
|
1.09%
|
0.18%
|
|||||
|
Accommodation and food service activities
|
2,665
|
32
|
5
|
1.22%
|
0.26%
|
|||||
|
Information and communication
|
8,930
|
79
|
128
|
0.89%
|
1.56%
|
|||||
|
Financial and insurance activities
|
126,640
|
853
|
29
|
0.67%
|
0.03%
|
|||||
|
Real estate activities
|
49,859
|
664
|
168
|
1.33%
|
0.36%
|
|||||
|
Professional, scientific and technical activities
|
6,276
|
104
|
20
|
1.66%
|
0.31%
|
|||||
|
Administrative and support service activities
|
8,921
|
61
|
41
|
0.68%
|
0.48%
|
|||||
|
Public administration and defense, compulsory social security
|
5,740
|
39
|
(0)
|
0.68%
|
(0.01%)
|
|||||
|
Education
|
295
|
3
|
0
|
0.91%
|
0.10%
|
|||||
|
Human health services and social work activities
|
4,130
|
29
|
0
|
0.70%
|
0.01%
|
|||||
|
Arts, entertainment and recreation
|
820
|
6
|
0
|
0.74%
|
0.04%
|
|||||
|
Other service activities
|
6,213
|
101
|
50
|
1.63%
|
0.26%
|
|||||
|
Activities of households as employers, undifferentiated goods- and services-producing activities of households for own use
|
204,788
|
2,457
|
495
|
1.20%
|
0.24%
|
|||||
|
Activities of extraterritorial organizations and bodies
|
5
|
0
|
(0)
|
2.70%
|
(0.04%)
|
|||||
|
Total
|
489,579
|
5,668
|
1,072
|
1.16%
|
0.22%
|
|||||
|
|
S-7
|
|
Deutsche Bank
|
||
|
Annual Report 2024 on Form 20-F
|
||
|
Dec 31, 2023
|
||||||||||
|
in € m.
|
Loans at amortized cost (Gross carrying Amount)
|
Allowance for credit losses
|
Net Charge Offs
|
Allowance for credit losses to total loans at amortized cost at end of period (%) ¹
|
Net charge-offs during the period to average loans at amortized cost outstanding during the period (%)
|
|||||
|
Agriculture, forestry and fishing
|
384
|
5
|
2
|
1.41%
|
0.52%
|
|||||
|
Mining and quarrying
|
2,774
|
8
|
25
|
0.31%
|
1.03%
|
|||||
|
Manufacturing
|
28,397
|
531
|
179
|
1.87%
|
0.61%
|
|||||
|
Electricity, gas, steam and air conditioning supply
|
4,081
|
23
|
31
|
0.55%
|
0.67%
|
|||||
|
Water supply, sewerage, waste management and remediation activities
|
486
|
5
|
1
|
0.98%
|
0.16%
|
|||||
|
Construction
|
4,257
|
107
|
126
|
2.51%
|
3.00%
|
|||||
|
Wholesale and retail trade, repair of motor vehicles and motorcycles
|
21,030
|
400
|
120
|
1.90%
|
0.59%
|
|||||
|
Transport and storage
|
4,924
|
44
|
36
|
0.90%
|
0.69%
|
|||||
|
Accommodation and food service activities
|
1,862
|
31
|
3
|
1.67%
|
0.14%
|
|||||
|
Information and communication
|
7,589
|
49
|
88
|
0.64%
|
1.23%
|
|||||
|
Financial and insurance activities
|
110,901
|
753
|
100
|
0.68%
|
0.09%
|
|||||
|
Real estate activities
|
49,267
|
460
|
50
|
0.93%
|
0.10%
|
|||||
|
Professional, scientific and technical activities
|
6,889
|
91
|
36
|
1.32%
|
0.52%
|
|||||
|
Administrative and support service activities
|
8,911
|
140
|
4
|
1.57%
|
0.05%
|
|||||
|
Public administration and defense, compulsory social security
|
5,731
|
37
|
2
|
0.65%
|
0.04%
|
|||||
|
Education
|
279
|
3
|
(0)
|
1.10%
|
(0.03%)
|
|||||
|
Human health services and social work activities
|
4,390
|
25
|
0
|
0.58%
|
0.00%
|
|||||
|
Arts, entertainment and recreation
|
1,017
|
10
|
27
|
0.95%
|
2.62%
|
|||||
|
Other service activities
|
4,727
|
59
|
65
|
1.25%
|
1.61%
|
|||||
|
Activities of households as employers, undifferentiated goods- and services- producing activities of households for own use
|
216,630
|
2,387
|
208
|
1.10%
|
0.09%
|
|||||
|
Activities of extraterritorial organizations and bodies
|
0
|
0
|
0
|
0.80%
|
9.38%
|
|||||
|
Total
|
484,527
|
5,170
|
1,104
|
1.07%
|
0.23%
|
|||||
|
|
S-8
|
|
Deutsche Bank
|
||
|
Annual Report 2024 on Form 20-F
|
||
|
Dec 31, 2022
|
||||||||||
|
in € m.
|
Loans at amortized cost (Gross carrying Amount)
|
Allowance for credit losses
|
Net Charge Offs
|
Allowance for credit losses to total loans at amortized cost at end of period (%) ¹
|
Net charge-offs during the period to average loans at amortized cost outstanding during the period (%)
|
|||||
|
Agriculture, forestry and fishing
|
524
|
10
|
1
|
1.84%
|
0.18%
|
|||||
|
Mining and quarrying
|
2,392
|
32
|
24
|
1.32%
|
0.87%
|
|||||
|
Manufacturing
|
30,534
|
618
|
62
|
2.02%
|
0.19%
|
|||||
|
Electricity, gas, steam and air conditioning supply
|
4,893
|
42
|
0
|
0.85%
|
0.00%
|
|||||
|
Water supply, sewerage, waste management and remediation activities
|
725
|
8
|
0
|
1.06%
|
0.02%
|
|||||
|
Construction
|
4,239
|
114
|
103
|
2.70%
|
2.25%
|
|||||
|
Wholesale and retail trade, repair of motor vehicles and motorcycles
|
21,535
|
436
|
18
|
2.02%
|
0.08%
|
|||||
|
Transport and storage
|
5,547
|
52
|
8
|
0.93%
|
0.15%
|
|||||
|
Accommodation and food service activities
|
1,965
|
66
|
4
|
3.37%
|
0.16%
|
|||||
|
Information and communication
|
7,002
|
120
|
5
|
1.72%
|
0.08%
|
|||||
|
Financial and insurance activities
|
116,190
|
711
|
27
|
0.61%
|
0.02%
|
|||||
|
Real estate activities
|
48,380
|
236
|
66
|
0.49%
|
0.15%
|
|||||
|
Professional, scientific and technical activities
|
7,013
|
87
|
23
|
1.25%
|
0.33%
|
|||||
|
Administrative and support service activities
|
7,429
|
121
|
38
|
1.62%
|
0.45%
|
|||||
|
Public administration and defense, compulsory social security
|
5,287
|
13
|
0
|
0.24%
|
0.00%
|
|||||
|
Education
|
249
|
3
|
0
|
1.11%
|
0.15%
|
|||||
|
Human health services and social work activities
|
4,523
|
26
|
5
|
0.57%
|
0.12%
|
|||||
|
Arts, entertainment and recreation
|
1,128
|
9
|
0
|
0.82%
|
0.02%
|
|||||
|
Other service activities
|
4,152
|
83
|
24
|
1.99%
|
0.50%
|
|||||
|
Activities of households as employers, undifferentiated goods- and services-producing activities of households for own use
|
214,795
|
2,005
|
562
|
0.93%
|
0.26%
|
|||||
|
Activities of extraterritorial organizations and bodies
|
1
|
0
|
0
|
0.70%
|
22.98%
|
|||||
|
Total
|
488,504
|
4,790
|
971
|
0.98%
|
0.20%
|
|||||
|
|
S-9
|
|
Deutsche Bank
|
||
|
Annual Report 2024 on Form 20-F
|
||
|
Dec 31, 2024
|
||||||||||||||
|
in € m.(unless stated otherwise)
|
Banks andother financialinstitutions
|
Governmentsand Officialinstitutions
|
Other1
|
Commit-ments
|
Net localcountry claim
|
Total
|
in %
|
|||||||
|
USA
|
3,520
|
49,908
|
102,191
|
9,330
|
134,481
|
299,430
|
21.59
|
|||||||
|
Great Britain
|
3,195
|
35,061
|
39,181
|
12,018
|
10,313
|
99,768
|
7.19
|
|||||||
|
Italy
|
8,667
|
28,245
|
21,084
|
2,552
|
22,283
|
82,831
|
5.97
|
|||||||
|
France
|
3,513
|
20,531
|
22,023
|
8,554
|
−
|
54,621
|
3.94
|
|||||||
|
Luxembourg
|
5,370
|
5,283
|
15,354
|
4,858
|
4,222
|
35,087
|
2.53
|
|||||||
|
Spain
|
5,261
|
12,724
|
10,439
|
2,166
|
−
|
30,590
|
2.21
|
|||||||
|
Belgium
|
1,105
|
10,187
|
9,018
|
2,074
|
−
|
22,384
|
1.61
|
|||||||
|
Switzerland
|
3,253
|
3,883
|
6,482
|
7,103
|
994
|
21,715
|
1.57
|
|||||||
|
Ireland
|
106
|
2,987
|
12,218
|
4,148
|
−
|
19,459
|
1.40
|
|||||||
|
Netherlands
|
2,186
|
3,234
|
8,328
|
5,617
|
−
|
19,365
|
1.40
|
|||||||
|
Dec 31, 2023
|
||||||||||||||
|
in € m.(unless stated otherwise)
|
Banks andother financialinstitutions
|
Governmentsand Officialinstitutions
|
Other1
|
Commit-ments
|
Net localcountry claim
|
Total
|
in %
|
|||||||
|
USA
|
1,869
|
50,159
|
95,781
|
6,568
|
123,772
|
278,149
|
21.20
|
|||||||
|
Great Britain
|
1,991
|
28,112
|
18,924
|
10,914
|
20,107
|
80,048
|
6.10
|
|||||||
|
Italy
|
4,150
|
31,097
|
18,373
|
2,493
|
23,176
|
79,289
|
6.04
|
|||||||
|
France
|
2,142
|
15,926
|
18,279
|
7,675
|
2,892
|
46,914
|
3.57
|
|||||||
|
Luxembourg
|
6,658
|
4,148
|
14,899
|
5,166
|
6,871
|
37,743
|
2.88
|
|||||||
|
Spain
|
2,692
|
10,823
|
13,992
|
2,647
|
−
|
30,154
|
2.30
|
|||||||
|
Switzerland
|
1,458
|
4,650
|
7,536
|
9,335
|
1,529
|
24,509
|
1.87
|
|||||||
|
Netherlands
|
1,868
|
3,952
|
9,190
|
5,876
|
−
|
20,886
|
1.59
|
|||||||
|
Ireland
|
236
|
3,286
|
10,250
|
3,565
|
−
|
17,337
|
1.32
|
|||||||
|
Belgium
|
741
|
7,472
|
5,856
|
1,038
|
−
|
15,107
|
1.15
|
|||||||
|
China
|
3,121
|
5,514
|
1,519
|
403
|
−
|
10,557
|
0.80
|
|||||||
|
Dec 31, 2022
|
||||||||||||||
|
in € m.(unless stated otherwise)
|
Banks andother financialinstitutions
|
Governmentsand Officialinstitutions
|
Other1
|
Commit-ments
|
Net localcountry claim
|
Total
|
in %
|
|||||||
|
USA
|
5,083
|
48,556
|
88,193
|
6,739
|
139,166
|
287,737
|
21.52
|
|||||||
|
Italy
|
4,289
|
25,442
|
12,564
|
1,690
|
24,764
|
68,749
|
5.14
|
|||||||
|
Great Britain
|
3,326
|
23,051
|
19,479
|
9,275
|
12,546
|
67,677
|
5.06
|
|||||||
|
Luxembourg
|
8,364
|
4,031
|
28,642
|
3,977
|
5,982
|
50,997
|
3.81
|
|||||||
|
France
|
2,480
|
12,338
|
17,181
|
7,559
|
2,673
|
42,231
|
3.16
|
|||||||
|
Spain
|
2,209
|
10,205
|
8,496
|
1,954
|
−
|
22,864
|
1.71
|
|||||||
|
Ireland
|
343
|
3,415
|
14,257
|
2,452
|
−
|
20,467
|
1.53
|
|||||||
|
Switzerland
|
1,020
|
3,828
|
7,325
|
5,698
|
1,146
|
19,017
|
1.42
|
|||||||
|
Netherlands
|
1,109
|
2,829
|
6,091
|
5,436
|
−
|
15,465
|
1.16
|
|||||||
|
Belgium
|
1,034
|
5,362
|
2,888
|
1,101
|
−
|
10,385
|
0.78
|
|||||||
|
|
S-10
|
|
Deutsche Bank
|
||
|
Annual Report 2024 on Form 20-F
|
||
|
in € m.
|
Dec 31, 2024
|
||
|
U.S. time deposits in excess of FDIC insurance limit or similar state deposit insurance regimes
|
0
|
||
|
Time deposits that are otherwise uninsured, by maturity
|
|||
|
3 months or less
|
58,236
|
||
|
over 3 months to 6 months
|
24,330
|
||
|
over 6 months to 12 months
|
17,758
|
||
|
over 12 months
|
19,104
|
||
|
Total Time deposits that are otherwise uninsured
|
119,429
|
||
|
Total Uninsured time deposits
|
119,429
|
||
|
|
S-11
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|
Deutsche Bank
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||
|
Annual Report 2024 on Form 20-F
|
||
|
|
S-12
|
Exhibit 2.2
DESCRIPTION OF SECURITIES
REGISTERED UNDER SECTION 12 OF THE EXCHANGE ACT
The description of securities below is being provided for information and reference purposes only and is not intended to be, and must not be, taken as the basis for any investment decision. This description of securities does not constitute an offer to sell or a solicitation of an offer to buy any securities.
As of December 31, 2024, Deutsche Bank AG (“Deutsche Bank”, or “the bank”) had three classes of securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934 (the “Act”): Ordinary Shares, Subordinated Notes and Series A Global Notes.
A. Description of Ordinary Shares
Terms defined within this subsection entitled “Description of Ordinary Shares” are defined only with respect to this subsection. Certain terms, unless otherwise defined herein, have the meaning given to them in the bank’s Annual Report on Form 20-F for the year ended December 31, 2024.
General
Deutsche Bank’s share capital consists of ordinary shares (the “Ordinary Shares”) issued in registered form without par value. Under German law, shares without par value are deemed to have a “nominal” value equal to the total amount of share capital divided by the number of shares. The Ordinary Shares have a nominal value in this sense of € 2.56 per share. As of December 31, 2024, there were 1,994,701,593 Ordinary Shares issued, of which 1,945,125,755 were outstanding. On January 3, 2025, Deutsche Bank cancelled 46,448,708 Ordinary Shares owned by the bank. Following this cancellation, there were 1,948,252,885 Ordinary Shares issued.
The principal trading market for the Ordinary Shares is the Frankfurt Stock Exchange, where they trade under the symbol “DBK”. The Ordinary Shares are also traded on the other six German stock exchanges (Berlin, Düsseldorf, Hamburg, Hanover, Munich and Stuttgart, trading on each exchange under the symbol “DBK”), on the Eurex and the New York Stock Exchange, where they trade under the symbol “DB”.
Deutsche Bank maintains a share register in Frankfurt am Main and, for the purposes of trading shares on the New York Stock Exchange, a share register in New York.
All shares on German stock exchanges trade in euros, and all shares on the New York Stock Exchange trade in U.S. dollars.
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Pre-emptive Rights of Deutsche Bank Shareholders
Authorized Capital
The bank’s share capital may be increased by issuing new shares out of authorized capital against cash payments. The bank’s authorized but unissued capital as of December 31, 2024 amounted to € 2,560,000,000, divided as follows:
● By resolution of the bank’s annual shareholders’ meeting dated May 27, 2021, the Management Board was authorized to increase the bank’s share capital on or before April 30, 2026, once or more than once, by up to a total of € 512,000,000 through the issue of new shares against cash payments. Shareholders are to be granted pre-emptive rights. However, the Management Board is authorized to except broken amounts from shareholders’ pre-emptive rights and to exclude pre-emptive rights insofar as is necessary to grant to the holders of option rights, convertible bonds and convertible participatory rights issued by the bank or its affiliates pre-emptive rights to new shares to the extent that they would be entitled to such rights after exercising their option or conversion rights. The Management Board is also authorized to exclude the pre-emptive rights in full if the issue price of the new shares is not significantly lower than the quoted price of the shares already listed at the time of the final determination of the issue price and the shares issued in accordance with Section 186(3) sentence 4 of the German Stock Corporation Act (Aktiengesetz) do not exceed in total 10 % of the share capital at the time the authorization becomes effective or — if the value is lower — at the time the authorization is utilized. Management Board resolutions to utilize authorized capital and to exclude pre-emptive rights require the Supervisory Board’s approval. The new shares may also be taken up by banks specified by the Management Board with the obligation to offer them to shareholders (indirect pre-emptive right).
● By resolution of the bank’s annual shareholders’ meeting dated May 27, 2021, the Management Board is authorized to increase the bank’s share capital on or before April 30, 2026, once or more than once, by up to a total of € 2,048,000,000 through the issue of new shares against cash payments. Shareholders are to be granted pre-emptive rights. However, the Management Board is authorized to except fractional amounts from shareholders’ pre-emptive rights and to exclude pre-emptive rights insofar as is necessary to grant to the holders of option rights, convertible bonds and convertible participatory rights issued by the bank and its affiliates pre-emptive rights to new shares to the extent that they would be entitled to such rights after exercising their option or conversion rights. Management Board resolutions to utilize authorized capital and to exclude pre-emptive rights require the Supervisory Board’s approval. The new shares may also be taken up by banks specified by the Management Board with the obligation to offer them to shareholders (indirect pre-emptive right).
Shareholders are generally permitted to transfer their preemptive rights. Preemptive rights may be traded on one or more German stock exchanges for a limited number of days prior to the final day the preemptive rights can be exercised.
Conditional Capital
The bank may issue participatory notes that are linked with conversion rights or option rights and/or convertible bonds and/or bonds with warrants. The participatory notes, convertible bonds or bonds with warrants may also be issued by affiliated companies of Deutsche Bank AG. For this purpose, share capital would be increased conditionally upon exercise of these conversion and/or exchange rights or upon mandatory conversion. As of December 31, 2024, the bank did not have any authorized conditional capital.
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Form and Transfer
According to the Articles of Association, Deutsche Bank’s shares are issued in the form of registered shares. For purposes of registration in the share register, all shareholders are required to notify the bank of the number of shares they hold and, in the case of natural persons, provide their surname, first name, address (physical and electronic) and date of birth and, in the case of legal persons, provide their registered name, business address (physical and electronic) and registered. Being registered in the bank’s share register and timely registration for attendance of the General Meeting are prerequisites for any shareholder’s attendance and exercise of voting rights at the General Meeting.
The form that shares and dividend and renewal coupons are to take will be determined by the bank’s Management Board in agreement with the bank’s Supervisory Board. Global certificates may be issued. The claim of shareholders to have their shares and any dividend and renewal coupons issued in individual certificate form is excluded unless such issue is required by the rules in force at a stock exchange where the shares are listed.
The transferability of the bank’s Ordinary Shares is not restricted by law or the bank’s Articles of Association.
Dividends
Dividend Policy
Deutsche Bank plans to sustainably grow cash dividends and, over time, return to shareholders through share buybacks excess capital over and above the requirements to support profitable growth and upcoming regulatory changes.
For the financial year 2024, the Management Board intends to propose to the Annual General Meeting a dividend of € 0.68 per share, after having paid a dividend of € 0.45 per share for 2023 and € 0.30 per share for 2022.
For the financial year 2025 and subsequent years, the bank targets a payout ratio of 50% of net income attributable to Deutsche Bank shareholders, delivered through a combination of cash dividends and share buybacks. These distributions to shareholders are subject to shareholder authorization and German corporate law requirements, and in the case of share buybacks, regulatory approval. The bank has received supervisory approval for a share repurchase of € 750 million, which it aims to materially complete by the third quarter of 2025, having completed € 675 million in share repurchases in 2024 and € 450 million in 2023, and it plans to propose a dividend in respect of the 2024 financial year of € 0.68 per share, or approximately € 1.3 billion, up from € 0.45 per share for 2023, at the bank’s Annual General Meeting in May 2025. For the financial year 2025, Deutsche Bank aims for cash dividends of € 1.00 per share, subject to a 50% payout ratio limitation relative to net income attributable to Deutsche Bank shareholders. Deutsche Bank will continue to target a payout ratio of 50% after 2025 through share buybacks and cash dividends, with cash dividends growing more moderately compared to increases seen in recent years. The bank has set a capital distribution goal of € 8 billion in respect of the financial years 2021-2025, to be paid in 2022-2026, and believes that it is positioned to exceed this objective if it achieves its financial targets.
However, Deutsche Bank cannot assure investors that it will pay dividends or conduct share buybacks as it did in previous years, nor at any other level, or at all, in any future period. If Deutsche Bank AG is not profitable enough, it may not pay dividends or conduct share buybacks at all. Furthermore, if Deutsche Bank AG fails to meet the regulatory capital adequacy requirements under CRR/CRD (including individually imposed capital requirements (“Pillar 2” requirements) and the combined buffer requirement), it may be prohibited from making, and the ECB or the BaFin may suspend or limit, the payment of dividends or execution of share buybacks. In particular, a credit institution, such as Deutsche Bank, will be considered as failing to meet the combined buffer requirement when it does not have sufficient own funds in an amount and of the quality needed to meet at the same time (i) its minimum capital requirements under the CRR, (ii) certain Pillar 2 capital requirements, and (iii) the sum of the capital buffers applicable to the relevant credit institution. In calculating the respective amounts that may be distributed (“Maximum Distributable Amount” or “MDA”), the bank will have to take into account certain Pillar 2 capital requirements. Since January 2022, the Group has also been subject to MDA restrictions, including a Pillar 2 capital requirement for the leverage ratio, in instances of non-compliance with its leverage ratio buffer introduced in the CRR. In addition, Deutsche Bank is subject to additional restrictions on distributions if it breaches the harmonized minimum TLAC requirement under the CRR or its institution-specific minimum requirement for own funds and eligible liabilities (MREL) set by the Single Resolution Board.
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In addition, the ECB expects banks to meet Pillar 2 guidance. If Deutsche Bank AG operates or expects to operate below Pillar 2 guidance, the ECB will review the reasons why the bank’s capital level has fallen or is expected to fall and may take appropriate and proportionate measures in connection with such shortfall. Any such measures might have an impact on Deutsche Bank AG’s willingness or ability to pay dividends or conduct share buybacks. For further information on regulatory capital adequacy requirements and the powers of Deutsche Bank AG’s regulators to suspend dividend payments or share buybacks, see “Item 4: Information on the Company – Regulation and Supervision – Capital Adequacy Requirements” and “— Investigative and Enforcement Powers.”
In order to meet the German corporate law requirements, Deutsche Bank AG’s dividends and capacity to conduct share buybacks are based on the unconsolidated results of Deutsche Bank AG as prepared in accordance with the German Commercial Code (HGB). Deutsche Bank AG’s Management Board, which prepares the annual financial statements of Deutsche Bank AG on an unconsolidated basis, and its Supervisory Board, which reviews the financial statements, first allocate part of Deutsche Bank AG’s annual surplus (if any) to Deutsche Bank AG’s statutory reserves and to any losses carried forward, in accordance with applicable legal requirements. Deutsche Bank then allocates the remainder of any surplus to other revenue reserves (or retained earnings) and balance sheet profit. Deutsche Bank may allocate up to one-half of this remainder to other revenue reserves and must allocate at least one-half to balance sheet profit. A profit distribution from the balance sheet profit is only permitted to the extent that the balance sheet profit plus distributable earnings exceed potential dividend blocking items, which consist primarily of deferred tax assets, self-developed software and unrealized gains on plan assets, all net of respective deferred tax liabilities.
Deutsche Bank AG may then distribute as dividend a portion of or all the amount of the balance sheet profit not subject to dividend blocking of Deutsche Bank AG if the Annual General Meeting so resolves. The Annual General Meeting may resolve a non-cash distribution instead of, or in addition to, a cash dividend. However, Deutsche Bank AG is not legally required to distribute its balance sheet profit to its shareholders to the extent that it has issued participatory rights (Genussrechte) or granted a silent participation (stille Beteiligung) that accord their holders the right to a portion of Deutsche Bank AG’s distributable profit.
Deutsche Bank AG declares dividends by resolution of the Annual General Meeting and pays them (if any) once a year. Dividends approved at a General Meeting are payable on the third business day after that meeting, unless a later date has been determined at that meeting or by the Articles of Association. In accordance with the German Stock Corporation Act, the record date for determining which holders of Deutsche Bank AG’s ordinary shares are entitled to the payment of dividends, if any, or other distributions whether cash, stock or property, is the date of the General Meeting at which such dividends or other distributions are declared.
Deutsche Bank’s financial and regulatory targets are based on the financial results prepared in accordance with IFRS as issued by the IASB and endorsed by the EU. For further details, please refer to “Note 01 – Material accounting policies and critical accounting estimates – EU carve-out” to the consolidated financial statements.
Dividend Payment and Distribution
Shareholders registered with the bank’s New York transfer agent are entitled to elect whether to receive dividend payments in euros or U.S. dollars. For those shareholders, unless instructed otherwise, the bank will convert all cash dividends and other cash distributions with respect to ordinary shares into U.S. dollars prior to payment to the shareholder. The amount distributed will be reduced by any amounts the bank or its New York transfer agent are required to withhold for taxes or other governmental charges. If the bank’s New York transfer agent determines, following consultation with the bank, that in its judgment any foreign currency it receives is not convertible or distributable, the bank’s New York transfer agent may distribute the foreign currency (or a document evidencing the right to receive such currency) or, in its discretion, hold the foreign currency for the account of the shareholder to receive the same.
If any of the bank’s distributions consists of a dividend of the bank’s shares, Link Market Services GmbH and the bank’s New York transfer agent (with respect to shares individually certificated) or the custodian bank with which shareholders have deposited their shares (with respect to shares in global form) will distribute the shares to the shareholders in proportion to their existing shareholdings. Rather than distribute fractional shares, Link Market Services GmbH, the bank’s New York transfer agent or the custodian bank will sell all such fractional shares and distribute the net proceeds to shareholders.
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Link Market Services GmbH and the bank’s New York transfer agent (with respect to shares individually certificated) or the custodian bank with which shareholders have deposited their shares (with respect to shares in global form) will also distribute all distributions (other than cash and the bank’s shares or rights) to shareholders in proportion to their shareholdings. In the event that Link Market Services GmbH, the bank’s New York transfer agent or the custodian bank determine that the distribution cannot be made proportionately among shareholders or that it is impossible to make the distribution, they may adopt any method that they consider fair and practicable to effect the distribution. Such methods may include the public or private sale of all or a portion of the securities or property and the distribution of the proceeds. Link Market Services GmbH, the bank’s New York transfer agent or the custodian bank must consult with the bank before adopting any alternative method of distribution.
Depending on whether shares are individually certificated or in global form, we, Link Market Services GmbH, the bank’s New York transfer agent or the custodian bank with which shareholders have deposited their shares will determine whether or not any distribution (including cash, shares, rights or property) is subject to tax or governmental charges. In the case of a cash distribution, the bank may use all or part of the cash to pay any such tax or governmental charge. In the case of other distributions, the bank, Link Market Services GmbH, the bank’s New York transfer agent or the custodian bank may dispose of all or part of the property to be distributed by public or private sale, in order to pay the tax or governmental charge. In all cases, shareholders will receive any net proceeds of any sale or the balance of the cash or property after the deduction for taxes or governmental charges in proportion to their shareholdings.
Voting Rights and Shareholder Meetings
Each of the bank’s shares entitles its registered holder to one vote at Deutsche Bank’s General Meeting. The Annual General Meeting takes place within the first eight months of the fiscal year. Pursuant to the Articles of Association, Deutsche Bank may hold the meeting in Frankfurt am Main, Düsseldorf or any other German city with over 250,000 inhabitants. Unless a shorter period is permitted by law, the Group must give the notice convening the General Meeting at least 30 days before the last day on which shareholders can register their attendance of the General Meeting (which is the sixth day immediately preceding that General Meeting). Shorter periods apply if the General Meeting is called to adopt a resolution on a capital increase in the context of early intervention measures pursuant to the Act on the Recovery and Resolution of Institutions and Financial Groups (Gesetz zur Sanierung und Abwicklung von Instituten und Finanzgruppen).
The Management Board or the Supervisory Board may also call an extraordinary General Meeting. Shareholders holding in the aggregate at least 5% of the nominal value of Deutsche Bank’s share capital may also request that such a meeting be called.
According to the Articles of Association, Deutsche Bank’s shares are issued in the form of registered shares. For purposes of registration in the share register, all shareholders are required to notify the bank of the number of shares they hold and, in the case of natural persons, of their surname, first name, address and date of birth and, in the case of legal persons, of their registered name, business address and registered domicile, and in both cases should add an electronic address. Both being registered in the bank’s share register and the timely registration for attendance of the General Meeting constitute prerequisite conditions for any shareholder’s attendance and exercise of voting rights at the General Meeting. Shareholders may register their attendance of a General Meeting with the Management Board (or as otherwise designated in the invitation) by written notice or electronically, no later than the sixth day immediately preceding the date of that General Meeting. Any shareholders who have failed to comply with certain notification requirements summarized under “Notification Requirements” below are precluded from exercising any rights attached to their shares, including voting rights.
Under German law, upon the bank’s request a registered shareholder must inform the bank whether that shareholder owns the shares registered in its name or whether that shareholder holds the shares for any other person as a nominee shareholder. Both the nominee shareholder and the person for whom the shares are held have an obligation to provide the same personal data as required for registration in the share register with respect to the person for whom the shares are held.
Shareholders may appoint proxies to represent them at General Meetings. As a matter of German law, a proxy relating to voting rights granted by shares may be revoked at any time.
As a foreign private issuer, Deutsche Bank is not required to file a proxy statement under U.S. securities law. The proxy voting process for the bank’s shareholders in the United States is substantially similar to the process for publicly held companies incorporated in the United States.
5
The Annual General Meeting normally adopts resolutions on the following matters:
● Appropriation of distributable balance sheet profits (Bilanzgewinn) from the preceding fiscal year;
● Formal ratification of the acts (Entlastung) of the members of the Management Board and the members of the Supervisory Board in the preceding fiscal year; and
● Appointment of independent auditors for the current fiscal year.
A simple majority of votes cast is generally sufficient to approve a measure, except in cases where a greater majority is otherwise required by the bank’s Articles of Association or by law. Under the German Stock Corporation Act and the German Transformation Act (Umwandlungsgesetz), certain resolutions of fundamental importance require a majority of at least 75% of the share capital represented at the General Meeting adopting the resolution, in addition to a majority of the votes cast. Such resolutions include the following matters, among others:
● Amendments to the Articles of Association changing the Group’s business objectives
● Capital increases that exclude subscription rights
● Capital reductions
● Creation of authorized or conditional capital
● Deutsche Bank’s dissolution
● “Transformations” under the German Transformation Act such as mergers, spin-offs and changes in the bank’s legal form
● Transfer of all the bank’s assets and
● Intercompany agreements (in particular, domination and profit-transfer agreements).
Under certain circumstances, such as when a resolution violates the Articles of Association or the German Stock Corporation Act, shareholders may file a shareholder action with the appropriate Regional Court (Landgericht) in Germany to set aside resolutions adopted at the General Meeting.
Under German law, the rights of shareholders as a group can be changed by amendment of the company's articles of association. Any amendment of the Articles of Association requires a resolution of the General Meeting. The authority to amend the Articles of Association, insofar as such amendments merely relate to the wording, such as changes of the share capital as a result of the issuance of shares from authorized capital, has been assigned to the Supervisory Board by the Articles of Association. Pursuant to the Articles of Association, the resolutions of the General Meeting are taken by a simple majority of votes and, insofar as a majority of capital stock is required, by a simple majority of capital stock, except where law or the Articles of Association determine otherwise. The rights of individual shareholders can only be changed with their consent. Amendments to the Articles of Association become effective upon their registration in the Commercial Register.
Liquidation Rights
The German Stock Corporation Act requires that if the bank is liquidated, any liquidation proceeds remaining after the payment of all the bank’s liabilities will be distributed to the bank’s shareholders in proportion to their shareholdings.
6
Changes to the Rights of Shareholders
Under German law, the rights of shareholders as a group can be changed by amendment of the company’s Articles of Association. Any amendment of the bank’s Articles of Association requires a resolution of the General Meeting. The authority to amend the bank’s Articles of Association, insofar as such amendments merely relate to the wording, such as changes of the share capital as a result of the issuance of shares from authorized capital, has been assigned to the bank’s Supervisory Board by the bank’s Articles of Association. Pursuant to the bank’s Articles of Association, the resolutions of the General Meeting are taken by a simple majority of votes and, insofar as a majority of capital stock is required, by a simple majority of capital stock, except where law or the bank’s Articles of Association determine otherwise. The rights of individual shareholders can only be changed with their consent. Amendments to the Articles of Association become effective upon their registration in the Commercial Register.
Tradable Subscription Rights
Deutsche Bank may determine that the statutory subscription rights to subscribe for its Ordinary Shares that its shareholders receive when the bank conducts a capital increase for which these rights are not excluded will be traded on a stock exchange. For example, on March 20, 2017, the bank’s shareholders received one tradable right per ordinary share, pursuant to a prospectus supplement dated March 20, 2017. The period within which these rights could be exercised expired on April 6, 2017.
The applicable prospectus supplement will describe the specific terms of any such subscription rights offering, including, as applicable:
● the title of the subscription rights;
● the exercise price for the subscription rights;
● the aggregate number of subscription rights issued;
● a discussion of the material U.S. federal, German or other income tax considerations, as well as considerations under the U.S. Employee Retirement Income Security Act of 1974, or “ERISA,” applicable to the issuance of ordinary shares together with statutory subscription rights or exercise of the subscription rights;
● any other terms of the subscription rights, including terms, procedures and limitations relating to the exercise of the subscription rights;
● the terms of the ordinary shares corresponding to the subscription rights;
● information regarding the trading of subscription rights, including the stock exchanges, if any, on which the subscription rights will be tradeable;
● the record date, if any, to determine who is entitled to the subscription rights and the ex-rights date;
● the date on which the rights to exercise the subscription rights will commence, and the date on which the rights will expire;
● the extent to which the offering includes a contractual over-subscription privilege with respect to unsubscribed securities; and
● the material terms of any standby underwriting arrangement the bank enters into in connection with the offering.
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Each subscription right will entitle its holder to subscribe for a number of the bank’s Ordinary Shares at an exercise price described in the applicable prospectus supplement. Subscription rights may be exercised at any time up to the close of business on the expiration date set forth in the prospectus supplement. After the close of business on the expiration date, all unexercised subscription rights will become void. Upon receipt of payment and, if applicable, the subscription form properly completed and executed at the subscription rights agent’s office or another office indicated in the prospectus supplement, the bank will, as soon as practicable, forward Ordinary Shares that can be subscribed for with that exercise. The prospectus supplement may offer more details on how to exercise the subscription rights.
If the bank determines to make appropriate arrangements for rights trading, persons other than the bank’s shareholders can acquire rights as described in the prospectus supplement. In the event subscription rights are offered only to the bank’s shareholders and their rights remain unexercised, the bank may determine to offer the unsubscribed offered securities to persons other than the bank’s shareholders. In addition, the bank may enter into a standby underwriting arrangement with one or more underwriters under which the underwriter or underwriters, as the case may be, will purchase any offered securities remaining unsubscribed for after the offering, as described in the prospectus supplement.
Notification Requirements
Disclosure of Interests in a Listed Stock Corporation
Disclosure Obligations under the German Securities Trading Act
Deutsche Bank AG, as a listed company, and its shareholders are subject to the shareholding disclosure obligations under the German Securities Trading Act (Wertpapierhandelsgesetz). Pursuant to the German Securities Trading Act, any shareholder whose voting interest in a listed company like Deutsche Bank AG, through acquisition, sale or by other means, reaches, exceeds or falls below a 3%, 5%, 10%, 15%, 20%, 25%, 30%, 50% or 75% threshold must notify the bank and the BaFin of its current aggregate voting interest in writing and without undue delay, but at the latest within four trading days. In connection with this requirement, the German Securities Trading Act contains various provisions regarding the attribution of voting rights to the person who actually controls the voting rights attached to the shares.
Furthermore, the voting rights attached to a third party’s shares are attributed to a shareholder if the shareholder coordinates its conduct concerning the listed company with the third party (so-called “acting in concert”) either through an agreement or other means. Acting in concert is deemed to exist if the parties coordinate their voting at the listed company’s general meeting or, outside the general meeting, coordinate their actions with the goal of significantly and permanently modifying the listed company’s corporate strategy. Each party’s voting rights are attributed to each of the other parties acting in concert.
Shareholders failing to comply with their notification obligations are prevented from exercising any rights attached to their shares (including voting rights and the right to receive dividends) until they have complied with the notification requirements. If the failure to comply with the notification obligations specifically relates to the size of the voting interest in Deutsche Bank AG and is the result of willful or grossly negligent conduct, the suspension of shareholder rights is – subject to certain exceptions in case of an incorrect notification deviating no more than 10% from the actual percentage of voting rights – extended by a six-month period commencing upon the submission of the required notification.
Except for the 3% threshold, similar notification obligations exist for reaching, exceeding or falling below the thresholds described above when a person holds, directly or indirectly, certain instruments other than shares. This applies to instruments which grant upon maturity an unconditional right to acquire existing voting shares of Deutsche Bank AG, a discretionary right to acquire such shares, as well as to instruments that refer to such shares and have an economic effect similar to that of the aforementioned instruments, irrespective of whether such instruments are physically or cash-settled. These instruments include, for example, transferable securities, options, futures contracts and swaps. Voting rights to be attributed to a person based on any such instrument will generally be aggregated with the person’s other voting rights deriving from shares or other instruments.
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Notice must be given without undue delay, but within four trading days at the latest. The notice period commences as soon as the person obliged to notify knows, or, under the circumstances should know, that his or her voting rights reach, exceed or fall below any of the abovementioned relevant thresholds, but in any event no later than two trading days after reaching, exceeding or falling below the threshold. Only in case that the voting rights reach, exceed or fall below any of the thresholds as a result of an event affecting all voting rights, the notice period might commence at a later stage. Deutsche Bank AG must publish the foregoing notifications without undue delay, but no later than within three trading days after their receipt, and report such publication to the BaFin. Furthermore, Deutsche Bank AG must publish a notification in case of any increase or decrease of the total number of voting rights without undue delay, but within two trading days at the latest, and such notification must be reported to the BaFin and forwarded to the German Company Register (Unternehmensregister). An exception applies where the increase of the total number of voting rights is due to the issue of new shares from conditional capital. In this case, Deutsche Bank AG must publish the increase at the end of the month in which it occurred. However, such increase must also be notified without undue delay, but within two trading days at the latest, where any other increase or decrease of the total number of voting rights triggers the aforementioned notification requirement.
Non-compliance with the disclosure requirements regarding shareholdings and holdings of other instruments may result in a significant fine imposed by the BaFin. In addition, the BaFin publishes, on its website, sanctions imposed, and measures taken indicating the person or entity responsible and the nature of the breach (so-called “naming and shaming”).
Shareholders whose voting rights reach or exceed thresholds of 10% of the voting rights in a listed company, or higher thresholds, are obliged to inform the company within 20 trading days of the purpose of their investment and the origin of the funds used for such investment, unless the articles of association of the listed company provide otherwise. The bank’s Articles of Association do not contain such a provision.
Disclosure Obligations under the German Securities Acquisition and Takeover Act
Pursuant to the German Securities Acquisition and Takeover Act (Wertpapiererwerbs- und Übernahmegesetz), any person whose voting interest reaches or exceeds 30% of the voting shares of a listed stock corporation must, within seven working days, publish this fact (including the percentage of its voting rights) on the Internet and by means of an electronically operated financial information dissemination system. In addition, the person must subsequently make a mandatory public tender offer within four weeks to all shareholders of the listed company unless an exemption has been granted. The German Securities Acquisition and Takeover Act contains a number of provisions intended to ensure that shareholdings are attributed to those persons who actually control the voting rights attached to the shares. The provisions regarding coordinated conduct as part of the German Securities Acquisition and Takeover Act (so-called “acting in concert”) and the rules on the attribution of voting rights attached to shares of third parties are the same as the statutory securities trading provisions described above under “Disclosure Obligations under the German Securities Trading Act” except with respect to voting rights of shares underlying instruments whose holders are vested with the right to unilaterally acquire existing voting shares of the listed company or voting rights which may be acquired on the basis of instruments with similar economic effect. If a shareholder fails to provide notice on reaching or exceeding the 30% threshold, or fails to make a public tender offer, the shareholder will be precluded from exercising any rights associated with its shares (including voting and dividend rights) until it has complied with the requirements under the German Securities Acquisition and Takeover Act. In addition, non-compliance with the disclosure requirement may result in a fine.
Disclosure of Participations in a Credit Institution
The German Banking Act (Kreditwesengesetz) requires any person intending to acquire, alone or acting in concert with another person, directly or indirectly, a qualifying holding (bedeutende Beteiligung) in a credit or financial services institution to notify the BaFin and the Bundesbank without undue delay and in writing of the intended acquisition. A qualifying holding is a direct or indirect holding in an undertaking which represents 10% or more of the capital or voting rights or which makes it possible to exercise a significant influence over the management of such undertaking. The required notice must contain information demonstrating, among other things, the reliability of the person or, in the case of a corporation or other legal entity, the reliability of its directors and officers.
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A person holding a qualifying holding shall also notify the BaFin and the Bundesbank without undue delay and in writing if he intends to increase the amount of the qualifying holding up to or beyond the thresholds of 20%, 30% or 50% of the voting rights or capital or in such way that the institution comes under such person’s control or if such person intends to reduce the participation below 10% or below one of the other thresholds described above.
The BaFin will have to confirm the receipt of a complete notification within two working days in writing to the proposed acquirer. Within a period of 60 working days from the BaFin’s written confirmation that a complete notification has been received (assessment period), the BaFin will review and, in accordance with Council Regulation (EU) No 1024/2013 of October 15, 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions, forward the notification and a proposal for a decision whether or not to object to the acquisition to the ECB. The ECB will decide whether or not to object to the acquisition on the basis of the applicable assessment criteria. Within the assessment period the ECB may prohibit the intended acquisition in particular if there appears to be reason to assume that the acquirer or its directors and officers are not reliable or that the acquirer is not financially sound, that the participation would impair the effective supervision of the relevant credit institution, that a prospective managing director (Geschäftsleiter) is not reliable or not qualified, that money laundering or financing of terrorism has occurred or been attempted in connection with the intended acquisition, or that there would be an increased risk of such illegal acts as a result of the intended acquisition. During the assessment period the BaFin may request further information necessary for its or the ECB’s assessment. Generally, such a request delays the expiration of the assessment period by up to 30 business days. If the information submitted is incomplete or incorrect the ECB may prohibit the intended acquisition.
If a person acquires a qualifying holding despite such prohibition or without making the required notification, the competent authority may prohibit the person from exercising the voting rights attached to the shares. In addition, non-compliance with the disclosure requirement may result in the imposition of a fine in accordance with statutory provisions. Moreover, the competent authority may order that any disposition of the shares requires its approval and may ultimately appoint a trustee to exercise the voting rights attached to the shares or to sell the shares to the extent they constitute a qualifying holding.
Disclosure of Participations in Regulated Subsidiaries
The acquisition of shares in Deutsche Bank AG may trigger an obligation to notify certain national competent authorities in charge of the supervision of regulated subsidiaries of Deutsche Bank AG, provided that such acquisition of shares is treated as an indirect acquisition of a stake in the relevant subsidiaries and the applicable threshold under local law is reached or exceeded. This applies in particular to subsidiaries in a member state of the European Economic Area for which the CRR sets forth a threshold of 10%. Other jurisdictions may apply lower thresholds. For example, because the bank controls Deutsche Bank (Malaysia) Berhad, Section 87(1) of the Malaysian Financial Services Act 2013 requires approval of Bank Negara Malaysia (the Malaysian central bank) of any acquisition of 5% or more of the bank’s ordinary shares. Also, because Deutsche Bank controls bank subsidiaries in the United States, including Deutsche Bank Trust Company Americas, and has securities registered under the U.S. Securities Exchange Act of 1934, the U.S. Change in Bank Control Act requires that any person or any persons acting in concert may acquire control of 10% or more of the bank’s ordinary shares only subject to the approval of the Federal Reserve Board and other U.S. regulators.
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Review by the German Federal Ministry of Economic Affairs and Climate Action of Acquisition of 10% of voting rights or more
Pursuant to the German Foreign Trade Act (Außenwirtschaftsgesetz) and the German Foreign Trade Regulation (Außenwirtschaftsverordnung), acquisitions may be reviewed by the German Federal Ministry of Economic Affairs and Climate Action (the “Ministry”) where the initial direct or indirect acquisition of voting rights in a German company by investors from outside the European Union (EU) and the European Free Trade Association (Iceland, Lichtenstein, Norway and Switzerland) exceed 10%, 20% or 25%, or where voting rights in a German company by investors outside the EU or European Free Trade Association exceed 20%, 25%, 40%, 50% or 75% through direct or indirect subsequent acquisitions. Both the thresholds for the applicable initial voting rights (10%, 20% or 25%) and whether a filing obligation exists or not, depend on the industry sector the target company is active in. The Ministry must be notified in writing regarding the conclusion of a contract where the direct or indirect acquisition by an investor from outside the European Union and the European Free Trade Association is 10% or 20% (or where the direct or indirect subsequent acquisitions exceeding 20%, 25%, 40%, 50% or 75% of the voting rights) of the voting rights in a German company which operates certain critical infrastructure (including inter alia certain services in the financial sector) or operates in other certain sensitive sectors (including inter alia certain technologies, IT, telecommunication, healthcare or the media). The Ministry must also be notified in writing regarding the conclusion of a contract where there is a direct or indirect acquisition by an investor from outside Germany of 10% or more of the voting rights in a German company operating in the defense or cryptology sectors (or where the direct or indirect subsequent acquisitions exceeds 20%, 25%, 40%, 50% or 75% of the voting rights). If Deutsche Bank is considered to be a company which operates in any such critical infrastructure or sensitive sector, the Ministry would need to be notified of an acquisition of voting rights in Deutsche Bank that meets the abovementioned thresholds. Pending clearance by the Ministry, an acquisition subject to this notification requirement must not be consummated without clearance and its implementation would be legally void, unless the acquisition is made via a stock exchange in which case the acquisition of voting rights becomes legally effective but the voting rights must not be exercised pending clearance.
Consummating such an acquisition without clearance may also result in administrative fines of up to € 500,000 (acting negligently) or up to five years imprisonment or monetary fines (acting willfully). The acquirer may seek voluntary pre-clearance of a proposed acquisition from the Ministry that is not subject to a mandatory filing. The Ministry may impose conditions on the acquisition, prohibit the acquisition, or require that it is unwound, if the Ministry determines that the acquisition will likely affect the public order or public security of Germany or another EU member state, or in relation to certain projects or programs of interest for the European Union pursuant to the EU-Screening regulation, or likely affects the essential security interests of Germany. The Ministry’s decision to review an acquisition must be made within two months following the Ministry’s knowledge of the conclusion of the acquisition contract, of the publication of the decision to launch a take-over bid or of the publication of the acquisition of control. The review must be completed within four months following receipt of the complete set of acquisition documents and any additional information requested by the Ministry. The Ministry can extend its review period up to an additional four months. A review is precluded if more than five years have passed since the acquisition.
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B. 4.50% Fixed Rate Subordinated Tier 2 Notes Due 2025
Terms defined within this subsection entitled “4.50% Fixed Rate Subordinated Tier 2 Notes Due 2025” are defined only with respect to this subsection. Certain terms, unless otherwise defined herein, have the meaning given to them in the relevant indenture and/or supplemental indenture (as applicable).
General
On April 1, 2015 (the “Issue Date”), Deutsche Bank issued $1,500,000,000 aggregate principal amount of 4.50% fixed rate subordinated Tier 2 notes (the “Subordinated Notes”) due April 1, 2025 (the “Maturity Date”).
The Subordinated Notes were issued pursuant to a prospectus supplement dated March 27, 2015 and a prospectus dated September 28, 2012. The Subordinated Notes constitute a separate series of subordinated debt securities issued under a subordinated indenture (the “Subordinated Indenture”) comprising a base subordinated indenture (the “Base Indenture”) entered into on May 21, 2013, as supplemented by a second supplemental subordinated indenture (the “Supplemental Subordinated Indenture”) entered into on April 1, 2015, among the bank, Wilmington Trust, National Association, as trustee and Deutsche Bank Trust Company Americas, as initial principal paying agent, transfer agent and registrar and authenticating agent.
The Subordinated Notes and the Subordinated Indenture are governed by and construed in accordance with the laws of the State of New York, except for the subordination provisions of each of the Subordinated Notes and the Subordinated Indenture, which are governed by and construed in accordance with German law.
The Subordinated Notes are admitted to trade on the New York Stock Exchange under the trading symbol “DB 25”.
Trustee and Paying Agent Information
Wilmington Trust, National Association (the “Trustee”), acts as the trustee for the Subordinated Notes. The Trustee’s contact information is as follows: 116 Mercer Street, Suite 2 R, New York, New York 10012.
Deutsche Bank Trust Company Americas (“DBTCA” or the “Agent”) acts as initial principal paying agent, transfer agent and registrar for the Subordinated Notes. DBTCA is a wholly owned subsidiary of Deutsche Bank. DBTCA’s contact information is as follows: Deutsche Bank Trust Company Americas, Global Securities Services, Global Transaction Banking, 1 Columbus Circle, 17th Floor, Mail Stop: NYC01-1701, New York, New York 10019-8735.
Interest Payments on the Subordinated Notes
Subject to the imposition of any Resolution Measure (as defined below) or any redemption prior to the Maturity Date in the limited circumstances described in this section, the Subordinated Notes will bear interest from (and including) the Issue Date to (but excluding) the Maturity Date at a rate of 4.50% per year. Interest will be payable semi-annually in arrears on April 1 and October 1 of each year, commencing on October 1, 2015 (an “Interest Payment Date”). Interest on the Subordinated Notes will be computed on the basis of a 360-day year of twelve 30-day months. The regular record dates for the Subordinated Notes will be the Business Day immediately preceding the relevant Interest Payment Date.
If any scheduled Interest Payment Date is not a Business Day, the bank will pay interest on the next Business Day, but interest on that payment will not accrue during the period from and after the scheduled Interest Payment Date. If the scheduled Maturity Date or date of redemption or repayment is not a Business Day, the bank may pay interest and principal on the next succeeding Business Day, but interest on that payment will not accrue during the period from and after the scheduled Maturity Date or date of redemption or repayment.
“Business Day” means a day on which commercial banks and foreign exchange markets settle payments and are open for general business (including dealing in foreign exchange and foreign currency deposits) in New York City and London.
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Payment of principal of, interest on and other amounts owing under the Subordinated Notes, so long as the Subordinated Notes are represented by global securities, will be made to the account of the Depositary, as holder of the global notes, by wire transfer of immediately available funds. The bank expects that the Depositary, upon receipt of any payment, will immediately credit its participants’ accounts in amounts proportionate to their respective beneficial interests in the global notes as shown on the records of the Depositary. The bank also expects that payments by the Depositary’s participants to owners of beneficial interests in the global notes will be governed by standing customer instructions and customary practices and will be the responsibility of those participants.
Resolution Measures
References to “holders” in this subsection “—Resolution Measures” means the holders of the Subordinated Notes (including the beneficial owners). “Beneficial owner” means (i) if any Subordinated Notes are in global form, the beneficial owners of such Subordinated Notes (and any interest therein) and (ii) if any securities are in definitive form, the holders in whose name such Subordinated Notes are registered in the security register, and any beneficial owners holding an interest in such Subordinated Notes in definitive form.
By acquiring any Subordinated Notes, holders are bound by and are deemed to have consented to the imposition of any Resolution Measure (as defined below) by the bank’s competent resolution authority.
Under the relevant resolution laws and regulations as applicable to the bank from time to time, the Subordinated Notes may be subject to the powers exercised by the bank’s competent resolution authority to:
● write down, including write down to zero, the claims for payment of the principal amount, the interest amount or any other amount in respect of the Subordinated Notes;
● convert the Subordinated Notes into ordinary shares of (A) the bank, (B) any entity of the bank’s group or (C) any bridge bank, or other instruments qualifying as common equity tier 1 capital (and the issue to or conferral on the holders (including the beneficial owners) of the Subordinated Notes of such ordinary shares or instruments); and/or
● apply any other resolution measure, including, but not limited to, (i) any transfer of the Subordinated Notes to another entity, (ii) the amendment, modification or variation of the terms and conditions of the Subordinated Notes or (iii) the cancellation of the Subordinated Notes.
Each of these measures is referred to as a “Resolution Measure.” Resolution Measures include, among others, the measures generally referred to within the meaning of the “bail-in tool” under the Bank Recovery and Resolution Directive as implemented by the Resolution Act. For the avoidance of doubt, any non-payment by the bank arising out of any such Resolution Measure will not constitute a failure by the bank under the terms of the Subordinated Notes or the Subordinated Indenture to make a payment of principal of, interest on, or other amounts owing under the Subordinated Notes.
The term “competent resolution authority” means any authority with the ability to exercise a Resolution Measure.
The terms and conditions of the Subordinated Notes will continue to apply in relation to the residual principal amount of, or outstanding amount payable in respect of, the Subordinated Notes, subject to any modification of any amount of interest payable to reflect the reduction of the principal amount, and any further modification of the terms that the bank’s competent resolution authority may decide in accordance with applicable laws and regulations relating to the resolution of banks, banking group companies, credit institutions and/or investment firms incorporated in the Federal Republic of Germany.
No repayment of any then-current principal amount of the Subordinated Notes or payment of interest or any other amount thereon (to the extent of the portion thereof affected by the imposition of a Resolution Measure) shall become due and payable after the imposition of any Resolution Measure by the bank’s competent resolution authority, unless such repayment or payment would be permitted to be made by the bank under the laws and regulations of the Federal Republic of Germany then applicable to the bank.
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Upon the imposition of a Resolution Measure by the bank’s competent resolution authority with respect to the Subordinated Notes, the bank will provide a written notice directly to the holders in accordance with the Subordinated Indenture as soon as practicable regarding such imposition of a Resolution Measure by a competent resolution authority for purposes of notifying holders of such occurrence. The bank will also deliver a copy of such notice to the Trustee and the agents for information purposes, and the Trustee and the agents will be entitled to rely, and will not be liable for relying, on the bank’s competent resolution authority and the Resolution Measure identified in such notice. Any delay or failure by the bank to give notice will not affect the validity or enforceability of any Resolution Measure nor the effects thereof on the Subordinated Notes.
If the bank has elected to redeem any Subordinated Notes but the bank’s competent resolution authority has imposed a Resolution Measure with respect to the Subordinated Notes prior to the payment of the redemption amount for the Subordinated Notes, the relevant redemption notice shall be automatically rescinded and shall be of no force and effect, and no payment of the redemption amount will be due and payable.
Upon the imposition of any Resolution Measure by the bank’s competent resolution authority, the Trustee will not be required to take any further directions from holders of the Subordinated Notes under Section 5.09 of the Base Indenture, which section authorizes holders of a majority in aggregate principal amount of the Subordinated Notes at the time outstanding to direct certain actions relating to the Subordinated Notes, and if any such direction was previously given under Section 5.09 of the Base Indenture to the Trustee by the holders, it will automatically cease to be effective, be null and void and have no further effect.
The Subordinated Indenture shall impose no duties, obligations or liabilities upon the Trustee or the agents whatsoever with respect to the imposition of any Resolution Measure by the bank’s competent resolution authority, and the Trustee and the agents will be fully protected in acting or refraining from acting in accordance with a Resolution Measure. Notwithstanding the foregoing, if, following the completion of the imposition of a Resolution Measure by the bank’s competent resolution authority, the Subordinated Notes remain outstanding (for example, if the imposition of a Resolution Measure results in only a partial write-down of the principal of the Subordinated Notes), then the Trustee’s and the agents’ duties under the Subordinated Indenture will remain applicable with respect to the Subordinated Notes following such completion to the extent that the bank, the Trustee and agents agree pursuant to a supplemental indenture, unless the bank, the Trustee and the agents agree that a supplemental indenture is not necessary.
If the bank’s competent resolution authority imposes a Resolution Measure with respect to less than the total outstanding principal amount of the Subordinated Notes, unless the Trustee or the agents are otherwise instructed by the bank or the bank’s competent resolution authority, any cancellation, write-off or conversion into equity made in respect of the Subordinated Notes pursuant to the Resolution Measure will be made on a substantially pro rata basis among the Subordinated Notes.
Deemed Agreement to Resolution Measures
By an investor’s acquisition of the Subordinated Notes, it is deemed irrevocably to have agreed, and it agrees:
● to be bound by any Resolution Measure;
● that it will have no claim or other right against the bank arising out of any Resolution Measure; and
● that the imposition of any Resolution Measure will not constitute a default or an event of default (i) under the Subordinated Notes, (ii) under the Subordinated Indenture or (iii) for the purpose of the Trust Indenture Act (including, without limitation, Section 315(b) (Notice of Default) and Section 315(c) (Duties of the Trustee in Case of Default) of the Trust Indenture Act).
By an investor’s acquisition of the Subordinated Notes, it has waived, to the fullest extent permitted by the Trust Indenture Act and applicable law, any and all claims against the Trustee and the agents for, has agreed not to initiate a suit against the Trustee or the agents in respect of, and has agreed that the Trustee and agents will not be liable for, any action that the Trustee or any of the agents takes, or abstains from taking, in either case in accordance with the imposition of a Resolution Measure by the bank’s competent resolution authority with respect to the Subordinated Notes.
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By an investor’s acquisition of the Subordinated Notes, it is deemed irrevocably to have (i) consented to the imposition of any Resolution Measure as it may be imposed without any prior notice by the bank’s competent resolution authority of its decision to exercise such power with respect to the Subordinated Notes and (ii) authorized, directed and requested the Depositary and any direct participant in the Depositary or other intermediary through which the investor hold such Subordinated Notes to take any and all necessary action, if required, to implement the imposition of any Resolution Measure with respect to the Subordinated Notes as it may be imposed, without any further action or direction on the investor’s part or on the part of the Trustee or the agents.
Payment of Additional Amounts
All amounts payable in respect of the Subordinated Notes will be made without deduction or withholding for or on account of any present or future taxes, duties or governmental charges of any nature whatsoever imposed or levied by way of deduction or withholding by or on behalf of the Federal Republic of Germany or any political subdivision or any authority thereof or therein having power to tax (“Withholding Taxes”), unless such deduction or withholding is required by law.
In such event, the bank will, to the fullest extent permitted by law, pay such additional amounts of principal and interest (referred to as “Additional Amounts”) as will be necessary in order that the net amounts received by the holders, after such withholding or deduction, will equal the respective amounts which would otherwise have been receivable in the absence of such withholding or deduction; except that no such Additional Amounts shall be payable on account of any taxes, duties or governmental charges which:
● are payable by any person acting as custodian bank or collecting agent on the holder’s behalf, or otherwise in any manner which does not constitute a deduction or withholding by the bank from payments of principal or interest made by the bank; or
● are payable by reason of the holder having, or having had, some personal or business connection with the Federal Republic of Germany and not merely by reason of the fact that payments in respect of the Subordinated Notes are, or for purposes of taxation are deemed to be, derived from sources in, or are secured in, the Federal Republic of Germany; or
● are deducted or withheld pursuant to (i) any European Union Directive or Regulation concerning the taxation of interest income, or (ii) any international treaty or understanding relating to such taxation and to which the Federal Republic of Germany or the European Union is a party; or
● any provision of law implementing, or complying with, or introduced to conform with, such Directive, Regulation, treaty or understanding; or
● are presented for payment more than 30 days after the Relevant Date (as defined below) except to the extent that the holder would have been entitled to additional amounts on presenting the same for payment on the last day of the period of 30 days assuming that day to have been a Business Day; or
● are withheld or deducted in relation to a Subordinated Note that is presented for payment by or on the holder’s behalf if the holder would have been able to avoid such withholding or deduction by presenting the relevant Subordinated Note to another paying agent in a member state of the European Union; or
● are deducted or withheld by a paying agent from a payment if the payment could have been made by another paying agent without such deduction or withholding; or
● would not be payable if the Subordinated Notes had been kept in safe custody with, and the payments had been collected by, a banking institution; or
● are payable by reason of a change in law or practice that becomes effective more than 30 days after the relevant payment of principal or interest becomes due, or is duly provided for and notice thereof is given in accordance with the Notices section below, whichever occurs later.
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“Relevant Date” means the date on which the payment first becomes due but, if the full amount payable has not been received by the paying agent on or before the due date, it means the date on which, the full amount having been so received.
Moreover, all amounts payable in respect of the Subordinated Notes will be made subject to compliance with Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986 (the “Code”, commonly referred to as the “Foreign Account Tax Compliance Act” or “FATCA”) and any applicable agreement described in Section 1471(b) of the Code. The bank will have no obligation to pay additional amounts or otherwise indemnify a holder in connection with any such compliance with the Code.
Redemption
Unless previously redeemed or purchased and cancelled, the Subordinated Notes will be redeemed on the Maturity Date at 100% of their principal amount together with any accrued and unpaid interest to (but excluding) the Maturity Date.
Tax Redemption
Subject to the prior consent of the bank’s competent supervisory authority, the bank may redeem all, but not some, of the Subordinated Notes, at any time at the bank’s option, at 100% of their principal amount together with any accrued and unpaid interest to (but excluding) the date set for redemption if, as a result of any change in, or amendment to, the laws or regulations prevailing in the Federal Republic of Germany or the United States, which becomes effective on or after the Issue Date, or as a result of any application or official interpretation of such laws or regulations not generally known before the Issue Date, Withholding Taxes are or there is a substantial probability that they will be leviable on payments of principal or interest in respect of the Subordinated Notes, and such Withholding Taxes would be payable by the bank as a result of the bank’s obligation to pay Additional Amounts, as described above. The bank may exercise such redemption right on giving not less than 30 days’ notice to the holders of the Subordinated Notes. No such notice of redemption will be given earlier than 90 days prior to the earliest date on which the bank would be obligated to withhold or pay Withholding Taxes, were a payment in respect of the Subordinated Notes then made.
Redemption for Regulatory Reasons
Subject to the prior consent of the bank’s competent supervisory authority, the bank may redeem all, but not some, of the Subordinated Notes, at any time at the bank’s option, at 100% of their principal amount together with any accrued and unpaid interest to (but excluding) the date set for redemption if the bank determines, in its own discretion, that (i) the bank may not treat the Subordinated Notes in their full aggregate principal amount as Tier 2 capital for the purposes of the bank’s own funds in accordance with applicable law, other than for reasons of an amortization in accordance with Article 64 of the Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (CRR), or (ii) the bank is subject to any other form of a less advantageous regulatory own funds treatment with respect to the Subordinated Notes than was the case as of the Issue Date. Notice of such redemption will be given to the holders of the Subordinated Notes upon not less than 30 and not more than 60 days prior to the date of redemption. Any such notice will be given in accordance with the section “—Notices” below, only after the bank having received the consent of the bank’s competent supervisory authority. Subject to the provisions described in the section “—Resolutions Measure”, notice will be irrevocable and shall state the date set for redemption and the reason for redemption.
Repurchase
Any redemption or repurchase of the Subordinated Notes prior to their scheduled maturity will require the prior consent of the bank’s competent supervisory authority. If the Subordinated Notes are redeemed or repurchased by the bank otherwise than in the circumstances described in “—Redemption”, then the amounts redeemed or paid must be returned to the bank irrespective of any agreement to the contrary unless the bank’s competent supervisory authority has given its consent to such early redemption or repurchase.
Subject to the limits described above and only if, when and to the extent that any such purchase is not prohibited by applicable capital regulations, the bank may at any time purchase Subordinated Notes in the open market or otherwise and at any price. Subordinated Notes purchased by the bank may, at the bank’s option, be held, resold or surrendered to the agents for cancellation.
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Ranking and Status
The Subordinated Notes constitute the bank’s direct, unconditional, unsecured and subordinated obligations and are subordinate to the claims of the bank’s unsubordinated creditors (including claims against the bank under the bank’s unsubordinated non-preferred debt instruments within the meaning of Section 46f(6) sentence 1 of the German Banking Act (Kreditwesengesetz) (including the bank’s obligations under any such debt instruments that the bank issued before July 21, 2018 and that are subject to Section 46f(9) sentence 2 of the German Banking Act) or any successor provision thereof). They rank at least on parity with the claims of the holders of all the bank’s other subordinated indebtedness, except as otherwise provided by applicable law or the terms of any such other indebtedness, and in particular, they rank in priority to the claims of the holders of any of the bank’s subordinated indebtedness that by its express terms or by operation of law is stated to rank junior to the Subordinated Notes. Any right to set off any claims for interest, repayment and any other claims under the Subordinated Notes (referred to as “Payment Claims”), against claims of the bank will be excluded. No collateral or guarantee will be given to secure Payment Claims. The Payment Claims will be subordinated in the event of the bank’s insolvency or liquidation to the claims of all other creditors which are not also subordinated (including claims against the bank under the bank’s unsubordinated non-preferred debt instruments within the meaning of Section 46f(6) sentence 1 of the German Banking Act (Kreditwesengesetz) (including the bank’s obligations under any such debt instruments that the bank issued before July 21, 2018 and that are subject to Section 46f(9) sentence 2 of the German Banking Act) or any successor provision thereof) and will, in any such event, only be satisfied after all such claims against the bank which are not subordinated have been satisfied in full. No subsequent agreement may limit the subordination pursuant to the provisions set out in this paragraph or shorten the term of the Subordinated Notes or any applicable notice period.
Further Issuances
The bank may, from time to time, without the consent of the holders of the Subordinated Notes, issue additional notes under the Subordinated Indenture having the same ranking and same interest rate, maturity date, redemption terms and other terms as the Subordinated Notes except for the price to the public and issue date. Any such additional notes, together with the Subordinated Notes, may constitute a single series of securities under the Subordinated Indenture, provided that if such additional notes have the same CUSIP, ISIN or other identifying number as the outstanding Subordinated Notes, such additional notes must either (i) be issued with no more than a de minimis amount of original issue discount for U.S. federal income tax purposes or (ii) be otherwise issued in a qualified reopening for U.S. federal income tax purposes. There is no limitation on the amount of notes or other debt securities that the bank may issue under the Subordinated Indenture.
Event of Default
An “Event of Default” with respect to the Subordinated Notes means the opening of insolvency proceedings against the bank by a German court having jurisdiction over the bank.
There are no other events of default under the Subordinated Notes. In particular, neither non-viability (as defined under the laws governing the supervision of financial institutions, as applicable in the Federal Republic of Germany) nor the imposition of a Resolution Measure will constitute an Event of Default with respect to the Subordinated Indenture or the Subordinated Notes.
If an Event of Default occurs or is continuing, the Trustee or the holder or holders of not less than 33 1/3% in aggregate principal amount of all outstanding subordinated debt securities issued under the Base Indenture, voting as one class, by notice in writing to the bank, may declare the principal amount of the Subordinated Notes and interest accrued thereon to be due and payable immediately in accordance with the terms of the Subordinated Indenture.
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If the bank does not make payments of principal of, interest on, or other amounts owing under the Subordinated Notes when due for reasons other than (i) pursuant to the subordination provisions of the Subordinated Notes or (ii) due to a Resolution Measure, the bank will be in default on the bank’s obligations under the Subordinated Indenture. In such case, the Trustee and the holders of the Subordinated Notes may take action against the bank, but they may not accelerate the maturity of the Subordinated Notes. If the bank fails to make any payments of principal of, interest on or other amounts owing under the Subordinated Notes when due (i) pursuant to the subordination provisions of the Subordinated Notes or (ii) due to a Resolution Measure, the Trustee and the holders of the Subordinated Notes will not be permitted to take such action. Moreover, in the event of a Resolution Measure, an investor may permanently lose the right to the affected amounts, and an investor (including Beneficial Holders) will, by acquiring any Notes, be bound, and will be deemed to have consented. Furthermore, if the bank becomes subject to German insolvency proceedings, the Trustee and holders of the Subordinated Notes will have no right to file a claim against the bank unless the competent insolvency court allows the filing of subordinated claims.
Upon the occurrence of any Event of Default or any default in the payment of principal of, interest on, or other amounts owing under the Subordinated Notes, the bank will give prompt written notice to the Trustee. In accordance with the Subordinated Indenture, the Trustee may proceed to protect and enforce its rights and the rights of the holders of the Subordinated Notes whether in connection with any breach by the bank of the bank’s obligations under the Subordinated Notes, the Subordinated Indenture or otherwise, by such judicial proceedings as the Trustee will deem most effective, provided that the bank will not, as a result of the bringing of such judicial proceedings, be required to pay any amount representing or measured by reference to principal or interest on the Subordinated Notes prior to any date on which the principal of, or any interest on, the Subordinated Notes would have otherwise been payable.
Other than the limited remedies specified above, no remedy against the bank will be available to the Trustee or the holders of the Subordinated Notes whether for the recovery of amounts owing in respect of such Subordinated Notes or under the Subordinated Indenture or in respect of any breach by the bank of the bank’s obligations under the Subordinated Indenture or in respect of the Subordinated Notes, except that the Trustee and the holders will have such rights and powers as they are required to have under the Trust Indenture Act, and provided that any payments are subject to the subordination provisions of the Subordinated Notes and the Subordinated Indenture, and any Resolution Measure.
Trustee and Paying Agent Indemnification Provisions
The bank has agreed to pay to the Trustee and Agent from time to time, and the Trustee and Agent shall be entitled to, the compensation agreed in writing between the bank and the Trustee or Agent (which shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust) and the bank covenanted and agreed to pay or reimburse the Trustee, Agent and each predecessor Trustee and Agent upon its request for all reasonable expenses, disbursements and advances incurred or made by or on behalf of it in accordance with any of the provisions of the Subordinated Indenture by pursuant to which the Subordinated Notes were issued (including the reasonable compensation and the expenses and disbursements of its counsel and of all agents and other Persons not regularly in its employ) except any such expense, disbursement or advance as may arise from its negligence or willful misconduct. The bank must also indemnify the Trustee, Agent and each predecessor Trustee and Agent and all of their respective officers, directors and employees, for and to hold it harmless against, any loss, liability or expense incurred without negligence or willful misconduct on its part, arising out of or in connection with the acceptance or administration of this Subordinated Indenture or the trusts hereunder and its duties hereunder, including the costs and expenses of defending itself against or investigating any claim of liability in the premises. The bank’s obligations to compensate and indemnify the Trustee, Agent and each predecessor Trustee and Agent and to pay or reimburse the Trustee, Agent and each predecessor Trustee and Agent for expenses, disbursements and advances shall constitute additional indebtedness hereunder and will survive the satisfaction and discharge of this Subordinated Indenture.
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Notices
Notices to be given to holders of Subordinated Notes represented by a global note will be given only to the Depositary, as the registered holder, in accordance with its applicable policies as in effect from time to time. The bank expects that any such notices will be passed on by the Depositary to the beneficial owners of interests in the Subordinated Notes in accordance with the standard rules and procedures of the Depositary and its direct and indirect participants, including Clearstream, Luxembourg and the Euroclear operator. Notices to be given in respect of Subordinated Notes held in street name will be given only to the bank, broker or other financial institution in whose name the Subordinated Notes are registered, and not the owner of any beneficial interests. Notices to be given to holders of certificated (i.e., definitive) Subordinated Notes will be sent by mail to the respective addresses of the holders as they appear in the note register, and will be deemed given when mailed.
Modification of the Terms of the Subordinated Notes or Rights of Holders
Modifications without Consent of the Holders
The bank and the Trustee may from time to time and at any time enter into an indenture or indentures supplemental hereto for one or more of the following purposes:
a) to evidence the succession of another corporation to the bank, or successive successions, and the assumption by the successor corporation of the covenants, agreements and the bank’s obligations pursuant to Article 9 of the Base Indenture;
b) to add to the bank’s covenants such further covenants, restrictions, conditions or provisions as the bank and the Trustee shall consider to be for the protection of the Holders of subordinated Notes or Coupons;
c) to cure any ambiguity or to correct or supplement any provision contained in the Subordinated Indenture or in any supplemental indenture which may be defective or inconsistent with any other provision contained in the Subordinated Indenture or in any supplemental indenture, or to make any other provisions as the bank may deem necessary or desirable, provided that no such action shall adversely affect the interests of the Holders of the Subordinated Notes or Coupons;
d) to establish the forms or terms of Subordinated Notes of any series or of the Coupons appertaining to such Subordinated Notes as permitted by Sections 2.01 and 2.03 of the Base Indenture; and
e) to evidence and provide for the acceptance of appointment under the Subordinated Indenture by a successor trustee with respect to the Subordinated Notes of one or more series and to add to or change any of the provisions of the Base Indenture as shall be necessary to provide for or facilitate the administration of the trusts under the Subordinated Indenture by more than one trustee, pursuant to the requirements of Section 6.11 of the Base Indenture.
The Trustee is authorized to join with the bank in the execution of any such supplemental indenture, to make any further appropriate agreements and stipulations which may be therein contained, but the Trustee shall not be obligated to enter into any such supplemental indenture which affects the Trustee’s own rights, duties, liabilities or immunities under the Base Indenture or otherwise.
Any supplemental indenture authorized by the foregoing provisions may be executed without the consent of the Holders of any of the Subordinated Notes at the time outstanding, notwithstanding any of the provisions of Section 8.02 of the Base Indenture.
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Modifications with Consent of the Holders
With the consent (evidenced as provided in Article 7 of the Base Indenture) of the Holders of not less than a majority in aggregate principal amount of the Subordinated Notes at the time Outstanding of all series affected by such supplemental indenture (voting as one class), the bank, when authorized by a resolution of its Board (which resolution may provide general terms or parameters for such action and may provide that the specific terms of such action may be determined in accordance with or pursuant to an Issuer Order), and the Trustee may, from time to time and at any time, enter into an indenture or indentures supplemental to the Subordinated Indenture for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Base Indenture or of any supplemental indenture or of modifying in any manner the rights of the Holders of the Subordinated Notes of each such series or of the Coupons appertaining to such Subordinated Note; provided, that no such supplemental indenture shall (a) (i) change the final maturity of any Subordinated Note, (ii) reduce the principal amount thereof, (iii) reduce the rate or change the time of payment of interest thereon, (iv) reduce any amount payable on redemption thereof, (v) make the principal thereof (including any amount in respect of original issue discount), or interest thereon payable in any coin or currency other than that provided in the Subordinated Notes and Coupons or in accordance with the terms thereof, (vi) modify or amend any provisions for converting any currency into any other currency as provided in the Subordinated Notes or Coupons or in accordance with the terms thereof, (vii) reduce the amount of the principal of an Original Issue Discount Security that would be provable in bankruptcy pursuant to Section 5.02, (viii) modify or amend any provisions relating to the conversion or exchange of the Subordinated Notes or Coupons for securities of the bank or of other entities or other property (or the cash value thereof), including the determination of the amount of securities or other property (or cash) into which the Subordinated Notes shall be converted or exchanged, other than as provided in the antidilution provisions or other similar adjustment provisions of the Subordinated Notes or Coupons or otherwise in accordance with the terms thereof, (ix) alter the provisions of Section 11.11 or 11.13 of the Base Indenture or impair or affect the right of any Subordinated Note Holder to institute suit for the payment thereof or, if the Subordinated Notes provide therefor, any right of repayment at the option of the Subordinated Note Holder, (x) modify the provisions of the Base Indenture with respect to the subordination of the Subordinated Notes in a manner adverse to the Holders, in each case without the consent of the Holder of each Subordinated Note so affected; or (b) reduce the aforesaid percentage of Subordinated Notes of any series, the consent of the Holders of which is required for any such supplemental indenture, without the consent of each Subordinated Note Holder so affected.
Upon the bank’s request, and upon the filing with the Trustee of evidence of the consent of the Holders of the Subordinated Notes as aforesaid and other documents, if any, required by Section 7.01 of the Base Indenture, the Trustee shall join with the bank in the execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s own rights, duties, liabilities or immunities under the Base Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such supplemental indenture.
It shall not be necessary for the consent of the Holders of the Subordinated Notes under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof.
Notwithstanding the foregoing, any amendment made solely to conform the provisions of the Supplemental Subordinated Indenture to the description of the Subordinated Notes contained the bank’s prospectus supplement dated March 27, 2015 will not be deemed to adversely affect the interests of the Holders of the Subordinated Notes.
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Form, Transfer, Beneficial Ownership and Denomination of the Subordinated Notes
The bank issued the Subordinated Notes in fully registered, global (i.e., book-entry) form. Book-entry interests in the Subordinated Notes were issued in minimum denominations of $200,000 and in integral multiples of $1,000 in excess thereof. The Subordinated Notes are represented by global securities in the name of Cede & Co., the nominee of the Depositary Trust Company (the “Depositary”). Beneficial interests in the Subordinated Notes are held through the Depositary and its participants.
Purchases of the Subordinated Notes under the Depositary’s system must be made by or through its direct participants, which will receive a credit for the Subordinated Notes on the Depositary’s records. The ownership interest of each actual purchaser of each Subordinated Note (the “beneficial owner”) is in turn to be recorded on the records of direct and indirect participants. Beneficial owners will not receive written confirmation from the Depositary of their purchase, but beneficial owners are expected to receive written confirmations providing details of the transaction, as well as periodic statements of their holdings, from the direct or indirect participants through which the beneficial owner entered into the transaction. Transfers of ownership interests in the Subordinated Notes are to be made by entries on the books of direct and indirect participants acting on behalf of beneficial owners. Beneficial owners will not receive certificates representing their ownership interests in Subordinated Notes, except in the event that use of the book-entry system for the Subordinated Notes is discontinued.
To facilitate subsequent transfers, all Subordinated Notes deposited with the Depositary are registered in the name of Cede & Co, or such other name as may be requested by the Depositary. The deposit of Subordinated Notes with the Depositary and their registration in the name of Cede & Co. or such other nominee of the Depositary do not effect any change in beneficial ownership. The Depositary has no knowledge of the actual beneficial owners of the Subordinated Notes; the Depositary’s records reflect only the identity of the direct participants to whose accounts the Subordinated Notes are credited, which may or may not be the beneficial owners. The participants will remain responsible for keeping account of their holdings on behalf of their customers.
Waiver of Right to Set-Off
By accepting a Subordinated Note, each holder is deemed to have waived any right of set-off, counterclaim or combination of accounts with respect to such Subordinated Note or the Subordinated Indenture (or between the bank’s obligations under or in respect of any Subordinated Note and any liability owed by a holder) that they might otherwise have against the bank, whether before or during the banks winding up or administration, and no holder may set off its claims arising under the Subordinated Notes against any of the bank’s claims.
Replacement of Subordinated Notes
At the expense of the holder, the bank may, in its discretion, replace any Subordinated Notes that become mutilated, destroyed, lost or stolen or are apparently destroyed, lost or stolen. The mutilated Subordinated Notes must be delivered to the trustee, the paying agent and the registrar or satisfactory evidence of the destruction, loss or theft of the Subordinated Notes must be delivered to the bank, the paying agent, the registrar and the trustee. At the expense of the holder, an indemnity that is satisfactory to the bank, the principal paying agent, the registrar, in the case of registered Subordinated Notes, and the Trustee may be required before a replacement Subordinated Note will be issued.
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C. Series A Global Notes – DB Gold Linked Exchange Traded Notes
Terms defined within this subsection entitled “Series A Global Notes – DB Gold Linked Exchange Traded Notes” are defined only with respect to this subsection. Certain terms, unless otherwise defined herein, have the meaning given to them in the relevant indenture and/or supplemental indenture (as applicable).
General
Deutsche Bank AG, London Branch (“Deutsche Bank”, or “the bank”) offered three separate Exchange Traded Notes (the “Debt Securities”) pursuant to a pricing supplement dated February 27, 2008, a prospectus supplement dated November 13, 2006, and a prospectus dated October 10, 2006. The Debt Securities were issued pursuant to a senior indenture (the “Base Indenture”), dated as of November 22, 2006, as supplemented by a third supplemental indenture dated January 1, 2016 (the “Third Supplemental Senior Indenture”), and a fourth supplemental indenture dated as of March 15, 2016 (the “Fourth Supplemental Senior Indenture”, together with the Base Indenture and the Third Supplemental Senior Indenture, the “Indenture”) among Deutsche Bank Aktiengesellschaft, Law Debenture Trust Company of New York (succeeded by Delaware Trust Company on December 15, 2016), as trustee, and Deutsche Bank Trust Company Americas, as paying agent, issuing agent and registrar (the “Indenture”). The following Debt Securities are admitted to trade on the NYSE Arca:
● DB Gold Double Short Exchange Traded Notes due February 15, 2038 (“Gold Double Short ETNs”) (Trading Symbol: “DZZ”)
● DB Gold Double Long Exchange Traded Notes due February 15, 2038 (“Gold Double Long ETNs”) (Trading Symbol: “DGP”)
● DB Gold Short Exchange Traded Notes due February 15, 2038 (“Gold Short ETNs”) (Trading Symbol: “DGZ”)
● The Gold Double Short ETNs include additional securities of the same series offered in offerings made around November 10, 2010 and August 26, 2011. The Gold Double Long ETNs include additional securities of the same series offered in an offering made around October 9, 2008.
● The Debt Securities do not guarantee any return of principal at maturity and do not pay any interest during their term. Any payment at maturity or upon a repurchase at the investor’s option is subject to the bank’s ability to pay its obligations as they become due.
● For each Debt Security, investors will receive a cash payment at maturity or upon repurchase by the bank, if any, linked to the month-over-month performance of the Deutsche Bank Liquid Commodity Index – Optimum Yield Gold TM (the “Index”), less an investor fee. The return on the Index is derived by combining the returns on two component indices: the DB 3-Month T-Bill Index and the Deutsche Bank Liquid Commodity Index – Optimum Yield Gold TM Excess Return (the “gold index”). The Gold Double Short ETNs and Gold Short ETNs offer investors short, or inverse, exposure to the gold index, meaning the value of the Gold Double Short ETNs and the Gold Short ETNs will increase with monthly depreciations and decrease with monthly appreciations of the gold index. Gold Double Long ETNs offer investors long exposure to the gold index, meaning the value of the Gold Double Long ETNs will increase with monthly appreciations and decrease with monthly depreciations in the gold index. In addition, Gold Double Short ETNs and Gold Double Long ETNs are two-times leveraged with respect to the gold index and, as a result, will benefit from two times any beneficial monthly performance, but will be exposed to two times any adverse monthly performance, of the gold index. The TBill index and the gold index are each referred to as a “sub-index” and together as “sub-indices.”
The Debt Securities and the Indenture are governed by, and construed in accordance with, the laws of the State of New York.
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Trustee and Paying Agent Information
The trustee for the Debt Securities is Delaware Trust Company (the “trustee”). The contact information for the trustee is as follows: Delaware Trust Company, Attn: Corporate Trust Administration, Delaware Trust Company, 251 Little Falls Drive, Wilmington, DE 19808.
Deutsche Bank Trust Company Americas (“DBTCA”) acts as paying agent, issuing agent and registrar for the Debt Securities. DBTCA is a wholly owned subsidiary of Deutsche Bank and its contact information is as follows: Deutsche Bank Trust Company Americas, Global Securities Services, Global Transaction Banking, 1 Columbus Circle, 17th Floor, Mail Stop: NYC01-1701, New York, New York 10019-8735.
Payment at Maturity
A Holder of the Debt Securities (a “Holder”) who holds the Debt Securities to maturity, subject to the bank’s credit, will receive a payment per security, if any, that will depend on the month-over-month performance of the Index as reflected in the current principal amount and index factor for the particular offering of Debt Securities, reduced by the investor fee.
If the repurchase value on any trading day equals zero for a particular offering of Debt Securities, those Debt Securities will be automatically accelerated on that day for an amount equal to the zero repurchase value and the Holders will not receive any payment in respect of their investment.
At maturity, the payment per security, if any, will be calculated as:
Current principal amount × applicable index factor on the final valuation date × fee factor on the final valuation date
where,
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Current principal amount |
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= |
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For the initial calendar month, the current principal amount was equal to $25.00 per security. For each subsequent calendar month, the current principal amount will be reset as follows on the monthly reset date: |
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New current principal amount |
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= |
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Previous current principal amount x applicable index factor on the applicable monthly valuation date x fee factor on the applicable monthly valuation date |
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Index factor |
Index factor for Gold Double Short ETNs:
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Index factor for Gold Double Long ETNs:
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Index factor for Gold Short ETNs:
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where, |
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Gold index return |
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= |
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(Gold index closing level – gold index monthly initial level) / Gold index monthly initial level |
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TBill index return |
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= |
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(TBill index closing level – TBill index monthly initial level) / TBill index monthly initial level |
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Fee factor |
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= |
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On any given day, the fee factor is calculated as follows: 1 – (investor fee x day count fraction) |
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where, |
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Investor fee |
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= |
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0.75% per annum |
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Day count fraction |
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= |
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For each calendar month, the day count fraction will equal a fraction, the numerator of which is the number of days elapsed from and including the monthly reset date (or the inception date in the case of the initial calendar month) to and including the immediately following monthly valuation date (or the trading day, valuation date or final valuation date, as applicable) and the denominator of which is 365. |
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For the initial calendar month, the gold index monthly initial level was equal to 98.05, the gold index closing level on the inception date. For each subsequent calendar month, the gold index monthly initial level is equal to the gold index closing level as of the opening of trading on the monthly reset date for that calendar month.
The gold index closing level is equal the closing level of the gold index as reported on Bloomberg page “DGLDIX <Index>”, subject to the occurrence of a market disruption event as described under “—Market Disruption Events”; provided that on any calendar day which is not a day on which the closing level of the gold index is published, the gold index closing level will equal such level on the immediately preceding trading day.
For the initial calendar month, the TBill index monthly initial level was equal to 233.8312, the TBill index closing level on the inception date. For each subsequent calendar month, the TBill index monthly initial level will equal the TBill index closing level as of the opening of trading on the monthly reset date for that calendar month.
The TBill index closing level will equal the closing level of the TBill index as reported on Bloomberg page “DBTRBL3M<Index>”, subject to the occurrence of a market disruption event as described under “—Market Disruption Events”.
The inception date is February 27, 2008.
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The monthly reset date, for each calendar month, is the first calendar day of that month beginning on April 1, 2008 and ending on February 1, 2038.
The monthly valuation date, for each monthly reset date, is the last calendar day of the previous calendar month beginning on March 31, 2008 and ending on January 31, 2038.
The final valuation date is February 10, 2038.
The maturity date is February 15, 2038, subject to postponement in the event of a market disruption event as described under “—Market Disruption Events.”
The record date for the payment at maturity will be the final valuation date, whether or not that day is a business day.
A trading day is a day on which (i) the values of the sub-indices are published by the bank, (ii) trading is generally conducted on NYSE Arca and (iii) trading is generally conducted on the markets on which the futures contracts underlying the gold index are traded, in each case as determined by the bank, as calculation agent, in its sole discretion.
A business day is a Monday, Tuesday, Wednesday, Thursday or Friday on which commercial banks and foreign exchange markets settle payments and are open for general business (including dealings in foreign exchange and foreign currency deposits) in New York City.
Payment Upon Repurchase
Prior to maturity, a Holder may, subject to certain restrictions, offer for repurchase by the bank a minimum of 200,000 Debt Securities (or an integral multiple of 50,000 Debt Securities in excess thereof) from a single offering, except that, on the 15th calendar day of each month (or, if such 15th calendar day is not a Trading Day, the Trading Day immediately thereafter) a Holder of the Debt Securities may offer a minimum of 100 Debt Securities (or an integral multiple of 100 Debt Securities in excess thereof), to the bank for repurchase. The minimum number of Debt Securities a Holder may offer to the bank for repurchase and the minimum number of Debt Securities in excess thereof are referred to herein as the “Minimum Repurchase Amount” and the “Minimum Increment,” respectively. At any time, however, the bank shall have the sole discretion to reduce the then-current Minimum Repurchase Amount and Minimum Increment for any period of time. Any such reduction shall be applied on a consistent basis for all Holders of the Debt Securities at the time the reduction becomes effective. If a Holder complies with the repurchase procedures described below, the bank will be obligated to repurchase its Debt Securities, and on the applicable repurchase date, the Holder will receive in exchange for those Debt Securities it has selected for repurchase a cash payment per security equal to the repurchase value on the applicable trading day on which the Holder delivers an effective notice by 10 a.m. offering its Debt Securities for repurchase by the bank (a “valuation date”).
On any trading day, the repurchase value will equal:
Current principal amount x applicable index factor on the trading day x fee factor on the trading day
In the event that the bank’s payment upon repurchase is deferred beyond the original repurchase date, no interest or other amount will accrue or be payable with respect to that deferred payment.
The Debt Securities are not redeemable at the bank’s option but may be accelerated if the repurchase value equals zero.
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Acceleration
Acceleration Upon Zero Repurchase Value
If the repurchase value on any trading day equals zero for a particular offering of Debt Securities, those Debt Securities will be automatically accelerated on that day for an amount equal to the zero repurchase value and the Holders will not receive any payment in respect of their investment. On each trading day (as defined below), the repurchase value will be equal to Current principal amount x applicable index factor on the trading day x fee factor on the trading day.
Default Amount on Event of Default Acceleration
If an event of default occurs and the maturity of the Debt Securities is accelerated, the bank will pay the default amount in respect of each security at maturity.
For the purpose of determining whether the Holders of the Debt Securities are entitled to take any action under the Indenture, the bank will treat the initial principal amount of each security outstanding as the principal amount of that security.
Default Amount
If a Holder of a security accelerates the maturity of the security upon an event of default, the amount payable upon acceleration will be the repurchase value determined by the calculation agent on the next trading day.
Market Disruption Events
A disrupted day is any trading day on which a market disruption event occurs or is continuing.
If any monthly valuation date, valuation date or the final valuation date (each, a “reference date”) is a disrupted day with respect to a sub-index, the closing level of such sub-index on the next succeeding trading day that is not a disrupted day will be deemed to be the closing level of such sub-index for such reference date; provided that if the ten successive trading days immediately following such reference date are all disrupted days, the calculation agent will determine, in its sole discretion, the closing level of such sub-index for such reference date on the tenth trading day immediately following such reference date, notwithstanding that such tenth trading day is a disrupted day.
If any valuation date or the final valuation date is a disrupted day with respect to either or both sub-indices and the date as of which the calculation agent determines the closing levels of both sub-indices falls less than three business days prior to the scheduled repurchase date corresponding to such valuation date or the maturity date, as applicable, such scheduled repurchase date or the maturity date, as applicable, will be postponed to the third business day following the date as of which the calculation agent has determined the closing levels of both sub-indices for such valuation date or the final valuation date, as applicable.
Any of the following will be a market disruption event:
● a material limitation, suspension or disruption in the trading of the underlying gold futures contract which results in a failure by the trading facility on which the relevant contract is traded to report a daily contract reference price (the price of the relevant contract that is used as a reference or benchmark by market participants);
● the daily contract reference price for the underlying gold futures contract is a “limit price”, which means that the daily contract reference price for such contract has increased or decreased from the previous day’s daily contract reference price by the maximum amount permitted under the applicable rules or procedures of the relevant trading facility;
● failure by the index sponsor to publish the closing value of the gold index or of the applicable trading facility or other price source to announce or publish the daily contract reference price for the underlying gold futures contract;
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● any other event, if the calculation agent determines in its sole discretion that the event materially interferes with the bank’s ability or the ability of any of the bank’s affiliates to unwind all or a material portion of a hedge with respect to the securities that the bank or its affiliates have effected or may effect.
The following events will not be market disruption events:
● a limitation on the hours or number of days of trading on a trading facility on which the underlying gold futures contract is traded, but only if the limitation results from an announced change in the regular business hours of the relevant market; or
● a decision by a trading facility to permanently discontinue trading in the underlying gold futures contract.
Discontinuance or Modification of the Index
If the index sponsor discontinues compilation or publication of a sub-index and the index sponsor or any other person or entity (including the bank) calculates and publishes an index that the calculation agent determines is comparable to such discontinued sub-index and approves as a successor index, then the calculation agent will determine the level of the Index on any relevant date and the amount payable at maturity or upon repurchase by the bank by reference to such successor sub-index for the period following the discontinuation of the sub-index.
If the calculation agent determines that the publication of a sub-index is discontinued and that there is no applicable successor index, or that the closing level of the sub-index is not available for any reason other than a market disruption event, on the date on which the level of the sub-index is required to be determined, or if for any other reason (excluding a market disruption event) the sub-index is not available to the bank or the calculation agent on the relevant date, the calculation agent will determine the amount payable by a computation methodology that the calculation agent determines will as closely as reasonably possible replicate such sub-index.
If the calculation agent determines that either or both sub-indices, the components underlying either or both sub-indices (the “index components”) or the method of calculating either or both sub-indices has been changed at any time in any respect – including any addition, deletion or substitution and any reweighting or rebalancing of index components, and whether the change is made by the index sponsor under its existing policies or following a modification of those policies, is due to the publication of a successor index, is due to events affecting one or more of the index components, or is due to any other reason – then the calculation agent will be permitted (but not required) to make such adjustments to such sub-index or method of calculating such sub-index as it believes are appropriate to ensure that the level of such sub-index used to determine the amount payable on the maturity date or upon repurchase by the bank is equitable.
All determinations and adjustments to be made by the calculation agent with respect to the level of the sub-indices and the amount payable at maturity or upon repurchase by the bank or otherwise relating to the level of the sub-indices may be made in the calculation agent’s sole discretion.
Further Issuances
The Indenture does not limit the amount of additional indebtedness that the bank may incur. The bank may, from time to time, without the Holder’s consent, create and issue additional securities having the same terms and conditions as the Debt Securities. Such additional securities will be fungible with the outstanding Debt Securities.
However, the bank is under no obligation to sell additional securities at any time, and if the bank does sell additional securities, the bank may limit such sales and stop selling additional securities at any time. Furthermore, unless the bank indicates otherwise, if the bank suspends selling additional securities, the bank reserves the right to resume selling additional securities at any time.
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Event of Default
The Indenture provides Holders with remedies if the bank fails to perform specific obligations, such as making payments on the debt securities, or if the bank becomes bankrupt. Holders should review these provisions and understand which of the bank’s actions trigger an event of default and which actions do not. The Indenture permits the issuance of Debt Securities in one or more series, and, in many cases, whether an event of default has occurred is determined on a series-by-series basis.
An event of default is any one or more of the following events (each an “event of default”) having occurred and be continuing:
● default is made in the payment of principal, interest or premium in respect of such series of Debt Securities for 30 days;
● the bank fails to perform or observe any of its other obligations under the Debt Securities and such failure has continued for the period of 60 days following the service on the bank of notice by the trustee or Holders of 33 1/3% of such series requiring the same to be remedied, except that the failure to file with the trustee certain information required to be filed with the trustee pursuant to the Trust Indenture Act of 1939, as amended, will not constitute an event of default (although the trustee may bring suit to enforce such filing obligation); or
● a court in Germany opens insolvency proceedings against the bank or the bank applies for or institute such proceedings or offer or make an arrangement for the benefit or its creditors generally.
Indemnification of Trustee for Actions Taken on the Holder’s Behalf
The Indenture provides that the trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Holders of Debt Securities issued under that Indenture relating to the time, method and place of conducting any proceeding for any remedy available to the trustee, or exercising any trust or power conferred upon the trustee. In addition, the Indenture contains a provision entitling the trustee, subject to the duty of the trustee to act with the required standard of care during a default, to be indemnified by the Holders of Debt Securities issued under that Indenture before proceeding to exercise any right or power at the request of Holders. Subject to these provisions and some other limitations, the Holders of a majority in aggregate principal amount of each affected series of outstanding Debt Securities, voting as one class, may direct the time, method and place of conducting any proceeding for any remedy available to the trustee, or exercising any trust or power conferred on the trustee.
Limitation on Actions by the Holder as an Individual Holder
The Indenture provides that no individual Holder of Debt Securities may institute any action against the bank under the Indenture, except actions for payment of overdue principal and interest at maturity or upon acceleration, unless the following actions have occurred:
● the Holder must have previously given written notice to the trustee of the continuing default;
● the Holders of not less than a majority in aggregate principal amount of the outstanding Debt Securities of each affected series, treated as one class, must have (1) requested the trustee to institute that action and (2) offered the trustee reasonable indemnity;
● the trustee must have failed to institute that action within 60 days after receipt of the request referred to above; and
● the Holders of a majority in aggregate principal amount of the outstanding Debt Securities of each affected series, treated as one class, must not have given directions to the trustee inconsistent with those of the Holders referred to above.
The Indenture contains a covenant that the bank will file annually with the trustee a certificate of no default or a certificate specifying any default that exists.
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Ranking and Status
The securities rank on a parity with all of the bank’s other senior indebtedness and with all of the bank’s other unsecured and unsubordinated indebtedness, except for debts required to be preferred by law.
Modification of the Terms of the Securities or Rights of Holders
Modification without Consent of Holders
The bank and the trustee may enter into supplemental indentures without the consent of the Holders of Debt Securities issued under the Indenture to:
● secure any senior debt securities;
● evidence the assumption by a successor corporation of the bank’s obligations;
● add covenants for the protection of the Holders of debt securities;
● cure any ambiguity or correct any inconsistency or manifest error;
● establish the forms or terms of debt securities of any series; or
● evidence the acceptance of appointment by a successor trustee.
Modification Requiring Consent of Each Holder
The bank and the trustee may not make any of the following changes to any outstanding debt security without the consent of each Holder that would be affected by such change:
● change the final maturity of such security;
● reduce the principal amount;
● reduce the rate or change the time of payment of interest;
● reduce any amount payable on redemption;
● change the currency in which the principal, including any amount of original issue discount, premium, or interest thereon is payable;
● modify or amend the provisions for conversion of any currency into another currency;
● reduce the amount of any original issue discount security payable upon acceleration or provable in bankruptcy;
● alter the terms on which Holders of the Debt Securities may convert or exchange Debt Securities for other securities of the bank’s or of other entities or for other property or the cash value of thereof, other than in accordance with the antidilution provisions or other similar adjustment provisions included in the terms of the Debt Securities;
● alter certain provisions of the applicable indenture relating to debt securities not denominated in U.S. dollars;
● impair the right of any Holder to institute suit for the enforcement of any payment on any debt security when due; or
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● reduce the percentage of Debt Securities the consent of whose Holders is required for modification of the applicable indenture.
Modification with Consent of Holders of a Majority
The bank and the trustee may make any other change to the Indenture and to the rights of the Holders of the Debt Securities issued thereunder, if the bank obtains the consent of the Holders of not less than a majority in aggregate principal amount of all affected series of outstanding Debt Securities issued thereunder, voting as one class.
Form, Exchange and Transfer
The denomination and face amount of each security is $ 25. The Debt Securities have been and may be issued and sold over time at prices based on the indicative value of such Debt Securities at such times, which may be significantly higher or lower than the face amount.
Certificated (i.e., definitive) notes may be registered or transferred at the office of DBTCA, as the bank’s current transfer agent for the transfer and exchange of the Debt Securities. Only the depositary will be entitled to transfer and exchange the note as described in this subsection, because it will be the only Holder of the Debt Security. Unless and until it is exchanged in whole for securities in definitive registered form, a registered global security may not be transferred except as a whole by and among the depositary for the registered global security, the nominees of the depositary or any successors of the depositary or those nominees.
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Exhibit 4.6
Deutsche Bank
Human Resources
Deutsche Bank Equity Plan 2025
Plan Rules
1 Purpose
The Deutsche Bank Equity Plan is intended to motivate key employees by aligning the interests of employees of the DB Group with those of the shareholders and fostering a sense of employee ownership through awards linked directly to the Deutsche Bank share price.
Participants in the Plan are selected at the discretion of the Committee. Participation during one Plan year does not guarantee future participation.
2 Definitions
For the purposes of the Plan, the following terms shall have the meanings indicated:
"Acknowledgement" has the meaning given in Rule 4.11, and "Acknowledge" and "Acknowledged" shall be construed accordingly.
"Acquirer Entity" means the person, company or entity which, through acquisition, merger, spin-off, transfer, or other consolidation (or series thereof), shall be the legal successor to or owner (whether direct or indirect) of the DB business unit, Division or Subsidiary (or, if applicable, the part of the DB business unit or Division) in which the relevant Participant worked, or any of its Subsidiaries or Holding Companies or any Subsidiary of any such Holding Company.
"Agreed Termination" means a Participant ceasing to be a DB Employee following the resolution of an employment-related dispute, resolved by the execution of a settlement, separation or compromise agreement containing, among other things, a full release of claims against each DB Group Company by the Participant, and which is approved as an Agreed Termination by the Committee.
"Annual Award" means any Award referred to as an Annual Award in the Award Statement.
"Applicable DB Group Policy or Procedure" means any DB policy or procedure regarding: general accounting; application of accounting methodologies; approvals procedures; risk management; regulatory procedures or rules; any other financial or compliance matters; or conduct matters, including, but not limited to, Deutsche Bank's Code of Conduct as amended from time to time (in each case of which the Participant knew or it would be reasonable to expect the Participant to have known).
"Award" means a conditional right to receive DB Shares following the Release Date granted pursuant to this Plan which may be an Annual Award, New Hire Award, Retention Award or Upfront Award. An Award does not give a Participant a right to subscribe for unissued DB Shares.
"Award Date" means the effective date of an Award, as shown on the Award Statement.
"Award Letter" means a letter issued by a DB Group Company at or around the time of an Award Statement, which may set out Performance Conditions in relation to an Award as provided in Rule 4.5, and which may in some cases supplement an Award Statement.
"Award Statement" means the statement provided to a Participant under Rule 4.3.
"Career Retirement" means voluntary termination of employment as a DB Employee by a Participant who has complete years of age plus number of complete years of service as a DB Employee equalling 60 or more ("Rule of 60"), provided however that the Participant must have five or more complete years of consecutive service (the "Consecutive Service Requirement") as a DB Employee on or before the most recent date of termination of employment and provided the Participant has made a valid Election to Career Retire in connection with the relevant Award. If the Consecutive Service Requirement is satisfied, the number of complete years of service used to calculate the Rule of 60 may also include any period of employment as a DB Employee prior to a break in continuous service. Where a Participant became a DB Employee as a result of a DB Group Company acquiring or merging with a company or other entity which employed the Participant, or acquiring a business in which the Participant was employed, continuous employment with that company or other entity, or in that business, ending with the date of acquisition or merger shall be treated for the purposes of this definition as service as a DB Employee, provided that the Participant has remained a DB Employee since the acquisition or merger.
"Cause" means in respect of the termination of a Participant's employment by any DB Group Company: (i) any act or omission or series of acts or omissions that, when taken together or alone, constitute a material breach of the terms and conditions of employment; (ii) the conviction of the Participant by a competent court of law of any crime (other than minor offences that do not adversely affect the business or reputation of any DB Group Company, as determined by the Committee in its sole discretion); (iii) unlawful, unethical or illegal conduct, or any misconduct by the Participant in connection with the performance of the Participant's duties as a DB Employee or conduct by the Participant otherwise in violation of the terms of the applicable employee handbook or other local policy or contractual documentation; (iv) knowingly failing or refusing to carry out specific lawful instructions from a DB Group Company (or a duly authorised employee or officer of such a company) relating to material matters or duties within the scope of the Participant's responsibilities for a DB Group Company; (v) committing any act involving dishonesty, fraud, misrepresentation, or breach of trust; or (vi) the issuance of any order or enforcement action against the Participant or against any DB Group Company in connection with the Participant's actions or omissions by any regulatory body with authority over the conduct of business by that DB Group Company where the issuance of that order or enforcement action impairs a) the financial condition or business reputation of the DB Group or any DB Group Company or b) the Participant's ability to perform the Participant's assigned duties (or would have done so if the Participant were still a DB Employee).
"Change of Control" means a change in the control of Deutsche Bank AG which shall occur if, by one or a series of transactions or events, a third party or a group of third parties acting together (directly or indirectly) acquires more than 50 percent of the issued share capital of Deutsche Bank AG and/or becomes entitled to exercise more than 50 percent of voting rights attributable to the issued share capital of Deutsche Bank AG. The Committee (as constituted before the relevant event) will determine, in its sole discretion, whether or not a Change of Control has occurred in accordance with this definition.
"Closing Price" means the closing price of DB Shares in the Xetra system (currently under "DBK GY"), or the closing price on such other exchange as may be determined by the Committee from time to time.
"Committee" means the Senior Executive Compensation Committee but may alternatively be the Management Board or any committee or other entity or persons designated by the Senior Executive Compensation Committee, the Management Board or these Plan Rules to act as the decisional body under this Plan (and, for the avoidance of doubt, the provisions of Rule 9 shall apply to any such entity or person). To the extent that matters are determined in relation to Awards made or to be made to members of the Management Board, the Committee means the Supervisory Board of Deutsche Bank or a duly authorised committee of the same.
"Compliance Department" means any applicable compliance department of the DB Group.
"Control Failure" means:
(a) a failure to take adequate steps to promptly identify, assess, report, escalate or address misconduct or risk (including without limitation regulatory, client, reputational, market and/or other risk);
(b) a failure to address, manage or remedy any control weaknesses identified by the DB Group or any regulator of which the Participant was aware (or could have been reasonably expected to be aware);
(c) a failure to draft, adopt, approve or implement internal financial and operational policies or procedures of the DB Group (or any DB Group Company) which would have provided for (i) the reliability and integrity of information, (ii) compliance with laws and regulations, (iii) safeguarding and accountability of assets, and/or (iv) preventing or detecting error or fraud.
"DB Employee" means a person employed by any DB Group Company.
"DB Group" means Deutsche Bank and each of its Subsidiaries.
"DB Group Company" means any company or other corporation in the DB Group.
"DB Share" means a registered share of Deutsche Bank AG, as listed and traded on the Frankfurt Stock Exchange - Xetra or other authorised exchanges, or any other shares which may replace them from time to time (whether in a successor corporation or otherwise).
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"Deutsche Bank" means Deutsche Bank AG and any successor corporation or other corporation into which Deutsche Bank AG is merged or consolidated or to which Deutsche Bank AG transfers or sells all or substantially all of its assets.
"Division(s)" means the primary operational business areas of the DB Group, which include the core revenue generating areas and infrastructure and support areas, as established or adjusted by Deutsche Bank, in its discretion, from time to time. Each Division is divided into smaller operating business units.
"Election" or "Election to Career Retire" shall have the meaning given to that term in Rule 4.6 or Rule 4.7, as applicable.
"Financial Services" includes (without limitation) any (or any combination) of the following:
(a) commercial or retail banking;
(b) brokerage;
(c) wealth management;
(d) insurance, pension or lending services;
(e) financial, business, investment or economic advisory services (including raising or preserving capital or transitioning ownership of any asset);
(f) asset management;
(g) issuing, trading or selling instruments or other investments; and
(h) advising on or investing in private equity or real estate,
and also includes any other activities engaged in by any DB Group Company that the Committee considers constitute financial services.
"Financial Services Firm" means a business enterprise whose sole or primary function is the provision of Financial Services (whether to individuals, institutions or any other person or entity).
"Holding Company" of a company or entity means a company or entity of which the first company or entity is a Subsidiary.
"InstitutsVergV" means the German Remuneration Ordinance (Institutsvergütungsverordnung), as amended from time to time.
"Management Board" means the Management Board of Deutsche Bank (the Vorstand).
"Material Risk Taker" means a material risk taker (as determined by the DB Group in its sole discretion) having regard to InstitutsVergV or any other applicable regulation.
"New Hire Award" means an Award referred to as a New Hire Award in the Award Statement, usually being "buy-out", "replacement" or "sign-on" awards granted or issued in connection with the commencement of a Participant's employment as a DB Employee.
"Nominee" means the party authorised to hold DB Shares on trust absolutely for a Participant upon Delivery, being DB Group Services (UK) Ltd or such other party as may be appointed by the Committee from time to time.
"Participant" means any person to whom an Award has been made under the terms and conditions of this Plan for so long as that person has any rights under this Plan.
"Performance Condition" means a condition or conditions stated in the Award Statement for an Award or a Tranche of an Award, and/or the Award Letter, which determines the extent to which that Award or Tranche will Vest and/or become capable of settlement.
"Performance Period" means the period of time as referred to in InstitutsVergV (or any other applicable legislation) during which a Participant's performance is assessed for the purposes of determining the grant of an Award under InstitutsVergV, and "Performance Period in relation to which an Award is made" and similar phrases shall be interpreted accordingly.
"Plan" means the Deutsche Bank Equity Plan as governed by these Plan Rules.
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"Plan Administrator" means DB Group Services (UK) Limited or any other person or entity appointed by the Committee for the purpose of administering the Plan as referred to in Rule 9.1.
"Plan Rules" or "Rules" means this document, including all applicable Schedules, which sets out the binding terms and conditions of the Plan (as amended from time to time pursuant to Rule 10).
"Proof of Certification" means any information deemed necessary or desirable by the Plan Administrator (i) to confirm a Participant's compliance with the terms and provisions of an Award; (ii) to enable the Plan Administrator to apply the terms and provisions of an Award; or (iii) to enable the Plan Administrator (or any DB Group Company) to comply with its obligations in relation to an Award, including, but not limited to: copies of tax returns and employment or payroll-related documentation, or any confirmation or agreement by a Participant deemed necessary or desirable by the Plan Administrator to carry out any of the Plan Rules or any other rule or regulation, as determined by the Plan Administrator (including without limitation confirmation or agreement that the Participant is bound by the Plan Rules in relation to an Award).
"Proprietary Information" means any information which is not publicly available (other than as a result of the Participant's action), including, without limitation, all financial or product information, business plans, client lists, compensation details or other confidential information, copyright, patent and design rights in any invention, design, discovery or improvement, model, computer program, system, database, formula or documentation, including information conceived, discovered or created during or in consequence of the Participant's employment as a DB Employee.
"Public Service Employee" means a person employed or engaged exclusively (i) in a business, industry, organisation or entity (excluding banks, sovereign wealth funds and other financial institutions, other than central banks and regulatory bodies), that is wholly owned or controlled by the government, whether at a national or local level; or (ii) by an organisation whose primary objective is something other than the generation of profit, such as a bona fide charitable institution; or (iii) as a teacher at a bona fide educational establishment.
"Public Service Retirement" means voluntary termination of employment as a DB Employee by a Participant to work as a Public Service Employee.
"Release Date" means:
(a) in relation to an Award with no Retention Period, the Vesting Date;
"Relevant Individual" in relation to a Significant Adverse Event means a DB Employee or a contingent worker engaged by a DB Group Company whose conduct is the subject of an internal investigation by a DB Group Company in connection with that Significant Adverse Event which results in disciplinary measures or sanctions against the Relevant Individual, or would have resulted in such measures or sanctions (as determined by the Committee in its absolute discretion) if, in the case of a former DB Employee, the Relevant Individual had not ceased to be a DB Employee or, in the case of a contingent worker or former contingent worker, the Relevant Individual had been a DB Employee subject to disciplinary measures or sanctions by a DB Group Company.
"Representative" means, in the case of death or Total Disability, the Participant's duly appointed beneficiary, legal representative or administrator, as applicable.
“Restricted Services” means services that are substantially similar to any or all of the services provided by the Participant during the 12-month period prior to the Participant ceasing to be a DB Employee.
"Retention Award" means an Award referred to as a Retention Award in the Award Statement.
"Retention Award Event Date" means the date specified as such in the Award Letter.
"Retention Period" for certain Awards means the period commencing on the Vesting Date and ending on the Release Date (subject to the provisions of the Plan).
"Retirement" means retirement at pensionable age as determined in accordance with the pension plan arranged or provided by or in conjunction with a DB Group Company, of which the Participant is, or is eligible to be, a member, or where there is no such pension plan, retirement age as determined in accordance with the local policy of DB Group.
"Sales Price" means the price achieved (or that which would have been achieved if any DB Shares had been sold) for the sale of a DB Share on the relevant trading day for the purposes of Rule 7.4.
"Schedule" means any schedule to the Plan Rules approved by the Committee (as amended from time to time in accordance with Rule 10).
"Senior Executive Compensation Committee" means the committee delegated by the Management Board to govern this Plan.
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"Significant Adverse Event" means an event (or series of events, in each case whether by any acts or omissions) that has resulted in any internal or external finding of misconduct or of risk (including without limitation regulatory, client, reputational, market and/or other risk), or financial loss (whether direct or indirect, and whether by way of a regulatory fine, sanction, action, or settlement, including any associated cost or otherwise), which, as determined by the Committee in its absolute discretion, is classified by the DB Group as being "Acute", "Severe" or "High" (or a similar level under any alternative categorisation in place from time to time) and which the Committee has determined in its absolute discretion has had or is likely to have an adverse effect on the DB Group, a DB Group Company, a Division or a business unit.
"Subsidiary" means a company or other entity in which a Holding Company has a direct or indirect controlling interest or equity or ownership interest which represents more than fifty percent (50%) of the aggregate equity or ownership interest in that company or entity.
"Sufficiently Proximate" to a Relevant Individual in relation to a Significant Adverse Event means a Participant who is:
(a) a legal, local or functional manager (or other equivalent manager type applicable at the time) of a Relevant Individual who is a DB Employee (the "First Level Manager"), or a DB sponsor of a Relevant Individual who is a contingent worker engaged by a DB Group Company (the "First Level Sponsor");
(b) a legal, local or functional manager (or other equivalent manager type applicable at the time) of a First Level Manager or First Level Sponsor of the Relevant Individual or the head of the business unit in which the Relevant Individual is employed or engaged;
(c) only in case of a Significant Adverse Event which is classified by the DB Group as being "Acute" (or a similar level under any alternative categorisation in place from time to time), the head of Division, the Chief Country Officer(s), the CEO or Chief Operating Officer(s) where the Relevant Individual works (or worked) or is engaged (or was engaged);
in each case, at the time when Significant Adverse Event(s) (or portion thereof), or the actions or omissions (in each case, or portions thereof) of the Relevant Individual contributing to the Significant Adverse Effect, occurred and regardless of whether the Participant was himself responsible for, or contributed to, the Significant Adverse Event, in any way other than being Sufficiently Proximate to a Relevant Individual.
"Supervisory Board of Deutsche Bank" means the board that oversees and advises the Management Board in its management of the business.
"Total Disability" means the Participant being prevented from engaging in any substantial gainful activity by physical or mental impairment that can be expected to either (i) result in death or (ii) last for a continuous period of not less than 12 months, as certified by the Committee, in its sole discretion.
"Tranche" means a portion of an Award as detailed on the Award Statement, which may be subject to different provisions related to Vesting and Retention Period (if applicable), and/or Performance Conditions, to other Tranches comprised within that Award.
"Upfront Award" means an Award referred to as an Upfront Award in the Award Statement which shall Vest at the Award Date but shall be subject to a Retention Period.
"Vest" means, in the context of an Award or a Tranche of an Award, to be no longer subject to the forfeiture provisions contained in these Plan Rules, except for those contained in Rules 4.9, 5.3(a), 5.3(g), 5.3(h), 5.3(i), 6.2, 6.3, 6.4, 6.5 (in relation to Upfront Awards only) and 6.7 as applicable. "Vesting" and "Vested" shall be construed accordingly. For the avoidance of doubt a Vested Award may continue to be subject to: (a) a Retention Period; and (b) lapse under Rule 4.5 where it has not yet been Delivered (in addition to forfeiture provisions not specifically mentioned in this definition).
"Vested Award" means an Award that has Vested.
"Vesting Date" means the date or dates set forth in the Award Statement upon which an Award or Tranche will Vest (subject to the satisfaction of any Performance Conditions to which Vesting is subject), provided that if Vesting has been accelerated or delayed under these Plan Rules, it shall mean the date of Vesting determined in accordance with the relevant Rule.
3 Interpretation
In this Plan, where the context permits:
(a) where an Award has been made in different Tranches, references to an Award shall be taken to refer to each Tranche separately; and
(b) words in the singular shall include the plural and vice versa.
The headings in the Rules are for the sake of convenience only and should be ignored when construing the Rules.
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4 Awards
4.1 Eligibility: Subject to the terms and conditions in these Plan Rules, the Committee may from time to time make Awards or permit Awards to be made by such other persons as it may determine to such DB Employees as the Committee shall select. In addition, in exceptional circumstances and to the extent permitted by law (and guidance from a regulator from time to time), the Committee may (but is not obliged to) make Awards, or permit Awards to be made by such other persons as it may determine, to a former DB Employee, where the reason for making the Awards relates to that former DB Employee's employment by a DB Group Company.
4.2 Terms of Awards: Subject to the terms and conditions in these Plan Rules, the Committee shall be entitled to determine the terms of Awards and the dates on which those Awards are made.
4.3 Award Statement: As soon as practicable after the Award Date, the Participant shall be issued an Award Statement in relation to the Award in such form as the Committee shall determine in its sole discretion. The Award Statement shall state (in relation to each Tranche of the Award where applicable):
(a) the Award Date;
(b) the number (or maximum number in the case of an Award subject to a Performance Condition) of DB Shares subject to the Award;
(c) the type of Award (Annual, New Hire, Retention or Upfront Award);
(d) the Vesting Date (assuming no acceleration or delay of the Vesting Date under these Plan Rules);
(f) details of any Performance Conditions applicable to the Award (other than any such Performance Condition which is just detailed in the Award Letter).
4.4 Retention Period: If an Award is to be subject to a Retention Period, the Retention Period shall be determined by the Committee at the Award Date and will be stated on the Award Statement (subject to the application of these Rules). The Retention Period shall commence on the Vesting Date of the Award. If an Award is subject to a Retention Period, a Participant shall have no entitlement to receive DB Shares in respect of that Award before the end of the Retention Period.
4.5 Performance Conditions: Awards or Tranches of Awards may be made subject to Performance Conditions as approved by the Committee at the time the Award is made. Any such conditions will be detailed in the Award Statement and/or the Award Letter. The degree to which a Performance Condition is satisfied will determine the extent to which that Award or Tranche will Vest and/ or become capable of settlement, and the degree to which the Performance Condition is satisfied must be determined before the Award or relevant part of the Award Vests or becomes capable of settlement (as applicable). An Award shall lapse to the extent that it is determined that it is no longer capable of Vesting and/or settlement (as applicable) because the Performance Condition has not been satisfied in full. The Management Board may amend the Performance Conditions if circumstances exist such that the Management Board considers, in its sole discretion, that the existing Performance Conditions should be so amended to ensure that they remain appropriate or because of regulatory requirements including, without limitation, any regulatory or recovery intervention. Notwithstanding the foregoing, in relation to an Award held by a member of the Management Board, the Management Board's decision is not binding and the Supervisory Board will decide in its full discretion on the confirmation of or the deviation from the Management Board's decision for purposes of these Awards; the decision of the Supervisory Board shall be final and binding.
4.6 Career Retirement Election – Annual Awards or Upfront Awards: The termination treatment in relation to Career Retirement set out in Rule 5.1(e) shall only apply to an Annual Award or Upfront Award (as applicable) if the Participant has notified the Plan Administrator during any time period required by the Plan Administrator in relation to that Award that the Participant intends to terminate employment as a DB Employee by reason of Career Retirement in accordance with the procedures established by the Plan Administrator for those purposes (an "Election" or an "Election to Career Retire"). An Election shall constitute a binding agreement that may only be modified pursuant to the terms and conditions in the Election. The Plan Administrator may require, among other things, one or more Elections to be made in relation to an Award and may set a time period after which an Election will expire. An Election shall not be treated as notice of termination of employment given by the Participant, however, a failure to make an Election may result in forfeiture of an Award on termination in circumstances where there would have been no such forfeiture had an Election been made.
4.7 Career Retirement Election – Retention Awards: The termination treatment in relation to Career Retirement set out in Rule 5.1(f) shall only apply to a Retention Award if the Participant has notified the Plan Administrator during any time period required by the Plan Administrator in relation to that Retention Award that the Participant intends to terminate employment as a DB Employee (such termination to take effect on or after the Retention Award Event Date) by reason of Career Retirement in accordance with the procedures established by the Plan Administrator for those purposes (an "Election" or an "Election to Career Retire"). An Election shall constitute a binding agreement that may only be modified pursuant to the terms and conditions in the Election. The Plan Administrator may require, among other things, one or more Elections to be made in relation to a Retention Award and may set a time period after which an Election will expire. An Election shall not be treated as notice of termination of employment given by the Participant, however, a failure to make an Election may result in forfeiture of a Retention Award on termination in circumstances where there would have been no such forfeiture had an Election been made.
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4.8 Dividend Equivalents: If a dividend is declared in relation to DB Shares during the Retention Period of an Award (or after the date an Award would have Vested but for a delay in the Vesting Date pursuant to Rule 6.6 and before the Release Date), the Committee may in its sole discretion determine that a Dividend Equivalent shall apply to that Award. A Dividend Equivalent is a right to receive a cash payment or an award of additional DB Shares on the Release Date. The value of the Dividend Equivalent is based on the amount of dividends that would have been paid during the Retention Period (or the period from the original Vesting Date before any delay to the Release Date, as applicable) on the number of Vested DB Shares that remain subject to the Award at the Release Date (as it may be deferred or delayed), and may be settled in either cash or further DB Shares. The terms of Dividend Equivalents shall be determined by the Committee, and, subject to this determination by the Committee, the Plan Administrator shall determine the manner of calculation of the Dividend Equivalents. Dividend Equivalents shall be subject to the same provisions in these Rules as the underlying Award, including but not limited to suspension, forfeiture, lapse and clawback.
4.9 Non-transferable Awards: A Participant may not at any time before settlement in accordance with Rule 7 (whether before or after the Vesting Date) (i) transfer, assign, sell, pledge or grant to any person or entity any rights in respect of any Award (including a Vested Award), other than in the event of the death or Total Disability of the Participant; or (ii) enter into any transactions having the economic effect of hedging or otherwise offsetting the risk of price movements, or attempt to do so, with respect to all or part of the DB Shares subject to the Award. Unless the Plan Administrator or the Committee decides otherwise, any breach of this Rule 4.9 will result in the forfeiture by the Participant of the Participant's Award without any claim for compensation by the Participant or any Representative.
4.10 Compliance: The making of any Award is subject to any approvals or consents required under any applicable laws or regulations or by any governmental authority, the requirements of any exchange on which DB Shares are traded and any policy adopted by the Compliance Department.
4.11 Acknowledgement of Award: The Participant must acknowledge the Award and agree to be bound by and comply with the provisions of the Plan and any other terms contained in the Award Statement in relation to the Award ("Acknowledgement"). The procedure for Acknowledgement (including the period for doing so) will be communicated or made available to the Participant in such manner as the Committee or Plan Administrator may determine. An Award shall not Vest and shall not be Delivered, and no DB Group Company shall have any obligation to the Participant in relation to an Award, before it has been duly Acknowledged. If the Participant has not Acknowledged the Award in accordance with the specified procedure by the end of the period provided in that procedure, the Committee may in its sole discretion notify the Participant that the Award has lapsed, and neither the Participant nor any Representative shall have any claim for compensation in relation to that lapse. Following such lapse, the Participant will no longer be able to Acknowledge the Award, and no DB Group Company shall have any obligation to the Participant in relation to it.
4.12 Surrender of Award: A Participant may surrender an Award, a part of an Award or a Tranche of an Award at any time prior to the Release Date, and any Award (or part or Tranche of an Award) so surrendered shall (to the extent possible) be deemed never to have been made.
5 Impact of termination of employment
5.1 Termination resulting in continued Vesting: An Award will not be forfeited by reason of the Participant ceasing to be a DB Employee and will, if not Vested, continue to Vest in accordance with the Award Statement (subject to these Rules, in particular the forfeiture provisions of Rule 6) and will remain subject to any applicable Retention Period or Performance Conditions, if the Participant ceases to be a DB Employee for one of the following reasons:
(a) termination by a DB Group Company without Cause;
(b) redundancy;
(c) Agreed Termination;
(d) the Participant ceases to be employed as a DB Employee due to the sale, merger, spin-off, transfer, or other consolidation (or series thereof) outside of the DB Group of the DB business unit, Division or Subsidiary (or, if applicable, the part of the DB business unit or Division) in which the Participant worked, but excluding a sale or transfer by which Deutsche Bank is merged or consolidated or transfers or sells substantially all of its assets;
(e) in relation to Annual Awards and Upfront Awards only, Retirement, Career Retirement (subject to Rule 5.4) or Public Service Retirement; or
(f) in relation to Retention Awards, Retirement, Career Retirement (subject to Rule 5.4) or Public Service Retirement, where the Participant ceases to be a DB Employee on or after the Retention Award Event Date.
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5.2 Termination upon death or Total Disability: If a Participant ceases to be a DB Employee due to death or Total Disability (documented to the reasonable satisfaction of the Plan Administrator), an Award which is not subject to a Retention Period or a Performance Condition will, subject to Rule 6.6, Vest in full (to the extent not previously Vested) on the next administratively possible Vesting Date for other Awards granted pursuant to the Plan following receipt of such documentation as the Plan Administrator may require to establish the entitlement of the Participant or the Representative claiming on behalf of the Participant.
5.3 Termination resulting in forfeiture: A Participant shall automatically forfeit Awards without any claim for compensation by the Participant or any Representative in the following circumstances:
(a) Awards which have not been Delivered shall be automatically forfeited if, at any time prior to Delivery, the Participant ceases to be a DB Employee by reason of termination for Cause as decided by a DB Group Company, which shall have full discretion to make a Cause determination;
(b) save as otherwise provided in Rule 5.1, Awards that have not Vested shall be automatically forfeited if, at any time prior to the Vesting Date, the Participant ceases to be a DB Employee as a result of the Participant resigning or the Participant terminating the Participant's employment with a DB Group Company for any reason (and, for the avoidance of doubt, where a Participant remains a DB Employee as at the Vesting Date, this Rule 5.3(b) shall not apply, notwithstanding, for example, that the Participant may have provided notice before the Vesting Date to terminate the Participant's employment after the Vesting Date or the Participant has provided notice of an intention to resign after the Vesting Date);
(c) without prejudice to the generality of Rule 5.3(b), an Annual Award that has not Vested shall be automatically forfeited if, at any time prior to the Vesting Date, a Participant who meets the Rule of 60 and Consecutive Service Requirement ceases to be a DB Employee as a result of the Participant resigning or the Participant terminating the Participant's employment with a DB Group Company for any reason in circumstances in which the Participant either failed to make an Election to Career Retire, or failed to respond to or follow the procedures outlined in Rule 4.6 or to submit an Election in accordance with those procedures in relation to such Annual Award and whose cessation of employment does not fall within the definition of Retirement, Public Service Retirement or Agreed Termination;
(d) without prejudice to the generality of Rule 5.3(b), a Retention Award that has not Vested shall be automatically forfeited if:
(i) at any time prior to the Retention Award Event Date, a Participant ceases to be a DB Employee as a result of the Participant resigning or the Participant terminating the Participant's employment with a DB Group Company for any reason (and regardless of whether or not the Participant meets the Rule of 60 or Consecutive Service Requirement) unless cessation of employment falls within the definition of Agreed Termination, or
(ii) at any time on or after the Retention Award Event Date and prior to the Vesting Date, a Participant who meets the Rule of 60 and Consecutive Service Requirement ceases to be a DB Employee as a result of the Participant resigning or the Participant terminating the Participant's employment with a DB Group Company for any reason in circumstances in which the Participant either failed to make an Election to Career Retire, or failed to respond to or follow the procedures outlined in Rule 4.7 or to submit an Election in accordance with those procedures in relation to such Retention Award and whose cessation of employment does not fall within the definition of Retirement, Public Service Retirement or Agreed Termination;
(e) Annual Awards that have not Vested shall be automatically forfeited if, following Public Service Retirement, the Participant ceases to be a Public Service Employee at any time prior to the Vesting Date for any reason other than death or Total Disability;
(f) Retention Awards that have not Vested shall be automatically forfeited if, following Public Service Retirement (which was on or after the Retention Award Event Date), the Participant ceases to be a Public Service Employee at any time prior to the Vesting Date for any reason other than death or Total Disability;
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(g) save as otherwise provided in Rule 5.1, Upfront Awards shall be automatically forfeited if, at any time prior to the Release Date, the Participant ceases to be a DB Employee as a result of the Participant resigning or the Participant terminating the Participant's employment with a DB Group Company for any reason (and, for the avoidance of doubt, where a Participant remains a DB Employee as at the Release Date, this Rule 5.3(g) shall not apply, notwithstanding, for example, that the Participant may have provided notice before the Release Date to terminate the Participant's employment after the Release Date or the Participant has provided notice of an intention to resign after the Release Date);
(h) without prejudice to the generality of Rule 5.3(g), an Upfront Award shall be automatically forfeited if, at any time prior to the Release Date, a Participant who meets the Rule of 60 and Consecutive Service Requirement ceases to be a DB Employee as a result of the Participant resigning or the Participant terminating the Participant's employment with a DB Group Company for any reason in circumstances in which the Participant either failed to make an Election to Career Retire, or failed to respond to or follow the procedures outlined in Rule 4.6 or to submit an Election in accordance with those procedures in relation to such Upfront Award and whose cessation of employment does not fall within the definition of Retirement, Public Service Retirement or Agreed Termination; or
(i) Upfront Awards shall be automatically forfeited if, following Public Service Retirement, the Participant ceases to be a Public Service Employee at any time prior to the Release Date for any reason other than death or Total Disability.
5.4 Cessation of Career Retirement: The Committee may determine, in its discretion, to remove Career Retirement from Rules 5.1(e) and 5.1(f) in respect of a Participant (or any group of Participants) who work or otherwise worked in any jurisdiction where there is a reasonable possibility or likelihood (as determined by the Committee) that the provisions in Rule 6.5 (in relation to Restricted Services following Career Retirement) are not enforceable or will cease to be enforceable. If the Committee exercises its powers under this Rule, any valid Election to Career Retire that has been duly made shall not be affected in connection with that relevant Award and prior to that Election expiring.
6 General forfeiture and clawback
6.1 Forfeiture of all unvested Awards: In addition to the other forfeiture provisions contained in the Plan Rules, a Participant shall automatically forfeit any Awards that have not Vested, without any claim for compensation by the Participant or any Representative, if any of the following events or activities occurs at any time prior to the Vesting Date for that Award, during or following employment as a DB Employee (including in connection with or following any form of termination identified in Rules 5.1 or 5.2):
(a) the Participant directly or indirectly solicits or entices away, or endeavours to solicit or entice away any individual person who is employed or engaged by any DB Group Company and, if following the termination of the Participant's employment as a DB Employee, with whom the Participant has had business dealings during the course of the Participant's employment in the 12 months immediately prior to the termination date;
(b) the Participant solicits, directly or indirectly, any company, entity or individual who was a customer or client of any DB Group Company and, if following the termination of the Participant's employment as a DB Employee, with whom the Participant has had business dealings during the course of the Participant's employment in the 12 months immediately prior to the termination date in order to provide Restricted Services to such company, entity or individual;
(c) the Participant directly or indirectly obtains, uses, discloses or disseminates Proprietary Information to any other company, individual or entity or otherwise employs Proprietary Information, except as specifically required in the proper performance of the Participant's duties for any DB Group Company;
(d) the Participant acts in a manner that is prejudicial to the reputation of the DB Group or any DB Group Company;
(e) the Participant or any Representative is responsible for any act or omission that breaches the terms of any agreement into which the Participant has entered with any DB Group Company, including any Election agreement, settlement or separation agreement or compromise agreement; or
(f) the Participant fails to provide, if asked, Proof of Certification, in accordance with Rule 7.6.
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6.2 Forfeiture of all undelivered Awards: In addition to the other forfeiture provisions contained in the Plan Rules, the Committee may, in its sole discretion, determine that a Participant shall forfeit such proportion (up to and including 100%) of any Award which has not been Delivered as may be determined by the Committee in its sole discretion without any claim for compensation by the Participant or any Representative in the following circumstances:
(a) where a Participant engages in any conduct at any time prior to the Delivery Date, including prior to the Award Date, that:
(i) breaches any Applicable DB Group Policy or Procedure;
(ii) breaches any applicable laws or regulations imposed other than by the DB Group or any DB Group Company; or
(iii) constitutes a Control Failure, whether arising by act or omission (or series of acts or omissions), whether in whole or in part, directly or indirectly;
in each case, where that conduct is the subject of an internal investigation by a DB Group Company or of an investigation by a regulatory or law enforcement body and it results in disciplinary measures or sanctions against the Participant or a DB Group Company (which, for the avoidance of doubt, shall include any significant supervisory measure imposed on DB Group or any DB Group Company) or would have resulted in such measures or sanctions if the Participant had not ceased to be a DB Employee (or ceased to be an employee of a specific DB Group Company whilst remaining a DB Employee);
(b) where:
(i) the grant or Vesting of that Award was based on a performance measure or measures or on assumptions that are later determined to be materially inaccurate (regardless of whether any relevant measures or assumptions were communicated to the Participant); or
(ii) the grant, vesting or settlement of any other award made to the Participant (whether under the Plan, other compensation plans or other bonus or incentive arrangements, and whether delivered or not) was based on a performance measure or measures or on assumptions that are later determined to be materially inaccurate (regardless of whether any relevant measures or assumptions were communicated to the Participant);
(c) where a Significant Adverse Event occurs, and the Committee considers the Participant to be Sufficiently Proximate to a Relevant Individual in relation to that Significant Adverse Event; or
(d) where the Committee determines, in its sole discretion, that forfeiture is required on the basis of prevailing regulatory requirements (which includes any legislation or guidance published by a regulator from time to time). For the avoidance of doubt, this includes (but is not limited to) having regard to sections 7 of InstitutsVergV and 45 para. 2 sentence 1 no. 5a, 6 of the German Banking Act (Kreditwesengesetz) (as may be amended, modified or replaced from time to time), including any order made by the German Federal Financial Supervisory Authority (BaFin) or any other competent regulatory authority including the US Securities and Exchange Commission (SEC) and applicable securities listing exchanges in relation to such regulatory requirements. Forfeiture may include awards that are permitted to be recovered in satisfaction of the compliance obligations of such rules or laws, if such recovery is the selected method of recovery that the Committee determines is appropriate, alone or in combination with other methods or means of recovery.
Forfeiture under this Rule 6.2 may occur either before or after the Participant ceases to be a DB Employee for any reason.
6.3 Forfeiture for behaviour amounting to Cause: A Participant shall automatically forfeit any Awards which have not been Delivered if:
(a) during the Participant's employment as a DB Employee, the Participant is responsible for an act or omission, or a series of acts or omissions, which amounted to behaviour listed in the definition of Cause in Rule 2, whether or not the employment is terminated as a result of those acts or omissions.
(b) after the termination of the Participant's employment as a DB Employee (for whatever reason), it is determined that the Participant was responsible for an act or omission, or a series of acts or omissions, while a DB Employee which gave rise to a right on the part of any DB Group Company to terminate the Participant's employment for Cause, even if that right was not exercised; or
(c) after the termination of the Participant's employment as a DB Employee, the Participant is responsible for an act or omission, or a series of acts or omissions, which would have given rise to a right on the part of any DB Group Company to terminate the Participant's employment for Cause had the Participant been a DB Employee at the time of the acts or omissions,
in each case whether or not any DB Group Company or any officer or employee of any DB Group Company knew at the time of the act or omission, or series of acts or omissions, that the relevant right had arisen or would arise. Neither the Participant nor any Representative shall have any claim for compensation in relation to any forfeiture under this Rule 6.3.
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6.4 Failure to provide details of brokerage or custody account: If an Award is to be Delivered (or has been Delivered to the Nominee) in DB Shares or other securities, and, if required by the Plan Administrator, the Participant has not provided details of a valid brokerage or custody account in accordance with Rule 7.3, the Committee may in its sole discretion at any time before the transfer of the relevant shares or securities to such an account (whether before or after Delivery of the Award) forfeit that Award (and/or the shares or securities Delivered to the Nominee pursuant to it), and neither the Participant nor any Representative shall have any claim for compensation in relation to that forfeiture against any DB Group Company or the Nominee (as applicable). Following any such forfeiture of shares or securities which have been Delivered to the Nominee, the Participant shall no longer have any beneficial interest in those shares or securities.
6.5 Forfeiture following Retirement, Career Retirement or Public Service Retirement: Following Retirement, Career Retirement or Public Service Retirement, a Participant shall automatically forfeit without any claim for compensation by the Participant or any Representative any Awards that have not Vested and any Upfront Awards if the Participant is employed or engaged in any capacity by a Financial Services Firm (whether directly or via an intermediary and whether or not for remuneration) in connection with the provision of Restricted Services (before the Release Date in the case of Upfront Awards) or in addition, in respect of Public Service Retirement, a participant is employed in the approved Public Service role for less than 12 months, except where:
(a) the services are provided in the ordinary course of a business other than a Financial Services Firm which employs or engages the Participant in any capacity; and
(b) either:
(i) the majority of the clients to whom the Participant's services are provided are not Financial Services Firms; or
(ii) the services provided by the Participant taken as a whole are not Restricted Services.
6.6 Suspension:
(a) If the Committee considers that circumstances may be such that forfeiture may result under Rule 5.3(a), Rule 5.3(e), Rule 5.3(f), Rule 5.3(i), Rule 6.1(a) to (f), Rule 6.2, Rule 6.3, Rule 6.5 or Rule 6.7, the Vesting Date and/ or the Release Date and/or the Delivery Date for an Award may at the sole discretion of the Committee be delayed until after those circumstances have been investigated (including, but not limited to, pursuant to any investigation referred to in Rule 6.2) and a determination regarding forfeiture has been made.
(b) In addition, and without limitation to rule 6.2(d), the Committee may delay the Vesting Date and/or the Release Date and/or the Delivery Date of an Award in order to comply with, or to enable the compliance with, prevailing regulatory requirements (which, for the avoidance of doubt, includes any legislation or guidance published by a regulator from time to time and (without limitation) sections 7 of InstitutsVergV and 45 para. 2 sentence 1 no. 5a, 6 of the German Banking Act (Kreditwesengesetz) (in each case, as may be amended, modified or replaced from time to time)).
(c) Where the Delivery Date for an Award is delayed under this Rule 6.6 such that it is after a Change of Control, and the Award is to be settled, the Committee may make such arrangements as it considers fair and reasonable for settlement of the Award (or portion of an Award) (including settlement in cash) where Delivery in DB Shares would no longer be appropriate.
(d) Where the Vesting Date and/or Release Date and/ or the Delivery Date for an Award is delayed under Rule 6.6(a) and a determination has been made not to forfeit an Award (or portion of an Award), if:
(i) the Participant disposes of the DB Shares immediately following the transfer of the shares into the Participant's custody account; and
(ii) the Committee determines that the Participant has suffered a disadvantage as a result of the delay caused by the suspension due to changes in the value of a DB Share or changes in the relevant foreign exchange rates between the first date that DB Shares could have been sold by the Participant (taking account of any restrictions on the Participant's ability to sell DB Shares imposed by applicable laws or regulations, the requirements of any exchange on which DB Shares are traded and any policy adopted by the Compliance Department) following the date that Delivery was originally expected to occur (the "Earliest Sale Date") and the date of sale following the delayed Delivery Date,
the Committee may, but is not obliged to, make a discretionary payment of such sum as it considers appropriate to the Participant by way of compensation, provided that in no event may any such sum exceed the difference in the value of the relevant DB Shares Shares (determined by reference to the Closing Price, or such other price as the Committee may consider appropriate, at the relevant time) at the Earliest Sale Date and the value of those DB Shares on the date of sale.
(e) Where the Vesting Date and/or the Release Date is delayed under this provision, the Award or Tranche of any Award shall not be subject to forfeiture: (i) under Rule 5.3(b), (c) or (d) if the Participant ceases to be a DB Employee after the original Vesting Date of the Award for reasons described in those Rules; (ii) under Rule 5.3(e) or (f) if the Participant ceases to be a Public Service Employee after the original Vesting Date of the Award; (iii) under Rule 5.3(g) or (h) if the Participant ceases to be a DB Employee after the original Release Date of the Award for reasons described in those Rules; or (iv) under Rule 5.3(i) if the Participant ceases to be a Public Service Employee after the original Release Date of the Award.
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6.7 Additional forfeiture provisions for Material Risk Takers: In addition to the other forfeiture provisions contained in the Plan Rules (and without prejudice to the operation of those provisions), if a Participant was a Material Risk Taker in any part of a Performance Period in relation to which an Award was made, and the Committee has determined that applicable laws or regulations require that a provision such as this Rule 6.7 apply to that Award, any part of that Award that has not been Delivered shall be forfeited, without any claim for compensation by the Participant or any Representative, if the Committee determines in its sole discretion that the Material Risk Taker has during that Performance Period:
(a) participated to a significant extent in or been responsible for conduct that has resulted in significant loss, or on the basis of prevailing regulatory requirements, in extreme exceptional cases the Material Risk Taker does not have to have been at fault due to the materiality of the loss, or a material regulatory sanction for any DB Group Company (which, for the avoidance of doubt, shall include any significant supervisory measure imposed on DB Group or any DB Group Company); or
(b) failed to comply to a significant extent with relevant external or internal rules regarding appropriate standards of conduct (including, without limitation, standards of fitness and propriety and/or any Applicable DB Group Policy or Procedure) within the ambit of section 18 para 5 sentence 3 no. 2 of InstitutsVergV or a similar provision in any other applicable regulation.
6.8 Clawback of Awards Delivered to Material Risk Takers or in relation to a competent regulatory authority:
(a) This Rule 6.8 applies in relation to an Award (or, where applicable, Tranches of an Award) Delivered to a Participant who was a Material Risk Taker in any part of the Performance Period in relation to which the Award is made, and the Committee has determined that applicable laws or regulations require that a provision such as this Rule 6.8 apply to that Award, if the Committee determines in its sole discretion that the Material Risk Taker has during that Performance Period:
(i) participated to a significant extent in or been responsible for conduct that has resulted in significant loss, or on the basis of prevailing regulatory requirements, in extreme exceptional cases the Material Risk Taker does not have to have been at fault due to the materiality of the loss, or a material regulatory sanction for any DB Group Company (which, for the avoidance of doubt, shall include any significant supervisory measure imposed on DB Group or any DB Group Company); or
(ii) failed to comply to a significant extent with relevant external or internal rules regarding appropriate standards of conduct (including, without limitation, standards of fitness and propriety and/or any Applicable DB Group Policy or Procedure) within the ambit of section 18 para 5 sentence 3 no. 2 of InstitutsVergV or the equivalent provision in any other applicable regulation; or
(iii) where the Committee determines, in its sole discretion, that clawback is required on the basis of prevailing regulatory requirements (which includes any legislation or guidance published by a regulator from time to time). For the avoidance of doubt, this includes any order made by the German Federal Financial Supervisory Authority (BaFin) or any other competent regulatory authority, including the US Securities and Exchange Commission (SEC) and applicable securities listing exchanges in relation to such regulatory or other legal requirements. Clawback required by such rules or laws, may also include awards delivered as well as made in the performance period, and, for the avoidance of doubt, may include awards that are permitted to be recovered in satisfaction of the compliance obligations of such rules or laws, if such recovery is the selected method of recovery that the Committee determines is appropriate, alone or in combination with other methods or means of recovery.
Clawback under this Rule 6.8 may occur either before or after the Participant ceases to be a DB Employee for any reason.
(b) Where the Committee determines that this Rule 6.8 applies in relation to an Award (or Tranche of an Award), the Participant shall be required to reimburse the Clawback Amount to the DB Group in accordance with the provisions of this Rule 6.8. The Committee shall notify the Participant in writing of the determination and of the Clawback Amount that is due from the Participant (a "Clawback Notice").
(c) For the purposes of this Rule 6.8, the "Clawback Amount" shall be either:
(i) the number of DB Shares Delivered pursuant to the Award (or Tranche of an Award) (the "Clawback Shares"); or
(ii) the market value at the Delivery Date of the DB Shares Delivered pursuant to the Award (or Tranche of an Award) (as determined by the Committee), which shall be the gross amount used by the DB Group to determine the total reported income for income tax and social security purposes (the "Clawback Cash").
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(d) The Participant shall reimburse the DB Group for the Clawback Amount by either, at the election of the Participant, transferring the Clawback Shares to such person or entity designated by the Committee or paying the Clawback Cash to a DB Group Company designated by the Committee, as directed by the Committee, in each case as soon as possible after the Clawback Notice takes effect (as provided in Rule 12.2), and in any event within 30 days of that notice taking effect. If the Participant fails to reimburse the DB Group within 30 days of the notice taking effect, the DB Group reserves all of its rights to obtain reimbursement of the Clawback Amount (whether the Clawback Shares or the Clawback Cash, or any combination thereof, regardless of any election of the Participant) from the Participant in any way (or any combination of ways) it deems appropriate to the extent permitted by law. Without prejudice to the generality of the foregoing, any DB Group Company shall be entitled to:
(i) deduct the relevant sum or part of it from any amounts due to the Participant from that DB Group Company (including salary) to the extent permitted by applicable law; and/or
(ii) institute legal proceedings against the Participant for the recovery of the Clawback Amount or any part of it.
(e) If the Participant has paid or is liable to pay any taxation or social security contributions in relation to the Award or any DB Shares acquired pursuant to the Award and the Committee considers that such taxation or social security contributions may not be recovered from or repaid by the relevant tax authority, the Committee at its discretion, may, but is not required to, reduce the Clawback Amount to take account of this amount. Where the Clawback Amount is so reduced, the Participant shall make reasonable efforts to recover the amount of taxation and social security contributions which resulted in the reduction from the relevant tax authority, and if any such taxation or social security contributions are subsequently recovered by the Participant from the relevant tax authority, the Participant shall pay the amount of any such taxation or social security contributions recovered by the Participant to the DB Group. If the Clawback Amount is reduced as described in this Rule 6.8(e) and a DB Group Company recovers any amount of taxation or social security contributions associated with the reduction, the DB Group Company shall retain the amount so recovered.
(g) This Rule 6.8 shall not apply to an Award unless the Clawback Notice is delivered so as to take effect before the second anniversary of the Last Vesting Date for the Award. For these purposes, the "Last Vesting Date" is the date set forth in the Award Statement as the date upon which the Award Vests, or where the Award is granted in Tranches, the final date set forth in the Award Statement as the date upon which a Tranche of the Award Vests.
7 Award Settlement
7.1 Time and manner of settlement of an Award: Subject to this Rule 7 (and in particular Rule 7.8), Delivery of an Award may be spread over up to ten business days following the Release Date of that Award, or such other number of days as determined by the Committee in its sole discretion, from and including the Release Date, by way of (each a "distribution"):
(a) the transfer (whether by a DB Group Company or a third party entity) of the number of DB Shares subject to the Vested Award (taking account of any reduction in that number pursuant to the application of any Performance Condition and any DB Shares to be delivered pursuant to Dividend Equivalents) on or after the Release Date either to the Nominee to hold on trust absolutely for the Participant before onward transfer to an approved account established by the Participant or directly into such account (in both cases, subject to the withholding provisions in Rule 7.4);
(b) if the operation of the Plan means that a Participant would be entitled to receive a fraction of one DB Share, that fraction will be settled in the manner the Plan Administrator in its sole discretion sees fit, including, but not limited to: (i) making a cash payment to the Participant equal to the cash value of the fraction of one DB Share; or (ii) offsetting the cash value of the fraction of one DB Share against an obligation or liability of the Participant under this Plan; or
(c) in the case of any changes to legislation including exchange control or regulatory treatment of any DB Group Company or any present or future Participant arising in relation to any Award following the Award Date, or in the event that any approval or consent required to permit the settlement of an Award in DB Shares (or the acquisition of those shares by any DB Group Company for the purpose of settlement of an Award) is not in place at the requisite time, the Committee may decide that DB Shares will not be transferred in accordance with Rule 7.1(a), but instead a cash payment will be made to the Participant through local payroll (instead of receiving DB Shares), calculated as set out below.
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For the purposes of Rule 7.1(c), the cash amount or value will be based on a price per share for each DB Share subject to the Award equal to either the average Sales Price or the average Closing Price per DB Share for the period over the applicable number of trading days of the month in which the Release Date occurs (or such other number of days as the Committee may determine in its sole discretion or as may be required in a particular location for regulatory or tax reasons) and converted using a foreign exchange rate reported at close over the same period as the period in which the average Sales Price or the average Closing Price per DB Share, as applicable, is determined, or such other DB Share price or foreign exchange rate that the Committee or Plan Administrator deems appropriate.
Where an Award is settled following death or Total Disability of a Participant, Delivery may be made to the Participant's Representative following the Representative evidencing the Representative's entitlement to so act to the satisfaction of the Committee.
7.2 Payment: Any cash payment made in connection with Rule 7.1 or pursuant to any Dividend Equivalents will be made within a reasonable number of days but, in any event, no longer than 70 days following the Release Date, subject to local payroll cycles and procedures. Any payment may be made and/or reported through the Participant's employer, regardless of any adverse tax consequences this may cause to the Participant.
7.3 Custody/brokerage account: If required by the Plan Administrator, the Participant or any Representative must provide to the Plan Administrator, before the Vesting Date or such other date as identified by the Plan Administrator, details of a valid DB Group brokerage or custody account, or other brokerage or custody account approved by the Plan Administrator for this purpose, to which any payment to the Participant in the form of DB Shares or other securities is to be made, in a form satisfactory to the Plan Administrator.
7.4 Tax and social security and other statutory withholding: The Plan Administrator or any DB Group Company may withhold such amount and make such arrangements as it considers necessary to meet any liability to taxation, social security contributions or any other statutory deduction in respect of Awards. Without limitation, a distribution into a Participant's custody or brokerage account may be made net of any applicable taxes, social security requirements and any other statutory deductions which a DB Group Company or former DB Group Company is required to withhold or account for, or the distribution may be reduced by a number of DB Shares or other assets with a value equal to the amount of such applicable tax, social security requirements and any other statutory deductions, and in each case the amount of the deduction or the reduced number of DB Shares shall be treated as Delivered. Depending on the Participant's individual circumstances, if a Participant changes locations between the Award Date and settlement, any distribution to that Participant may become subject to multiple withholding taxes or double taxation. The Plan Administrator or Nominee may sell an appropriate portion of the DB Shares or other assets otherwise distributable to the Participant (or the Participant's Representative or such other person to whom the distribution is made) and withhold sufficient sale proceeds to satisfy the withholding liability, and such portion of the DB Shares or other assets so sold shall be treated as Delivered.
The Participant (or the Participant's Representative, if applicable) is responsible for reporting the receipt of income or the proceeds of any sale as a result of the operation of this Rule 7.4 or otherwise to the appropriate tax authority (except where any DB Group Company is legally obliged to account for such reporting).
No DB Group Company takes any responsibility (except where legally required) as to the taxation, social security or other statutory deduction consequences of the Participant participating in the Plan and a Participant should therefore seek independent advice on tax, social security and any other statutory deductions.
7.5 Amounts owed by Participant to a DB Group Company: Subject to applicable law, the Plan Administrator or any DB Group Company may withhold such amount and make such arrangements as it considers necessary in relation to the settlement of an Award to recover any amounts owed for any reason by the Participant to any DB Group Company ("Owed Amounts"). Without limitation, a distribution into a Participant's custody or brokerage account may be made net of any Owed Amounts, or the distribution may be reduced by a number of DB Shares or other assets with a value equal to the Owed Amounts, and in each case the amount of the deduction or the reduced number of DB Shares shall be treated as Delivered. The Plan Administrator or Nominee may sell an appropriate portion of the DB Shares or other assets otherwise distributable to the Participant (or the Participant's Representative or such other person to whom the distribution is made) and withhold sufficient sale proceeds to satisfy the Owed Amounts, and such portion of the DB Shares or other assets so sold shall be treated as Delivered.
7.6 Proof of Certification: If the Plan Administrator requests any Proof of Certification, the Participant must provide such Proof of Certification in a form satisfactory to the Plan Administrator within 30 days of the request (including Proof of Certification sufficient to determine the circumstances in which the Participant ceases to be a DB Employee).
7.7 Notification of events: The Participant must notify the Plan Administrator of any events which may result in the forfeiture of the Award or any part of it prior to any Delivery Date. Furthermore, the Participant agrees that the Participant shall be deemed to warrant and undertake to the Plan Administrator and each DB Group Company on each Delivery Date that the Participant has not acted in any way giving rise to forfeiture pursuant to these Plan Rules at any time prior to the relevant Delivery Date.
If, contrary to Rule 6, the Participant derives any benefit, following the Release Date, to which the Participant is not entitled then the Plan Administrator (or any relevant DB Group Company) shall be entitled to a full recovery of all benefits derived by the Participant wrongly in breach of the warranty and undertaking and/or contrary to Rule 6. This shall be without prejudice to any other rights which any DB Group Company may have arising out of the act or omission giving rise to forfeiture.
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7.8 Compliance: The settlement of any Award is subject to any approvals or consents required under any applicable laws or regulations or by any governmental authority, the requirements of any exchange on which DB Shares are traded and any policy adopted by the Compliance Department. Without prejudice to the generality of the foregoing, and without prejudice to the Committee's right to settle in cash under Rule 7.1(c), if any approval or consent required to permit the settlement of an Award in DB Shares (or the acquisition of those shares by any DB Group Company for the purpose of settlement of an Award) is not in place in time to facilitate the transfer of DB Shares on the Release Date, the first date on which the transfer of DB Shares referred to in Rule 7.1(a) shall take place shall be the first business day following the obtaining of the approval or consent on which DB Shares are delivered to a share account in the name of the Plan Administrator for the settlement of Awards. In such case, Delivery of an Award may be spread over up to ten business days following that later date (or such other number of days as determined by the Committee in its sole discretion) provided that the last of the days over which Delivery is spread shall not be later than 70 days following the Release Date.
8 Corporate events
8.1 Effect of Change of Control on Annual, New Hire and Retention Awards: Except as may otherwise be specified in a Participant's Award Statement, on or before the occurrence of a Change of Control, the Committee shall have the sole discretion to determine whether none, some or all of the outstanding Awards will Vest (and the extent to which any Performance Conditions applicable to those Awards shall be treated as satisfied) and/or be settled as a result of the Change of Control, to the extent not already Vested.
8.2 Effect of Change of Control on Vested Awards subject to a Retention Period: Except as may otherwise be specified in a Participant's Award Statement, on or before the occurrence of a Change of Control, the Committee shall have the sole discretion to determine as to whether any Retention Period to which a Vested Award (whether Vested pursuant to Rule 8.1 or otherwise) is subject shall be treated as ending before the Release Date specified in the Award Statement as a result of the Change of Control.
8.3 Corporate successors: The Plan shall not be automatically terminated by a transfer or sale of the whole or substantially the whole of the assets of Deutsche Bank AG, or by its merger or consolidation into or with any other corporation or other entity, but the Plan or an equivalent equity incentive plan shall be continued after such sale, merger or consolidation subject to the agreement of the transferee, purchaser or successor entity. In the event that the Plan is not continued by the transferee, purchaser or successor entity, the Plan shall terminate subject to the provisions of the Plan, including Rule 7 and Rule 10, and the Participant or any Representative shall have no further claim for compensation arising out of any such termination of the Plan.
8.4 Changes in capitalisation: If any change affects DB Shares on account of a merger, reorganisation, rights issue, extraordinary stock dividend, stock split or similar changes which the Committee reasonably determines justifies adjustments to Awards, the Plan Administrator shall make such appropriate adjustments as are determined by the Committee to be necessary or appropriate to prevent enlargement or dilution of rights.
9 Administration
9.1 Administration by the Plan Administrator: The Plan Administrator shall be responsible for the general operation and administration of the Plan in accordance with its terms and for carrying out the provisions of the Plan in accordance with such resolutions as may from time to time be adopted, or decisions made, by the Committee and shall have all powers necessary to carry out the provisions of the Plan.
9.2 Interpretation by the Committee: The Committee will have full discretionary power to interpret and enforce the provisions of this Plan and to adopt such regulations for administering the Plan as it decides are necessary or desirable. All decisions made by the Committee (including, for the avoidance of doubt, by the Plan Administrator, the DB Group or a DB Group Company, where designated in the Plan Rules as the body to make the decision) pursuant to the Plan are final, conclusive and binding on all persons, including the Participants and any DB Group Company.
9.3 Forfeiture and Vesting: The Committee shall have full discretion to determine whether or not any of the events or activities set forth in Rule 5 and/or Rule 6 has occurred.
10 Amendment or termination of the Plan
10.1 Termination of Plan: The Committee may terminate the Plan at any time in its sole discretion. Termination of the Plan (as opposed to amendment of the Plan) would be without prejudice to the subsisting rights of Participants.
10.2 Amendment of Plan: The Committee may at any time amend, alter or add to all or any of the provisions of the Plan (including, for the avoidance of doubt, the amendment of existing Schedules and the addition of new Schedules) or of any Award Statement or any Performance Condition in any respect in its sole discretion, provided that the Committee cannot materially adversely affect a Participant's existing Award except:
(a) with the Participant's prior consent; or
(b) where the amendment, alteration or addition is made in order to comply with applicable regulatory requirements which, for the avoidance of doubt, includes any legislation or guidance published by a regulator from time to time.
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For the avoidance of doubt, no oral representation or statement made by any party, including any employee, officer, or director of any DB Group Company as to the interpretation, application or operation of this Plan or any Awards under it either generally or to any specific set of circumstances shall bind any DB Group Company unless it is confirmed in writing by the Plan Administrator or Senior Executive Compensation Committee.
10.3 Termination of Awards: The Committee may, in its sole discretion, decide at any time to replace an Award or a Tranche of an Award with an award of other assets (including cash or any combination of cash and other assets) or to take such other steps as necessary or appropriate to prevent enlargement or dilution of rights.
11 General
11.1 No guarantee of benefits or unintended rights:
(a) The granting of an Award is at the sole discretion of the Committee (or other persons the Committee permits to make Awards under Rule 4.1). The Committee is not obligated to make any Award, or permit any Award to be made, in the future or to allow DB Employees to participate in any future or other compensation plan even if an Award has been awarded in one or more previous years.
(b) Nothing in these Plan Rules shall be construed as an obligation or a guarantee by any DB Group Company, the Committee or the Plan Administrator with respect to the future value of an Award.
(c) Nothing contained in these Plan Rules shall constitute a guarantee by any DB Group Company that the assets of the DB Group will be sufficient to pay any benefit or obligation hereunder. No Participant or any Representative shall have any right to receive a benefit under the Plan except in accordance with the terms of these Plan Rules.
(d) An Award and resulting distribution shall not (except as may be required by taxation law or other applicable law) form part of the emoluments of individuals or count as wages or remuneration for pension or other purposes.
(e) If a Participant ceases to be a DB Employee for any reason, and, as a result, loses or suffers a diminution in value of an Award in accordance with the Plan Rules, that Participant shall not be entitled, and shall be deemed irrevocably to have waived any entitlement, to any compensation by way of damages or otherwise in connection with that loss or diminution in value in relation to the Award, except as specifically provided for in the Rules.
(f) Notwithstanding anything to the contrary in these Rules, the Participant shall not have, and waives any right to, bring a claim against any DB Group Company for any loss caused or alleged to have been caused by the manner in which any discretion referred to in these Rules has been exercised (or, as the case may be, not exercised).
11.2 No enlargement of Participant rights: The establishment of the Plan and the making of Awards under it is entirely at the sole discretion of the Committee, shall not be construed as an employment agreement and shall not give any Participant the right to be retained as a DB Employee or to otherwise impede the ability of any DB Group Company to terminate the Participant's employment. No communications concerning the Award shall be construed as forming part of a Participant's terms and conditions of employment or any employment agreement with any DB Group Company.
11.3 Severability: The invalidity or non-enforceability of any one or more provisions of these Rules shall not affect the validity or enforceability of any other provision of these Rules, which shall remain in full force and effect.
11.4 Limitations on liability: Notwithstanding anything to the contrary in these Rules, neither any DB Group Company, the Plan Administrator, nor any individual acting as an employee, agent or officer of any DB Group Company or the Plan Administrator, shall be liable to any Participant, former employee or any Representative for any claim, loss, liability or expense incurred in connection with the Plan.
11.5 Claims by Participants: Any claim or action of any kind by a Participant or Representative with respect to benefits under the Plan or these Plan Rules, including any arbitration or litigation filed in a court of law, must be brought within one year from the date that settlement of a Participant's Award was made or would have been made had such Award not been forfeited or lapsed pursuant to these Rules, save to the extent that this restriction would be unlawful under applicable law.
11.6 No trust or fund created: Neither the Plan nor any agreement made hereunder shall create or be construed as creating a trust or separate fund of any kind or a fiduciary relationship between any DB Group Company and the Participants or any Representative. To the extent that any Representative acquired a right to receive payments from any DB Group Company pursuant to a grant under the Plan, such right shall be no greater than the right of any unsecured general creditor of that DB Group Company.
11.7 No right to dividends: An Award does not give any right to the Participant to receive dividends in relation to any DB Shares prior to Delivery of those DB Shares to the Participant. For the avoidance of doubt, any amounts payable to the Participant in connection with Dividend Equivalents do not constitute dividends on DB Shares (notwithstanding that the amount of those payments is calculated by reference to the amount of dividends paid on DB Shares).
11.8 Dealing in DB Shares: Any dealing in DB Shares acquired by a Participant pursuant to the Plan shall remain subject to the requisite Compliance Department approval.
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11.9 Participant confidentiality: Except where this provision is contrary to applicable law (including for the avoidance of doubt any applicable law of a jurisdiction other than England and Wales) the Participant shall maintain the Participant's participation in the Plan in confidence both within and outside the DB Group, and shall not disclose the provisions of the Plan or the amount of any Award made to the Participant under the Plan to any person or entity, except the Participant's spouse or partner or their legal, tax and/or financial adviser or to the extent legally required to do so, without the prior written authorisation of the Plan Administrator. For the avoidance of doubt, nothing in these Rules shall prohibit or restrict the Plan Administrator, any Participant or any Group Company from disclosing information to any securities exchange, tax or regulatory authority having jurisdiction over any Group Company or in order to take professional advice or as ordered by a court of competent jurisdiction. Additionally, neither the Plan Administrator, any Participant nor any Group Company is prevented by these Rules from reporting any wrongdoing to a statutory regulator in circumstances in which there is a duty to disclose that wrongdoing or from reporting a criminal offence to the police or other relevant criminal enforcement body.
11.10 Assignment: Except in accordance with Rule 4.9, an Award, including a Vested Award, is not transferable or assignable by the Participant. Notwithstanding this, any DB Group Company shall have the right to novate and/or assign its contractual rights and/or obligations under this Plan in full or in part to any other DB Group Company or an Acquirer Entity at its sole discretion without the express consent of the Participant.
11.11 Data protection: Any DB Group Company may collect and process various data that is personal to a Participant (including, for example, name and address, taxpayer and social security identification numbers, and employee number or other means of confirming employment and title or position with a DB Group Company) for the following purposes:
(a) administering the Plan and Awards;
(b) complying with any legal or regulatory requirements, including tax-related requirements; and
(c) preventing or investigating crimes and misconduct.
This data will be collected directly from the Participant or from the DB Group Company that employs the Participant. If a Participant chooses not to provide or update the data for the purposes described above, this may result in the DB Group being unable to administer the Plan and Awards in respect of the Participant.
In certain countries, there is a requirement to inform Participants of the legal bases permitting DB Group to collect and handle Participants' personal data. In such countries, the legal bases on which DB Group collects and uses a Participant's personal data are to enter into a contract of employment with the Participant, to comply with legal obligations, or because it is necessary in DB Group's legitimate interests.
A DB Group Company may disclose this data to its affiliates or service providers (including the Plan Administrator) in connection with the administration of the Plan and the Award. Some data processing may be done outside of the country in which the Participant is employed, where laws and practices relating to the protection of personal data may not be as stringent as those in the country in which the Participant is employed, including in the United States of America, but the relevant DB Group Company will take steps to ensure that a Participant's personal information is adequately protected in accordance with the local data protection legislation in the country in which the Participant is employed. Furthermore, in certain circumstances, a Participant's personal data may be disclosed for legal or regulatory purposes, within or outside of the country in which the Participant is employed, such as where a court, the police, or other law enforcement agency or regulatory body requests it.
Depending on the country in which the Participant is employed, the Participant may be entitled to exercise certain rights in respect of the Participant's personal data, such as the right to request correction of, or access to a copy of, the Participant's personal data held by the relevant DB Group Company. To find out more about how to exercise those rights, or in case of any questions about how personal data is used, a Participant should contact the Participant's local HR department, or the local Data Protection Officer of the DB Group Company that employs the Participant.
11.12 Entire agreement: These Plan Rules together with the Award Statement (and, if any Performance Condition is set out in an Award Letter, that Award Letter) set forth the entire understanding of the parties with respect to the Award described on the Award Statement. Any agreement, arrangement or communication, whether oral or written, pertaining to the Award described in the Award Statement is hereby superseded and the foregoing Award shall be subject to the provisions of these Plan Rules. To the extent that there is any inconsistency between these Rules and the Award Statement or other communications, these Plan Rules shall prevail.
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12 Notices
12.1 Form of notices: All notices or other communications with respect to these Plan Rules shall be in writing and be delivered in person, by email, by facsimile transmission, by registered mail (return receipt requested, postage prepaid) or as may otherwise be indicated by the Plan Administrator (including via any online computer processes established by the Plan Administrator).
Notices or communications to the Plan Administrator or any DB Group Company shall be sent to the following address (or to such other address or in such other manner for the Plan Administrator or any DB Group Company as shall be notified to the Participant):
Plan Administrator (or DB Group Company)
HR Performance & Reward
c/o DB Group Services (UK) Limited
21 Moorfields
London EC2Y 9DB
United Kingdom
12.2 When notices take effect: Notices or other communications shall take effect:
(a) if delivered by hand, upon delivery;
(b) if posted, upon delivery, or, in relation to communications sent to a Participant by first class post, 10.00 a.m. (UK time) on the second day after posting if earlier;
(c) if sent by facsimile or email, when a complete and legible copy of the relevant communication, whether that sent by facsimile or email (as the case may be) or a hard copy sent by post or delivered by hand, has been received at the appropriate address; and
(d) if sent via any online computer processes established by the Plan Administrator, when that communication is registered by the system or acknowledged by the Participant, as the case may be.
12.3 Participants' contact details: It is each Participant's responsibility to keep the Plan Administrator updated with any change to address and other contact details for that Participant. By participating in the Plan, each Participant acknowledges and agrees that the Participant shall have no claim for compensation or otherwise for any loss suffered as a result of, or in connection with, a failure to keep contact details updated. Any notice or other communication given to a Participant by the Plan Administrator or any DB Group Company shall be validly given if sent to the last address validly notified to the Plan Administrator by the Participant (or in the absence of any such notification to the address that the Plan Administrator reasonably believes to be that Participant's address, or to be that Participant's address before any change of address which has not been validly notified to the Plan Administrator).
13 Applicable law and jurisdiction
Interpretation of these Plan Rules shall be governed by and construed in accordance with the laws of England and Wales to the exclusion of the rules on the conflict of laws. All disputes arising out of or in connection with this Award shall be subject to the exclusive jurisdiction of the courts of England and Wales.
The effective date of this document is March 1, 2025.
These Plan Rules (as may be amended from time to time) apply to all Awards granted on or after this Date and before Plan Rules are issued with a later effective date which will supersede and replace these Plan Rules in relation to future grants of Awards.
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Deutsche Bank Equity Plan 2025
Schedule 1: Cash Plan
This schedule (“Schedule 1”) contains the rules of the Deutsche Bank Cash Plan and is usually applicable to employees in Brazil, China, Czech Republic, Israel, Netherlands, Russia, South Africa, Turkey, Ukraine and Vietnam. The rules of the Deutsche Bank Equity Plan apply to Awards granted under the Deutsche Bank Cash Plan, and such rules are incorporated herein, except as amended by this Schedule 1.
If this Deutsche Bank Cash Plan is used to make an Award to a Participant who is subject to federal taxation in the United States of America, then references above to the Deutsche Bank Equity Plan shall be to that plan as amended by Schedule 2. If this Deutsche Bank Cash Plan is used to make an Award to a Participant who is employed by a Russian employing company of the DB Group, then references above to the Deutsche Bank Equity Plan shall be to that plan as amended by Schedule 4. If this Deutsche Bank Cash Plan is used to make an Award to a Participant who is subject to taxation in Canada, then the references above to the Deutsche Bank Equity Plan shall be to that plan as amended by Schedule 5.
1 Definitions
The definition of “Award” in Rule 2 is replaced with the following definition:
“Award” means an award of a conditional right to receive an amount of cash following the Release Date calculated in accordance with this Plan by reference to the value of DB Shares, which may be an Annual Award, New Hire Award, Retention Award, or Upfront Award. An Award will not give a Participant any right to DB Shares.
The definition of “Delivery” in Rule 2 is replaced with the following definition:
“Delivery” means the payment of an amount of cash in settlement of an Award to a Participant or the Participant’s Representative.
The definition of “Plan” in Rule 2 is replaced with the following definition:
“Plan” means the Deutsche Bank Cash Plan as governed by the Plan Rules, except as amended by this Schedule 1.
2 Awards
2.1 Rule 4.3(b) is replaced with the following:
b) the number (or maximum number in the case of an Award subject to a Performance Condition) of DB Shares by reference to which the amount of cash payable under the Award is calculated;
2.2 Rule 4.8 is replaced with the following:
4.8 Dividend Equivalents: If a dividend is declared in relation to DB Shares during the Retention Period of an Award (or after the date an Award would have Vested but for a delay in the Vesting Date pursuant to Rule 6.6 and before the Release Date), the Committee may in its sole discretion determine that a Dividend Equivalent shall apply to that Award. A Dividend Equivalent is a right to receive a cash payment on the Release Date. The payment is based on the dividends that would have been paid during the Retention Period (or the period from the original Vesting Date before any delay to the Release Date, as applicable) on the number of Vested DB Shares that remain subject to the Award at the Release Date (as it may be deferred or delayed). The terms of Dividend Equivalents shall be determined by the Committee, and, subject to this determination by the Committee, the Plan Administrator shall determine the manner of calculation of the Dividend Equivalents. Dividend Equivalents shall be subject to the same provisions in these Rules as to forfeiture as the underlying Award, including but not limited to suspension, forfeiture, lapse and clawback.
3 General forfeiture and clawback
3.1 Rule 6.4 is replaced with the following:
6.4 Failure to provide details of bank account: If the Participant has not provided details of a valid bank account in accordance with Rule 7.3 (if required by the Plan Administrator), the Committee may in its sole discretion at any time before Delivery of the Award forfeit that Award, and neither the Participant nor any Representative shall have any claim for compensation in relation to that forfeiture.
3.2 Rule 6.6 is replaced with the following:
6.6 Suspension:
(a) If the Committee considers that circumstances may be such that forfeiture may result under Rule 5.3(a), Rule 5.3(e), Rule 5.3(f), Rule 5.3(i), Rule 6.1(a) to (f), Rule 6.2, Rule 6.3, Rule 6.5 or Rule 6.7, the Vesting Date and/ or the Release Date and/or the Delivery Date for an Award may at the sole discretion of the Committee be delayed until after those circumstances have been investigated (including, but not limited to, pursuant to any investigation referred to in Rule 6.2) and a determination regarding forfeiture has been made.
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(b) In addition, and without limitation to rule 6.2(d), the Committee may delay the Vesting Date and/or the Release Date and/or the Delivery Date of an Award in order to comply with, or to enable the compliance with, prevailing regulatory requirements (which, for the avoidance of doubt, includes any legislation or guidance published by a regulator from time to time and (without limitation) sections 7 of InstitutsVergV and 45 para. 2 sentence 1 no. 5a, 6 of the German Banking Act (Kreditwesengesetz) (in each case, as may be amended, modified or replaced from time to time)).
(c) Where the Vesting Date and/or Release Date and/ or the Delivery Date for an Award is delayed under Rule 6.6(a), a determination has been made not to forfeit an Award (or portion of an Award), and the Committee determines that the Participant has suffered a disadvantage as a result of the delay caused by the suspension due to changes in the value of a DB Share or changes in the relevant foreign exchange rates between the original Vesting Date or Release Date or Delivery Date (as applicable) and the delayed Vesting Date or Release Date or Delivery Date (as applicable), the relevant DB Group Company shall make a payment of an appropriate sum to the Participant by way of compensation calculated in accordance with the practice of the DB Group, provided that in no event may any such sum exceed the difference in the value of the relevant DB Shares at the original Vesting Date or Release Date or Delivery Date (as applicable) and the delayed Vesting Date or Release Date or Delivery Date (as applicable).
(d) Where the Vesting Date and/or the Release Date is delayed under this provision, the Award or Tranche of any Award shall not be subject to forfeiture: (i) under Rule 5.3(b), (c) or (d) if the Participant ceases to be a DB Employee after the original Vesting Date of the Award for reasons described in those Rules; (ii) under Rule 5.3(e) or (f) if the Participant ceases to be a Public Service Employee after the original Vesting Date of the Award; (iii) under Rule 5.3(g) or (h) if the Participant ceases to be a DB Employee after the original Release Date of the Award for reasons described in those Rules; or (iv) under Rule 5.3(i) if the Participant ceases to be a Public Service Employee after the original Release Date of the Award.
3.3 Rule 6.8 is replaced with the following:
6.8 Clawback of Awards Delivered to Material Risk Takers:
a) This Rule 6.8 applies in relation to an Award (or, where applicable, Tranches of an Award) Delivered to a Participant who was a Material Risk Taker in any part of the Performance Period in relation to which the Award is made, and the Committee has determined that applicable laws or regulations required that a provision such as this Rule 6.8 apply to that Award, if the Committee determines in its sole discretion that the Material Risk Taker has during that Performance Period:
(i)participated to a significant extent in or been responsible for conduct that has resulted in significant loss or a material regulatory sanction for any DB Group Company (which, for the avoidance of doubt, shall include any significant supervisory measure imposed on DB Group or any DB Group Company); or
(ii) failed to comply to a significant extent with relevant external or internal rules regarding appropriate standards of conduct (including, without limitation, standards of fitness and propriety and/or any Applicable DB Group Policy or Procedure) within the ambit of section 18 para 5 sentence 3 no. 2 of InstitutsVergV or the equivalent provision in any other applicable regulation.
b) Where the Committee determines that this Rule 6.8 applies in relation to an Award (or Tranche of an Award), the Participant shall be required to reimburse the Clawback Amount to the DB Group in accordance with the provisions of this Rule 6.8. The Committee shall notify the Participant in writing of the determination and of the Clawback Amount that is due from the Participant (a “Clawback Notice”).
c) For the purposes of this Rule 6.8, the “Clawback Amount” shall be the amount paid to the Participant on settlement of the Award (or Tranche of an Award) in accordance with Rule 7.1 before any deduction pursuant to Rule 7.4.
d) The Participant shall reimburse the DB Group for the Clawback Amount by paying the Clawback Amount to a DB Group Company designated by the Committee, as directed by the Committee, as soon as possible after the Clawback Notice takes effect (as provided in Rule 12.2), and in any event within 30 days of that notice taking effect. If the Participant fails to reimburse the DB Group within 30 days of the notice taking effect, the DB Group reserves all of its rights to obtain reimbursement of the Clawback Amount from the Participant in any way (or any combination of ways) it deems appropriate to the extent permitted by law. Without prejudice to the generality of the foregoing, any DB Group Company shall be entitled to:
(i)deduct the relevant sum or part of it from any amounts due to the Participant from that DB Group Company (including salary) to the extent permitted by applicable law; and/or
(ii) institute legal proceedings against the Participant for the recovery of the Clawback Amount or any part of it.
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e) If the Participant has paid or is liable to pay any taxation or social security contributions in relation to the Award and the Committee considers that such taxation or social security contributions may not be recovered from or repaid by the relevant tax authority, the Committee at its discretion, may, but is not required to, reduce the Clawback Amount to take account of this amount. Where the Clawback Amount is so reduced, the Participant shall make reasonable efforts to recover the amount of taxation and social security contributions which resulted in the reduction from the relevant tax authority, and if any such taxation or social security contributions are subsequently recovered by the Participant from the relevant tax authority, the Participant shall pay the amount of any such taxation or social security contributions recovered by the Participant to the DB Group. If the Clawback Amount is reduced as described in this Rule 6.8(e) and a DB Group Company recovers any amount of taxation or social security contributions associated with the reduction, the DB Group Company shall retain the amount so recovered.
f) Neither the Participant nor any Representative shall have any claim for compensation as a result of the operation of this Rule 6.8.
g) This Rule 6.8 shall not apply to an Award unless the Clawback Notice is delivered so as to take effect before the second anniversary of the Last Vesting Date for the Award. For these purposes, the “Last Vesting Date” is the date set forth in the Award Statement as the date upon which the Award Vests, or where the Award is granted in Tranches, the final date set forth in the Award Statement as the date upon which a Tranche of the Award Vests.
4 Award Settlement
4.1 Rule 7.1 is replaced with the following
7.1 Time and manner of settlement of an Award: Subject to this Rule 7, as soon as administratively practicable following the Release Date but, in any event, no longer than 70 days after the Release Date, a Vested Award or Tranche shall be settled by way of a cash payment to the Participant via local payroll (a “distribution”), of an amount equal to the number of DB Shares subject to the Vested Award (taking account of any reduction in that number pursuant to the application of any Performance Condition) multiplied by a price per share for each DB Share equal to either the average Sales Price or the average Closing Price per DB Share for the period over the applicable number of trading days of the month in which the Release Date occurs (or such other number of days as the Committee may determine in its sole discretion or as may be required in a particular location for regulatory or tax reasons) and converted using a foreign exchange rate reported at close on the Release Date, or such other DB Share price or foreign exchange rate that the Committee or Plan Administrator deems appropriate, together with any amount payable pursuant to any Dividend Equivalent. Where the Award is settled after a Change of Control or other event as a result of which the above method of calculating the price per share for a DB Share is not available, the Committee may determine the relevant price per share in such manner as they determine to be appropriate.
Where an Award is settled following death or Total Disability of a Participant, Delivery may be made to the Participant’s Representative following the Representative evidencing the Participant’s entitlement to so act to the satisfaction of the Committee.
In relation only to a Participant who is subject to federal taxation in the United States of America, the following wording shall be added to the end of the above wording for Rule 7.1:
Where the application of Schedule 2 provides for payment, distribution or Delivery of Awards before the Release Date, the references to Release Date in Rule 7.1 shall be taken to be references to that earlier date of payment, distribution or Delivery.
4.2 Rule 7.2 is replaced with the following:
7.2 Payment: Any payment is subject to local payroll cycles and procedures and may be made and/or reported through the Participant’s employer, regardless of any adverse tax consequences this may cause to the Participant. All cash payments will be made via payroll to the Participant’s last known bank account (or such other bank account notified to the Plan Administrator by the Participant).
4.3 Rule 7.3 is replaced with the following:
7.3 Bank Account: If required by the Plan Administrator, the Participant or any Representative must provide to the Plan Administrator, before the Release Date or such other date as identified by the Plan Administrator, details of a valid bank account to which any payment to the Participant is to be made, in a form satisfactory to the Plan Administrator.
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4.4 Rule 7.5 is replaced with the following:
7.5 Amounts owed by Participant to a DB Group Company: Subject to applicable law, the Plan Administrator or any DB Group Company may withhold such amount and make such arrangements as it considers necessary in relation to the settlement of an Award to recover any amounts owed for any reason by the Participant to any DB Group Company (“Owed Amounts”). Any amount deducted or otherwise recovered pursuant to this Rule 7.5 shall be treated as Delivered.
4.5 Rule 7.8 is replaced with the following:
7.8 Compliance: The settlement of any Award is subject to any approvals or consents required under any applicable laws or regulations or by any governmental authority, the requirements of any exchange on which DB Shares are traded and any policy adopted by the Compliance Department.
5 General
5.1 Rule 11.7 is replaced with the following:
11.7 No right to dividends: An Award does not give any right to dividends or payment in relation to dividends in relation to the DB Shares by reference to which the value of any cash payment is calculated. For the avoidance of doubt, any amounts payable to the Participant in connection with Dividend Equivalents do not constitute dividends on DB Shares (notwithstanding that the amount of those payments is calculated by reference to the amount of dividends paid on DB Shares).
5.2 Rule 11.8 is deleted.
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Deutsche Bank Equity Plan 2025
Schedule 2: United States of America Taxpayers
This schedule (“Schedule 2”) modifies the provisions of the Deutsche Bank Equity Plan, as amended from time to time (the “Plan”) with respect to Awards (1) in relation to which the Participant may, in the absence of the provisions of this Schedule 2, be subject to federal taxation in the United States of America under the provisions of Section 409A, and (2) made to Participants who are, or are eligible to be a member of a pension plan in the United States of America arranged or provided by or in conjunction with a DB Group Company. The provisions of this Schedule 2 apply automatically to those Awards (whether applicable at the Award Date or not) and supersede any contrary provisions contained in the Plan or any Award Statement issued thereunder in relation to the respective Participants.
Any capitalized terms contained but not defined in this Schedule 2 shall have the meaning provided in the Plan.
These modifications are made to the Plan with the intent that the Plan be compliant with Section 409A:
1 Definitions
The following definitions are added to Rule 2 of the Plan:
“Qualifying Plan Termination” means a termination of the Plan pursuant to which acceleration of the time and form of payment or distribution is permitted under Section 409A.
“Section 409A” means Section 409A of the U.S. Internal Revenue Code of 1986, as amended, and any regulations promulgated or U.S. Treasury Department or U.S. Internal Revenue Service guidance issued thereunder, as may be in effect from time to time.
The definition of “Retirement” in Rule 2 is replaced with the following provision:
“Retirement” means, for the purposes of the Plan, retirement by a Participant, on or after age 65, provided the Participant has made a valid Election to Retire in connection with the relevant Award.
The definition of “Total Disability” in Rule 2 is replaced with the following provision:
“Total Disability” means either (a) a medically determinable physical or mental impairment (i) that can be expected to either (1) result in death or (2) last for a continuous period of not less than 12 months and (ii) as a result of which the Participant either (1) becomes unable to engage in any substantial gainful activity or (2) receives income replacement benefits for a period of not less than 6 months under a long-term disability plan covering DB Employees (but in no case shall the receipt of workers’ compensation benefits be considered to qualify as such benefits); or (b) the Participant is deemed Totally Disabled and eligible to receive disability benefits from the US Social Security Administration.
For Participants resident in California, and any other US State where the provisions in Rule 6.5 cease to be enforceable, the definitions ‘Proof of Certification’ and ‘Restricted Services’ do not apply.
2 Retirement and Career Retirement – Election to Retire
All references to "Election to Career Retire" shall be replaced with "Election to Retire".
Rules 4.6 and 4.7 shall be replaced with the following:
4.6 Retirement Election – Annual Awards or Upfront Awards: The termination treatment in relation to Retirement or Career Retirement set out in Rule 5.1(e) shall only apply to an Annual Award or Upfront Award (as applicable) if the Participant has notified the Plan Administrator during any time period required by the Plan Administrator in relation to that Award that the Participant intends to terminate employment as a DB Employee by reason of Retirement or Career Retirement in accordance with the procedures established by the Plan Administrator for those purposes (an "Election" or an "Election to Retire"). An Election shall constitute a binding agreement that may only be modified pursuant to the terms and conditions in the Election. The Plan Administrator may require, among other things, one or more Elections to be made in relation to an Award and may set a time period after which an Election will expire. An Election shall not be treated as notice of termination of employment given by the Participant, however, a failure to make an Election may result in forfeiture of an Award on termination in circumstances where there would have been no such forfeiture had an Election been made.
4.7 Retirement Election – Retention Awards: The termination treatment in relation to Retirement or Career Retirement set out in Rule 5.1(f) shall only apply to a Retention Award if the Participant has notified the Plan Administrator during any time period required by the Plan Administrator in relation to that Retention Award that the Participant intends to terminate employment as a DB Employee (such termination to take effect on or after the Retention Award Event Date) by reason of Retirement or Career Retirement in accordance with the procedures established by the Plan Administrator for those purposes (an "Election" or an "Election to Retire"). An Election shall constitute a binding agreement that may only be modified pursuant to the terms and conditions in the Election. The Plan Administrator may require, among other things, one or more Elections to be made in relation to a Retention Award and may set a time period after which an Election will expire. An Election shall not be treated as notice of termination of employment given by the Participant, however, a failure to make an Election may result in forfeiture of a Retention Award on termination in circumstances where there would have been no such forfeiture had an Election been made.
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Rules 5.3(c) and (d) shall be replaced with the following:
(c)without prejudice to the generality of Rule 5.3(b), an Annual Award that has not Vested shall be automatically forfeited if, at any time prior to the Vesting Date, a Participant who has reached the age of 65 or who meets the Rule of 60 and Consecutive Service Requirement ceases to be a DB Employee as a result of the Participant resigning or the Participant terminating the Participant's employment with a DB Group Company for any reason in circumstances in which the Participant either failed to make an Election to Retire, or failed to respond to or follow the procedures outlined in Rule 4.6 or to submit an Election in accordance with those procedures in relation to such Annual Award and whose cessation of employment does not fall within the definition of Public Service Retirement or Agreed Termination;
(d)without prejudice to the generality of Rule 5.3(b), a Retention Award that has not Vested shall be automatically forfeited if:
(i)at any time prior to the Retention Award Event Date, a Participant ceases to be a DB Employee as a result of the Participant resigning or the Participant terminating the Participant's employment with a DB Group Company for any reason (and regardless of whether or not the Participant has reached age 65 or meets the Rule of 60 or Consecutive Service Requirement) unless cessation of employment falls within the definition of Agreed Termination, or
(ii)at any time on or after the Retention Award Event Date and prior to the Vesting Date, a Participant who has reached age 65 or who meets the Rule of 60 and Consecutive Service Requirement ceases to be a DB Employee as a result of the Participant resigning or the Participant terminating the Participant's employment with a DB Group Company for any reason in circumstances in which the Participant either failed to make an Election to Retire, or failed to respond to or follow the procedures outlined in Rule 4.7 or to submit an Election in accordance with those procedures in relation to such Retention Award and whose cessation of employment does not fall within the definition of Public Service Retirement or Agreed Termination;
Rule 5.3(h) shall be replaced with the following:
(h)without prejudice to the generality of Rule 5.3(g), an Upfront Award shall be automatically forfeited if, at any time prior to the Release Date, a Participant who has reached age 65 or who meets the Rule of 60 and Consecutive Service Requirement ceases to be a DB Employee as a result of the Participant resigning or the Participant terminating the Participant's employment with a DB Group Company for any reason in circumstances in which the Participant either failed to make an Election to Retire, or failed to respond to or follow the procedures outlined in Rule 4.6 or to submit an Election in accordance with those procedures in relation to such Upfront Award and whose cessation of employment does not fall within the definition of Public Service Retirement or Agreed Termination; 3.1 Rule 5.2 is hereby replaced with the following:
3 Impact of termination of employment
5.2 Termination upon death or Total Disability: If a Participant ceases to be a DB Employee due to death or Total Disability (documented to the reasonable satisfaction of the Plan Administrator), an Award which is not subject to a Retention Period or a Performance Condition will, subject to Rule 6.6, Vest in full as soon as practicable after the date of Total Disability or death, to the extent not previously Vested.
Where an Award is subject to a Retention Period or a Performance Condition it will continue to Vest in accordance with the Award Statement and subject to these Plan Rules (including, without limitation, the forfeiture provisions of Rule 6), and will remain subject to any applicable Retention Period and Performance Condition.
Notwithstanding anything to the contrary in the Plan or any Award Statement, neither the Committee nor the Plan Administrator shall have the discretion to accelerate the distribution of an Award except as expressly provided in this Schedule 2 or otherwise in compliance with Section 409A.
4 General forfeiture and clawback
Rules 6.1a,6.1 b,6.1 f and 6.5 shall not apply to Participants who are resident in California and any other US State where the provisions cease to be enforceable.
5 Award Settlement
Rule 7.6 does not apply to Participants who are resident in California.
Add the following new Rule 7.9:
7.9 Distribution Deadline:
Notwithstanding anything to the contrary in this Schedule 2, the Plan or any Award Statement, any payment or distribution due hereunder or thereunder shall be made on a date no later than (i) the end of the calendar year in which the Release Date occurs or (ii) if later, the fifteenth day of the third calendar month following such Release Date.
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6 Corporate events
Awards will Vest and be distributed as provided in the Plan; provided that, notwithstanding anything to the contrary in the Plan or any Award Statement:
The provisions of Rule 8.1, Rule 8.2 and Rule 8.3 will be replaced with the following:
8.1 Effect of Change of Control on Annual, New Hire and Retention Awards: Subject to Rule 8.3, in the event of a Change of Control prior to the Vesting Date, the Committee may determine in its sole discretion that all or a portion (including none) of the Participant’s unvested Award shall Vest or shall Vest at any time thereafter (and the extent to which any Performance Conditions applicable to those Awards shall be treated as satisfied, provided that Rule 6 shall in any case continue to apply), and any such portion of the Award that shall have Vested shall be distributed on the date on which it would have been distributed if the Change of Control had not occurred.
8.2 Effect of Change of Control on Vested Awards subject to a Retention Period: In no event shall a Vested Award be settled any earlier than the Release Date as a result of a Change of Control.
8.3 Corporate successors: The Plan shall not be automatically terminated by a transfer or sale of the whole or substantially the whole of the assets of Deutsche Bank AG, or by its merger or consolidation into or with any other corporation or other entity, but the Plan or an equivalent equity incentive plan shall be continued after such sale, merger or consolidation subject to the agreement of the transferee, purchaser or successor entity. In the event that the Plan is not continued by the transferee, purchaser or successor entity, the Plan shall, subject to and in accordance with the requirements of Section 409A, terminate subject to the provisions of the Plan, including Rule 7 and Rule 10, and the Participant or any Representative shall have no further claim for compensation arising out of any such termination of the Plan.
7 Administration
The following paragraph is added to the end of Rule 9.1 of the Plan:
The Plan and any Award Statement are intended to comply with Section 409A and shall be interpreted, operated and administered accordingly; provided, that, for purposes of the foregoing, references to a term or event (including any authority or right of any DB Group Company or a Participant) being “permitted” under Section 409A shall mean that the term or event will not cause the Award to be subject to taxation under Section 409A.
Rule 9.3 will be replaced with the following:
9.3 Forfeiture and Vesting: Subject to the requirements of Section 409A, the Committee shall have full discretion to determine whether or not any of the events or activities set forth in Rule 5 and/or Rule 6 has occurred.
8 Amendment or Termination of the Plan
Awards will Vest and be distributed as provided in the Plan; provided, that notwithstanding anything to the contrary in the Plan or any Award Statement:
The provisions of Rule 10 will be replaced with the following:
10.1 Termination of Plan: The Committee may terminate the Plan at any time at its sole discretion. In the event of a Qualifying Plan Termination prior to the Vesting Date, any outstanding Awards shall become fully Vested (and the Committee shall determine the extent to which any Performance Conditions shall be treated as satisfied) and shall be distributed to the Participant within a reasonable time following the date of such Qualifying Plan Termination, subject to any applicable payment timing requirements or restrictions under Section 409A, and thereafter the Participant shall cease to have any rights under the Plan or with respect to any Award. In the event of a Plan termination other than a Qualifying Plan Termination prior to the Vesting Date, any outstanding Awards shall continue to Vest and be paid or distributed, if at all, on the date on which it would have otherwise Vested and been paid or distributed, if at all, if the Plan had not been terminated, and thereafter the Participant shall cease to have further rights under the Plan or with respect to any Award, provided, however, that such distribution may be accelerated by the Committee to the extent necessary to avoid adverse tax consequences under Section 409A.
10.2 Amendment of Plan: Subject to the requirements of Section 409A, the Committee may at any time amend, alter or add to all or any of the provisions of the Plan (including, for the avoidance of doubt, the amendment of existing Schedules and the addition of new Schedules) or of any Award Statement or any Performance Condition in any respect in its sole discretion, provided that the Committee cannot materially adversely affect a Participant’s existing Award except:
(a) with the Participant’s prior consent; or
(b) where the amendment, alteration or addition is made in order to comply with applicable regulatory requirements (which, for the avoidance of doubt, includes any legislation or guidance published by a regulator from time to time).
25
For the avoidance of doubt no oral representation or statement made by any party, including any manager, officer, or director of any DB Group Company as to the interpretation, application or operation of this Plan or any Awards under it either generally or to any specific set of circumstances shall bind any DB Group Company unless it is confirmed in writing by the Plan Administrator or Senior Executive Compensation Committee.
10.3 Termination of Awards: Subject to the requirements of Section 409A and the provisions of Rule 5.1, the Committee may, in its sole discretion, decide at any time to replace an Award or a Tranche of an Award with an award of other assets (including cash) or to take such other steps as necessary or appropriate to prevent enlargement or dilution of rights.
26
Deutsche Bank Equity Plan 2025
Schedule 3: Germany
Set forth below is a summary of the contents of the Schedule to the Deutsche Bank Equity Plan for employees in Germany.
The Germany Schedule consists of procedural descriptions regarding:
● Procedure of the Career Retirement Election
● Implementation of Clawback for Material Risk Takers (MRT)
● Deduction of Tax and Social Security Amounts
● Types of Information with regards to Deferred Awards and access to these Information
Collective agreements covering Deferred Awards have been signed respectively for both managerial and non-managerial staff in Germany. The collective agreements for managerial and non-managerial staff cover the Deferred Awards guiding principles and procedures in a legally binding form regarding:
● Principles of Deferred Awards (Performance Conditions, Retention Periods, Vesting, Release and Delivery)
● Prerequisites for the Delivery/ Payment of Deferred Awards
● Forfeiture of Deferred Awards
● Suspension of Deferred Awards
● Clawback for Material Risk Takers (MRT)
While the collective agreement is the leading document in Germany, the global Plan Rules, Schedules and Award Statements and their respective applicability are referred to complementarily; yet, a majority of the collective agreements’ content is congruent to the Plan Rules and the Schedules for Germany.
27
Deutsche Bank Equity Plan 2025
Schedule 4: Russian Federation
This Schedule ("Schedule 4") modifies the provisions of the Deutsche Bank Equity Plan, as such may be amended from time to time (the "Plan"). The provisions of this Schedule 4 (i) apply with respect to Participants employed by a Russian employing company of the DB Group, and (ii) supersede any contrary provisions contained in the Plan or any Award Statement issued thereunder.
Except as expressly modified herein, all terms and conditions of the Plan are incorporated into this Schedule 4 as if first set forth herein. Any capitalised terms contained but not defined in this Schedule 4 shall have the meaning provided in the Plan.
1 Definitions
The following definitions defined in Rule 2 of the Plan shall be modified as follows:
The definition of "Agreed Termination" in Rule 2 of the Plan shall be replaced with the following provision:
"Agreed Termination" means termination of a Participant's employment with a DB Group Company on the basis of agreement between the Participant and a DB Group Company following the resolution of an employment-related dispute, resolved by the execution of a settlement, separation or compromise agreement containing, among other things, a full release of claims against each DB Group Company by the Participant, and which is approved as an Agreed Termination by the Committee.
The definition of "Cause" in Rule 2 shall be replaced by the definition of "Misconduct" as follows:
"Misconduct" means in respect of the Participant: (i) any act or omission or series of acts or omissions that, when taken together or alone, constitute a material breach of the terms and conditions of employment; (ii) the conviction of the Participant by a competent court of law of any crime (other than minor offences that do not adversely affect the business or reputation of any DB Group Company, as determined by the Committee in its sole discretion); (iii) unlawful, unethical or illegal conduct, or any misconduct by the Participant in connection with the performance of the Participant's duties as a DB Employee or conduct by the Participant otherwise in violation of the terms of the applicable employee handbook or other local policy or contractual documentation; (iv) knowingly failing or refusing to carry out specific lawful instructions from a DB Group Company (or a duly authorised employee or officer of such a company) relating to material matters or duties within the scope of the Participant's responsibilities for a DB Group Company; (v) committing any act involving dishonesty, fraud, misrepresentation, or breach of trust; or (vi) the issuance of any order or enforcement action against the Participant or against any DB Group Company in connection with the Participant's actions or omissions by any regulatory body with authority over the conduct of business by that DB Group Company where the issuance of that order or enforcement action impairs a) the financial condition or business reputation of the DB Group or any DB Group Company or b) the Participant's ability to perform the Participant's assigned duties (or would have done so if the Participant were still a DB Employee).
The definition of "Retirement" in Rule 2 shall be replaced with the following provision:
"Retirement" means the actual date of the Participant's retirement in accordance with the applicable Russian Federation law.
The definition of “Career Retirement” in Rule 2 shall not apply to participants in Russia.
The definition of "Election to Career Retire" shall not apply to participants in Russia.
The definition of "Total Disability" in Rule 2 shall be replaced with the following provision:
"Total Disability" means the Participant being prevented from engaging in any substantial gainful activity by physical or mental impairment that can be expected to either (i) result in death or (ii) last for a continuous period of not less than 12 months as confirmed by the medical statement issued in accordance with effective Russian legislation and as certified by the Committee, at its sole discretion.
The following definitions are added to Rule 2 of the Plan:
"Cause" means a cause for termination of a Participant's employment as a DB Employee due to the Participant's fault as specified in Article 81 of the Russian Labour Code.
"Russian Labour Code" means the Labour Code of the Russian Federation dated 30 December 2001 No. 197-FZ.
28
2 Awards
Rule 4.6 and 4.7 shall not apply to participants in Russia
3 Impact of termination of employment
Rule 5.1 (e) and 5.1 (f) is replaced with the following:
(e) in relation to Annual Awards and Upfront Awards only, Retirement or Public Service Retirement; or
(f) in relation to Retention Awards, Retirement or Public Service Retirement, where the Participant ceases to be a DB Employee on or after the Retention Award Event Date.
Rule 5.3 (c) and 5.3 (d) and 5.3 (h) shall not apply to participants in Russia
Rule 5.4 shall not apply to participants in Russia
4 General forfeiture
The following Rule 6.1(g) is added to Rule 6.1
g) during or after employment as a DB Employee the Participant is responsible for acts or omissions which comprise Misconduct.
Rule 6.5 shall not apply to participants in Russia.
5 Amendment or termination of the Plan
Rule 10.2 is replaced with the following:
10.2 Amendment of Plan: The Committee may at any time amend, alter or add to all or any of the provisions of the Plan (including, for the avoidance of doubt, the amendment of existing Schedules and the addition of new Schedules) or of any Award Statement or any Performance Condition in any respect in its sole discretion. For the avoidance of doubt no oral representation or statement made by any party, including any employee, officer, or director of any DB Group Company as to the interpretation, application or operation of this Plan or any Awards under it either generally or to any specific set of circumstances shall bind any DB Group Company unless it is confirmed in writing by the Plan Administrator or Senior Executive Compensation Committee.
6 General
Rule 11.1(a) is replaced with the following:
a) The granting of an Award is at the sole discretion of the Committee (or other persons the Committee permits to make Awards under Rule 4.1), in particular it has the right not to grant an Award, to cancel an Award, or to indefinitely defer payment of an Award. The Committee is not obligated to make any Award, or permit any Award to be made, in the future or to allow DB Employees to participate in any future or other compensation plan even if an Award has been awarded in one or more previous years.
Rule 11.10 is replaced with the following:
11.10 Assignment: Except in accordance with Rule 4.8, an Award, including a Vested Award, is not transferable or assignable by the Participant.
29
Rule 11.11 is replaced with the following:
11.11 Data Protection: Subject to prior written consent of the Participant given in accordance with the effective Russian legislation, any DB Group Company may collect and process various data that is personal to Participants (including, for example, name and address, taxpayer and social security identification numbers, and employee number or other means of confirming employment and title or position with a DB Group Company) for the purposes of administering the Plan, compliance with any requirement of law or regulation, including tax-related requirements, and the prevention or investigation of crimes and malpractice. This data will be collected directly from the Participant or from the DB Group Company that employs the Participant. A failure or refusal on the part of the Participant to provide or update the data (or to agree to the uses of the Participant's personal data described above) may result in the DB Group being unable to administer the Plan in respect of the Participant. Subject to prior written consent of the Participant given in accordance with the effective Russian legislation, a DB Group Company may disclose this data to its affiliates or service providers (including the Plan Administrator) in connection with administration of the Plan. Subject to prior written consent of the Participant given in accordance with the effective Russian legislation, a DB Group Company may transfer personal data of the Participant for its processing outside Russia where laws and practices relating to the protection of personal data may be weaker than those within Russia, including in the United States of America, but wherever practicable the DB Group will take steps to ensure that Participants' personal information is adequately protected and complies, so far as possible, with the local data protection legislation in Russia. In certain circumstances courts, law enforcement agencies or regulatory agencies within or outside Russia may be entitled to access the data. Depending on the country in which the Participant is employed, the Participant may have the right to request access to, a copy of and correction of information held by the DB Group and may write to the local Data Protection Officers of the DB Group, at the contact details which will be provided from time to time, for these purposes and also to request that the DB Group specify or explain its policies and procedures in relation to data and the types of data held.
7 Applicable law and jurisdiction
Rule 13 is replaced with the following:
Interpretation of these Plan Rules shall be governed by and construed in accordance with the laws of England and Wales to the exclusion of the rules on the conflict of laws, except when Russian law must apply. All disputes arising out of or in connection with this Award shall be subject to the exclusive jurisdiction of the courts of England and Wales, except in cases of mandatory jurisdiction of Russian courts.
30
Deutsche Bank Equity Plan 2025
Schedule 5: Canada
[Note: There is no Schedule 5 for 2025, because there are no Canadian participants.]
31
Deutsche Bank Equity Plan 2025
Schedule 6: France
Addendum for Participants in France governing Qualified Free Share Awards.
2 Purpose
This schedule (“Schedule 6”) modifies the terms of the Deutsche Bank Equity Plan (the “Plan”) with respect to Awards which are intended to be Qualified Free Share Awards (as defined under paragraph 2 below) and are designated as such in the Award Statement. For the avoidance of doubt, an Upfront Award (as designated in the Award Statement) is not intended to be a Qualified Free Share Award (and will not be designated as such in the Award Statement).
The terms and conditions of this Schedule 6 are identical to the Plan except as provided below. They have to be read in conjunction with the Plan Rules. In the event of any conflict between the terms and conditions of this Schedule 6 and the Plan, the provisions of this Schedule 6 shall prevail for the grants made hereunder.
The purpose of this Schedule 6 is to ensure that Awards are in conformity with the applicable legislation, and notably French legislation in relation to qualified equity plans in France (see “Qualified Free Share Award” as defined in paragraph 2 below).
DB is committed to ensuring that Schedule 6 is compliant with the French corporate law governing performance shares as well as CRD IV requirements affecting variable compensation settled in shares to any eligible Participants.
The Committee duly appointed by the Management Board has approved the terms of the qualified equity plan, in accordance with the applicable German legislation, and has notably determined the conditions that are applicable in case of disability, and has proceeded to grant Qualified Free Share Awards.
For the avoidance of doubt, under this Plan, the Committee means the Senior Executive Compensation Committee in normal circumstances but may alternatively be the Management Board or any committee or other entity or person designated by the Management Board to act as the decisional body under this Plan.
3 Definitions
The following definitions are added to Rule 2 of the Plan:
“Qualified Free Share Award” means a qualified free share award, as authorised by the ad hoc body of Deutsche Bank AG, within the meaning of:
– Articles L.225-197-1 to L.225-197-6 of the French Commercial Code for legal purposes;
– Article 80 quaterdecies of the French General Tax Code for tax purposes;
– Articles L.242-1, L.137-13 and L.137-14 of the French Social Security Code for social security purposes; and
– French Tax Regulation (BOFIP) dated July 24, 2017 BOI-RSA-20-20-10-20-20170724.
The definition of “Award” in Rule 2 is replaced with the following provision:
“Award” means a conditional right to receive DB Shares (which are newly issued or existing DB Shares purchased by Deutsche Bank AG at no cost to the Participant) following the Release Date and which is designated as a Qualified Free Share Award in the Award Statement. An Award does not give a Participant a right to subscribe for unissued DB Shares.
The definition of “Subsidiary” in Rule 2 is replaced with the following provision:
“Subsidiary” means a company or other entity of which a Holding Company has a direct or indirect controlling interest or equity or ownership interest which represents more than fifty percent (50%) of the aggregate equity or ownership interest in that company or entity, and, in the case of a Subsidiary of Deutsche Bank:
– in which at least 10% of the voting rights and/or equity is held directly or indirectly by Deutsche Bank AG;
– which holds, directly or indirectly, at least 10% of the voting rights and/or equity in Deutsche Bank AG; or
– which at least 50% of the equity or voting rights are held, directly or indirectly, by a company which itself holds at least 50% of Deutsche Bank AG
The definition of “Total Disability” in Rule 2 is completed with the following provision:
Disabilities as defined in the second and third categories by Article L.341-4 of the French Social Security Code shall be understood as a part of Total Disability.
The definition of “Dividend Equivalents” in Rule 2 is deleted.
32
4 Interpretation
This Schedule 6 does not amend this Rule.
5 Awards
Rule 4 (Awards) of the Plan is amended as follows:
a) At the end of Rule 4.1 (Eligibility) of the Plan, the following wording is added:
Notwithstanding the above, DB Employees who are eligible to be granted Awards under Schedule 6 shall consist exclusively of employees performing their professional activity in France for the DB Group at some point between the Award Date and before the Vesting Date, or determined as such by the Committee, and with a valid employment contract such as defined at Articles L.225-197¬1 and L.225-197-2 of the French Commercial Code and/or corporate officers listed hereafter : “President du Conseil d’Administration”, “Directeur General”, “Directeurs Generaux delegues”, Members of the “Directoire”, “Gerant” of the “Societe par actions” of Deutsche Bank AG or of any parent or subsidiary of Deutsche Bank AG, “President” of the “Societe par Actions Simplifiees”.
An Award may not be granted to employees or corporate officers holding more than 10% of the issued share capital of Deutsche Bank AG or any holder who, after having received DB Shares under this Schedule 6, would hold more than 10% of the issued share capital in Deutsche Bank AG.
b) At the end of Rule 4.2 (Terms of Awards) of the Plan, the following wording is added:
Awards will be settled only by delivery of DB Shares to the Participant. DB Shares that may be delivered pursuant to Awards granted under this Schedule 6 shall not exceed 10% of the share capital of Deutsche Bank AG. Awards granted under this Schedule 6 are also subject to the terms and conditions set forth in this Schedule 6 and the terms of the Award Statement.
It is nevertheless expected that none of the Awards made in accordance with the Plan shall be part of a collective award of shares. For the avoidance of doubt, a collective award of shares means the allocation of DB share benefits to all the employees of the company.
Notwithstanding any other provision of the Plan to the contrary (other than Rule 5.2 and Rule 8), the transfer of Shares to the Participant must not be before the second (2nd) anniversary of the Award Date.
c) A new Rule 4.3(g) is inserted as follows:
g) that the Award is designated as a Qualified Free Share Award.
d) Rule 4.8 (Dividend Equivalents) is deleted.
e) At the end of Rule 4.9 (Non-transferable Awards) of the Plan the following wording is added:
Further, a Participant to whom an Award under this Schedule 6 is granted shall have no shareholder rights including the right to vote or to receive dividends, until the Award is duly settled and the ownership of the DB Shares is transferred to the Participant, after the Release Date. For the avoidance of doubt, for Awards subject to a Retention Period, the Participant shall not acquire shareholder’s rights earlier than the expiration of the applicable Retention Period.
DB Shares obtained by the Participant pursuant to Awards will be registered in the name of the Participant or be identifiable. They will be registered in the Company’s books in an individual account.
f) A new Rule 4.13 inserted as follows:
4.13 Restriction on sale of shares: Notwithstanding any provision of the Plan to the contrary, DB Shares acquired pursuant to an Award shall not be sold:
i. Within ten (10) trading days before and within three (3) days after the publication of Deutsche Bank AG’s annual consolidated accounts, and;
ii. Within a period starting with the date at which Deutsche Bank AG’s corporate officers have knowledge of information which, if it were made public, would have significant impact on the DB share’s value and ending ten (10) trading days after the information becomes public knowledge.
This Rule 4.13 shall not apply to the extent that the domestic legislation applicable to the Company provides similar restriction periods relating to sale of DB Shares and consequently, offers equivalent guarantees to those provisions of the French Commercial Code.
33
6 Impact of termination of employment
At the end of Rule 5.2 (Termination upon death or Total Disability) of the Plan the following sentence is added:
In case of Total Disability, the Committee has resolved that the provisions specified in this Rule 5.2 shall apply to French Qualified Free Share Awards.
Rule 5.3 (Termination resulting in forfeiture) of the Plan is amended by the addition of the following wording at the end:
Notwithstanding the above, where an Award not subject to a Retention Period then the forfeiture provisions under Rules 5.3(b), (c) and (e) will cease to apply for the first Tranche of that Award on the first anniversary of the Award Date.
7 General forfeiture
This Schedule 6 does not amend this Rule.
8 Award Settlement
Rule 7 (Award Settlement) of the Plan is amended as follows:
(a) The wording “and any DB Shares to be delivered pursuant to Dividend Equivalents” is deleted from Rule 7.1(a).
(b) At the end of Rule 7.1 (a) of the Plan, the following sentences are added:
An Award must be settled by the Plan Administrator only in accordance with this Rule 7.1(a). For the avoidance of doubt, the Plan Administrator will not have discretion as to the settlement of an Award made under this Schedule 6. Awards will be settled only by delivery of DB Shares to the Participant.
(c) Rules 7.1 (b) and 7.1 (c) and the penultimate paragraph of Rule 7.1 (“For the purposes of Rule 7.1(c)...”) of the Plan are deleted by this Schedule 6.
(d) Rules 7.2 “Payment” of the Plan is deleted by this Schedule 6.
(e) At the end of Rule 7.4 “Tax and social security and other statutory withholding” of the Plan, the following sentence is added:
If the Participant has exercised a professional activity in France prior to the Vesting Date, a withholding tax will be assessed on the portion of the vested gain related to the French source activity realized by the non-French tax resident Participant, in accordance with Article 182 A ter of the French tax code.
9 Corporate events
Rule 8 (Corporate events) of the Plan is amended as follows:
(a) Rule 8.2 (Effect of Change of Control on Vested Awards subject to a Retention Period) is amended to read as follows:
Except as may otherwise be specified in a Participant’s Award Statement, on or before the occurrence of a Change of Control, the Committee shall have the discretion to determine as to whether the Retention Period to which a Vested Award (whether Vested pursuant to Rule 8.1 or otherwise) is subject shall be treated as ending before the Release Date specified in the Award Statement as a result of the Change of Control.
As per Article L.225-197-1 III of the French Commercial Code, in the event of the exchange of DB Shares without cash payment resulting from a merger occurring before the Vesting Date or during the Retention Period and in the event of share exchange resulting from a public offer, the provisions relating to Vesting and the Retention Period shall remain applicable, unless the Committee decides otherwise pursuant to Rule 8 of the Plan
(b) At the end of Rule 8.4 (Changes in capitalisation), the following paragraphs are added:
Additional fractional shares or additional shares transferred as a result of this Rule will not be recognized as Qualified Free Share Awards.
If any capital operation restrictively listed under Article L. 225-181 of the French Commercial Code is realized by the company, the Board or the Committee may adjust the number of Qualified Awards granted to the French Participants.
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10 Administration
This Schedule 6 does not amend this Rule.
11 Amendment or termination of the Plan
Rule 10 (Amendment or termination of the Plan) of the Plan is amended as follows:
(a) At the end of Rule 10.2 (Amendment of the Plan), the following paragraph is added:
This Schedule 6 has been drafted based on French legislation in force at the present time. The Committee shall have discretion to amend any provisions of this Schedule 6 in order to take into account any amendment or modification of French legislation (including subsequent official comments from the French tax authorities). The Committee reserves the right to adjust or cancel Awards and consider any replacement awards in cash or in shares in case new legislation affecting these awards would (i) contradict its compensation policy and notably DB Group governance rules adopted in conformity with CRD IV applicable legislation and (ii) change any tax and social security treatment for DB and/or the Participants when compared to the French legislation in force on the Award Date.
(b) Rule 10.3 (Termination of Awards) of the Plan is deleted.
12 General
Rule 11.7 (No right to dividends) of the Plan is hereby replaced with the following:
12.1 No shareholder rights: Notwithstanding any provisions to the contrary, an Award does not give any shareholder rights, including the right to vote or to receive dividends, until Delivery of the DB Shares after the Release Date.
13 Notices
This Schedule 6 does not amend this Rule.
14 Applicable law and jurisdiction
This Schedule 6 does not amend this Rule.
35
Deutsche Bank Equity Plan 2025
Schedule 7: New Hire
The rules of the Deutsche Bank Equity Plan apply to Awards granted under schedule (“Schedule 7”), and such rules are incorporated herein, except as amended by this Schedule 7.
If this Schedule 7 applies to an Award made under Schedule 1 to the Deutsche Bank Equity Plan (the Deutsche Bank Cash Plan), then references above to the Deutsche Bank Equity Plan shall be to that plan as amended by Schedule 1. If this Schedule 7 applies to an Award to a Participant who is subject to federal taxation in the United States of America, then references above to the Deutsche Bank Equity Plan shall be to that plan as amended by Schedule 2. If this Schedule 7 applies to an Award to which Schedule 3 also applies, then references above to the Deutsche Bank Equity Plan shall be to that plan as amended by Schedule 3. If this Schedule 7 applies to an Award to a Participant who is employed by a Russian employing company of the DB Group, then references above to the Deutsche Bank Equity Plan shall be to that plan as amended by Schedule 4. If this Schedule 7 applies to an Award designated as a Qualified Free Share Award in accordance with Schedule 6, then the references above to the Deutsche Bank Equity Plan shall be to that plan as amended by Schedule 6. If this Schedule 7 applies to an Award to which Schedule 10 also applies, then references above to the Deutsche Bank Equity Plan shall be to that plan as amended by Schedule 10.
1 Definitions
The definition of “Career Retirement” in Rule 2 is replaced with the following:
“Career Retirement” means voluntary termination of employment as a DB Employee by a Participant who has complete years of age plus number of complete years of service as a DB Employee equalling 60 or more (“Rule of 60”), provided however that the Participant must have five or more complete years of consecutive service (the “Consecutive Service Requirement”) as a DB Employee on or before the most recent date of termination of employment and provided the Participant has made a valid Election to Career Retire in connection with the relevant Award. If the Consecutive Service Requirement is satisfied, the number of complete years of service used to calculate the Rule of 60 may also include any period of employment as a DB Employee prior to a break in continuous service. Where a Participant evidences to the satisfaction of the Committee (in its absolute discretion) within 3 months of the date the Participant becomes a DB Employee (or such longer period as the Committee may permit) that, had the Participant remained employed by the employer who employed the Participant immediately before the Participant became a DB Employee (the “Previous Employer”), the Participant would have been entitled to retire at some point within five years of the time the Participant became a DB Employee and retain outstanding awards made to the Participant by the Previous Employer, under a provision which is broadly equivalent to the Career Retirement provisions of this Plan (and which takes account of the age of the Participant), then the Rule of 60 shall not apply for the purpose of this definition but the Consecutive Service Requirement and the requirement to make an Election shall still apply. Where such a Participant further so evidences that the Participant would, at the time of ceasing employment with the Previous Employer, have been entitled to retire and retain outstanding awards made to the Participant by the Previous Employer, under such a provision, then in addition to the Rule of 60 not applying, the Consecutive Service Requirement shall be reduced to three or more years of consecutive service (the “Reduced Consecutive Service Requirement”).
2 Termination resulting in forfeiture
Rule 5.3(c) shall be replaced with the following:
“without prejudice to the generality of Rule 5.3(b), an Annual Award that has not Vested shall be automatically forfeited if, at any time prior to the Vesting Date, a Participant who meets the Rule of 60 (where that rule applies for the purposes of the definition of “Career Retirement”) and Consecutive Service Requirement (or Reduced Consecutive Service Requirement, as applicable) ceases to be a DB Employee as a result of the Participant resigning or the Participant terminating the Participant’s employment with a DB Group Company for any reason in circumstances in which the Participant either failed to make an Election to Career Retire, or failed to respond to or follow the procedures outlined in Rule 4.6 or to submit an Election in accordance with those procedures in relation to such Annual Award and whose cessation of employment does not fall within the definition of Retirement, Public Service Retirement or Agreed Termination;”
Rule 5.3(h) shall be replaced with the following:
“without prejudice to the generality of Rule 5.3(g), an Upfront Award shall be automatically forfeited if, at any time prior to the Release Date, a Participant who meets the Rule of 60 (where that rule applies for the purposes of the definition of “Career Retirement”) and Consecutive Service Requirement (or Reduced Consecutive Service Requirement, as applicable) ceases to be a DB Employee as a result of the Participant resigning or the Participant terminating the Participant’s employment with a DB Group Company for any reason in circumstances in which the Participant either failed to make an Election to Career Retire, or failed to respond to or follow the procedures outlined in Rule 4.6 or to submit an Election in accordance with those procedures in relation to such Upfront Award and whose cessation of employment does not fall within the definition of Retirement, Public Service Retirement or Agreed Termination;”
36
Deutsche Bank Equity Plan 2025 Schedule 8: Severance Awards This schedule (“Schedule 8”) modifies the terms of the Deutsche Bank Equity Plan (the “Plan”) with respect to Awards which are intended to be Severance Awards and are designated as such in the Award Statement.
Schedule governing Severance Award
1 Purpose
Severance Awards are intended to be granted to DB Employees who are shortly to cease to be DB Employees or to former DB Employees (relating to their employment by a DB Group Company), in circumstances where the Committee has determined that such an Award would be appropriate, taking into account the applicable regulatory framework.
The purpose of Severance Awards is to seek to ensure that the interests of Participants continue to align with the interests of the DB Group following their ceasing to be DB Employees, notwithstanding Rule 1 of the Plan.
2 Application of Plan
The rules of the Plan, as amended by this Schedule 8, apply to Severance Awards granted under this Schedule 8.
3 Definitions
The following definition is added to Rule 2 of the Plan:
“Severance Award” means any Award referred to as a Severance Award in the Award Statement.
The definition of “Award” in Rule 2 is replaced with the following provision:
“Award” means a conditional right to receive DB Shares following the Release Date granted pursuant to this Plan which may be an Annual Award, New Hire Award, Retention Award, Severance Award or Upfront Award. An Award does not give a Participant a right to subscribe for unissued DB Shares.
4 Award Statement
Rule 4.3(c) shall be replaced with the following:
“c) the type of Award (Annual, New Hire, Retention, Severance or Upfront Award);”
5 Termination
A new Rule 5.1(g) shall be added as follows:
“g) in relation to Severance Awards only, ceasing to be a DB Employee as anticipated when the Severance Award was granted. “ The heading of Rule 8.1 shall be changed to:
6 Corporate Events
“8.1 Effect of Change of Control on Annual, New Hire, Retention and Severance Awards:”
37
Deutsche Bank Equity Plan 2025
Schedule 9: Italy
This schedule (" Schedule 9 ") modifies the provisions of the Deutsche Bank Equity Plan, as amended from time to time (the " Plan ") with respect to Awards made to a Participant who is employed by Deutsche Bank S.p.A. or Deutsche Bank Mutui S.p.A. at the Award Date. The provisions of this Schedule 9 apply automatically to those Awards and supersede any contrary provisions contained in the Plan or any Award Statement issued thereunder in relation to those Participants.
If this Schedule 9 applies to an Award to a Participant who is subject to federal taxation in the United States of America, then references above to the Deutsche Bank Equity Plan shall be to that plan as amended by Schedule 2.
1. Additional forfeiture provisions
Rule 6.7 ( Additional forfeiture provisions for Material Risk Takers ) is replaced with the following:
6.7 Additional forfeiture provisions: In addition to the other forfeiture provisions contained in the Plan Rules (and without prejudice to the operation of those provisions), any part of an Award that has not been Delivered shall be forfeited, without any claim for compensation by the Participant or any Representative, if the Committee determines in its sole discretion that the Participant has during the Performance Period in relation to which that Award was made:
a) participated to a significant extent in or been responsible for conduct that has resulted in significant loss , or on the basis of prevailing regulatory requirements, in extreme exceptional cases the Material Risk Taker does not have to have been at fault due to the materiality of the loss, or a material regulatory sanction (which, for the avoidance of doubt, shall include any significant supervisory measure imposed on DB Group or any DB Group Company) for any DB Group Company; or
b) failed to comply to a significant extent with relevant external or internal rules regarding appropriate standards of conduct (including, without limitation, standards of fitness and propriety and/or any Applicable DB Group Policy or Procedure) within the ambit of section 18 para 5 sentence 3 no. 2 of InstitutsVergV or a similar provision in any other applicable regulation.
2. Clawback of Awards
Rule 6.8(a) is replaced with the following:
a) This Rule 6.8 applies in relation to an Award (or, where applicable, Tranches of an Award) Delivered to a Participant if the Committee determines in its sole discretion that the Participant has during the Performance Period in relation to which the Award is made:
(i) participated to a significant extent in or been responsible for conduct that has resulted in significant loss, or on the basis of prevailing regulatory requirements, in extreme exceptional cases the Material Risk Taker does not have to have been at fault due to the materiality of the loss, or a material regulatory sanction for any DB Group Company (which, for the avoidance of doubt, shall include any significant supervisory measure imposed on DB Group or any DB Group Company); or
(ii) failed to comply to a significant extent with relevant external or internal rules regarding appropriate standards of conduct (including, without limitation, standards of fitness and propriety and/or any Applicable DB Group Policy or Procedure) within the ambit of section 18 para 5 sentence 3 no. 2 of InstitutsVergV or the equivalent provision in any other applicable regulation.
38
Deutsche Bank Equity Plan 2025
Schedule 10: United Kingdom
This schedule ( “Schedule 10” ) modifies the provisions of the Deutsche Bank Equity Plan, as amended from time to time (the “Plan” ) with respect to Awards made to Participants who (1) are employed by a DB Group Company situated in the United Kingdom, and (2) are Material Risk Takers for the purposes of the Rulebook of any DB Group Company situated in the United Kingdom in any part of a Performance Period in relation to which an Award is made or, in respect of clause 3 below, were a material risk taker for the purposes of the Rulebook at their former employer(s). The provisions of this Schedule 10 supersede any contrary provisions contained in the Plan or any Award Statement issued thereunder in relation to those Participants. Except as expressly modified herein, all terms and conditions of the Plan are incorporated into this Schedule 10 as is first set forth herein. Any capitalised terms contained but not defined in this Schedule 10 shall have the meaning provided in the Plan.
1 Definitions
The following definitions are added to Rule 2 of the Plan:
“Clawback Period” means (i) a period of 7 years from the Award Date; or (ii) in the case of a "higher paid" Material Risk Taker for the purposes of the Rulebook who performs a PRA senior management function, a period of 7 years from the Award Date or 10 years from the Award Date where a DB Group Company has commenced an investigation, or has been notified by any competent regulatory authority that an investigation has been commenced, into facts or events which the Committee considers could potentially lead to the application of clawback were it not for the expiry of the clawback period; (iii) in the case of a Material Risk Taker for the purposes of InstitutsVergV, if later, the period ending on the second anniversary of the Last Vesting Date for the Award.
“FCA” means the United Kingdom Financial Conduct Authority, and any successors from time to time.
“PRA” means the United Kingdom Prudential Regulation Authority, and any successors from time to time.
“Reduction Notice” has the meaning given to it in the Rulebook.
“Remuneration Code” means the Senior Management Arrangements, Systems and Controls 19D Dual regulated Firms Remuneration Code, as amended from time to time.
“Remuneration Statement” has the meaning given to it in the Rulebook.
“Rulebook” means the Remuneration Part of the PRA Rulebook, as amended from time to time.
The definition of "Retirement" in Rule 2 of the Plan is replaced with the following:
"Retirement" means retirement at pensionable age as determined in accordance with the pension plan arranged or provided by or in conjunction with a DB Group Company, of which the Participant is, or is eligible to be, a member, provided the Participant has made a valid Election to Retire in connection with the relevant Award.
2 General
For the avoidance of doubt, references to:
– “any other competent regulatory authority” in Rule 6.2(d) shall include the PRA and the FCA;
– “applicable laws or regulations" in Rule 6.7 shall include the Rulebook and the Remuneration Code; and
– “other applicable regulation” in Rules 6.7(b) and the definition of “Material Risk Taker” shall include the Rulebook and the Remuneration Code.
3 Retirement and Career Retirement – Election to Retire
All references to "Election to Career Retire" shall be replaced with "Election to Retire".
39
Rules 4.6 and 4.7 shall be replaced with the following:
4.6 Retirement Election – Annual Awards or Upfront Awards: The termination treatment in relation to Retirement or Career Retirement set out in Rule 5.1(e) shall only apply to an Annual Award or Upfront Award (as applicable) if the Participant has notified the Plan Administrator during any time period required by the Plan Administrator in relation to that Award that the Participant intends to terminate employment as a DB Employee by reason of Retirement or Career Retirement in accordance with the procedures established by the Plan Administrator for those purposes (an "Election" or an "Election to Retire"). An Election shall constitute a binding agreement that may only be modified pursuant to the terms and conditions in the Election. The Plan Administrator may require, among other things, one or more Elections to be made in relation to an Award and may set a time period after which an Election will expire. An Election shall not be treated as notice of termination of employment given by the Participant, however, a failure to make an Election may result in forfeiture of an Award on termination in circumstances where there would have been no such forfeiture had an Election been made.
4.7 Retirement Election – Retention Awards: The termination treatment in relation to Retirement or Career Retirement set out in Rule 5.1(f) shall only apply to a Retention Award if the Participant has notified the Plan Administrator during any time period required by the Plan Administrator in relation to that Retention Award that the Participant intends to terminate employment as a DB Employee (such termination to take effect on or after the Retention Award Event Date) by reason of Retirement or Career Retirement in accordance with the procedures established by the Plan Administrator for those purposes (an "Election" or an "Election to Retire"). An Election shall constitute a binding agreement that may only be modified pursuant to the terms and conditions in the Election. The Plan Administrator may require, among other things, one or more Elections to be made in relation to a Retention Award and may set a time period after which an Election will expire. An Election shall not be treated as notice of termination of employment given by the Participant, however, a failure to make an Election may result in forfeiture of a Retention Award on termination in circumstances where there would have been no such forfeiture had an Election been made.
Rules 5.3(c) and (d) shall be replaced with the following:
(c) without prejudice to the generality of Rule 5.3(b), an Annual Award that has not Vested shall be automatically forfeited if, at any time prior to the Vesting Date, a Participant who has reached pensionable age (as referred to in the definition of "Retirement") or who meets the Rule of 60 and Consecutive Service Requirement ceases to be a DB Employee as a result of the Participant resigning or the Participant terminating the Participant's employment with a DB Group Company for any reason in circumstances in which the Participant either failed to make an Election to Retire, or failed to respond to or follow the procedures outlined in Rule 4.6 or to submit an Election in accordance with those procedures in relation to such Annual Award and whose cessation of employment does not fall within the definition of Public Service Retirement or Agreed Termination;
(d) without prejudice to the generality of Rule 5.3(b), a Retention Award that has not Vested shall be automatically forfeited if:
(i) at any time prior to the Retention Award Event Date, a Participant ceases to be a DB Employee as a result of the Participant resigning or the Participant terminating the Participant's employment with a DB Group Company for any reason (and regardless of whether or not the Participant has reached pensionable age (as referred to in the definition of "Retirement") or meets the Rule of 60 or Consecutive Service Requirement) unless cessation of employment falls within the definition of Agreed Termination, or
(ii) at any time on or after the Retention Award Event Date and prior to the Vesting Date, a Participant who has reached pensionable age (as referred to in the definition of "Retirement") or who meets the Rule of 60 and Consecutive Service Requirement ceases to be a DB Employee as a result of the Participant resigning or the Participant terminating the Participant's employment with a DB Group Company for any reason in circumstances in which the Participant either failed to make an Election to Retire, or failed to respond to or follow the procedures outlined in Rule 4.7 or to submit an Election in accordance with those procedures in relation to such Retention Award and whose cessation of employment does not fall within the definition of Public Service Retirement or Agreed Termination;
Rule 5.3(h) shall be replaced with the following:
(h) without prejudice to the generality of Rule 5.3(g), an Upfront Award shall be automatically forfeited if, at any time prior to the Release Date, a Participant who has reached pensionable age (as referred to in the definition of "Retirement") or who meets the Rule of 60 and Consecutive Service Requirement ceases to be a DB Employee as a result of the Participant resigning or the Participant terminating the Participant's employment with a DB Group Company for any reason in circumstances in which the Participant either failed to make an Election to Retire, or failed to respond to or follow the procedures outlined in Rule 4.6 or to submit an Election in accordance with those procedures in relation to such Upfront Award and whose cessation of employment does not fall within the definition of Public Service Retirement or Agreed Termination;
40
4 Buy-outs
A new Rule 4.12 is added as follows:
4.12 “buy-out” or “replacement”
Where a New Hire Award structured, or referred to, as a “buy-out” or “replacement” in the Award Statement, is proposed to be granted under the Plan in respect of an award that was (i) granted to the relevant DB Employee by their former employer(s) in respect of a period during which they were a material risk taker for the purposes of the Rulebook; and (ii) forfeited as a result of their accepting an offer of employment with the DB Group, the New Hire Award may only be made if the relevant DB Employee has provided a DB Group Company with a Remuneration Statement.
A new Rule 6.9 is added as follows:
6.9 Reduction Notice
In addition to the other forfeiture provisions contained in the Plan Rules (and without prejudice to the operation of those provisions), if a DB Group Company receives a Reduction Notice from a Participant’s former employer, any part of a New Hire Award that was granted in respect of a forfeited award listed in the Remuneration Statement provided by the Participant that has: a) not been Delivered shall be forfeited in the amount set out in the Reduction Notice; and b) been Delivered shall, where the Reduction Notice has been received during the Clawback Period, be reimbursed by the Participant to the DB Group in accordance with Rule 6.8 and references in Rule 6.8 to the “Clawback Amount” shall be to such amount as is set out in the Reduction Notice less any amounts recovered under Rule 6.9(a).
5 Clawback of Awards delivered to Material Risk Takers for the purposes of the Rulebook Rule 6.8(a) is hereby replaced with the following:
a) This Rule 6.8 applies in relation to an Award (or, where applicable, Tranches of an Award) Delivered to a Participant who was a Material Risk Taker for the purposes of the Rulebook in any part of the Performance Period (being from calendar year 2021 onwards for a DB UK Bank Ltd Material Risk Taker and from calendar year 2022 onwards for a DB AG London Branch Material Risk Taker) in relation to which the Award is made, and the Committee has determined that applicable laws or regulations require that a provision such as this Rule 6.8 apply to that Award, if the Committee determines in its sole discretion that:
i) the Participant’s actions or omissions have amounted to misbehaviour or material error; and /or
ii) Deutsche Bank or the relevant business unit has suffered a material failure of risk management.
In making its determination, the Committee shall take into account all factors that it reasonably considers to be relevant (including, whether the Participant (I) has participated to a significant extent in, or was responsible for, conduct which resulted in significant loss , or on the basis of prevailing regulatory requirements, in extreme exceptional cases the Material Risk Taker does not have to have been at fault due to the materiality of the loss, or a material regulatory sanction for any DB Group Company (which, for the avoidance of doubt, shall include any significant supervisory measure imposed on DB Group or any DB Group Company); or (II) failed to comply to a significant extent with relevant external or internal rules regarding appropriate standards of conduct (including, without limitation, standards of fitness and propriety and/or any Applicable DB Group Policy or Procedure) and, in respect of Rule 6.8(a)(ii), the Participant’s proximity to the applicable failure and their level of responsibility).
Rule 6.8(b) is hereby replaced with the following:
b) Where the Committee determines that either this Rule 6.8 or Rule 6.9 apply in relation to an Award (or Tranche of an Award), the Participant shall be required to reimburse the Clawback Amount to the DB Group in accordance with the provisions of this Rule 6.8. The Committee shall notify the Participant in writing of the determination and of the Clawback Amount that is due from the Participant (a “Clawback Notice”).
Rule 6.8(g) is hereby replaced with the following:
g) This Rule 6.8 shall not apply to an Award unless the Clawback Notice is delivered so as to take effect before the end of the relevant Clawback Period.
41
Exhibit 4.11
Deutsche Bank
Human Resources
Deutsche Bank
Restricted Share Plan 2025
Plan Rules
This document constitutes part of a prospectus covering securities that have been registered under the U.S. Securities Act of 1933
Effective date: March 1, 2025
1. Purpose
The Deutsche Bank Restricted Share Plan is intended to motivate key employees by aligning the interests of employees of the DB Group with those of the shareholders and fostering a sense of employee ownership through awards linked directly to the Deutsche Bank share price in a fashion that is consistent with safe and sound banking practices, particularly with respect to the applicable regulatory guidance and requirements governing incentive compensation practices.
Participants in the Plan are selected at the discretion of the Committee. Participation during one Plan year does not guarantee future participation.
2. Definitions
For the purposes of the Plan, the following terms shall have the meanings indicated:
“Acknowledgement” has the meaning given in Rule 4.7, and “Acknowledge” and “Acknowledged” shall be construed accordingly.
“Acquirer Entity” means the person, company or entity which, through acquisition, merger, spin-off, transfer, or other consolidation (or series thereof), shall be the legal successor to or owner (whether direct or indirect) of the DB business unit, Division or Subsidiary (or, if applicable, the part of the DB business unit or Division) in which the relevant Participant worked, or any of its Subsidiaries or Holding Companies or any Subsidiary of any such Holding Company.
1
“Annual Award” means any Award referred to as an Annual Award in the Award Statement.
“Applicable DB Group Policy or Procedure” means any DB policy or procedure regarding: general accounting; application of accounting methodologies; approvals procedures; risk management; regulatory procedures or rules; any other financial or compliance matters; or conduct matters, including, but not limited to, Deutsche Bank’s Code of Conduct as amended from time to time (in each case of which the Participant knew or it would be reasonable to expect the Participant to have known).
“Award” means an award of DB Shares subject to and in accordance with the Plan Rules where beneficial ownership of those shares is transferred to the Participant on the Award Date, and the DB Shares are subject to forfeiture in accordance with the Plan Rules until the Release Date. An Award may be an Annual Award, New Hire Award, or Upfront Award. An Award does not give a Participant a right to subscribe for unissued DB Shares.
“Award Date” means the effective date of an Award, as shown on the Award Statement.
“Award Letter” means a letter issued by a DB Group Company at or around the time of an Award Statement, which may set out Performance Conditions in relation to an Award as provided in Rule 4.4, and which may in some cases supplement an Award Statement.
“Award Statement” means the statement provided to a Participant under Rule 4.3.
“Award Shares” has the meaning given in Rule 4.3.
“Award Tax Shares” has the meaning given in Rule 4.8.
“Cause” means in respect of the termination of a Participant’s employment by any DB Group Company: (i) any act or omission or series of acts or omissions that, when taken together or alone, constitute a material breach of the terms and conditions of employment; (ii) the conviction of the Participant by a competent court of law of any crime (other than minor offences that do not adversely affect the business or reputation of any DB Group Company, as determined by the Committee in its sole discretion); (iii) unlawful, unethical or illegal conduct, or any misconduct by the Participant in connection with the performance of the Participant’s duties as a DB Employee or conduct by the Participant otherwise in violation of the terms of the applicable employee handbook or other local policy or contractual documentation; (iv) knowingly failing or refusing to carry out specific lawful instructions from a DB Group Company (or a duly authorised employee or officer of such a company) relating to material matters or duties within the scope of the Participant’s responsibilities for a DB Group Company; (v) committing any act involving dishonesty, fraud, misrepresentation, or breach of trust; or (vi) the issuance of any order or enforcement action against the Participant or against any DB Group Company in connection with the Participant’s actions or omissions by any regulatory body with authority over the conduct of business by that DB Group Company where the issuance of that order or enforcement action impairs a) the financial condition or business reputation of the DB Group or any DB Group Company or b) the Participant’s ability to perform the Participant’s assigned duties (or would have done so if the Participant were still a DB Employee).
2
“Change of Control” means a change in the control of Deutsche Bank AG which shall occur if, by one or a series of transactions or events, a third party or a group of third parties acting together (directly or indirectly) acquires more than 50 percent of the issued share capital of Deutsche Bank AG and/or becomes entitled to exercise more than 50 percent of voting rights attributable to the issued share capital of Deutsche Bank AG. The Committee (as constituted before the relevant event) will determine, in its sole discretion, whether or not a Change of Control has occurred in accordance with this definition.
"Closing Price" means the closing price of DB Shares in the Xetra system (currently under "DBK GY"), or the closing price on such other exchange as may be determined by the Committee from time to time.
“Committee” means the Senior Executive Compensation Committee but may alternatively be the Management Board or any committee or other entity or persons designated by the Senior Executive Compensation Committee, the Management Board or these Plan Rules to act as the decisional body under this Plan (and, for the avoidance of doubt, the provisions of Rule 9 shall apply to any such entity or person). To the extent that matters are determined in relation to Awards made or to be made to members of the Management Board, the Committee means the Supervisory Board of Deutsche Bank or a duly authorised committee of the same.
“Compliance Department” means any applicable compliance department of the DB Group.
“Control Failure” means:
a) a failure to take adequate steps to promptly identify, assess, report, escalate or address misconduct or risk (including without limitation regulatory, client, reputational, market and/or other risk);
b) a failure to address, manage or remedy any control weaknesses identified by the DB Group or any regulator of which the Participant was aware (or could have been reasonably expected to be aware);
c) a failure to draft, adopt, approve or implement internal financial and operational policies or procedures of the DB Group (or any DB Group Company) which would have provided for (i) the reliability and integrity of information, (ii) compliance with laws and regulations, (iii) safeguarding and accountability of assets, and/or (iv) preventing or detecting error or fraud.
“DB Employee” means a person employed by any DB Group Company.
“DB Group” means Deutsche Bank and each of its Subsidiaries.
“DB Group Company” means any company or other corporation in the DB Group.
“DB Share” means a registered share of Deutsche Bank AG, as listed and traded on the Frankfurt Stock Exchange - Xetra or other authorised exchanges, or any other shares which may replace them from time to time (whether in a successor corporation or otherwise).
3
“Deutsche Bank” means Deutsche Bank AG and any successor corporation or other corporation into which Deutsche Bank AG is merged or consolidated or to which Deutsche Bank AG transfers or sells all or substantially all of its assets.
“Division(s)” means the primary operational business areas of the DB Group, which include the core revenue generating areas and infrastructure and support areas, as established or adjusted by Deutsche Bank, in its discretion, from time to time. Each Division is divided into smaller operating business units.
“Financial Services” includes (without limitation) any (or any combination) of the following:
a) commercial or retail banking;
b) brokerage;
c) wealth management;
d) insurance, pension or lending services;
e) financial, business, investment or economic advisory services (including raising or preserving capital or transitioning ownership of any asset);
f) asset management;
g) issuing, trading or selling instruments or other investments; and
h) advising on or investing in private equity or real estate,
and also includes any other activities engaged in by any DB Group Company that the Committee considers constitute financial services.
“Financial Services Firm” means a business enterprise whose sole or primary function is the provision of Financial Services (whether to individuals, institutions or any other person or entity).
“Holding Company” of a company or entity means a company or entity of which the first company or entity is a Subsidiary.
“InstitutsVergV” means the German Remuneration Ordinance (Institutsvergütungs-verordnung), as amended from time to time.
“Management Board” means the Management Board of Deutsche Bank (the Vorstand).
“Material Risk Taker” means a material risk taker (as determined by the DB Group in its sole discretion) having regard to InstitutsVergV or any other applicable regulation.
“Net Award Shares” has the meaning given in Rule 4.8.
“New Hire Award” means an Award referred to as a New Hire Award in the Award Statement, usually being “buy-out”, “replacement” or “sign-on” awards granted or issued in connection with the commencement of a Participant’s employment as a DB Employee.
4
“Nominee” means the party which holds the Net Award Shares as nominee for a Participant during the Restricted Period in accordance with the Plan Rules, being DB Group Services (UK) Ltd or such other party as may be appointed by the Committee from time to time.
“Participant” means any person to whom an Award has been made under the terms and conditions of this Plan for so long as that person has any rights under this Plan.
“Performance Condition” means a condition or conditions stated in the Award Statement for an Award or a Tranche of an Award, and/or the Award Letter, which determines the extent to which that Award or Tranche will become capable of Release.
“Performance Period” means the period of time as referred to in InstitutsVergV (or any other applicable legislation) during which a Participant’s performance is assessed for the purposes of determining the grant of an Award under InstitutsVergV, and “Performance Period in relation to which an Award is made” and similar phrases shall be interpreted accordingly.
“Plan” means the Deutsche Bank Restricted Share Plan as governed by these Plan Rules.
“Plan Administrator” means DB Group Services (UK) Limited or any other person or entity appointed by the Committee for the purpose of administering the Plan as referred to in Rule 9.1.
“Plan Rules” or “Rules” means this document, including all applicable Schedules, which sets out the binding terms and conditions of the Plan (as amended from time to time pursuant to Rule 10).
“Proof of Certification” means any information deemed necessary or desirable by the Plan Administrator (i) to confirm a Participant’s compliance with the terms and provisions of an Award; (ii) to enable the Plan Administrator to apply the terms and provisions of an Award; or (iii) to enable the Plan Administrator (or any DB Group Company) to comply with its obligations in relation to an Award, including, but not limited to: copies of tax returns and employment or payroll-related documentation, or any confirmation or agreement by a Participant deemed necessary or desirable by the Plan Administrator to carry out any of the Plan Rules or any other rule or regulation, as determined by the Plan Administrator (including without limitation confirmation or agreement that the Participant is bound by the Plan Rules in relation to an Award).
“Proprietary Information” means any information which is not publicly available (other than as a result of the Participant’s action), including, without limitation, all financial or product information, business plans, client lists, compensation details or other confidential information, copyright, patent and design rights in any invention, design, discovery or improvement, model, computer program, system, database, formula or documentation, including information conceived, discovered or created during or in consequence of the Participant’s employment as a DB Employee.
5
“Release” in relation to an Award means that the Net Award Shares (or a portion of those shares) are no longer subject to forfeiture in accordance with the Rules and are capable of withdrawal by the Participant in accordance with Rule 7 and “Released” shall be interpreted accordingly.
“Release Date” means the last day of the Restricted Period as stated in the Award Statement (or any earlier date on which the Award or Tranche of an Award is Released or the Restricted Period ceases to apply under Rule 8), or any later date on which it is determined that any applicable Performance Conditions are satisfied and, in each case, subject to any delay in the Release Date pursuant to Rule 6.6.
“Relevant Individual” in relation to a Significant Adverse Event means a DB Employee or a contingent worker engaged by a DB Group Company whose conduct is the subject of an internal investigation by a DB Group Company in connection with that Significant Adverse Event which results in disciplinary measures or sanctions against the Relevant Individual, or would have resulted in such measures or sanctions (as determined by the Committee in its absolute discretion) if, in the case of a former DB Employee, the Relevant Individual had not ceased to be a DB Employee or, in the case of a contingent worker or former contingent worker, the Relevant Individual had been a DB Employee subject to disciplinary measures or sanctions by a DB Group Company.
“Representative” means, in the case of death or Total Disability, the Participant’s duly appointed beneficiary, legal representative or administrator, as applicable.
“Restricted Period” in relation to an Award means the period from the Award Date to the Release Date for that Award or Tranche of an Award.
“Restricted Services” means services that are substantially similar to any or all of the services provided by the Participant during the 12-month period prior to the Participant ceasing to be a DB Employee.
“Schedule” means any schedule to the Plan Rules approved by the Committee (as amended from time to time in accordance with Rule 10).
“Senior Executive Compensation Committee” means the committee delegated by the Management Board to govern this Plan.
“Significant Adverse Event” means an event (or series of events, in each case whether by any acts or omissions) that has resulted in any internal or external finding of misconduct or of risk (including without limitation regulatory, client, reputational, market and/or other risk), or financial loss (whether direct or indirect, and whether by way of a regulatory fine, sanction, action, or settlement, including any associated cost or otherwise), which, as determined by the Committee in its absolute discretion, is classified by the DB Group as being “Acute”, “Severe” or “High” (or a similar level under any alternative categorisation in place from time to time) and which the Committee has determined in its absolute discretion has had or is likely to have an adverse effect on the DB Group, a DB Group Company, a Division or a business unit.
6
“Subsidiary” means a company or other entity in which a Holding Company has a direct or indirect controlling interest or equity or ownership interest which represents more than fifty percent (50%) of the aggregate equity or ownership interest in that company or entity.
“Sufficiently Proximate” to a Relevant Individual in relation to a Significant Adverse Event means a Participant who is:
a) a legal, local or functional manager (or other equivalent manager type applicable at the time) of a Relevant Individual who is a DB Employee (the “First Level Manager”), or a DB sponsor of a Relevant Individual who is a contingent worker engaged by a DB Group Company (the “First Level Sponsor”);
b) a legal, local or functional manager (or other equivalent manager type applicable at the time) of a First Level Manager or First Level Sponsor of the Relevant Individual or the head of the business unit in which the Relevant Individual is employed or engaged;
c) only in case of a Significant Adverse Event which is classified by the DB Group as being “Acute” (or a similar level under any alternative categorisation in place from time to time), the head of Division, the Chief Country Officer(s), the CEO or Chief Operating Officer(s) where the Relevant Individual works (or worked) or is engaged (or was engaged);
in each case, at the time when Significant Adverse Event(s) (or portion thereof), or the actions or omissions (in each case, or portions thereof) of the Relevant Individual contributing to the Significant Adverse Effect, occurred and regardless of whether the Participant was himself responsible for, or contributed to, the Significant Adverse Event, in any way other than being Sufficiently Proximate to a Relevant Individual.
“Supervisory Board of Deutsche Bank” means the board that oversees and advises the Management Board in its management of the business.
“Total Disability” means either (a) a medically determinable physical or mental impairment (i) that can be expected to either (1) result in death or (2) last for a continuous period of not less than 12 months and (ii) as a result of which the Participant either (1) becomes unable to engage in any substantial gainful activity or (2) receives income replacement benefits for a period of not less than 6 months under a long-term disability plan covering DB Employees (but in no case shall the receipt of workers’ compensation benefits be considered to qualify as such benefits); or (b) the Participant is deemed Totally Disabled and eligible to receive disability benefits from the US Social Security Administration, provided that, if the Participant ceases to reside in the United States, the Committee may substitute such definition as they consider appropriate.
“Tranche” means a portion of an Award as detailed on the Award Statement, which may be subject to different provisions related to Release, and/or Performance Conditions, to other Tranches comprised within that Award.
“Upfront Award” means an Award referred to as an Upfront Award in the Award Statement.
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3. Interpretation
In this Plan, where the context permits:
a) where an Award has been made in different Tranches, references to an Award shall be taken to refer to each Tranche separately; and
b) words in the singular shall include the plural and vice versa.
The headings in the Rules are for the sake of convenience only and should be ignored when construing the Rules.
Each Award granted under the Plan is subject to the Plan Rules as modified by any Schedules which apply to that Award, in each case as amended from time to time in accordance with Rule 10.2.
4. Awards
4.1 Eligibility: Subject to the terms and conditions in these Plan Rules, the Committee may from time to time make Awards or permit Awards to be made by such other persons as it may determine to such DB Employees as the Committee shall select.
4.2 Terms of Awards: Subject to the terms and conditions in these Plan Rules, the Committee shall be entitled to determine the terms of Awards and the dates on which those Awards are made.
4.3 Award Statement: As soon as practicable on or after the Award Date, the Participant shall be issued an Award Statement in relation to the Award in such form as the Committee shall determine in its sole discretion. The Award Statement shall state (in relation to each Tranche of the Award where applicable):
a) the Award Date;
b) the number of DB Shares subject to the Award (before any reductions to take account of tax and social security contributions in accordance with Rule 4.8) (the “Award Shares”);
c) the type of Award (Annual, New Hire, or Upfront Award);
d) the Release Date (assuming no acceleration or delay of the Release Date under these Plan Rules). and
e) details of any Performance Conditions applicable to the Award (other than any such Performance Condition which is just detailed in the Award Letter).
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4.4 Performance Conditions: Awards or Tranches of Awards may be made subject to Performance Conditions as approved by the Committee at the time the Award is made. Any such conditions will be detailed in the Award Statement and/or the Award Letter. The degree to which a Performance Condition is satisfied will determine the extent to which the Net Award Shares subject to that Award or Tranche will be Released, and the degree to which the Performance Condition is satisfied must be determined before the Award or relevant part of the Award can be Released. An Award shall be forfeited to the extent that it is determined that it is no longer capable of being Released because the Performance Condition has not been satisfied in full. The Management Board may amend the Performance Conditions if circumstances exist such that the Management Board considers, in its sole discretion, that the existing Performance Conditions should be so amended to ensure that they remain appropriate or because of regulatory requirements including, without limitation, any regulatory or recovery intervention. Notwithstanding the foregoing, in relation to an Award held by a member of the Management Board, the Management Board’s decision is not binding and the Supervisory Board will decide in its full discretion on the confirmation of or the deviation from the Management Board’s decision for purposes of these Awards; the decision of the Supervisory Board shall be final and binding.
4.5 Compliance: The making of any Award is subject to any approvals or consents required under any applicable laws or regulations or by any governmental authority, the requirements of any exchange on which DB Shares are traded and any policy adopted by the Compliance Department.
4.6 Award Shares: The Plan Administrator shall on the Award Date cause the Award Shares to be held by the Nominee as nominee for the Participant during the Restricted Period (subject to the provisions of the Plan, and in particular Rule 4.8), and the beneficial interest in the Award Shares shall be held by the Participant from that date.
4.7 Acknowledgement of Award: to Acknowledge the Award the Participant must:
a) acknowledge the Award and agree to be bound by and comply with the provisions of the Plan and any other terms contained in the Award Statement in relation to the Award; and
b) enter into an election under Section 83(b) of the Internal Revenue Code of the United States of America (“83(b) Election”) in relation to the DB Shares subject to the Award in a form acceptable to the Committee or the Plan Administrator;(such steps together being “Acknowledgement”). The procedure for Acknowledgement (including the period for doing so) will be communicated or made available to the Participant in such manner as the Committee or Plan Administrator may determine. If the Participant has not Acknowledged the Award in accordance with the specified procedure by the end of the period provided in that procedure, the Award and all the Award Shares shall be forfeited, and upon that forfeiture neither the Participant nor any Representative shall have any claim for compensation in relation to that forfeiture. Following such forfeiture, the Participant will no longer be able to Acknowledge the Award and shall forfeit all interest in the Award and the Award Shares subject to it, and no DB Group Company shall have any obligation to the Participant in relation to it. For the avoidance of doubt, the Participant shall not have any interest in the Tax Award Shares on any such forfeiture.
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4.8 Award Tax Shares and Net Award Shares: Immediately following the time the Award Shares are first held by the Nominee as nominee for the Participant on the Award Date as provided in Rule 4.6, the smallest whole number of the Award Shares sufficient to satisfy the amount of any taxation and social security contributions (calculated on the basis that an 83(b) Election is made in relation to the Award Shares with effect from the Award Date) for which any DB Group Company is liable to account or withhold on behalf of the Participant in relation to the acquisition of the Award Shares by the Participant (the “Award Tax Shares”) shall cease to be held by the Nominee as nominee for the Participant, the Participant shall no longer have any beneficial interest in the Award Tax Shares and the beneficial interest in those shares shall revert to the Nominee. The number of DB Shares remaining held by the Nominee as nominee for the Participant shall be the “Net Award Shares”, which shall be held by the Nominee as nominee for the Participant subject to the Plan Rules for the remainder of the Restricted Period. The Award Tax Shares shall for all purposes be treated as retained by the DB Group to satisfy the relevant taxation or social security contributions, and shall no longer be subject to the Plan Rules.
The number of Award Tax Shares shall be determined by the Plan Administrator in its sole discretion. If, because of rounding, the number of Award Tax Shares is greater than the number required to satisfy the taxation and social security contributions by a fraction of a DB Share, that fraction may be dealt with in the manner the Plan Administrator in its sole discretion sees fit, including, but not limited to, making a cash payment to the Participant on Release of the Award (or Tranche of an Award) equal to the cash value of the fraction of one DB Share.
No DB Group Company takes any responsibility (except where legally required) as to the taxation or social security consequences of the Participant participating in the Plan and a Participant should therefore seek independent tax and social security advice.
4.9 Non-transferable Awards: A Participant may not at any time before the Release Date (i) transfer, assign, sell, pledge or grant to any person or entity any rights in respect of any Award or any of the Award Shares (other than to a Representative in the event of the death or Total Disability of the Participant); or (ii) enter into any transactions having the economic effect of hedging or otherwise offsetting the risk of price movements, or attempt to do so, with respect to all or part of the Award Shares. Nothing in this Rule shall prevent the operation of Rule 4.8. Unless the Plan Administrator or the Committee decides otherwise, any breach of this Rule 4.9 will result in the forfeiture by the Participant of the Participant’s Award without any claim for compensation by the Participant or any Representative.
4.10 Dividend Rights: No dividends shall be paid, nor accrued, in relation to any of the Award Shares during the Restricted Period.
4.11 Voting Rights: There shall be no voting rights in respect of any of the Award Shares during the Restricted Period.
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4.12 Effect of forfeiture: Where an Award is forfeited in accordance with any of the Plan Rules the Participant shall cease to have any rights in relation that Award to the extent that it is forfeited, and in particular the Participant shall no longer have any beneficial interest in any of the Award Shares so forfeited.
4.13 Surrender of Net Award Shares: A Participant may surrender Net Award Shares (or a part thereof) at any time, prior to the Release Date. Where Net Award Shares (or a part thereof) are so surrendered, the Participant shall cease to have any rights vis a vis any DB Group Company in relation to those Net Award Shares and the Participant shall no longer have any beneficial or other interest in any of the Net Award Shares so surrendered.
5. Impact of termination of employment
5.1 Termination: Save as provided in Rule 5.3, an Award will not be forfeited by reason of the Participant ceasing to be a DB Employee and (save as provided in Rule 5.2) will remain subject to the Plan Rules (including the Restricted Period and any Performance Conditions).
5.2 Termination upon death or Total Disability: If a Participant ceases to be a DB Employee due to death or Total Disability (documented to the reasonable satisfaction of the Plan Administrator), an Award which is not subject to a Performance Condition will, subject to Rule 6.6, be Released in full (to the extent not previously Released) on the next administratively possible Release Date for other Awards granted pursuant to the Plan following receipt of such documentation as the Plan Administrator may require to establish the entitlement of the Participant or the Representative claiming on behalf of the Participant.
If a Participant who has ceased to be a DB Employee subsequently dies, and at the time of death holds any Awards which are not subject to a Performance Condition, those Awards will, subject to Rule 6.6, be Released in full (to the extent not previously Released) on the next administratively possible Release Date for other Awards granted pursuant to the Plan following receipt of such documentation as the Plan Administrator may require to establish the entitlement of the Participant or the Representative claiming on behalf of the Participant.
Where an Award is subject to a Performance Condition the Restricted Period will continue in accordance with the Award Statement and subject to these Plan Rules (including, without limitation, the forfeiture provisions of Rule 6), and the Award will remain subject to the Performance Condition.
5.3 Termination resulting in Complete Forfeiture: Awards which have not been Released shall be automatically forfeited if, at any time prior to Release, the Participant ceases to be a DB Employee by reason of termination for Cause as decided by a DB Group Company, which shall have full discretion to make a Cause determination.
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6. General forfeiture and clawback
6.1 Complete Forfeiture for certain acts: In addition to the other forfeiture provisions contained in the Plan Rules, a Participant shall automatically forfeit any Awards that have not been Released, without any claim for compensation by the Participant or any Representative, if any of the following events or activities occurs at any time prior to the Release Date for that Award, during or following employment as a DB Employee:
a) the Participant directly or indirectly solicits or entices away, or endeavours to solicit or entice away any individual person who is employed or engaged by any DB Group Company and, if following the termination of the Participant’s employment as a DB Employee, with whom the Participant has had business dealings during the course of the Participant’s employment in the 12 months immediately prior to the termination date;
b) the Participant solicits, directly or indirectly, any company, entity or individual who was a customer or client of any DB Group Company and, if following the termination of the Participant’s employment as a DB Employee, with whom the Participant has had business dealings during the course of the Participant’s employment in the 12 months immediately prior to the termination date in order to provide Restricted Services to such company, entity or individual;
c) the Participant directly or indirectly obtains, uses, discloses or disseminates Proprietary Information to any other company, individual or entity or otherwise employs Proprietary Information, except as specifically required in the proper performance of the Participant’s duties for any DB Group Company;
d) the Participant acts in a manner that is prejudicial to the reputation of the DB Group or any DB Group Company;
e) the Participant or any Representative is responsible for any act or omission that breaches the terms of any agreement into which the Participant has entered with any DB Group Company, including any settlement or separation agreement or compromise agreement; or
f) the Participant fails to provide, if asked, Proof of Certification, in accordance with Rule 7.5.
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6.2 Complete or Partial Forfeiture: In addition to the other forfeiture provisions contained in the Plan Rules, the Committee may, in its sole discretion, determine that a Participant shall forfeit such proportion (up to and including 100%) of any Award which has not been Released as may be determined by the Committee in its sole discretion without any claim for compensation by the Participant or any Representative in the following circumstances:
a) where a Participant engages in any conduct at any time prior to the Release Date, including prior to the Award Date, that:
i) breaches any Applicable DB Group Policy or Procedure;
ii) breaches any applicable laws or regulations imposed other than by the DB Group or any DB Group Company; or
iii) constitutes a Control Failure, whether arising by act or omission (or series of acts or omissions), whether in whole or in part, directly or indirectly;
in each case, where that conduct is the subject of an internal investigation by a DB Group Company or of an investigation by a regulatory or law enforcement body and it results in disciplinary measures or sanctions against the Participant or a DB Group Company (which, for the avoidance of doubt, shall include any significant supervisory measure imposed on DB Group or any DB Group Company) or
would have resulted in such measures or sanctions if the Participant had not ceased to be a DB Employee (or ceased to be an employee of a specific DB Group Company whilst remaining a DB Employee);
b) where:
i) the grant of that Award was based on a performance measure or measures or on assumptions that are later determined to be materially inaccurate (regardless of whether any relevant measures or assumptions were communicated to the Participant); or
ii) the grant, vesting or settlement of any other award made to the Participant (whether under the Plan, other compensation plans or other bonus or incentive arrangements, and whether delivered or not) was based on a performance measure or measures or on assumptions that are later determined to be materially inaccurate (regardless of whether any relevant measures or assumptions were communicated to the Participant);
c) where a Significant Adverse Event occurs, and the Committee considers the Participant to be Sufficiently Proximate to a Relevant Individual in relation to that Significant Adverse Event; or
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d) where the Committee determines, in its sole discretion, that forfeiture is required on the basis of prevailing regulatory requirements (which includes any legislation or guidance published by a regulator from time to time). For the avoidance of doubt, this includes (but is not limited to) having regard to sections 7 of InstitutsVergV and 45 para. 2 sentence 1 no. 5a, 6 of the German Banking Act (Kreditwesengesetz) (as may be amended, modified or replaced from time to time), including any order made by the German Federal Financial Supervisory Authority (BaFin) or any other competent regulatory authority, including the US Securities and Exchange Commission (SEC) and applicable securities listing exchanges in relation to such regulatory requirements. Forfeiture may include awards that are permitted to be recovered in satisfaction of the compliance obligations of such rules or laws, if such recovery is the selected method of recovery that the Committee determines is appropriate, alone or in combination with other methods or means of recovery.
Forfeiture under this Rule 6.2 may occur either before or after the Participant ceases to be a DB Employee for any reason.
6.3 Complete Forfeiture for Behaviour Amounting to Cause: A Participant shall automatically forfeit any Awards which have not been Released if:
a) during the Participant’s employment as a DB Employee, the Participant is responsible for an act or omission, or a series of acts or omissions, which amounted to behaviour listed in the definition of Cause in Rule 2, whether or not the employment is terminated as a result of those acts or omissions;
b) after the termination of the Participant’s employment as a DB Employee (for whatever reason), it is determined that the Participant was responsible for an act or omission, or a series of acts or omissions, while a DB Employee which gave rise to a right on the part of any DB Group Company to terminate the Participant’s employment for Cause, even if that right was not exercised; or
c) after the termination of the Participant’s employment as a DB Employee, the Participant is responsible for an act or omission, or a series of acts or omissions, which would have given rise to a right on the part of any DB Group Company to terminate the Participant’s employment for Cause had the Participant been a DB Employee at the time of the acts or omissions,
in each case whether or not any DB Group Company or any officer or employee of any DB Group Company knew at the time of the act or omission, or series of acts or omissions, that the relevant right had arisen or would arise. Neither the Participant nor any Representative shall have any claim for compensation in relation to any forfeiture under this Rule 6.3.
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6.4 Failure to provide details of brokerage or custody account: If the Net Award Shares are to be Released into a brokerage or custody account following the Release Date in accordance with Rule 7.1, and, if required by the Plan Administrator, the Participant has not provided details of a valid brokerage or custody account in accordance with Rule 7.2, the Committee may in its sole discretion forfeit the Award (and the Net Award Shares), and neither the Participant nor any Representative shall have any claim for compensation in relation to that forfeiture against any DB Group Company or the Nominee (as applicable).
6.5 Complete Forfeiture in connection with Restricted Services: A Participant that has ceased to be a DB Employee by reason of resignation, retirement or any other termination elected by that Participant shall automatically forfeit without any claim for compensation by the Participant or any Representative any Awards (or Tranche(s) of an Award) that have not been Released if it is determined by the Committee in its sole discretion that the Participant is employed or engaged in any capacity by a Financial Services Firm (whether directly or via an intermediary and whether or not for remuneration) in connection with the provision of Restricted Services before the Release Date, except where:
a) the services are provided in the ordinary course of a business other than a Financial Services Firm which employs or engages the Participant in any capacity; and
b) either:
i) the majority of the clients to whom the Participant’s services are provided are not Financial Services Firms; or
ii) the services provided by the Participant taken as a whole are not Restricted Services.
6.6 Suspension:
a) If the Committee considers that circumstances may be such that forfeiture may result under Rule 5.3, Rule 6.1(a) to (f), Rule 6.2, Rule 6.3, Rule 6.5 or Rule 6.7, the Release Date for an Award may at the sole discretion of the Committee be delayed until after those circumstances have been investigated (including, but not limited to, pursuant to any investigation referred to in Rule 6.2) and a determination regarding forfeiture has been made.
b) In addition, and without limitation to rule 6.2(d), the Committee may delay the Release Date of an Award in order to comply with, or to enable the compliance with, prevailing regulatory requirements (which, for the avoidance of doubt, includes any legislation or guidance published by a regulator from time to time and (without limitation) sections 7 of InstitutsVergV and 45 para. 2 sentence 1 no. 5a, 6 of the German Banking Act (Kreditwesengesetz) (in each case, as may be amended, modified or replaced from time to time)).
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c) Where the Release Date for an Award is delayed under Rule 6.6(a) and a determination has been made not to forfeit an Award (or portion of an Award), if:
i) the Participant disposes of the DB Shares immediately following the Release of the Award; and
ii) the Committee determines that the Participant has suffered a disadvantage as a result of the delay caused by the suspension due to changes in the value of a DB Share or changes in the relevant foreign exchange rates between the first date that DB Shares could have been sold by the Participant (taking account of any restrictions on the Participant's ability to sell DB Shares imposed by applicable laws or regulations, the requirements of any exchange on which DB Shares are traded and any policy adopted by the Compliance Department) following the date that Delivery was originally expected to occur (the "Earliest Sale Date") and the date of sale following the delayed Release Date,the Committee may, but is not obliged to, make a discretionary payment of such sum as it considers appropriate to the Participant by way of compensation, provided that in no event may any such sum exceed the difference in the value of the relevant DB Shares at the original Release Date and the value of those shares on the date of sale.
6.7 Additional Complete Forfeiture Provisions for Material Risk Takers: In addition to the other forfeiture provisions contained in the Plan Rules (and without prejudice to the operation of those provisions), if a Participant was a Material Risk Taker in any part of a Performance Period in relation to which an Award was made, and the Committee has determined that applicable laws or regulations require that a provision such as this Rule 6.7 apply to that Award, any part of that Award that has not been Released shall be forfeited, without any claim for compensation by the Participant or any Representative, if the Committee determines in its sole discretion that the Material Risk Taker has during that Performance Period:
a) participated to a significant extent in or been responsible for conduct that has resulted in significant loss, or on the basis of prevailing regulatory requirements, in extreme exceptional cases the Material Risk Taker does not have to have been at fault due to the materiality of the loss, or a material regulatory sanction for any DB Group Company (which, for the avoidance of doubt, shall include any significant supervisory measure imposed on DB Group or any DB Group Company); or
b) failed to comply to a significant extent with relevant external or internal rules regarding appropriate standards of conduct (including, without limitation, standards of fitness and propriety and/or any Applicable DB Group Policy or Procedure) within the ambit of section 18 para 5 sentence 3 no. 2 of InstitutsVergV or a similar provision in any other applicable regulation.
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6.8 Clawback of Awards Delivered to Material Risk Takers or in relation to a competent regulatory authority:
a) This Rule 6.8 applies in relation to an Award (or, where applicable, Tranches of an Award) which has been Released where the Participant was a Material Risk Taker in any part of the Performance Period in relation to which the Award is made, and the Committee has determined that applicable laws or regulations require that a provision such as this Rule 6.8 apply to that Award, if the Committee determines in its sole discretion that the Material Risk Taker has during that Performance Period:
i) participated to a significant extent in or been responsible for conduct that has resulted in significant loss, or on the basis of prevailing regulatory requirements, in extreme exceptional cases the Material Risk Taker does not have to have been at fault due to the materiality of the loss, or a material regulatory sanction for any DB Group Company and the Committee has
determined that applicable laws or regulations require that a provision such as this Rule 6.8 apply
to that Award; or
ii) failed to comply to a significant extent with relevant external or internal rules regarding appropriate standards of conduct (including, without limitation, standards of fitness and propriety and/or any Applicable DB Group Policy or Procedure) within the ambit of section 18 para 5 sentence 3 no. 2 of InstitutsVergV or the equivalent provision in any other applicable regulation; or
iii) where the Committee determines, in its sole discretion, that clawback is required on the basis of prevailing regulatory requirements (which includes any legislation or guidance published by a regulator from time to time). For the avoidance of doubt, this includes any order made by the German Federal Financial Supervisory Authority (BaFin) or any other competent regulatory authority, including the US Securities and Exchange Commission (SEC) and applicable securities listing exchanges in relation to such regulatory or other legal requirements. Clawback required by such rules or laws, may also include awards delivered as well as made in the performance period, and, for the avoidance of doubt, may include awards that are permitted to be recovered in satisfaction of the compliance obligations of such rules or laws, if such recovery is the selected method of recovery that the Committee determines is appropriate, alone or in combination with other methods or means of recovery.
Clawback under this Rule 6.8 may occur either before or after the Participant ceases to be a DB Employee for any reason.
b) Where the Committee determines that this Rule 6.8 applies in relation to an Award (or Tranche of an Award), the Participant shall be required to reimburse the Clawback Amount to the DB Group in accordance with the provisions of this Rule 6.8. The Committee shall notify the Participant in writing of the determination and of the Clawback Amount that is due from the Participant (a “Clawback Notice”).
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c) For the purposes of this Rule 6.8, the “Clawback Amount” shall be either:
i) the number of DB Shares originally subject to the part of the Award that has been Released, before any reduction in accordance with Rule 4.8, but taking account of any reduction resulting from failure to meet a Performance Condition in full, (the “Clawback Shares”); or
ii) the market value at the Release Date of the Clawback Shares (the “Clawback Cash”).
d) The Participant shall reimburse the DB Group for the Clawback Amount by either, at the election of the Participant, transferring the Clawback Shares to such person or entity designated by the Committee or paying the Clawback Cash to a DB Group Company designated by the Committee, as directed by the Committee, in each case as soon as possible after the Clawback Notice takes effect (as provided in Rule 12.2), and in any event within 30 days of that notice taking effect. If the Participant fails to reimburse the DB Group within 30 days of the notice taking effect, the DB Group reserves all of its rights to obtain reimbursement of the Clawback Amount (whether the Clawback Shares or the Clawback Cash, or any combination thereof, regardless of any election of the Participant) from the Participant in any way (or any combination of ways) it deems appropriate to the extent permitted by law. Without prejudice to the generality of the foregoing, any DB Group Company shall be entitled to:
i) deduct the relevant sum or part of it from any amounts due to the Participant from that DB Group Company (including salary) to the extent permitted by applicable law; and/or
ii) institute legal proceedings against the Participant for the recovery of the Clawback Amount or any part of it.
e) If the Committee considers that any taxation or social security contributions paid in relation to the Award may not be recovered from or repaid by the relevant tax authority following the application of this Rule 6.8, the Committee at its discretion, may, but is not required to, reduce the Clawback Amount to take account of this taxation or social security contributions. Where the Clawback Amount is so reduced, the Participant shall make reasonable efforts to recover the amount of taxation and social security contributions which resulted in the reduction from the relevant tax authority, and if any such taxation or social security contributions are subsequently recovered by the Participant from the relevant tax authority, the Participant shall pay the amount of any such taxation or social security contributions recovered by the Participant to the DB Group. If the Clawback Amount is reduced as described in this Rule 6.8(e) and a DB Group Company recovers any amount of taxation or social security contributions associated with the reduction, the DB Group Company shall retain the amount so recovered.
f) Neither the Participant nor any Representative shall have any claim for compensation as a result of the operation of this Rule 6.8.
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g) This Rule 6.8 shall not apply to an Award unless the Clawback Notice is delivered so as to take effect before the second anniversary of the Last Release Date for the Award. For these purposes, the “Last Release Date” is the date set forth in the Award Statement as the date upon which the Award is Released, or where the Award is granted in Tranches, the final date set forth in the Award Statement as the date upon which a Tranche of the Award is Released.
7. Release
7.1 Release: As soon as practicable following the Release Date of an Award (or Tranche of an Award), the Participant shall be entitled to withdraw the Net Award Shares subject to that Award or Tranche (taking account of any forfeiture in accordance with the Plan Rules) from the Nominee and have the shares placed in a valid DB Group brokerage or custody account, or other brokerage or custody account approved by the Plan Administrator for this purpose, in the name of the Participant (and the Nominee shall be entitled to so place the Net Award Shares regardless of whether so requested by the Participant), and the Participant shall be free to sell those Shares, subject to the requisite Compliance Department approval as referred to in Rule 11.6.
7.2 Custody/brokerage account: If required by the Plan Administrator, the Participant or any Representative must provide to the Plan Administrator, before the Release Date or such other date as identified by the Plan Administrator, details of a valid DB Group brokerage or custody account, or other brokerage or custody account approved by the Plan Administrator for this purpose, into which the Net Award Shares may be placed, in a form satisfactory to the Plan Administrator.
7.3 Tax, social security and other statutory withholding: The Plan Administrator or any DB Group Company may withhold such amount and make such arrangements as it considers necessary to meet any liability to taxation, social security contributions or any other statutory deduction in the event any such liability arises in respect of the Release of Awards. Without limitation, the number of shares to be placed into a Participant’s custody or brokerage account may be reduced by a number of DB Shares or other assets with a value equal to the amount of such applicable tax, social security requirements and any other statutory deductions, and in each case the amount of the deduction or the reduced number of DB Shares shall be treated as Released. Depending on the Participant’s individual circumstances, if a Participant changes locations between the Award Date and Release, an Award may become subject to multiple withholding taxes or double taxation. The Plan Administrator or Nominee may sell an appropriate portion of the Net Award Shares and withhold sufficient sale proceeds to satisfy the withholding liability, and such portion of the Net Award Shares shall be treated as Released.
The Participant (or the Participant’s Representative, if applicable) is responsible for reporting the receipt of income or the proceeds of any sale as a result of the operation of this Rule 7.3 or otherwise to the appropriate tax authority (except where any DB Group Company is legally obliged to account for such reporting).
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No DB Group Company takes any responsibility (except where legally required) as to the taxation, social security or other statutory deductions consequences of the Participant participating in the Plan and a Participant should therefore seek independent advice on tax, social security and other statutory deductions.
7.4 Proof of Certification: If the Plan Administrator requests any Proof of Certification, the Participant must provide such Proof of Certification in a form satisfactory to the Plan Administrator within 30 days of the request.
7.5 Notification of events: The Participant must notify the Plan Administrator of any events which may result in the forfeiture of the Award or any part of it prior to any Release Date. Furthermore, the Participant agrees that the Participant shall be deemed to warrant and undertake to the Plan Administrator and each DB Group Company on each Release Date that the Participant has not acted in any way giving rise to forfeiture pursuant to these Plan Rules at any time prior to the relevant Release Date.
If, contrary to Rule 6, the Participant derives any benefit, following the Release Date, to which the Participant is not entitled then the Plan Administrator (or any relevant DB Group Company) shall be entitled to a full recovery of all benefits derived by the Participant wrongly in breach of the warranty and undertaking and/or contrary to Rule 6. This shall be without prejudice to any other rights which any DB Group Company may have arising out of the act or omission giving rise to forfeiture.
7.6 Compliance: Any action in relation to an Award or the Award Shares is subject to any approvals or consents required under any applicable laws or regulations or by any governmental authority, the requirements of any exchange on which DB Shares are traded and any policy adopted by the Compliance Department.
8. Corporate events
8.1 Effect of Change of Control: Except as may otherwise be specified in a Participant’s Award Statement, on or before the occurrence of a Change of Control, the Committee shall have the sole discretion to determine whether none, some or all of the outstanding Awards will be Released (and the extent to which any Performance Conditions applicable to those Awards shall be treated as satisfied) as a result of the Change of Control, to the extent not already Released.
8.2 Corporate successors: The Plan shall not be automatically terminated by a transfer or sale of the whole or substantially the whole of the assets of Deutsche Bank AG, or by its merger or consolidation into or with any other corporation or other entity, but the Plan or an equivalent equity incentive plan shall be continued after such sale, merger or consolidation subject to the agreement of the transferee, purchaser or successor entity. In the event that the Plan is not continued by the transferee, purchaser or successor entity, the Plan shall terminate subject to the provisions of the Plan, including Rule 7 and Rule 10, and the Participant or any Representative shall have no further claim for compensation arising out of any such termination of the Plan.
20
8.3 Changes in capitalisation: If any change affects DB Shares on account of a merger, reorganisation, rights issue, extraordinary stock dividend, stock split or similar changes which the Committee reasonably determines justifies adjustments to Awards, the Plan Administrator shall make such appropriate adjustments as are determined by the Committee to be necessary or appropriate to prevent enlargement or dilution of rights.
9. Administration
9.1 Administration by the Plan Administrator: The Plan Administrator shall be responsible for the general operation and administration of the Plan in accordance with its terms and for carrying out the provisions of the Plan in accordance with such resolutions as may from time to time be adopted, or decisions made, by the Committee and shall have all powers necessary to carry out the provisions of the Plan.
9.2 Interpretation by the Committee: The Committee will have full discretionary power to interpret and enforce the provisions of this Plan and to adopt such regulations for administering the Plan as it decides are necessary or desirable. All decisions made by the Committee (including, for the avoidance of doubt, by the Plan Administrator, the DB Group or a DB Group Company, where designated in the Plan Rules as the body to make the decision) pursuant to the Plan are final, conclusive and binding on all persons, including the Participants and any DB Group Company.
9.3 Forfeiture and Release: The Committee shall have full discretion to determine whether or not any of the events or activities set forth in Rule 5 and/or Rule 6 has occurred.
10. Amendment or termination of the Plan
10.1 Termination of Plan: The Committee may terminate the Plan at any time in its sole discretion. Termination of the Plan (as opposed to amendment of the Plan) would be without prejudice to the subsisting rights of Participants.
10.2 Amendment of Plan: The Committee may at any time amend, alter or add to all or any of the provisions of the Plan (including, for the avoidance of doubt, the amendment of existing Schedules and the addition of new Schedules) or of any Award Statement or any Performance Condition in any respect in its sole discretion, provided that the Committee cannot materially adversely affect a Participant’s existing Award except:
a) with the Participant’s prior consent; or
b) where the amendment, alteration or addition is made in order to comply with applicable regulatory requirements which, for the avoidance of doubt, includes any legislation or guidance published by a regulator from time to time.
21
For the avoidance of doubt, no oral representation or statement made by any party, including any employee, officer, or director of any DB Group Company as to the interpretation, application or operation of this Plan or any Awards under it either generally or to any specific set of circumstances shall bind any DB Group Company unless it is confirmed in writing by the Plan Administrator or Senior Executive Compensation Committee.
11. General
11.1 No guarantee of benefits or unintended rights:
a) The granting of an Award is at the sole discretion of the Committee (or other persons the Committee permits to make Awards under Rule 4.1). The Committee is not obligated to make any Award, or permit any Award to be made, in the future or to allow DB Employees to participate in any future or other compensation plan even if an Award has been awarded in one or more previous years.
b) Nothing in these Plan Rules shall be construed as an obligation or a guarantee by any DB Group Company, the Committee or the Plan Administrator with respect to the future value of an Award.
c) No Participant or any Representative shall have any right to receive a benefit under the Plan except in accordance with the terms of these Plan Rules.
d) An Award and resulting distribution shall not (except as may be required by taxation law or other applicable law) form part of the emoluments of individuals or count as wages or remuneration for pension or other purposes.
e) If a Participant ceases to be a DB Employee for any reason, and, as a result, loses or suffers a diminution in value of an Award in accordance with the Plan Rules, that Participant shall not be entitled, and shall be deemed irrevocably to have waived any entitlement, to any compensation by way of damages or otherwise in connection with that loss or diminution in value in relation to the Award, except as specifically provided for in the Rules.
f) Notwithstanding anything to the contrary in these Rules, the Participant shall not have, and waives any right to, bring a claim against any DB Group Company for any loss caused or alleged to have been caused by the manner in which any discretion referred to in these Rules has been exercised (or, as the case may be, not exercised).
11.2 No enlargement of Participant rights: The establishment of the Plan and the making of Awards under it is entirely at the sole discretion of the Committee, shall not be construed as an employment agreement and shall not give any Participant the right to be retained as a DB Employee or to otherwise impede the ability of any DB Group Company to terminate the Participant’s employment. No communications concerning the Award shall be construed as forming part of a Participant’s terms and conditions of employment or any employment agreement with any DB Group Company.
22
11.3 Severability: The invalidity or non-enforceability of any one or more provisions of these Rules shall not affect the validity or enforceability of any other provision of these Rules, which shall remain in full force and effect.
11.4 Limitations on liability: Notwithstanding anything to the contrary in these Rules, neither any DB Group Company, the Plan Administrator, nor any individual acting as an employee, agent or officer of any DB Group Company or the Plan Administrator, shall be liable to any Participant, former employee or any Representative for any claim, loss, liability or expense incurred in connection with the Plan.
11.5 Claims by Participants: Any claim or action of any kind by a Participant or Representative with respect to benefits under the Plan or these Plan Rules, including any arbitration or litigation filed in a court of law, must be brought within one year from the date a Participant’s Award was Released or would have been Released had such Award not been forfeited or lapsed pursuant to these Rules, save to the extent that this restriction would be unlawful under applicable law.
11.6 Dealing in DB Shares: Any dealing in DB Shares acquired by a Participant pursuant to the Plan shall remain subject to the requisite Compliance Department approval.
11.7 Participant confidentiality: For the avoidance of doubt, nothing in these Rules shall prohibit or restrict the Plan Administrator, any Participant or any Group Company from disclosing information to any securities exchange, tax or regulatory authority having jurisdiction over any Group Company or in order to take professional advice or as ordered by a court of competent jurisdiction. Additionally, neither the Plan Administrator, any Participant nor any Group Company is prevented by these Rules from reporting any wrongdoing to a statutory regulator in circumstances in which there is a duty to disclose that wrongdoing or from reporting a criminal offence to the police or other relevant criminal enforcement body.
11.8 Assignment: Except in accordance with Rule 4.9, an Award is not transferable or assignable by the Participant. Notwithstanding this, any DB Group Company shall have the right to novate and/or assign its contractual rights and/or obligations under this Plan in full or in part to any other DB Group Company or an Acquirer Entity at its sole discretion without the express consent of the Participant.
11.9 Data protection: Any DB Group Company may collect and process various data that is personal to Participants (including, for example, name and address, taxpayer and social security identification numbers, and employee number or other means of confirming employment and title or position with a DB Group Company) for the purposes of administering the Plan, compliance with any requirement of law or regulation, including tax-related requirements, and the prevention or investigation of crimes and malpractice. This data will be collected directly from the Participant or from the DB Group Company that employs the Participant. A failure or refusal on the part of the Participant to provide or update the data (or to agree to the uses of the Participant’s personal data described above) may result in the DB Group being unable to administer the Plan in respect of the Participant. A DB Group Company may disclose this data to its affiliates or service providers (including the Plan Administrator) in connection with the administration of the Plan. Some data
23
processing may be done outside the country in which the Participant is employed, where laws and practices relating to the protection of personal data may be weaker than those in the country in which the Participant is employed, including in the United States of America, but wherever practicable the DB Group will take steps to ensure that Participants’ personal information is adequately protected and complies, so far as possible, with the local data protection legislation in the country in which the Participant is employed. In certain circumstances courts, law enforcement agencies or regulatory agencies within or outside the country in which the Participant is employed may be entitled to access the data. Depending on the country in which the Participant is employed, the Participant may have the right to request access to, a copy of and correction of information held by the DB Group and may write to the local Data Protection Officers of the DB Group, at the contact details which will be provided from time to time, for these purposes and also to request that the DB Group specify or explain its policies and procedures in relation to data and the types of data held.
11.10 Entire agreement: These Plan Rules together with the Award Statement (and, if any Performance Condition is set out in an Award Letter, that Award Letter) set forth the entire understanding of the parties with respect to the Award described on the Award Statement. Any agreement, arrangement or communication, whether oral or written, pertaining to the Award described in the Award Statement is hereby superseded and the foregoing Award shall be subject to the provisions of these Plan Rules. To the extent that there is any inconsistency between these Rules and the Award Statement or other communications, these Plan Rules shall prevail.
12. Notices
12.1 Form of notices: All notices or other communications with respect to these Plan Rules shall be in writing and be delivered in person, by email, by facsimile transmission, by registered mail (return receipt requested, postage prepaid) or as may otherwise be indicated by the Plan Administrator (including via any online computer processes established by the Plan Administrator).
Notices or communications to the Plan Administrator or any DB Group Company shall be sent to the following address (or to such other address or in such other manner for the Plan Administrator or any DB Group Company as shall be notified to the Participant):
Plan Administrator (or DB Group Company)
HR Performance & Reward
c/o DB Group Services (UK) Limited
21 Moorfields
London EC2Y 9DB, United Kingdom
12.2 When notices take effect: Notices or other communications shall take effect:
a) if delivered by hand, upon delivery;
24
b) if posted, upon delivery, or, in relation to communications sent to a Participant by first class post, 10.00 a.m. (UK time) on the second day after posting if earlier;
c) if sent by facsimile or email, when a complete and legible copy of the relevant communication, whether that sent by facsimile or email (as the case may be) or a hard copy sent by post or delivered by hand, has been received at the appropriate address; and
d) if sent via any online computer processes established by the Plan Administrator, when that communication is registered by the system or acknowledged by the Participant, as the case may be.
12.3 Participants’ contact details: It is each Participant’s responsibility to keep the Plan Administrator updated with any change to address and other contact details for that Participant. By participating in the Plan, each Participant acknowledges and agrees that the Participant shall have no claim for compensation or otherwise for any loss suffered as a result of, or in connection with, a failure to keep contact details updated. Any notice or other communication given to a Participant by the Plan Administrator or any DB Group Company shall be validly given if sent to the last address validly notified to the Plan Administrator by the Participant (or in the absence of any such notification to the address that the Plan Administrator reasonably believes to be that Participant’s address, or to be that Participant’s address before any change of address which has not been validly notified to the Plan Administrator).
13. Applicable law and jurisdiction
Interpretation of these Plan Rules shall be governed by and construed in accordance with the laws of England and Wales to the exclusion of the rules on the conflict of laws. All disputes arising out of or in connection with this Award shall be subject to the exclusive jurisdiction of the courts of England and Wales.
The effective date of this document is March 1, 2025.
These Plan Rules (as may be amended from time to time) apply to all Awards granted on or after this Date and before Plan Rules are issued with a later effective date which will supersede and replace these Plan Rules in relation to future grants of Awards.
25
Deutsche Bank Restricted Share Plan 2025
Schedule: Californian Employees
This schedule (“Schedule”) modifies the provisions of the Deutsche Bank Restricted Share Plan, as amended from time to time (the “Plan”) with respect to Awards (1) in relation to which the Participant may, in the absence of the amendments effected by this Schedule, would be subject to rules concerning non-competition and non-solicitation, which are not permissible in the State of California.
The provisions of this Schedule apply automatically to those Awards (whether applicable at the Award Date or not) and supersede any contrary provisions contained in the Plan or any Award Statement issued thereunder in relation to the respective Participants.
Any capitalized terms contained but not defined in this Schedule shall have the meaning provided in the Plan.
These modifications are made to the Plan with the intent that the Plan be compliant with Californian Law:
1 Definitions
The following definitions are removed from Rule 2 of the Plan:
“Restricted Services” means services that are substantially similar to any or all of the services provided by the Participant during the 12-month period prior to the Participant ceasing to be a DB Employee.
“Proof of Certification” means any information deemed necessary or desirable by the Plan Administrator (i) to confirm a Participant’s compliance with the terms and provisions of an Award; (ii) to enable the Plan Administrator to apply the terms and provisions of an Award; or (iii) to enable the Plan Administrator (or any DB Group Company) to comply with its obligations in relation to an Award, including, but not limited to: copies of tax returns and employment or payroll-related documentation, or any confirmation or agreement by a Participant deemed necessary or desirable by the Plan Administrator to carry out any of the Plan Rules or any other rule or regulation, as determined by the Plan Administrator (including without limitation confirmation or agreement that the Participant is bound by the Plan Rules in relation to an Award).
2 General forfeiture and clawback
Rule 6.1 shall be replaced with the following:
6.1 Complete Forfeiture for certain acts: In addition to the other forfeiture provisions contained in the Plan Rules, a Participant shall automatically forfeit any Awards that have not been Released, without any claim for compensation by the Participant or any Representative, if any of the following events or activities occurs at any time prior to the Release Date for that Award, during or following employment as a DB Employee:
26
a) the Participant directly or indirectly obtains, uses, discloses or disseminates Proprietary Information to any other company, individual or entity or otherwise employs Proprietary Information, except as specifically required in the proper performance of the Participant’s duties for any DB Group Company;
b) the Participant acts in a manner that is prejudicial to the reputation of the DB Group or any DB Group Company;
c) the Participant or any Representative is responsible for any act or omission that breaches the terms of any agreement into which the Participant has entered with any DB Group Company, including any settlement or separation agreement or compromise agreement.
Rule 6.5 shall not apply for employees or former employees within the State of California.
27
Deutsche Bank Restricted Share Plan 2025
Schedule 2: Deutsche Bank AG Management Board Members
This schedule (“Schedule”) modifies the provisions of the Deutsche Bank Restricted Share Plan, as amended from time to time (the “Plan”) with respect to Awards in relation to which the Participant, in the absence of the amendments effected by this Schedule, would not be subject to rules applicable to Management Board Members of Deutsche Bank AG.
The provisions of this Schedule apply automatically to those Awards (whether applicable at the Award Date or not) and supersede any contrary provisions contained in the Plan or any Award Statement issued thereunder in relation to the respective Participants.
Any capitalised terms contained but not defined in this Schedule shall have the meaning provided in the Plan.
These modifications are made to the Plan with the intent that the Plan be compliant with German Law:
1 Definitions
The following definitions are removed from Rule 2 of the Plan:
“Award Letter” means a letter issued by a DB Group Company at or around the time of an Award Statement, which may set out Performance Conditions in relation to an Award as provided in Rule 4.4, and which may in some cases supplement an Award Statement
“Financial Services” includes (without limitation) any (or any combination) of the following:
a) commercial or retail banking;
b) brokerage;
c) wealth management;
d) insurance, pension or lending services;
e) financial, business, investment or economic advisory services (including raising or preserving capital or transitioning ownership of any asset);
f) asset management;
g) issuing, trading or selling instruments or other investments; and
h) advising on or investing in private equity or real estate,
and also includes any other activities engaged in by any DB Group Company that the Committee considers constitute financial services.
“Material Risk Taker” means a material risk taker (as determined by the DB Group in its sole discretion) having regard to InstitutsVergV or any other applicable regulation.
28
“Relevant Individual” in relation to a Significant Adverse Event means a DB Employee or a contingent worker engaged by a DB Group Company whose conduct is the subject of an internal investigation by a DB Group Company in connection with that Significant Adverse Event which results in disciplinary measures or sanctions against the Relevant Individual, or would have resulted in such measures or sanctions (as determined by the Committee in its absolute discretion) if, in the case of a former DB Employee, the Relevant Individual had not ceased to be a DB Employee or, in the case of a contingent worker or former contingent worker, the Relevant Individual had been a DB Employee subject to disciplinary measures or sanctions by a DB Group Company.
“Senior Executive Compensation Committee” means the committee delegated by the Management Board to govern this Plan.
“Significant Adverse Event” means an event (or series of events, in each case whether by any acts or omissions) that has resulted in any internal or external finding of misconduct or of risk (including without limitation regulatory, client, reputational, market and/or other risk), or financial loss (whether direct or indirect, and whether by way of a regulatory fine, sanction, action, or settlement, including any associated cost or otherwise), which, as determined by the Committee in its absolute discretion, is classified by the DB Group as being “Acute”, “Severe” or “High” (or a similar level under any alternative categorisation in place from time to time) and which the Committee has determined in its absolute discretion has had or is likely to have an adverse effect on the DB Group, a DB Group Company, a Division or a business unit.
“Sufficiently Proximate” to a Relevant Individual in relation to a Significant Adverse Event means a Participant who is:
a) a legal, local or functional manager (or other equivalent manager type applicable at the time) of a Relevant Individual who is a DB Employee (the “First Level Manager”), or a DB sponsor of a Relevant Individual who is a contingent worker engaged by a DB Group Company (the “First Level Sponsor”);
b) a legal, local or functional manager (or other equivalent manager type applicable at the time) of a First Level Manager or First Level Sponsor of the Relevant Individual or the head of the business unit in which the Relevant Individual is employed or engaged;
c) only in case of a Significant Adverse Event which is classified by the DB Group as being “Acute” (or a similar level under any alternative categorisation in place from time to time), the head of Division, the Chief Country Officer(s), the CEO or Chief Operating Officer(s) where the Relevant Individual works (or worked) or is engaged (or was engaged); in each case, at the time when Significant Adverse Event(s) (or portion thereof), or the actions or omissions (in each case, or portions thereof) of the Relevant Individual contributing to the Significant Adverse Effect, occurred and regardless of whether the Participant was himself responsible for, or contributed to, the Significant Adverse Event, in any way other than being Sufficiently Proximate to a Relevant Individual.
29
The following definitions are amended from Rule 2 of the Plan to be defined accordingly as:
“Cause” means in respect of the termination of a Participant’s employment an important reason for termination of the employment contract as a member of the Management Board as per sec. 626 of the German Civil Code (Bürgerliches Gesetzesbuch).
“Change of Control” means a change in the control of Deutsche Bank AG which shall occur if
1. a shareholder or several shareholders acting jointly acquire the majority of the shares or voting rights of Deutsche Bank AG; or
2. a shareholder or several shareholders acting jointly hold a voting share of more than one half of the voting capital represented at a general meeting of Deutsche Bank AG and, as a result of that, the duties previously performed by the Participant are substantially restricted or changed.
For the allocation of shares owned by third parties, the provisions of § 34 German Securities Trading Act (WpHG) apply accordingly.
“Committee” means the Supervisory Board of Deutsche Bank or a duly authorised committee thereof.
“DB Employee” means a person employed by any DB Group Company, including members of the Management Board.
“Restricted Services” means any work of the Participant either directly or indirectly, on a self-employed basis or as an employee or in any other form, for a Financial Services Firm. For the avoidance of doubt this includes services provided in revenue generating as well as infrastructure and support roles. The term “Restricted Services” shall apply without any geographical restrictions. If the Participant and Deutsche Bank have agreed on a differing non-competition provision in the employment contract, a termination agreement or any other applicable agreement, Restricted Services shall mean and be limited to any activities within the scope of such non-competition provision
“Plan Administrator” means Deutsche Bank AG
“Proprietary Information” means any information which is not publicly available (other than as a result of the Participant’s action), including, without limitation, all financial or product information, business plans, client lists, compensation details or other confidential information, copyright, patent and design rights in any invention, design, discovery or improvement, model, computer program, system, database, formula or documentation, including information conceived, discovered or created during or in consequence of the Participant’s employment as a DB Employee. An exception hereof shall apply if the disclosure of such information (i) does not impair the interests of Deutsche Bank, (ii) is required in due performance of the Participant’s duties as a DB Employee or (iii) is legally mandatory. Unless an adverse effect on the interests of Deutsche Bank is obviously excluded, a disclosure of information shall only be deemed not to impair such interests if – to the extent
30
possible – the Participant has informed the Management Board in advance and the Management Board has approved the disclosure.
“Financial Services Firm” which, within the meaning of these Plan Rules, are companies that fulfil the requirements of one or more of the following categories:
1. Institutions that are subject to the area of applicability of the InstitutsVergV and are to be classified as a “major institution” within the meaning of § 17 InstitutsVergV.
2. Institutions that are not subject to the area of applicability of the InstitutsVergV and whose total assets amount to or exceed Euro 15 billion based on the average as of the respective reporting dates of the last three full financial years.
3. Regulated financial services institutions that manage invested assets of more than Euro 100 billion.
4. An affiliated company pursuant to the definition in § 15 German Stock Corporation Act (AktG) of one of the companies within the meaning of Numbers 1 to 3.
If the Participant and Deutsche Bank have agreed on a differing non-competition provision in the employment contract, a termination agreement or any other applicable agreement, Financial Services Firm shall mean and be limited to any company within the scope of such non-competition provision.
2 Awards
Rule 4.3 (e) shall not apply.
Rule 4.4 shall be replaced with the following:
4.4 Performance Conditions: Awards or Tranches of Awards may be made subject to Performance Conditions as approved by the Committee at the time the Award is made. Any such conditions will be detailed in the Award Statement. The degree to which a Performance Condition is satisfied will determine the extent to which the Net Award Shares subject to that Award or Tranche will be released, and the degree to which the Performance Condition is satisfied must be determined before the Award or relevant part of the Award can be released. An Award shall be forfeited to the extent that it is determined that it is no longer capable of being released because the Performance Condition has not been satisfied in full. The Committee may amend the Performance Conditions subject to its equitable discretion if such amendment is required to ensure that the Performance Conditions remain appropriate and/or compliant with legal or regulatory requirements including, without limitation, any regulatory or recovery intervention. Any amendment is only permissible if it is compliant with all applicable legal and regulatory requirements. An amendment to the disadvantage of the Participant is only permissible if it is required due to legal and/or regulatory requirements or if the Participant agrees to the amendment.
31
Rule 4.9 shall be replaced with the following:
4.9 Non-transferable Awards: A Participant may not at any time before the release date (i) transfer, assign, sell, pledge or grant to any person or entity any rights in respect of any Award or any of the Award Shares, other than in the event of the death or Total Disability of the Participant; or (ii) enter into any transactions having the economic effect of hedging or otherwise offsetting the risk of price movements, or attempt to do so, with respect to all or part of the Award Shares. As a result of a breach of this Rule 4.9, a Participant shall forfeit such proportion (up to and including 100%) of Net Award Shares as may be determined by the Committee in its equitable discretion without any claim for compensation by the Participant or any Representative.
3 General forfeiture and clawback
Rule 6.2 (c) 6.7 and 6.8 shall not apply
4 Corporate Events
Rule 8.1 and 8.2 shall be replaced with the following:
8.1 Effect of Change of Control: Except as may otherwise be specified in a Participant’s Award Statement, on or before the occurrence of a Change of Control, the Committee shall have the sole discretion to determine whether none, some or all of the outstanding Awards will be Released (and the extent to which any Performance Conditions applicable to those Awards shall be treated as satisfied) as a result of the Change of Control, to the extent not already Released. The Committee’s decision is subject to and must comply with any applicable laws and other applicable regulations.
8.2 Corporate successors: The Plan shall not be automatically terminated by a transfer or sale of the whole or substantially the whole of the assets of Deutsche Bank AG, or by its merger or consolidation Into or with any other corporation or other entity, but the Plan or an equivalent equity incentive plan shall be continued after such sale, merger or consolidation subject to the agreement of the transferee, purchaser or successor entity. In the event that the Plan is not continued by the transferee, purchaser or successor entity, the Plan shall terminate subject to the provisions of the Plan, including Rule 7 and Rule 10, and the Participant or any Representative shall have no further claim for compensation arising out of any such termination of the Plan. A termination of the Plan shall only occur with effect for the future and shall not affect any rights already acquired by the Participant.
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5 General
Rule 11.10 shall be replaced with the following:
11.10 Entire agreement: The Participant’s employment contract, these Plan Rules, the Schedule for members of the Management Board and the Award Statement set forth the entire understanding of the parties with respect to the Award described on the Award Statement. To the extent that there is any inconsistency between any of the aforementioned provisions, the following hierarchy shall apply to the prevalence of contradicting provisions:
a) the Participant’s employment contract;
b) the Schedule for Members of the Management Board;
c) these Plan Rules;
d) the Award Statement.
6 Notices
Rule 12.1 shall be replaced with the following:
12.1 Form of notices: All notices or other communications with respect to these Plan Rules shall be in writing and be delivered in person, by email, by facsimile transmission, by registered mail (return receipt requested, postage prepaid) or as may otherwise be indicated by the Plan Administrator (including via any online computer processes established by the Plan Administrator). Notices or communications to the Plan Administrator or any DB Group Company shall be sent to the following address (or to such other address or in such other manner for the Plan Administrator or any DB Group Company as shall be notified to the Participant):
Deutsche Bank AG
Head of Corporate Executive Matters Rule 13 shall be replaced with the following:
Taunusanlage 12
60325 Frankfurt am Main
Germany
7 Applicable law and jurisdiction
Interpretation of these Plan Rules shall be governed by and construed in accordance with the laws of Germany to the exclusion of the rules on the conflict of laws. Overriding mandatory provisions of foreign law shall remain unaffected. All disputes arising out of or in connection with this Award shall be subject to the exclusive jurisdiction of the courts of Germany.
33
Exhibit 8.1
List of Subsidiaries
|
Serial No. |
Name of company |
Domicile of company |
Footnote |
|
Subsidiaries |
|||
|
1 |
Deutsche Bank Aktiengesellschaft |
Frankfurt am Main |
|
|
2 |
ABFS I Incorporated |
Lutherville-Timonium |
|
|
3 |
Alex. Brown Financial Services Incorporated |
Lutherville-Timonium |
|
|
4 |
Alex. Brown Investments Incorporated |
Lutherville-Timonium |
|
|
5 |
Alfred Herrhausen Gesellschaft mbH i.L. |
Berlin |
|
|
6 |
Argent Incorporated |
Lutherville-Timonium |
|
|
7 |
Baldur Mortgages Limited |
London |
|
|
8 |
Betriebs-Center für Banken AG |
Frankfurt |
|
|
9 |
Better Financial Services GmbH |
Berlin |
|
|
10 |
Better Payment Germany GmbH |
Berlin |
|
|
11 |
BHW - Gesellschaft für Wohnungswirtschaft mbH |
Hameln |
|
|
12 |
BHW Bausparkasse Aktiengesellschaft |
Hameln |
|
|
13 |
BHW Holding GmbH |
Hameln |
|
|
14 |
Borfield Sociedad Anonima |
Montevideo |
|
|
15 |
Breaking Wave DB Limited |
London |
|
|
16 |
BT Globenet Nominees Limited |
London |
|
|
17 |
Cardea Real Estate S.r.l. |
Milan |
|
|
18 |
Caribbean Resort Holdings, Inc. |
New York |
1 |
|
19 |
Cathay Advisory (Beijing) Co., Ltd. |
Beijing |
|
|
20 |
Cathay Asset Management Company Limited |
Ebène |
|
|
21 |
Cathay Capital Company (No 2) Limited |
Ebène |
|
|
22 |
China Recovery Fund, LLC |
Wilmington |
|
|
23 |
Cinda - DB NPL Securitization Trust 2003-1 |
Wilmington |
1 |
|
24 |
Consumo Srl in Liquidazione |
Milan |
|
|
25 |
D B Investments (GB) Limited |
London |
|
|
26 |
D&M Turnaround Partners Godo Kaisha |
Tokyo |
|
|
27 |
DB (Barbados) SRL |
Christ Church |
|
|
28 |
DB (Malaysia) Nominee (Asing) Sdn. Bhd. |
Kuala Lumpur |
|
1
|
Serial No. |
Name of company |
Domicile of company |
Footnote |
|
29 |
DB (Malaysia) Nominee (Tempatan) Sendirian Berhad |
Kuala Lumpur |
|
|
30 |
DB Advisory Services S.A.S. |
Bogotá |
|
|
31 |
DB Alex. Brown Holdings Incorporated |
Wilmington |
|
|
32 |
DB Aotearoa Investments Limited |
George Town |
|
|
33 |
DB Beteiligungs-Holding GmbH |
Frankfurt |
|
|
34 |
DB Boracay LLC |
Wilmington |
|
|
35 |
DB Capital Markets (Deutschland) GmbH |
Frankfurt |
|
|
36 |
DB Cartera de Inmuebles 1, S.A.U. |
Madrid |
|
|
37 |
DB Chestnut Holdings Limited (in voluntary liquidation) |
George Town |
|
|
38 |
DB Commodity Financing Limited |
London |
|
|
39 |
DB Corporate Advisory (Malaysia) Sdn. Bhd. |
Kuala Lumpur |
|
|
40 |
DB Direkt GmbH |
Frankfurt |
|
|
41 |
DB Equipment Leasing, Inc. |
New York |
|
|
42 |
DB Finance (Delaware), LLC |
Wilmington |
|
|
43 |
DB Global Technology SRL |
Bucharest |
|
|
44 |
DB Global Technology, Inc. |
Wilmington |
|
|
45 |
DB Group Services (UK) Limited |
London |
|
|
46 |
DB Holdings (New York), Inc. |
New York |
|
|
47 |
DB HR Solutions GmbH |
Frankfurt |
|
|
48 |
DB Industrial Holdings Beteiligungs GmbH & Co. KG |
Luetzen |
2 |
|
49 |
DB Industrial Holdings GmbH |
Luetzen |
|
|
50 |
DB Intermezzo LLC |
Wilmington |
|
|
51 |
DB Internal Funding Limited |
London |
|
|
52 |
DB International (Asia) Limited |
Singapore |
|
|
53 |
DB International Investments Limited |
London |
|
|
54 |
DB International Trust (Singapore) Limited |
Singapore |
|
|
55 |
DB Investment Partners Limited |
London |
|
|
56 |
DB Investment Partners Pte. Ltd. |
Singapore |
|
|
57 |
DB Investment Services GmbH |
Frankfurt |
|
|
58 |
DB IROC Leasing Corp. |
New York |
|
|
59 |
DB London (Investor Services) Nominees Limited |
London |
|
|
60 |
DB Management Support GmbH |
Frankfurt |
|
|
61 |
DB Nominees (Hong Kong) Limited |
Hong Kong |
|
|
62 |
DB Nominees (Jersey) Limited |
St. Helier |
|
|
63 |
DB Nominees (Singapore) Pte Ltd |
Singapore |
|
|
64 |
DB Omega Ltd. |
George Town |
|
|
65 |
DB Operaciones y Servicios Interactivos, S.L.U. |
Madrid |
|
2
|
Serial No. |
Name of company |
Domicile of company |
Footnote |
|
66 |
DB Overseas Finance Delaware, Inc. |
Wilmington |
|
|
67 |
DB Overseas Holdings Limited |
London |
|
|
68 |
DB Print GmbH |
Frankfurt |
|
|
69 |
DB Private Clients Corp. |
Wilmington |
|
|
70 |
DB Private Wealth Mortgage Ltd. |
New York |
|
|
71 |
DB Re S.A. |
Luxembourg |
|
|
72 |
DB Service Centre Limited |
Dublin |
|
|
73 |
DB Services (Jersey) Limited |
St. Helier |
|
|
74 |
DB Services Americas, Inc. |
Wilmington |
|
|
75 |
DB Servizi Amministrativi S.r.l. |
Milan |
|
|
76 |
DB Strategic Advisors, Inc. |
Makati City |
|
|
77 |
DB Structured Derivative Products, LLC |
Wilmington |
|
|
78 |
DB Structured Products, Inc. |
Wilmington |
|
|
79 |
DB Trustee Services Limited |
London |
|
|
80 |
DB Trustees (Hong Kong) Limited |
Hong Kong |
|
|
81 |
DB U.S. Financial Markets Holding Corporation |
Wilmington |
|
|
82 |
DB UK Bank Limited |
London |
|
|
83 |
DB UK Holdings Limited |
London |
|
|
84 |
DB UK PCAM Holdings Limited (in members' voluntary liquidation) |
London |
|
|
85 |
DB USA Core Corporation |
West Trenton |
|
|
86 |
DB USA Corporation |
Wilmington |
|
|
87 |
DB Valoren S.à r.l. |
Luxembourg |
|
|
88 |
DB Value S.à r.l. |
Luxembourg |
|
|
89 |
DB VersicherungsManager GmbH |
Frankfurt |
|
|
90 |
DB Vita S.A. |
Luxembourg |
|
|
91 |
DBAH Capital, LLC |
Wilmington |
|
|
92 |
DBCIBZ1 |
George Town |
|
|
93 |
DBFIC, Inc. |
Wilmington |
|
|
94 |
DBNZ Overseas Investments (No.1) Limited |
George Town |
|
|
95 |
DBOI Global Services (UK) Limited |
London |
|
|
96 |
DBR Investments Co. Limited |
George Town |
|
|
97 |
DBRE Global Real Estate Management IB, Ltd. |
George Town |
|
|
98 |
DBRMSGP1 |
George Town |
2, 3 |
|
99 |
DBUSBZ2, S.à r.l. |
Luxembourg |
|
|
100 |
DBX Advisors LLC |
Wilmington |
|
|
101 |
DEE Deutsche Erneuerbare Energien GmbH |
Frankfurt |
|
|
102 |
DEUKONA Versicherungs-Vermittlungs-GmbH |
Frankfurt |
|
|
103 |
Deutsche (Aotearoa) Capital Holdings New Zealand |
Auckland |
|
3
|
Serial No. |
Name of company |
Domicile of company |
Footnote |
|
104 |
Deutsche (Aotearoa) Foreign Investments New Zealand |
Auckland |
|
|
105 |
Deutsche (New Munster) Holdings New Zealand Limited |
Auckland |
|
|
106 |
Deutsche Alternative Asset Management (UK) Limited |
London |
|
|
107 |
Deutsche Asia Pacific Holdings Pte Ltd |
Singapore |
|
|
108 |
Deutsche Asset Management (India) Private Limited |
Mumbai |
|
|
109 |
Deutsche Australia Limited |
Sydney |
|
|
110 |
Deutsche Bank (Cayman) Limited |
George Town |
|
|
111 |
Deutsche Bank (China) Co., Ltd. |
Beijing |
|
|
112 |
Deutsche Bank (Malaysia) Berhad |
Kuala Lumpur |
|
|
113 |
Deutsche Bank (Suisse) SA |
Geneva |
|
|
114 |
Deutsche Bank (Uruguay) Sociedad Anónima Institución Financiera Externa |
Montevideo |
|
|
115 |
DEUTSCHE BANK A.S. |
Istanbul |
|
|
116 |
Deutsche Bank Americas Holding Corp. |
Wilmington |
|
|
117 |
Deutsche Bank Europe GmbH |
Frankfurt |
|
|
118 |
Deutsche Bank Financial Company |
George Town |
|
|
119 |
Deutsche Bank Holdings, Inc. |
Wilmington |
|
|
120 |
Deutsche Bank Immobilien GmbH |
Hameln |
|
|
121 |
Deutsche Bank Insurance Agency Incorporated |
Wilmington |
|
|
122 |
Deutsche Bank Luxembourg S.A. |
Luxembourg |
|
|
123 |
Deutsche Bank Mutui S.p.A. |
Milan |
|
|
124 |
Deutsche Bank National Trust Company |
Los Angeles |
|
|
125 |
Deutsche Bank Polska Spólka Akcyjna |
Warsaw |
|
|
126 |
Deutsche Bank Representative Office Nigeria Limited |
Lagos |
|
|
127 |
Deutsche Bank S.A. - Banco Alemão |
Sao Paulo |
|
|
128 |
Deutsche Bank Securities Inc. |
Wilmington |
|
|
129 |
Deutsche Bank Securities Limited |
Toronto |
|
|
130 |
Deutsche Bank Società per Azioni |
Milan |
|
|
131 |
Deutsche Bank Trust Company Americas |
New York |
|
|
132 |
Deutsche Bank Trust Company Delaware |
Wilmington |
|
|
133 |
Deutsche Bank Trust Company, National Association |
New York |
|
|
134 |
Deutsche Bank Trust Corporation |
New York |
|
4
|
Serial No. |
Name of company |
Domicile of company |
Footnote |
|
135 |
Deutsche Bank, Sociedad Anónima Española Unipersonal |
Madrid |
|
|
136 |
Deutsche Capital Finance (2000) Limited |
George Town |
|
|
137 |
Deutsche Capital Markets Australia Limited |
Sydney |
|
|
138 |
Deutsche Cayman Ltd. |
Camana Bay |
|
|
139 |
Deutsche Custody N.V. |
Amsterdam |
|
|
140 |
Deutsche Domus New Zealand Limited |
Auckland |
|
|
141 |
Deutsche Equities India Private Limited |
Mumbai |
|
|
142 |
Deutsche Finance No. 2 Limited (in voluntary liquidation) |
George Town |
|
|
143 |
Deutsche Foras New Zealand Limited |
Auckland |
|
|
144 |
Deutsche Gesellschaft für Immobilien-Leasing mit beschränkter Haftung i.L. |
Duesseldorf |
|
|
145 |
Deutsche Global Markets Limited |
Tel Aviv |
|
|
146 |
Deutsche Group Holdings (SA) Proprietary Limited |
Johannesburg |
|
|
147 |
Deutsche Group Services Pty Limited |
Sydney |
|
|
148 |
Deutsche Grundbesitz-Anlagegesellschaft mit beschränkter Haftung |
Frankfurt |
|
|
149 |
Deutsche Holdings (Grand Duchy) |
Luxembourg |
|
|
150 |
Deutsche Holdings (Luxembourg) S.à r.l. |
Luxembourg |
|
|
151 |
Deutsche Holdings Limited |
London |
|
|
152 |
Deutsche Holdings No. 2 Limited |
London |
|
|
153 |
Deutsche Holdings No. 3 Limited |
London |
|
|
154 |
Deutsche Holdings No. 4 Limited (in members' voluntary liquidation) |
London |
|
|
155 |
Deutsche Immobilien Leasing GmbH |
Duesseldorf |
|
|
156 |
Deutsche India Holdings Private Limited |
Mumbai |
|
|
157 |
Deutsche India Private Limited |
Mumbai |
|
|
158 |
Deutsche International Corporate Services (Ireland) Limited |
Dublin |
|
|
159 |
Deutsche Investments (Netherlands) N.V. in liquidatie |
Amsterdam |
|
|
160 |
Deutsche Investments India Private Limited |
Mumbai |
|
5
|
Serial No. |
Name of company |
Domicile of company |
Footnote |
|
161 |
Deutsche Investor Services Private Limited |
Mumbai |
|
|
162 |
Deutsche Knowledge Services Pte. Ltd. |
Singapore |
|
|
163 |
Deutsche Leasing New York Corp. |
New York |
|
|
164 |
Deutsche Mexico Holdings S.à r.l. |
Luxembourg |
|
|
165 |
Deutsche Morgan Grenfell Group Limited (in members' voluntary liquidation) |
London |
|
|
166 |
Deutsche Mortgage & Asset Receiving Corporation |
Wilmington |
|
|
167 |
Deutsche Nederland N.V. |
Amsterdam |
|
|
168 |
Deutsche New Zealand Limited |
Auckland |
|
|
169 |
Deutsche Nominees Limited |
London |
|
|
170 |
Deutsche Oppenheim Family Office AG |
Cologne |
|
|
171 |
Deutsche Overseas Issuance New Zealand Limited |
Auckland |
|
|
172 |
Deutsche Postbank Finance Center Objekt GmbH |
Schuettringen |
|
|
173 |
Deutsche Securities (India) Private Limited |
New Delhi |
|
|
174 |
Deutsche Securities (Proprietary) Limited |
Johannesburg |
|
|
175 |
Deutsche Securities (SA) (Proprietary) Limited |
Johannesburg |
|
|
176 |
Deutsche Securities Asia Limited |
Hong Kong |
|
|
177 |
Deutsche Securities Inc. |
Tokyo |
|
|
178 |
Deutsche Securities Israel Ltd. |
Tel Aviv |
|
|
179 |
Deutsche Securities Korea Co. |
Seoul |
|
|
180 |
Deutsche Securities Saudi Arabia (a closed joint stock company) |
Riyadh |
|
|
181 |
Deutsche Securities, S.A. de C.V., Casa de Bolsa |
Mexico City |
|
|
182 |
Deutsche Services (CI) Limited |
St. Helier |
|
|
183 |
Deutsche Services Polska Sp. z o.o. |
Warsaw |
|
|
184 |
Deutsche StiftungsTrust GmbH |
Frankfurt |
|
|
185 |
Deutsche Strategic Investment Holdings Yugen Kaisha |
Tokyo |
|
|
186 |
Deutsche Trustee Company Limited |
London |
|
|
187 |
Deutsche Trustee Services (India) Private Limited |
Mumbai |
|
|
188 |
Deutsche Trustees Malaysia Berhad |
Kuala Lumpur |
|
|
189 |
Deutsche Wealth Management S.G.I.I.C., S.A. |
Madrid |
|
6
|
Serial No. |
Name of company |
Domicile of company |
Footnote |
|
190 |
Deutsches Institut für Altersvorsorge GmbH |
Frankfurt |
|
|
191 |
DI Deutsche Immobilien Treuhandgesellschaft mbH |
Frankfurt |
|
|
192 |
DISCA Beteiligungsgesellschaft mbH |
Duesseldorf |
|
|
193 |
Durian (Luxembourg) S.à r.l. |
Luxembourg |
|
|
194 |
DWS Alternatives France |
Paris |
|
|
195 |
DWS Alternatives Global Limited |
London |
|
|
196 |
DWS Alternatives GmbH |
Frankfurt |
|
|
197 |
DWS Asset Management (Korea) Company Limited |
Seoul |
|
|
198 |
DWS Beteiligungs GmbH |
Frankfurt |
|
|
199 |
DWS CH AG |
Zurich |
|
|
200 |
DWS Consulting Shanghai Limited |
Shanghai |
|
|
201 |
DWS Corporate Management Shanghai Limited |
Shanghai |
|
|
202 |
DWS Distributors, Inc. |
Wilmington |
|
|
203 |
DWS Far Eastern Investments Limited |
Taipei |
|
|
204 |
DWS Global Business Services Inc. |
Taguig City |
|
|
205 |
DWS Group GmbH & Co. KGaA |
Frankfurt |
2 |
|
206 |
DWS Group Services UK Limited |
London |
|
|
207 |
DWS Grundbesitz GmbH |
Frankfurt |
|
|
208 |
DWS India Private Limited |
Mumbai |
|
|
209 |
DWS International GmbH |
Frankfurt |
|
|
210 |
DWS Investment GmbH |
Frankfurt |
|
|
211 |
DWS Investment Management Americas, Inc. |
Wilmington |
|
|
212 |
DWS Investment S.A. |
Luxembourg |
|
|
213 |
DWS Investments Australia Limited |
Sydney |
|
|
214 |
DWS Investments Hong Kong Limited |
Hong Kong |
|
|
215 |
DWS Investments Japan Limited |
Tokyo |
|
|
216 |
DWS Investments Singapore Limited |
Singapore |
|
|
217 |
DWS Investments UK Limited |
London |
|
|
218 |
DWS Management GmbH |
Frankfurt |
|
|
219 |
DWS Real Estate GmbH |
Frankfurt |
|
|
220 |
DWS Service Company |
Wilmington |
|
|
221 |
DWS Trust Company |
Concord |
|
|
222 |
DWS USA Corporation |
Wilmington |
|
|
223 |
EC EUROPA IMMOBILIEN FONDS NR. 3 GmbH & CO. KG i.I. |
Hamburg |
|
7
|
Serial No. |
Name of company |
Domicile of company |
Footnote |
|
224 |
European Value Added I (Alternate G.P.) LLP |
London |
|
|
225 |
Fiduciaria Sant' Andrea S.r.l. |
Milan |
|
|
226 |
Finanzberatungsgesellschaft mbH der Deutschen Bank |
Berlin |
|
|
227 |
Fir (Luxembourg) S.à r.l. |
Luxembourg |
|
|
228 |
Franz Urbig- und Oscar Schlitter-Stiftung Gesellschaft mit beschränkter Haftung |
Frankfurt |
|
|
229 |
Fünfte SAB Treuhand und Verwaltung GmbH & Co. Suhl "Rimbachzentrum" KG |
Bad Homburg |
|
|
230 |
German American Capital Corporation |
Lutherville-Timonium |
|
|
231 |
Greenheart (Luxembourg) S.à r.l. |
Luxembourg |
|
|
232 |
Greenwood Properties Corp. |
New York |
1 |
|
233 |
Grundstücksgesellschaft Frankfurt Bockenheimer Landstraße GbR |
Troisdorf |
2 |
|
234 |
Grundstücksgesellschaft Kerpen-Sindorf Vogelrutherfeld GbR |
Troisdorf |
2 |
|
235 |
Grundstücksgesellschaft Köln Oppenheimstraße GbR |
Troisdorf |
2 |
|
236 |
Grundstücksgesellschaft Wiesbaden Luisenstraße/Kirchgasse GbR |
Troisdorf |
2 |
|
237 |
Immobilienfonds Büro-Center Erfurt am Flughafen Bindersleben I GbR |
Troisdorf |
2 |
|
238 |
Immobilienfonds Wohn- und Geschäftshaus Köln-Blumenberg V GbR |
Troisdorf |
2 |
|
239 |
ISTRON Beteiligungs- und Verwaltungs-GmbH |
Cologne |
|
|
240 |
Joint Stock Company Deutsche Bank DBU |
Kyiv |
|
|
241 |
Jyogashima Godo Kaisha |
Tokyo |
|
|
242 |
KEBA Gesellschaft für interne Services mbH |
Frankfurt |
|
|
243 |
Kidson Pte Ltd |
Singapore |
|
|
244 |
Konsul Inkasso GmbH |
Essen |
|
|
245 |
LA Water Holdings Limited |
George Town |
|
|
246 |
LAWL Pte. Ltd. |
Singapore |
|
|
247 |
Leasing Verwaltungsgesellschaft Waltersdorf mbH |
Schoenefeld |
|
|
248 |
Leonardo III Initial GP Limited |
London |
|
|
249 |
MEF I Manager, S. à r.l. |
Munsbach |
|
|
250 |
MIT Holdings, Inc. |
Baltimore |
|
8
|
Serial No. |
Name of company |
Domicile of company |
Footnote |
|
251 |
MortgageIT Securities Corp. |
Wilmington |
|
|
252 |
MortgageIT, Inc. |
New York |
|
|
253 |
norisbank GmbH |
Bonn |
|
|
254 |
Numis Corporation Limited |
London |
|
|
255 |
Numis Europe Limited |
Dublin |
|
|
256 |
Numis Nominees (Client) Limited |
London |
|
|
257 |
Numis Nominees (NSI) Limited |
London |
|
|
258 |
Numis Nominees Limited |
London |
|
|
259 |
Numis Securities Limited |
London |
|
|
260 |
OOO "Deutsche Bank TechCentre" |
Moscow |
|
|
261 |
OOO "Deutsche Bank" |
Moscow |
|
|
262 |
OPB Verwaltungs- und Treuhand GmbH |
Cologne |
|
|
263 |
OPB-Oktava GmbH |
Cologne |
|
|
264 |
OPPENHEIM Capital Advisory GmbH |
Cologne |
|
|
265 |
OPPENHEIM PRIVATE EQUITY Verwaltungsgesellschaft mbH |
Cologne |
|
|
266 |
PADUS Grundstücks-Vermietungsgesellschaft mbH |
Duesseldorf |
|
|
267 |
PB Factoring GmbH |
Bonn |
|
|
268 |
PCC Services GmbH der Deutschen Bank |
Essen |
|
|
269 |
Plantation Bay, Inc. |
St. Thomas |
|
|
270 |
Postbank Direkt GmbH |
Bonn |
|
|
271 |
Postbank Filialvertrieb AG |
Bonn |
|
|
272 |
Postbank Finanzberatung AG |
Hameln |
|
|
273 |
Postbank Leasing GmbH |
Bonn |
|
|
274 |
PT Deutsche Sekuritas Indonesia |
Jakarta |
|
|
275 |
RoPro U.S. Holding, Inc. |
Wilmington |
|
|
276 |
Route 28 Receivables, LLC |
Wilmington |
|
|
277 |
RREEF America L.L.C. |
Wilmington |
|
|
278 |
RREEF European Value Added I (G.P.) Limited |
London |
|
|
279 |
RREEF Fund Holding LLC |
Wilmington |
|
|
280 |
RREEF India Advisors Private Limited |
Mumbai |
|
|
281 |
RREEF Management L.L.C. |
Wilmington |
|
|
282 |
SAGITA Grundstücks-Vermietungsgesellschaft mbH i.L. |
Duesseldorf |
|
|
283 |
Sal. Oppenheim jr. & Cie. Beteiligungs GmbH |
Cologne |
|
|
284 |
SAPIO Grundstücks-Vermietungsgesellschaft mbH |
Duesseldorf |
|
|
285 |
Sharps SP I LLC |
Wilmington |
|
|
286 |
Stelvio Immobiliare S.r.l. |
Bolzano |
|
9
|
Serial No. |
Name of company |
Domicile of company |
Footnote |
|
287 |
Süddeutsche Vermögensverwaltung Gesellschaft mit beschränkter Haftung |
Frankfurt |
|
|
288 |
TELO Beteiligungsgesellschaft mbH |
Schoenefeld |
|
|
289 |
Thai Asset Enforcement and Recovery Asset Management Company Limited |
Bangkok |
|
|
290 |
Treuinvest Service GmbH |
Frankfurt |
|
|
291 |
VÖB-ZVD Processing GmbH |
Bonn |
|
|
292 |
WEPLA Beteiligungsgesellschaft mbH |
Frankfurt |
|
10
|
Serial No. |
Name of company |
Domicile of company |
Footnote |
|
Consolidated Structured Entities |
|||
|
293 |
Al Mi'yar Capital SA |
Luxembourg |
4 |
|
294 |
Alguer Inversiones Designated Activity Company |
Dublin |
|
|
295 |
Alixville Invest, S.L. |
Madrid |
|
|
296 |
Altersvorsorge Fonds Hamburg Alter Wall Dr. Juncker KG |
Frankfurt |
|
|
297 |
Atlas Investment Company 1 S.à r.l., en liquidation volontaire |
Luxembourg |
|
|
298 |
Atlas Investment Company 2 S.à r.l., en liquidation volontaire |
Luxembourg |
|
|
299 |
Atlas Investment Company 3 S.à r.l., en liquidation volontaire |
Luxembourg |
|
|
300 |
Atlas Investment Company 4 S.à r.l., en liquidation volontaire |
Luxembourg |
|
|
301 |
Atlas Portfolio Select SPC |
George Town |
|
|
302 |
Atlas SICAV - FIS, en liquidation volontaire |
Luxembourg |
4 |
|
303 |
Australian Secured Personal Loans Trust |
Melbourne |
|
|
304 |
Axia Insurance, Ltd. |
Hamilton |
4 |
|
305 |
Carpathian Investments Designated Activity Company |
Dublin |
|
|
306 |
Cathay Capital Company Limited |
Ebène |
1 |
|
307 |
Cathay Strategic Investment Company Limited |
Hong Kong |
|
|
308 |
Cayman Reference Fund Holdings Limited |
George Town |
|
|
309 |
Ceto S.à r.l. |
Luxembourg |
|
|
310 |
Charitable Luxembourg Four S.à r.l. |
Luxembourg |
|
|
311 |
Charitable Luxembourg Three S.à r.l. |
Luxembourg |
|
|
312 |
Charitable Luxembourg Two S.à r.l. |
Luxembourg |
|
|
313 |
City Leasing (Thameside) Limited |
London |
|
|
314 |
City Leasing Limited |
London |
|
|
315 |
CLASS Limited |
St. Helier |
4 |
|
316 |
Collins Capital Low Volatility Performance II Special Investments, Ltd. |
Road Town |
|
|
317 |
Crofton Invest, S.L. |
Madrid |
|
|
318 |
Danube Properties S.à r.l., en faillite |
Luxembourg |
|
|
319 |
DB Asset Finance I S.à r.l. |
Luxembourg |
|
|
320 |
DB Asset Finance II S.à r.l. |
Luxembourg |
|
|
321 |
DB Aster II, LLC |
Wilmington |
|
11
|
Serial No. |
Name of company |
Domicile of company |
Footnote |
|
322 |
DB Aster, Inc. |
Wilmington |
|
|
323 |
DB Aster, LLC |
Wilmington |
|
|
324 |
DB Covered Bond S.r.l. |
Conegliano |
|
|
325 |
DB Credit Investments S.à r.l. |
Luxembourg |
|
|
326 |
DB Finance International GmbH |
Frankfurt |
|
|
327 |
DB Holding Fundo de Investimento Multimercado Investimento no Exterior Crédito Privado |
Sao Paulo |
|
|
328 |
DB Litigation Fee LLC |
Wilmington |
|
|
329 |
DB Municipal Holdings LLC |
Wilmington |
|
|
330 |
DB SPEARs/LIFERs, Series DB-8092 Trust |
Wilmington |
|
|
331 |
DB SPEARs/LIFERs, Series DB-8093 Trust |
Wilmington |
|
|
332 |
DB SPEARs/LIFERs, Series DB-8095 Trust |
Wilmington |
|
|
333 |
DB SPEARs/LIFERs, Series DB-8096 Trust |
Wilmington |
|
|
334 |
DB SPEARs/LIFERs, Series DB-8097 Trust |
Wilmington |
|
|
335 |
DB SPEARs/LIFERs, Series DB-8098 Trust |
Wilmington |
|
|
336 |
DB SPEARs/LIFERs, Series DB-8103 Trust |
Wilmington |
|
|
337 |
DB SPEARs/LIFERs, Series DB-8108 Trust |
Wilmington |
|
|
338 |
DB SPEARs/LIFERs, Series DB-8114 Trust |
Wilmington |
|
|
339 |
DB SPEARs/LIFERs, Series DB-8119 Trust |
Wilmington |
|
|
340 |
DB SPEARs/LIFERs, Series DB-8129 Trust |
Wilmington |
|
|
341 |
DB SPEARs/LIFERs, Series DB-8139 Trust |
Wilmington |
|
|
342 |
DB SPEARs/LIFERs, Series DB-8141 Trust |
Wilmington |
|
|
343 |
DB SPEARs/LIFERs, Series DB-8142 Trust |
Wilmington |
|
|
344 |
DB SPEARs/LIFERs, Series DB-8143 Trust |
Wilmington |
|
|
345 |
DB SPEARs/LIFERs, Series DB-8144 Trust |
Wilmington |
|
|
346 |
DB SPEARs/LIFERs, Series DB-8145 Trust |
Wilmington |
|
|
347 |
DB SPEARs/LIFERs, Series DB-8146 Trust |
Wilmington |
|
12
|
Serial No. |
Name of company |
Domicile of company |
Footnote |
|
348 |
DB SPEARs/LIFERs, Series DB-8147 Trust |
Wilmington |
|
|
349 |
DB SPEARs/LIFERs, Series DB-8148 Trust |
Wilmington |
|
|
350 |
DB SPEARs/LIFERs, Series DB-8149 Trust |
Wilmington |
|
|
351 |
DB SPEARs/LIFERs, Series DB-8150 Trust |
Wilmington |
|
|
352 |
DB SPEARs/LIFERs, Series DB-8151 Trust |
Wilmington |
|
|
353 |
DB SPEARs/LIFERs, Series DB-8201 Trust |
Wilmington |
|
|
354 |
DB SPEARs/LIFERs, Series DB-8202 Trust |
Wilmington |
|
|
355 |
DB SPEARs/LIFERs, Series DBE-8055 Trust |
Wilmington |
|
|
356 |
DB SPEARs/LIFERs, Series DBE-8057 Trust |
Wilmington |
|
|
357 |
DB SPEARs/LIFERs, Series DBE-8060 Trust |
Wilmington |
|
|
358 |
DB SPEARs/LIFERs, Series DBE-8067 Trust |
Wilmington |
|
|
359 |
DB SPEARs/LIFERs, Series DBE-8070 Trust |
Wilmington |
|
|
360 |
DB SPEARs/LIFERs, Series DBE-8071 Trust |
Wilmington |
|
|
361 |
DB SPEARs/LIFERs, Series DBE-8081 Trust |
Wilmington |
|
|
362 |
DB SPEARs/LIFERs, Series DBE-8082 Trust |
Wilmington |
|
|
363 |
DB SPEARs/LIFERs, Series DBE-8090 Trust |
Wilmington |
|
|
364 |
DB SPEARs/LIFERs, Series DBE-8099 Trust |
Wilmington |
|
|
365 |
DB SPEARs/LIFERs, Series DBE-8100 Trust |
Wilmington |
|
|
366 |
DB SPEARs/LIFERs, Series DBE-8101 Trust |
Wilmington |
|
|
367 |
DB SPEARs/LIFERs, Series DBE-8105 Trust |
Wilmington |
|
|
368 |
DB SPEARs/LIFERs, Series DBE-8106 Trust |
Wilmington |
|
|
369 |
DB SPEARs/LIFERs, Series DBE-8107 Trust |
Wilmington |
|
|
370 |
DB SPEARs/LIFERs, Series DBE-8109 Trust |
Wilmington |
|
|
371 |
DB SPEARs/LIFERs, Series DBE-8110 Trust |
Wilmington |
|
13
|
Serial No. |
Name of company |
Domicile of company |
Footnote |
|
372 |
DB SPEARs/LIFERs, Series DBE-8113 Trust |
Wilmington |
|
|
373 |
DB SPEARs/LIFERs, Series DBE-8118 Trust |
Wilmington |
|
|
374 |
DB SPEARs/LIFERs, Series DBE-8120 Trust |
Wilmington |
|
|
375 |
DB SPEARs/LIFERs, Series DBE-8121 Trust |
Wilmington |
|
|
376 |
DB SPEARs/LIFERs, Series DBE-8122 Trust |
Wilmington |
|
|
377 |
DB SPEARs/LIFERs, Series DBE-8123 Trust |
Wilmington |
|
|
378 |
DB SPEARs/LIFERs, Series DBE-8124 Trust |
Wilmington |
|
|
379 |
DB SPEARs/LIFERs, Series DBE-8125 Trust |
Wilmington |
|
|
380 |
DB SPEARs/LIFERs, Series DBE-8126 Trust |
Wilmington |
|
|
381 |
DB SPEARs/LIFERs, Series DBE-8128 Trust |
Wilmington |
|
|
382 |
DB SPEARs/LIFERs, Series DBE-8130 Trust |
Wilmington |
|
|
383 |
DB SPEARs/LIFERs, Series DBE-8131 Trust |
Wilmington |
|
|
384 |
DB SPEARs/LIFERs, Series DBE-8132 Trust |
Wilmington |
|
|
385 |
DB SPEARs/LIFERs, Series DBE-8133 Trust |
Wilmington |
|
|
386 |
DB SPEARs/LIFERs, Series DBE-8134 Trust |
Wilmington |
|
|
387 |
DB SPEARs/LIFERs, Series DBE-8135 Trust |
Wilmington |
|
|
388 |
DB SPEARs/LIFERs, Series DBE-8136 Trust |
Wilmington |
|
|
389 |
DB SPEARs/LIFERs, Series DBE-8137 Trust |
Wilmington |
|
|
390 |
DB SPEARs/LIFERs, Series DBE-8138 Trust |
Wilmington |
|
|
391 |
DB SPEARs/LIFERs, Series DBE-8140 Trust |
Wilmington |
|
|
392 |
DB SPEARs/LIFERs, Series DBE-8152 Trust |
Wilmington |
|
|
393 |
DB SPEARs/LIFERs, Series DBE-8153 Trust |
Wilmington |
|
|
394 |
DB SPEARs/LIFERs, Series DBE-8908 Trust |
Newark |
|
|
395 |
DB SPEARs/LIFERs, Series DBE-8909 Trust |
Newark |
|
14
|
Serial No. |
Name of company |
Domicile of company |
Footnote |
|
396 |
DB Structured Holdings Luxembourg S.à r.l. |
Luxembourg |
|
|
397 |
DBRE Global Real Estate Management US IB, L.L.C. |
Wilmington |
|
|
398 |
DBX ETF Trust |
Wilmington |
4 |
|
399 |
Deloraine Spain, S.L. |
Madrid |
|
|
400 |
Deutsche Bank Luxembourg S.A. - Fiduciary Deposits |
Luxembourg |
4 |
|
401 |
Deutsche Bank Luxembourg S.A. - Fiduciary Note Programme |
Luxembourg |
4 |
|
402 |
Deutsche Colombia S.A.S. - en Liquidacion |
Bogotá |
|
|
403 |
Deutsche Postbank Funding LLC I |
Wilmington |
|
|
404 |
Deutsche Postbank Funding LLC III |
Wilmington |
|
|
405 |
Deutsche Postbank Funding Trust I |
Newark |
|
|
406 |
Deutsche Postbank Funding Trust III |
Newark |
|
|
407 |
DWS Alternatives (IE) ICAV |
Dublin |
|
|
408 |
DWS Concept |
Luxembourg |
4 |
|
409 |
DWS EREP Lux 1 S.à r.l. |
Luxembourg |
|
|
410 |
DWS European Real Estate Partners S.C.A. SICAV-RAIF |
Luxembourg |
|
|
411 |
DWS Funds |
Luxembourg |
4 |
|
412 |
DWS Garant |
Luxembourg |
4 |
|
413 |
DWS Invest |
Luxembourg |
4 |
|
414 |
DWS Invest (IE) ICAV |
Dublin |
|
|
415 |
DWS Zeitwert Protect |
Luxembourg |
|
|
416 |
DWS-Fonds Treasury Liquidity (EUR) |
Frankfurt |
|
|
417 |
Dynamic Infrastructure Securities Fund LP |
Wilmington |
|
|
418 |
Earls Eight Limited |
George Town |
4 |
|
419 |
Earls Four Limited |
George Town |
4 |
|
420 |
Einkaufszentrum "HVD Dresden" S.à.r.l & Co. KG i.I. |
Cologne |
|
|
421 |
Emerald Asset Repackaging Designated Activity Company |
Dublin |
|
|
422 |
Emerging Markets Capital Protected Investments Limited |
George Town |
4 |
|
423 |
Emeris |
George Town |
|
|
424 |
Erste Frankfurter Hoist GmbH i.L. |
Frankfurt |
|
|
425 |
Fondo Privado de Titulización PYMES I Designated Activity Company |
Dublin |
|
15
|
Serial No. |
Name of company |
Domicile of company |
Footnote |
|
426 |
Freddie Mac Class A Taxable Multifamily M Certificates Series M-037 |
McLean |
|
|
427 |
Freddie Mac Class A Taxable Multifamily M Certificates Series M-039 |
McLean |
|
|
428 |
Freddie Mac Class A Taxable Multifamily M Certificates Series M-040 |
McLean |
|
|
429 |
Freddie Mac Class A Taxable Multifamily M Certificates Series M-041 |
McLean |
|
|
430 |
Freddie Mac Class A Taxable Multifamily M Certificates Series M-043 |
McLean |
|
|
431 |
Freddie Mac Class A Taxable Multifamily M Certificates Series M-044 |
McLean |
|
|
432 |
G.O. IB-US Management, L.L.C. |
Wilmington |
|
|
433 |
GAC-HEL, Inc. |
Wilmington |
|
|
434 |
Galene S.à r.l. |
Luxembourg |
|
|
435 |
Gladyr Spain, S.L. |
Madrid |
|
|
436 |
Global Opportunities Co-Investment Feeder, LLC |
Wilmington |
|
|
437 |
Global Opportunities Co-Investment, LLC |
George Town |
|
|
438 |
GWC-GAC Corp. |
Wilmington |
|
|
439 |
Havbell Designated Activity Company |
Maynooth |
|
|
440 |
Histria Inversiones Designated Activity Company |
Dublin |
|
|
441 |
Infrastructure Debt Fund S.C.Sp. SICAV-RAIF |
Luxembourg |
|
|
442 |
Inn Properties S.à r.l., en faillite |
Luxembourg |
|
|
443 |
Investor Solutions Limited |
St. Helier |
4 |
|
444 |
Isar Properties S.à r.l., en faillite |
Luxembourg |
|
|
445 |
IVAF (Jersey) Limited |
St. Helier |
|
|
446 |
Kelona Invest, S.L. |
Madrid |
|
|
447 |
Kelsey Street LLC |
Wilmington |
|
|
448 |
KH Kitty Hall Holdings Limited |
Dublin |
|
|
449 |
Kratus Inversiones Designated Activity Company |
Dublin |
|
|
450 |
Kronos Funding Ltd |
London |
|
|
451 |
Kuiper Credit Opportunities - Kuiper Compartment 01 - Bel-Air |
Paris |
|
|
452 |
Ledyard, S.L. |
Madrid |
|
|
453 |
87 Leonard Development LLC |
Wilmington |
|
16
|
Serial No. |
Name of company |
Domicile of company |
Footnote |
|
454 |
LES Essex Crossing Holdings Acquisition LLC |
Wilmington |
|
|
455 |
LES Essex Crossing Parent LLC |
Wilmington |
|
|
456 |
LES Essex Crossing Property Holdings LLC |
Wilmington |
|
|
457 |
Life Mortgage S.r.l. |
Conegliano |
|
|
458 |
Lindsell Finance Limited (in dissolution) |
St. Julian's |
|
|
459 |
Lockwood Invest, S.L. |
Madrid |
|
|
460 |
London Industrial Leasing Limited |
London |
|
|
461 |
Lunashadow Limited |
Dublin |
|
|
462 |
1800 M Chaperone Investor LLC |
Wilmington |
|
|
463 |
Malabo Holdings Designated Activity Company |
Dublin |
|
|
464 |
Merlin XI |
George Town |
|
|
465 |
Meseta Inversiones Designated Activity Company |
Dublin |
|
|
466 |
Motion Picture Productions One GmbH & Co. KG |
Frankfurt |
2 |
|
467 |
MPP Beteiligungsgesellschaft mbH |
Frankfurt |
|
|
468 |
Navegator - SGFTC, S.A. |
Lisbon |
|
|
469 |
NCW Holding Inc. |
Vancouver |
|
|
470 |
New 87 Leonard, LLC |
Wilmington |
|
|
471 |
Oasis Securitisation S.r.l. |
Conegliano |
1 |
|
472 |
Oder Properties S.à r.l., en faillite |
Luxembourg |
|
|
473 |
Palladium Global Investments S.A. |
Luxembourg |
4 |
|
474 |
Palladium Securities 1 S.A. |
Luxembourg |
4 |
|
475 |
PARTS Funding, LLC |
Wilmington |
|
|
476 |
PEIF II SLP Feeder 2 LP |
Edinburgh |
|
|
477 |
PEIF III SLP Feeder GP, S.à r.l. |
Senningerberg |
|
|
478 |
PEIF III SLP Feeder, SCSp |
Senningerberg |
|
|
479 |
PEIF IV SLP DWS Feeder, SCSp |
Senningerberg |
|
|
480 |
Philippine Opportunities for Growth and Income (SPV-AMC), INC. |
Makati City |
|
|
481 |
Property Debt Fund S.C.Sp. SICAV-RAIF |
Luxembourg |
|
|
482 |
PUTTERs/DRIVERs, Series 3004 Trust |
Wilmington |
|
|
483 |
PUTTERs/DRIVERs, Series 3005DB Trust |
Wilmington |
|
|
484 |
PUTTERs/DRIVERs, Series 3007DB Trust |
Wilmington |
|
|
485 |
QR Tower 2, LLC |
Wilmington |
|
|
486 |
Radical Properties Unlimited Company |
Dublin |
|
17
|
Serial No. |
Name of company |
Domicile of company |
Footnote |
|
487 |
Redstone Finance Designated Activity Company |
Dublin |
|
|
488 |
Rhine Euro CLO I Designated Activity Company |
Dublin |
|
|
489 |
Rhine Properties S.à r.l., en faillite |
Luxembourg |
|
|
490 |
ROCKY 2021-1 SPV S.r.l. |
Conegliano |
|
|
491 |
Romareda Holdings Designated Activity Company |
Dublin |
|
|
492 |
RREEF DCH, L.L.C. |
Wilmington |
|
|
493 |
Samburg Invest, S.L. |
Madrid |
|
|
494 |
SCB Alpspitze UG (haftungsbeschränkt) |
Frankfurt |
|
|
495 |
Seaconview Designated Activity Company |
Maynooth |
|
|
496 |
SGI SLP Feeder GP S.à.r.l. |
Senningerberg |
|
|
497 |
SGI SLP Feeder SCSp |
Senningerberg |
|
|
498 |
Singer Island Tower Suite LLC |
Wilmington |
|
|
499 |
Somkid Immobiliare S.r.l. |
Conegliano |
|
|
500 |
SP Mortgage Trust |
Wilmington |
|
|
501 |
SPV I Sociedad Anónima Cerrada |
Lima |
|
|
502 |
SPV II Sociedad Anónima Cerrada |
Lima |
|
|
503 |
Style City Limited |
Dublin |
|
|
504 |
Sunrise Turnaround Partners G.K. |
Tokyo |
|
|
505 |
300 SW Parent LLC |
Wilmington |
|
|
506 |
300 SW Property Holdings LLC |
Wilmington |
|
|
507 |
Swabia 1 Designated Activity Company (in liquidation) |
Dublin |
|
|
508 |
Swabia 1. Vermögensbesitz-GmbH i.L. |
Frankfurt |
|
|
509 |
Tagus - Sociedade de Titularização de Creditos, S.A. |
Lisbon |
|
|
510 |
Tasman NZ Residential Mortgage Trust |
Auckland |
|
|
511 |
Trave Properties S.à r.l., en faillite |
Luxembourg |
|
|
512 |
VCJ Lease S.à r.l. |
Luxembourg |
|
|
513 |
Waltzfire Limited |
Dublin |
|
|
514 |
Wedverville Spain, S.L. |
Madrid |
|
|
515 |
Wendelstein 2017-1 UG (haftungsbeschränkt) |
Frankfurt |
|
|
516 |
Wendelstein 2024-1 UG (haftungsbeschränkt) |
Frankfurt |
|
|
517 |
5353 WHMR LLC |
Wilmington |
|
|
518 |
Xtrackers |
Luxembourg |
4 |
|
519 |
Xtrackers (IE) Public Limited Company |
Dublin |
4 |
|
520 |
Xtrackers II |
Luxembourg |
4 |
|
521 |
Zumirez Drive LLC |
Wilmington |
|
18
|
Serial No. |
Footnotes - English |
|
1 |
Controlled. |
|
2 |
Status as shareholder with unlimited liability pursuant to Section 313 (2) Number 6 HGB. |
|
3 |
General Partnership. |
|
4 |
The company made use of the exemption offered by Section 264 No. 3 HGB. |
|
5 |
Only specified assets and related liabilities (silos) of this entity were consolidated. |
19
Exhibit 11.1
PERSONAL ACCOUNT DEALING POLICY – DEUTSCHE BANK GROUP
1. Scope
This policy sets the minimum standards regarding the controls and prohibitions of personal investment and trading activity. 1
This policy applies to all Employees and Contingent Worker Resources (CWRs). DB Sponsors of CWRs must familiarise themselves with the requirements of this policy, must instruct their CWRs that it applies to them, and must exercise their supervisory duties accordingly.
This policy is supplemented by, and must be read in conjunction with, the Personal Account Dealing Procedure – Deutsche Bank Group.
Training on this policy is regularly conducted as part of the Bank’s mandatory training curriculum which is deployed to all Employees globally.
Employees who do not follow the obligations of this policy could be subject to a Red Flag. More information can be found on the Red Flags myDB site.
Employees are required to use the Employee Compliance Disclosure Systems to submit all disclosures that are required under this policy, unless notified otherwise.
The requirements of this policy are applicable to Employees for the duration of their employment, including if they are on leave. DB Group is not liable, and Employees will not be compensated for any financial disadvantage or loss arising from the application of this policy.
1.1. Exceptions to Policy Requirements and Escalations
Any exceptions to this policy must be submitted to the Global Head of Employee Compliance or their delegate for consideration. Compliance teams will escalate such requests to the Global Head of Employee Compliance.
1
2. Requirements for All Employees
Requirements under section 2 apply to all Employees.
2.1. Investment Restrictions
2.1.1. Confidential Information and Inside Information
Employees must comply with the Policy for Using and Handling Client Confidential, Deutsche Bank Proprietary and Inside Information – Deutsche Bank Group and must not transact in any financial instrument of any issuer while in the possession of Inside Information or client or third party Confidential Information and certain types of DB Confidential Information, (e.g., where a DB restricted list is created), whether the information was obtained by way of their DB employment or otherwise.
Employees are prohibited from engaging in Market Abuse, which includes the use of Inside Information to acquire, dispose of, cancel or amend an order concerning a financial instrument or attempting to do so.
2.1.2. DB Roles and Responsibilities
Employees must comply with the Conflicts of Interest Policy – Deutsche Bank Group and are not permitted to execute Personal Transactions based on any information gained by the Employee as a result of their DB roles and responsibilities. This includes, but is not limited to, any activity that the Employee is involved in as part of their role at DB, any information gained by way of coverage of existing or prospective clients and any DB Group trading positions or research.
Employees must consider any actual or perceived conflict that they may have, or that may arise, with DB Group or its clients and, in the event of, a conflict between the Employee’s personal investments, the activities of DB Group’s clients and DB Group shall take precedence.
Employee’s Personal Transactions must not impact their roles and responsibilities of DB Group which includes avoiding frequent trading.
2
2.1.3. Prohibited Personal Transactions
Employees and their Related Parties are prohibited from:
Trading any financial instruments of companies/issuers listed on the Restricted List (Covered Employees only)
― Trading DB/DWS Shares during Restricted Periods
― Trading speculatively
― Trading derivatives of DB Group underliers (e.g., DB Shares and DWS Shares)
― Trading non-DB Group derivatives, unless the transaction is for a legitimate, risk proportionate hedging strategy. Employees must be fully covered by holding the physical asset
― Front-Running or Piggy-Backing
― Undertaking Market Timing strategies
― Undertaking Short Positions
― Financial Spread-Betting and binary options
― Entering into Contracts for Difference (CFDs)
― Day Trading
― Joint or co-ordinated decisions to invest between Employees
― Forming or joining Investment Clubs
Placing Good Till Cancelled orders for any instruments requiring preclearance
Establishing Regular Savings Plans in Financial instruments that require preclearance
Stock Borrowing and Stock Lending
Participating in Initial Public Offerings (IPOs) where DB Group is involved (Covered Employees only)
2.1.3.1. Japan Employees
Employees located in Japan are prohibited from:
Trading in any derivatives
Executing Margin Transactions
2.1.3.2. US Employees
Employees located in the US and their Related Parties are prohibited from participating in IPOs
2.1.4. Trading Restrictions
Compliance can impose Employee trading restrictions or controls on financial instruments at any time and these can be applicable to all Employees or certain Employees, regardless of whether the Employee has Inside Information, Confidential Information or information arising from their DB roles and responsibilities in the financial instrument or issuer.
2.2. Attestation
Employees are required to complete an Initial Attestation and any further periodic attestations to confirm the accuracy and completeness of disclosures and/or to confirm the ongoing adherence to the obligations set out in this policy. Employees must complete attestations within the timeframe notified to them by Compliance.
3
2.3. Employee’s Related Parties
Requirements in this policy extend to Related Parties. Employees must inform Related Parties of the requirements set out in this policy (including any subsequent changes) and ensure compliance.
2.4. Private Investment Transactions (PITs)
Employees must disclose existing PITs over which they either have influence or control, any trading authority, investment discretion or other Beneficial Ownership, whether held in their own name or the name of another person/entity.
Employees must disclose existing PITs over which their Related Party has either influence or control, any trading authority, investment discretion or other Beneficial Ownership, whether held in the Related Party’s name or the name of another person/entity.
This requirement does not apply to Related Parties in the following countries, whether held in their own name or the name of another person/entity, unless the Covered Employee has influence or control, any trading authority, investment discretion or other Beneficial Ownership:
― Austria, Brazil, Germany, Italy, Luxembourg, Mexico, Netherlands, Russia, Spain, Sweden, Switzerland.
Employees must disclose PITs and provide any requested evidence within the timeframe notified to them by Compliance.
Employees must preclear new PITs as set out in section 3.5.
If a pre-existing PIT is declined, Covered Employees must:
― initiate the exit the PIT within the timeframe notified to them by Compliance; and
― provide written evidence of the termination via the Employee Compliance Disclosure Systems
2.5. Policy Violations
Violations will be issued to Employees if they fail to adhere to the requirements set out in this policy.
Violations may result in the issuance of Red Flags where an Employee is subject to Red Flags.
4
3. Additional Requirements for Covered Employees
Section 3 applies only to Employees who are designated as Covered Employees and their Related Parties. Covered Employees are more likely to come into possession of Inside Information or Confidential Information, where greater oversight is required when undertaking Personal Transactions.
Employees are Covered Employees if they are classified as ‘Full PAD Applicable: Yes’ as shown on their ETRA Profile under the ‘My Details’ tab.
Covered Employees include (non-exhaustive) Employees who are:
― Client Private
― DB Private
― Licenced Employees
― Designated as such by Compliance in consultation with Business Line Compliance and/or Units
Details of Covered Employees can be found [here].
3.1. Holding Periods
Covered Employees and their Related Parties must hold any financial instrument that requires preclearance for a minimum of 30 calendar days on a Last in First Out (LIFO) basis.
3.1.1. India Designated Persons Holding Period
Covered Employees who are India Designated Persons and their Related Parties must not Contra Trade and are required to hold any financial instruments listed on an Indian stock exchange for 6 months.
3.2. Prohibition on Purchasing Single Name Listed Company Instruments
Covered Employees in the Origination and Advisory Unit of the Investment Bank (excluding Employees who are designated as both Client public and DB public) and their Related Parties are prohibited from purchasing Single Name Listed Company Instruments within Self-Directed Trading Accounts. The prohibition includes:
― Purchasing Narrow Based ETPs containing any Single Name Listed Company Instruments
― Participation in IPOs
― Purchasing listed instruments issued by an entity that is unlisted
3.3. Trading Account Disclosure Requirements
Covered Employees must disclose Trading Accounts (both Self Directed Trading Accounts and Third Party Managed Accounts) within 30 days of:
― being assigned an Initial Attestation
― opening a Trading Account
― a Trading Account becoming a disclosable account per this policy (e.g., following marriage)
Disclosure of Trading Accounts includes those that are empty/dormant.
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3.3.1. Trading Accounts that Require Disclosure
Covered Employees must disclose any Trading Account over which they either have influence or control, any trading authority, investment discretion or other Beneficial Ownership, whether held in their own name or the name of another person/entity.
Covered Employees must disclose any Trading Account over which their Related Party has either influence or control, any trading authority, investment discretion or other Beneficial Ownership, whether held in the Related Party’s name or the name of another person/entity.
This requirement does not apply to Related Parties in the following countries, whether held in their own name or the name of another person/entity, unless the Covered Employee has influence or control, any trading authority, investment discretion or other Beneficial Ownership:
― EMEA: Austria, Germany, Italy, Luxembourg, Netherlands, Russia, Spain, Sweden, Switzerland
― Americas: Brazil, Mexico
3.3.1.1. Third Party Managed Accounts
Covered Employees must provide documentation upon request within the timeframe set by Compliance to evidence that Third Party Managed Accounts are managed on a fully discretionary basis.
3.3.2. Accounts that do not Require Disclosure
The following accounts do not require disclosure:
― Trading Accounts that are restricted only to holding or transacting in financial instruments which do not require preclearance as defined in section 3.5.1.
― Trading Accounts that can only hold investments from a pre-defined selection of funds where Employees make no investment decisions other than to select a risk appetite or percentage allocation (e.g., employer pension schemes, college savings accounts, health savings accounts, insurance policy accounts, dbZeitinvest scheme)
― Accounts that are restricted only to hold cash or cash equivalents (e.g., checking, savings and current accounts that cannot hold financial instruments, premium bonds, certificates of deposit, bank deposit programmes).
3.3.3. Designated Broker Requirements
Covered Employees and their Related Parties in the following countries must maintain Self-Directed Trading Accounts with a Designated Broker:
― Brazil
― Japan
― United States of America
Covered Employees in these countries who have Self-Directed Trading Accounts with a non-designated broker must either transfer account holdings to a Designated Broker or liquidate the account, with preclearance where required, and subsequently close the account within the timeframe set by Compliance.
Details of Designated Brokers can be found [here].
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3.3.3.1. South Korea Covered Employees
The following Covered Employees in South Korea are required to hold a single Trading Account with a broker located in South Korea only and all trading activity must be executed via this single account:
― Covered Employees in Deutsche Bank AG, Filiale Seoul who engage in “financial investment business” as defined in the Financial Investment Services and Capital Markets Act (FSCMA).
― Covered Employees in Deutsche Securities Korea Co. and Related Parties of Covered Employees in Origination and Advisory.
3.4. Account Transaction Details
Covered Employee’s Trading Accounts in scope of this policy are subject to monitoring. As instructed by Compliance, Employees are required to provide Personal Transaction details (e.g., trade confirmations and /or statements) of their disclosable Trading Accounts.
Regardless of whether transactions were executed, Covered Employees must provide statements, trade confirmations or any other supporting documentation upon request within the timeframe set by Compliance.
3.5. Preclearance
Covered Employees are required to seek preclearance approval for Personal Transactions over which they, or their Related Parties, have exerted influence or control, any trading authority, investment discretion or have other Beneficial Ownership.
Covered Employees in the following countries are not required to seek preclearance approval for Personal Transactions where their Related Parties have either exerted influence or control, any trading authority or investment discretion, or have other Beneficial Ownership provided the Covered Employee has no prior knowledge of the Personal Transaction and the Personal Transaction is not executed on behalf of the Covered Employee or within a Trading Account in the Covered Employee’s sole or joint name.
― EU Countries, UK, Switzerland
Preclearance approval must be received from Compliance prior to:
― Instruction or execution of a Personal Transaction
― Additional investment into an existing holding
― Modification of an existing holding
Covered Employees must execute Personal Transactions within the time period stated on the approval notification from Compliance.
3.5.1. Preclearance Exemptions
Covered Employees must obtain preclearance for all Personal Transactions except for:
Any Personal Transactions in the below, including any derivatives referencing the below:
― Open End Mutual Funds
― Broad Based ETPs (excluding Covered Employees in Research and Access Persons who must seek preclearance)
― Government Bonds issued by G20 Countries
― Digital Currency/Cryptocurrency
― Foreign Exchange
― Exchange Traded Commodities (ETC)
― Structured products based on an index or financial instruments based on an index
― Singapore Savings Bonds
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Any Personal Transactions in:
― Disclosed Third Party Managed Accounts
Any Transactions where there are:
― Transfers between the Covered Employee’s and Related Parties’ disclosed Trading Accounts
― Receipt of shares by way of:
○ Dividend Reinvestment Plans (DRIPs)
○ Employer share purchase plans (e.g., DB Group Plans)
○ Compensation awards
○ Inheritance
― Electing to exercise rights accrued under a corporate action based on existing holdings (e.g., rights issues and tender offers, stock dividends/bonus issues, stock splits, spin offs)
― Exercise of physically or cash settled listed Options or Warrants
― Conversion, for example of Convertible Bonds, or loans
Examples of preclearable and non preclearable personal transactions can be found [here].
3.5.2. Foreign Exchange (FX) Requirements for Covered Employees primarily involved in FX
Covered Employees who are responsible for sales, structuring or trading of FX products (including spot FX) or who have regular access to client/house FX and/or flow position are prohibited from executing FX transactions for currency investment.
Certain FX transactions are permissible for these Covered Employees up to a cumulative total of €250,000 per calendar month. FX Transactions exceeding this limit require approval from Business Line Compliance and the MD level supervisor.
The following FX transactions are permissible:
― Transactions entered into for the management or administration of an Employees personal finances and domestic arrangements
― FX Transactions directly related to a Covered Employees personal securities transactions in non-home currency at either an individual asset or portfolio level
― Transactions to hedge currency exposure relating to holdings of underlying investments
― Transactions designed to hedge currency exposures relating to the sale of vesting DB Shares, which are subject to specific rules relating to the award and vesting of such securities
― Currency for personal or business travel.
For clarity, the above restrictions do not apply to FX transactions executed by a Covered Employee whose day-to-day activities only incidentally involve FX (so long as they do not have regular access to client / house FX and/or flow or position information).
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4. Business Signatory Officer (BSO) Responsibilities
BSOs are responsible for reviewing Employees’ preclearance requests for:
― Prohibitions set out in this policy
― Any actual or perceived conflict with the employee’s role at DB Group.
BSOs may not review a request from an Employee where they currently have or are considering making the same investment unless the product or financial instrument is widely traded.
BSOs can find additional details on BSO requirements [here].
3.5.1. BSOs for Employees Located in Belgium
BSOs are not required to review preclearance requests for Covered Employees located in Belgium.
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5. Glossary
|
Term |
Definition |
|
Beneficial Ownership |
The opportunity to directly or indirectly profit from a Personal Transaction or bear the risk of any associated loss following a Personal Transaction |
|
Broad Based ETP |
An Exchange Traded Product with a basket of securities/assets which has 21 constituents or more |
|
Business Allocation Plan |
Documents the allocation of responsibilities amongst the members of the Management Board of DB AG |
|
Business Signatory Officer (BSO) |
Generally, the BSO is the first Supervisor (of corporate title of Vice President or higher) in the supervisory structure of the employee. |
|
Confidential Information |
Defined in the Policy for Using and Handling Client Confidential, Deutsche Bank Proprietary and Inside Information – Deutsche Bank Group as any information received or created by DB Group which is not in the public domain and there is an expectation, either contractually, regulatory or otherwise, that the information remains private. Confidential Information includes Inside Information, Proprietary Information and Third Party Information |
|
Contingent Worker Resource (CWR) |
A Contingent Worker Resource is a member of the workforce who does not have an employer-employee legal relationship with DB Group. These individuals were often formerly known as “externals”. CWR include non-employees engaged through a third party and are captured in the HR System as they have System / Facility Access |
|
Contra Trade |
A trade or transaction which involves buying or selling any number of shares of a company and within 6 months, trading or transacting in an opposite transaction involving sell or buy following the prior transaction |
|
Contracts for Difference (CFDs) |
A contract for difference is a speculative financial derivative product that pays the difference in settlement price between the opening and closing of a trade |
|
Covered Employee |
An Employee who is subject to all Personal Account Dealing Policy requirements as set out in section 3 |
|
Day Trading |
Buying and selling (or vice versa) the same financial instrument within the same trading day |
|
DB AG |
Deutsche Bank AG including its branches and representative offices |
|
DB Group |
DB AG and Legal Entities in which DB AG (directly or indirectly) holds an equity or voting capital share of more than 50% or controls them legally otherwise |
|
DB Group Plan |
A DB share purchase plan offered to employees. This includes Global Share Purchase Plan (GSPP) and Employee Share Ownership Plan (ESOP) |
|
DB Shares |
DB common stock or equity, DB bonds, or any other product (e.g. a warrant) with DB common stock or DB bonds as the underlying financial instrument. |
|
Designated Broker |
A broker that has an agreement with DB Group to provide account transaction details direct to DB Group for Employee Trading Accounts |
|
DWS |
DWS Group GmbH & Co KGaA and/or its group affiliates |
|
DWS Shares |
DWS common stock, equity, bonds or other products with DWS common stock or bonds as the underlying instrument |
|
Employee |
Any individual with an employment contract directly with a Legal Entity of DB Group |
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|
Exchange Traded Product |
Exchange Traded Product (ETP) is a term used to collectively refer to Exchange Traded Notes (ETNs) and Exchange Traded Funds (ETFs) |
|
Family Members |
Spouse, civil partner, domestic partner, children, stepchildren, parent, parent-in-law, sibling, sibling in-law, grandparent, aunt, uncle, nephew or niece. |
|
Financial Spread Betting |
Speculation that involves placing a bet on the price movement of a security |
|
Financially Responsible |
Employee provides financial assistance (solely or jointly with others) for general living expenses |
|
Front-Running |
Trading ahead of or in tandem with customer or DB Group orders or research |
|
Good Till Cancelled Orders |
An order to buy or sell a security at a specified price that remains active until it is either rescinded by the investor or the trade is executed |
|
G20 Government Bonds |
A government issued bond, Treasury Note or Treasury Bill issued by one of the Group of 20 (G20) countries (Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Switzerland, Turkey, the United Kingdom, the United States and the European Union) |
|
India Designated Persons |
In respect of Deutsche Equities India Private Limited, Deutsche Investments India Private Limited and all branches of DB AG in India: All Employees designated as Client Private; Employees designated as Client Public who are Managing Directors and Directors; and Any Employee who is wall crossed/deal logged for a particular deal/transaction |
|
Infrastructure |
An organisational area within DB Group other than a corporate division, as per the DB Business Allocation Plan |
|
Initial Attestation |
The attestation sent to an Employee upon commencing their employment with DB or are made subject to any additional requirements of the policy |
|
Initial Public Offering |
Offering a company’s stock on a public exchange for the first time |
|
Inside Information |
Defined in the Policy for Using and Handling Client Confidential, Deutsche Bank Proprietary and Inside Information – Deutsche Bank Groupas precise information, not publicly available which relates directly or indirectly to one or more issuer or financial instrument, which, if publicly known, would likely have significant effect on the price of a publicly traded instrument |
|
Investment Club |
A group of people, company or similar with the purpose of pooling money and investing based on group investment decisions |
|
Legal Entity |
DB AG and / or any of its Subsidiaries |
|
Last in First Out (LIFO) |
The basis on which holding periods are calculated. Employees cannot enter into a sell transaction for a financial instrument in any Self-Directed Trading Account or PIT until they have held the latest purchase for the required minimum holding period |
|
Management Board [of DB AG] |
Governing body of DB AG responsible for managing DB AG |
|
Market Abuse |
Inappropriate market conduct that includes a variety of behaviours which undermine fairness, efficiency, and confidence in the financial markets, such as insider dealing and market manipulation |
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|
Market Timing |
A trading strategy including moving in and out of the market to take advantage of short-term changes in prices |
|
Narrow Based ETP |
An Exchange Traded Product with a basket of securities/assets which has 20 constituents or less |
|
Open End Mutual Fund |
A collective fund of diverse investments that does not have any restriction on the number of shares it can issue and is typically issued to the public. Examples include Open Ended Investment Company (OEIC) and Société d'investissement à Capital Variable (SICAV). This excludes any PIT fund |
|
Option |
A financial instrument that offers the buyer the right, but not the obligation to buy (call option) or sell (put option) the underlying asset at an agreed upon price during a certain period of time or on a specific date |
|
Over-the-counter (OTC) Derivatives |
A financial contract that does not trade on an exchange with minimal intermediation or regulation |
|
Personal Transaction |
Any purchases, sales or transfers (including gifts, received or given) of any PIT or financial instrument that is publicly traded |
|
Piggy-Backing |
Trading in unison with or immediately after customer or DB Group orders |
|
PIT |
A PIT is a financial investment or product that is either not listed or, if listed, cannot be traded on any exchange. It includes all hedge funds, other unlisted funds (excluding Open End Mutual Funds), private equity, direct investment in their own or a third party’s business, starting a personal business or investing capital in a business of any sort |
|
Proprietary Information |
Defined in the Policy for Using and Handling Client Confidential, Deutsche Bank Proprietary and Inside Information – Deutsche Bank Group as Information concerning DB Group’s business and operations, its clients (including any information provided by its clients), intellectual property, credit analysis, proprietary software and other tangible or intangible material of any nature that is created by Employees to which other Employees may otherwise have access. It also includes trading positions of DB Group, confidential analysis of companies, industries or economic forecasts, pending investigations and regulatory matters and information transmitted through internal communications platforms such as emails, internal broadcasts, squawk boxes (hoot), and DB Group’s intranet websites. Certain Proprietary Information may also be Inside Information. |
|
Red Flags |
DB Group monitors in-scope employees’ adherence to certain risk-related policies and control processes. A violation of a Red Flags relevant policy or process means that an employee may be assigned a Red Flag. Individual’s Red Flag results are considered in promotion, compensation and performance management decisions |
|
Related Parties |
All Countries: ● Spouses, domestic partners, or spousal equivalents Additional country specific requirements detailed below: US, Canada, EMEA, Germany, UK ● Children or stepchildren for whom the Covered Employee is Financially Responsible ● Any Family Members of the Covered Employee who have resided in the same household for at least one year prior to the Personal Transaction APAC ● Any Family Member for whom the Covered Employee is Financially Responsible |
|
Restricted List |
The Restricted list is a list of issuers involved in pending transactions that have been publicly announced where DB Group has a role and about which DB Group may have, or appear to have, Inside Information |
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|
Singapore Savings Bonds |
A special type of Singapore Government Security that is issued by the Government of Singapore for individual investors, which is not listed on an exchange, cannot be traded in the open market or pledged as collateral, and can be fully redeemed in any given month |
|
Self-Directed Trading Account |
Trading Accounts over which the account holder has the ability to influence, execute, and instruct Personal Transactions |
|
Short Positions |
Selling financial instruments that are not owned in the expectation that falling prices will enable them to be bought at a profit before they have to be delivered |
|
Single Name Listed Company Instrument |
This includes all equities, bonds, warrants, any other financial instruments issued by a listed company, or third-party products referencing such instruments, or any related derivatives |
|
Stock Borrowing |
The temporary transfer of a financial instrument from an Employee to a borrower for a fee |
|
Stock Lending |
The practice of an Employee loaning shares of financial instruments to a third party |
|
Subsidiary |
Companies established pursuant to local laws and regulations of which Deutsche Bank AG is the direct or indirect parent company with majority participation. This will include any branches and representative offices of these Subsidiaries |
|
DB Sponsor |
The legal or functional manager of an employee or the assignment sponsor for CWRs |
|
Third Party Information |
Information received or obtained from clients, advisors, agents, consultants, distributors, joint ventures, representatives, vendors and Employees of Deutsche Bank in the course of business |
|
Third Party Managed Account |
An investment account where all decisions and activities are carried out by a professional account manager/broker based on a documented agreement and the Employee or Related Party has no ability to directly or indirectly influence or control any transactions or investment decisions. Third-Party Managed Accounts may not be managed by Family Members or Related Parties |
|
Trading Account |
Any investment account (including any individual sub-account) that has the ability to hold or execute a Personal Transaction in financial instruments in Third Party Managed Accounts and Self-Directed Trading Accounts |
|
Unit |
Refers to the organisational areas within DB Group, such as corporate divisions and Infrastructure functions, as per the DB Business Allocation Plan |
|
Warrant |
A financial instrument that gives the holder the right, but not the obligation, to buy from an issuer its securities at a certain price before expiration |
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6. List of Annexes and Attachments
Annex 1:Compliance Contacts and System Access Employees can access the Employee Compliance SharePoint site for details of regional Compliance contacts.
14
Employees are required to use the Employee Compliance Disclosure Systems to submit all details of disclosures that are required under this policy. In the event the system is inaccessible, please raise a ticket.
15
Exhibit 11.2
Excerpt from Code of Conduct
Employee related activities
(…)
Employee trading
Our bank sets out a personal account dealing policy to meet legal and regulatory requirements, to avoid the appearance of insider trading or other potential conflict.
It is your responsibility not to trade on, or otherwise take advantage of non-public price sensitive information and not to put your personal interests over those of our bank or its clients when engaging in trading for your personal or related accounts.
You should be familiar with the minimum global standards that are designed to ensure that personal investment activities are conducted appropriately.
Where required, you should notify Compliance of your personal trading accounts including those held at our bank or with a designated broker.
Where pre-clearance or approval are required, you must obtain pre-clearance/approval via the Employee Trading Request Application, i.e., the ETRA system, prior to engaging in personal account trading. Personal trading accounts where you have fully delegated the investment decisions to a third party by means of a written discretionary management agreement and where you cannot exercise any influence or discretion are required to be disclosed, however, trading is not required to be precleared.
There are minimum holding periods for investments which vary by location and division which are set out within the policy. For further information, reference the Personal Account Dealing Policy – Deutsche Bank Group.
Exhibit 12.1
Principal Executive Officer Certifications
I, Christian Sewing, certify that:
1. I have reviewed this annual report on Form 20-F of Deutsche Bank Aktiengesellschaft;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;
4. The company’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the company’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the company’s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company’s internal control over financial reporting; and
5. The company’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company’s auditors and the audit committee of the company’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company’s ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the company’s internal control over financial reporting.
Date: March 13, 2025
/s/ Christian Sewing
Christian Sewing
Chairman of the Management Board
Chief Executive Officer
Exhibit 12.2
Principal Financial Officer Certifications
I, James von Moltke, certify that:
1. I have reviewed this annual report on Form 20-F of Deutsche Bank Aktiengesellschaft;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;
4. The company’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the company’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the company’s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company’s internal control over financial reporting; and
5. The company’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company’s auditors and the audit committee of the company’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company’s ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the company’s internal control over financial reporting.
Date: March 13, 2025
/s/ James von Moltke
James von Moltke
Member of the Management Board
President and Chief Financial Officer
Exhibit 13.1
Chief Executive Officer Certification
Pursuant to 18 U.S.C. Section 1350
The undersigned hereby certifies pursuant to 18 U.S.C. Section 1350 that, to his knowledge, the Annual Report on Form 20-F for the year ended December 31, 2024 of Deutsche Bank Aktiengesellschaft fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, and that, to his knowledge, the information contained in such report fairly presents, in all material respects, the financial condition and results of operations of Deutsche Bank Aktiengesellschaft.
Date: March 13, 2025
/s/ Christian Sewing
Christian Sewing
Chairman of the Management Board
Chief Executive Officer
Exhibit 13.2
Chief Financial Officer Certification
Pursuant to 18 U.S.C. Section 1350
The undersigned hereby certifies pursuant to 18 U.S.C. Section 1350 that, to his knowledge, the Annual Report on Form 20-F for the year ended December 31, 2024 of Deutsche Bank Aktiengesellschaft fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, and that, to his knowledge, the information contained in such report fairly presents, in all material respects, the financial condition and results of operations of Deutsche Bank Aktiengesellschaft.
Date: March 13, 2025
/s/ James von Moltke
James von Moltke
Member of the Management Board
President and Chief Financial Officer
Exhibit 15.1
Consent of Independent Registered Public Accounting Firm
We consent to the incorporation by reference in the following Registration Statements:
(1) Registration Statement (Form F-3 No. 333-278331) of Deutsche Bank Aktiengesellschaft, and
(2) Registration Statement (Form S-8 No. 333-223301) pertaining to the Employee Benefit Plans of Deutsche Bank Aktiengesellschaft
of our reports dated March 10, 2025, with respect to the consolidated financial statements of Deutsche Bank Aktiengesellschaft and the effectiveness of internal control over financial reporting of Deutsche Bank Aktiengesellschaft included in this Annual Report (Form 20-F) for the year ended December 31, 2024.
/s/ EY GmbH & Co. KG Wirtschaftsprüfungsgesellschaft
Eschborn/Frankfurt am Main, Germany
March 13, 2025