Deutsche Bank Ag · XETR:DBK
Deutsche Bank — Investor Day (December 2009)
25 slides from Deutsche Bank's investor day presentation, Dec 15, 2009
Slide 1: Private Wealth Management Investor Day
Private Wealth Management Dr. Carsten Schildknecht Global COO of Private Wealth Management Investor Day Frankfurt, 15 December 2009
Slide 2: Agenda
Agenda 1 Resilience throughout the crisis 2 Well-positioned to capture future opportunities 3 A clear strategic agenda Investor Relations 12/09 · 2
Slide 3: Strong growth and resilience throughout the crisis
Strong growth and resilience throughout the crisis Invested assets, in EUR bn 202 189 194 182 163 164 139 2004 2005 2006 1H2007 2H2007 2008 30 Sep 2009 NNM in EUR bn NNM, 6 9 15 13 10 5 EUR 58 bn Net New Money (NNM) over 6 years Note: At period end; numbers for 2004 - 2005 based on U.S. GAAP and on
Slide 4: In a difficult environment, relative outperformance driven by strong net new money inflows
In a difficult environment, relative outperformance driven by strong net new money inflows PWM Peers(1) Invested assets PWM Net inflow development(2) In EUR bn In % (21)% 7 (15)% 2 202 171 Performance(3) In % 1H2007 1H2009 (22) (23) ( ) Based on weighted (1) g average g from UBS, Credit Suisse, Soci
Slide 5: Consistent asset inflows across all markets
C Consistent i t t assett inflows i fl across all ll markets k t NNM by region as % of total cumulative NNM Invested assets CAGR 1 Jan 2005 – 30 Sep 2009 31 Dec 2004 – 30 Sep 2009 100% = EUR 51 bn Industry average 3% 2% (1)% 9% Asia Pacific Germany 27% 19% 33% 10% 9% U.S. 8% 29% 3% EMEA(1) Germany E
Slide 6: Shifts in client behaviour during the financial crisis create low-margin environment
Shifts in client behaviour during the financial crisis create low-margin environment Before the crisis – 2007 After the crisis – 1H2009 Asset allocation Product examples Asset allocation Product examples in % and revenue in % and revenue margins (in bps) margins (in bps) Emerging market Term dep
Slide 7: PWM retains margins as industry margins fall
PWM retains margins as industry margins fall Revenue margin PWM vs. competitors Bps, on invested assets PWM European competitors 98 96 90 82 85 80 81 78 2006 2007 2008 1H2009(1) Narrows the gap with competitors (1) Based on annualized 1H2009 margin evolution of 14 European private banking players So
Slide 8: Maintaining profitability throughout the cycle and the crisis
Maintaining profitability throughout the cycle and the crisis Income before income taxes (IBIT), in EUR m Illustrative Reported IBIT 307 Estimated severance 267 ARS/ARP charge h (3) 100 122 (2) 129 108 (1) 207 2004 2005 2006 2007 2008 2009e ~ EUR 1 bn cumulative IBIT contribution (1) Reported IBIT i
Slide 9: Overview
Overview 1 Resilience throughout the crisis 2 Well-positioned to capture future opportunities 3 A clear strategic agenda Investor Relations 12/09 · 9
Slide 10: Well positioned in the industry
Well positioned in the industry Global private banking ranking Global private banking 2008 ranking 1H2009 PB AuM (rounded) Rank Players In EUR bn 1 UBS U S 1,010 ,0 0 2 Merrill Lynch + Bank of America 850 Well-positioned in 1 onshore markets 3 Morgan Stanley + Smith Barney 680 4 Credit Suisse 470 We
Slide 11: Strong presence in key markets and UHNW segments
Strong presence in key markets and UHNW segments Key elements Share of client business volume(1) Very strong in home market Established businesses in key 1 Onshore onshore markets – U.S., Western Onshore 63% Europe Strong positioning and commitment to further expansion in Asia Pacific 30% Grow
Slide 12: Overview
Overview 1 Resilience throughout the crisis 2 Well-positioned to capture future opportunities 3 A clear strategic agenda Investor Relations 12/09 · 12
Slide 13: Core components of our strategic agenda
C Core components off our strategic agenda 1 Strengthen position in home market Germany 2 Increase onshore business 3 Expand in growth markets 4 Enhance UHNW proposition 5 Drive profitability with key cost initiatives Investor Relations 12/09 · 13
Slide 14: Sal. Oppenheim as an attractive opportunity
1 2 1 Sal. Oppenheim as an attractive opportunity 3 4 5 Attractive opportunity … … compelling strategic rationale Sizeable player, EUR 137 bn AuM(1) In EUR bn Distinct and separate wealth management proposition making Other(2) + DB’s family of brands more 21 attractive tt ti 40 16 SOP BHF Asset Pr
Slide 15: Sal. Oppenheim integration
1 2 1 Sal. Oppenheim integration 3 4 5 Key ey elements e e e ts o of a alignment g e t st strategy ategy Coverage of German wealth management market with two distinct value propositions: DB and Sal. Oppenheim Sal. Sal Oppenheim will continue to … – be a Private Bank with a unique value propositi
Slide 16: Strengthened onshore position in the U.S.
1 2 2 Strengthened onshore position in the U.S. 3 4 5 Capitalize on strong position in U.S. market Executed a sustainable turnaround Private Client Services and U.S. Onshore Revenues, in EUR m Sustainable turnaround in the largest IBIT iin EUR m IBIT, wealth lth managementt market k t off the th w
Slide 17: Further growth in emerging markets
1 2 3 Further growth in emerging markets 3 4 5 Focus on Asia Pacific to further strengthen Expand business in other emerging position and drive revenue growth markets Revenues, indexed, 2004 = 100% Capture potential of largest and fastest growing i emergingi marketsk t 223 193 Further organic gr
Slide 18: UHNW offering and initiative – DB as a one-stop-shop for key clients
1 2 4 UHNW offering and initiative – 3 4 DB as a “one-stop-shop” for key clients 5 Clients Integrated UHNW platform PWM / GM Private PWM / Global Banking DB PWM Institutional Clients Desk “Over The Wall Team” Fiduciary y relationship p Access to Global Markets Corporate p Finance Global cust
Slide 19: Drive profitability with key cost initiatives
1 2 5 Drive profitability with key cost initiatives 3 4 5 FTE development (indexed) Focus on key markets / locations 100 Focus on larger developed markets with already sizeable presence 88 Focus ocus o on sstrong o gggrowth o markets a es Simplify booking centre structure 2008 Forecast Client
Slide 20: Strategic agenda enables PWM to achieve financial objectives
Strategic agenda enables PWM to achieve financial objectives Goal Goa Income before Strive to grow IBIT by >30% YoY income tax Net new money Consistently achieve >10% NNM growth p.a. Gross margin Aim to improve gross margin by 10 bps Cost-income-ratio Seek to improve cost-income ratio to <70% Increa
Slide 21: Phase 4: IBIT potential
Phase 4: IBIT potential in EUR bn Phase 4 potential 2011 Corporate Banking & Securities 63 6.3 Global Transaction Banking 1.3 Asset and Wealth Management 1.0 Private & Business Clients 1.5 Total business divisions 10.0 Note: Figures do not add up due to rounding differences Investor Relations 12/09
Slide 22: Key takeaways
Key takeaways Substantial profit contributions to date Resilient performance throughout the crisis Well-positioned in growth regions Significant further profit potential Investor Relations 12/09 · 22
Slide 23: Appendix
Appendix \\ \ tomo: | | re [| & A Passion to Perform. Deutsche Bank
Slide 24: Reconciliation of reported AWM IBIT
Reconciliation of reported AWM IBIT Income before income tax, in EUR m 2004 2005 2006 2007 2008 9M2009 AWM 414 597 894 913 (525) (123) AM 306 474 765 646 (732) (189) PWM 108 122 129 267 207 66 Note: Numbers for 2004 - 2005 based on U.S. GAAP and on structure as of 2006, from 2006 onwards based on IF
Slide 25: Cautionary statements
Cautionary statements This presentation contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about our beliefs and expectations and the assumptions underlying them. These statements are based on plans, estimates and pro