Deutsche Bank Ag · XETR:DBK
Deutsche Bank — Investor Day (November 2025)
22 slides from Deutsche Bank's investor day presentation, Nov 17, 2025
Slide 1: Private Bank Investor Deep Dive 2025
Deutsche Bank Investor Relations Private Bank Investor Deep Dive 2025 November 17, 2025
Slide 2: Largest Eurozone Private Bank
Largest Leading € 1 trillion Eurozone operating Client assets global leverage by 2028 Private Bank Deutsche Bank Investor Deep Dive 2025 Private Bank, Claudio de Sanctis 2
Slide 3: Private Bank at a glance
Private Bank at a glance Asset gatherer and value multiplier for Net revenues Personal Banking Deutsche Bank Group 2025 FC, in € bn Deep German foundation, strong international by reach Wealth business Management3 Leading lending and investment advisory capabilities ~32 ~9.7 Germany Group Internatio
Slide 4: Focused strategy where we can compete to win
Focused strategy where we can compete to win Focused growth Personal ▪ Deutsche Bank: Hausbank for financial advice and AI-led Banking ▪ Postbank: Digital-first everyday banking transformation ▪ U/HNWI focused global wealth manager Wealth ▪ Global Hausbank for European family Rapid scaling with Mana
Slide 5: Deep business transformation driving operating leverage
Deep business transformation driving operating leverage Cost/income ratio Noninterest expenses in % in € bn 4.6 ~3.9 (12)ppts Personal Cost/income ratio1 in % Banking (10)ppts 84 74 Private 2023 2025 FC Bank 96 81 Noninterest expenses in € bn 69 3.2 ~2.8 Wealth Cost/income ratio 1 in % (13)ppts Mana
Slide 6: Strong asset gathering and profitability turnaround
Strong asset gathering and profitability turnaround Assets under Management Return on tangible equity in € bn in % 9% CAGR Personal Banking 159 176 148 2023 2024 2025 FC Private 10 Net new assets in € bn Bank 4% avg. annual NNA/AuM Wealth Management 20 24 (2) 14 2021 2025 FC 2023 2024 2025 FC Deutsc
Slide 7: Focused growth by client acquisition and deeper engagement
Focused growth Focused growth by client acquisition and deeper engagement Personal Banking Product revenue CAGR Performance indicators 2025-2028 2025-2028 Acquire clients with deposits and new Banking account models with tiered pricing ~€ 50bn products1 (incl. deposits) Engage clients long term with
Slide 8: Accelerate front-to-back cost transformation
Scalable operating model Accelerate front-to-back cost transformation Personal Banking Cost/income ratio Performance indicators in % 2025-2028 74 60 Benefits from existing programs Noninterest expenses in € bn ▪ Sales network optimization and 100+ digitalization Announced branch reductions by end of
Slide 9: Launch a new AI-enabled operating model
Scalable operating model Launch a new AI-enabled operating model Personal Banking Performance indicators 2025-2028 and beyond Simplify product, process and IT >80% ~€ 600m landscape Inbound inquiries assisted via personalized, conversational AI Technology spend cumulative to 20281 Deploy (agentic) A
Slide 10: Optimize and re-deploy capital
Strict capital discipline Optimize and re-deploy capital Private Bank Allocated tangible Performance indicators shareholders’ equity 2025-2028 in € bn Launch new securitizations in retail lending enabled by a true sale platform ~15% Reduction of allocated tangible shareholders’ equity in Personal Dr
Slide 11: Rapidly scale franchise with asset gathering
Focused growth Rapidly scale franchise with asset gathering Wealth Management Client assets Performance indicators in € bn 2025-2028 8% CAGR Acquire U/HNW clients with top-talent hiring, focusing on Germany, Italy, UK, Middle East and Asia 250+ Coverage hires Further activate clients with deeper adv
Slide 12: Invest in our offering to support growth
Focused growth Invest in our offering to support growth Wealth Management Product revenue CAGR Performance indicators 2025-2028 2025-2028 Focus on discretionary solutions, widen Investments SAA to broader client base with digital customization ~€ 300m Strategic investments Expand DPM offering with p
Slide 13: Next generation banking with AI voice-enabled agent
Scalable operating model Next generation banking with AI voice-enabled agent Private Bank 2026 2027 2028 Mobile Voice-enabled AI-enabled AI-assisted Conversational App AI context-aware customer daily banking banking for assistance banking feedback execution advisory Answering Provide answers Collect
Slide 14: Bringing the Global Hausbank offering to Private Bank clients
Bringing the Global Hausbank offering to Private Bank clients ▪ Bank for Entrepreneurs collaboration Corporate ▪ Joint client acquisition and development Bank ▪ Access to cash management & trade/export finance ▪ Tailored fixed income and FX solutions Investment ▪ Corporate finance advisory for entre
Slide 15: Our path forward: 2028 ambitions
Our path forward 2028 ambitions ▪ Strengthen Private Bank as profitable value multiplier € 1tn Client assets ▪ Transform and grow Personal Banking 5-6% Revenue CAGR ▪ Scale up efficient Wealth Management franchise 60% Cost/income ratio ▪ Deliver scalable AI-enabled operating model >18% RoTE Deutsche
Slide 16: Deutsche Bank Investor Deep Dive 2025 Private Bank
Deutsche Bank Investor Deep Dive 2025 Private Bank, Claudio de Sanctis 16
Slide 17: Appendix
Appendix Deutsche Bank Investor Deep Dive 2025 Private Bank, Claudio de Sanctis 17
Slide 18: Private Bank's development across key financials
Private Bank’s development across key financials Income statement, in € bn 2021 2022 2023 2024 9M 2025 Total net revenues 8.2 9.2 9.6 9.4 7.2 Provision for credit losses (0.4) (0.6) (0.8) (0.9) (0.4) Noninterest expenses (7.9) (6.9) (7.8) (7.3) (5.0) Profit (loss) before tax (0.1) 1.7 1.0 1.2 1.8 Vo
Slide 19: Footnotes
Footnotes Note: Throughout this presentation, figures are rounded and totals may not sum due to Slide 9 – Launch a new AI-enabled operating model rounding differences and percentages may not precisely reflect the absolute figures; 1. Cumulative change-the-bank cash spend between 2026-2028; primarily
Slide 20: Glossary
Glossary AI Artificial Intelligence Tech Technology AuM Assets under Management U/HNW(I) Ultra-High-Net-Worth-Individual Avg. Average WM Wealth Management Bps Basis points CAGR Compound annual growth rate DB Deutsche Bank DPM Discretionary portfolio mandates EMEA Europe, Middle East and Africa FC Fo
Slide 21: Speaker biography – Claudio de Sanctis
Speaker biography – Claudio de Sanctis Claudio de Sanctis was appointed as a member of the Management Board of Deutsche Bank on July 1, 2023, as Head of Private Bank. De Sanctis was responsible for the International Private Bank since its creation in June 2020, and at the same time he was also CEO o
Slide 22: Cautionary statements
Cautionary statements Forward-Looking 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