Medium-term growth strategy

We regard the current financial crisis as very serious, but we are convinced that Deutsche Bank can emerge stronger. Our business model remains fundamentally intact. Our medium-term strategy remains committed to exploiting the growth potential in all of our core businesses, while also making adjustments to our platform to take account of the market upheavals we have recently witnessed. To this end, we aim to build on our broad-based business model.

Corporate Banking & Securities will be recalibrated. Investment banking remains one of Deutsche bank’s core businesses. However, we will withdraw resources from areas in which a recovery seems unlikely in the near future. At the same time, we will be investing in growth areas, including some ‘flow’ trading businesses and commodities trading, corporate finance in certain industry sectors, and our German mid-cap business.

Global Transaction Banking, which has delivered strong growth, will step up the pace of its activities. We are concentrating mainly on new and growing markets, for example by continuing to expand the local trust & securities services businesses and the development of new products and solutions for our clients. Our aim is to achieve organic growth while monitoring acquisition opportunities.

Asset Management is focusing strongly on re-positioning its core business areas: retail,
alternative investments, institutional investors and insurance asset management. In all core businesses, we are re-engineering in order to restore operating leverage in changed market circumstances. As a large provider with an extensive range of services, Deutsche Bank is also benefitting from the crisis-driven “flight to quality”. We will also continue to globalise our DWS brand. PWM will take measures to improve its cost efficiency, while also capturing selective expansion opportunities.

In Private & Business Clients, the focus is on rolling out our growth and efficiency program. We are expanding the branch network in Germany and other European countries and increasing efficiency in the mid and back-office. Our minority share in Deutsche Postbank offers considerable immediate-term opportunities for co-operation, which we are already taking advantage of.