The Deutsche Bank Group

In 2012, Strategy 2015+ was introduced to enable Deutsche Bank to become a better balanced, leaner and more robust and stable organisation. Five levers were identified as key in order to achieve this vision, these levers are: Clients, Competencies, Capital, Cost and Culture. Additionally, several financial targets were also announced by the Group to highlight the financial objectives of Strategy 2015+.

As challenges in the macroeconomic and market conditions and the regulatory environment were greater than expected in 2012, we announced, in May 2014, a series of measures to build up our capital strength, enhance our competitiveness and invest in our client franchises. These measures included capital issuance to improve our capital base and to provide a buffer against future uncertainties. In this context we updated our Group and divisional financial aspirations.

The key assumptions for our updated aspirations in May 2014 include the implementation of regulatory frameworks (e.g. CRD 4, EBA guidance) based on our understanding of current rules and their likely impact on Deutsche Bank, global GDP growth stabilising to 2 % to 4 % p.a., a stable interest rate environment before 2016 and Central Bank intervention receding in the U.S.

We have made great strides in the implementation of our goals. We anticipate further challenges in our markets and regulatory environment but we remain focused on the execution of Strategy 2015+.

Our Management is currently undertaking a full strategic review of the Group. Deutsche Bank will continue to work towards the existing targets of Strategy 2015+ until revised strategic goals are fully embedded. We have presented our Outlook based on existing targets and continued progress under Strategy 2015+.