Deutsche Bank

Annual Report 2015

Annual Report 2015

Dear Shareholders,

2015 was a challenging year for Deutsche Bank. We announced a new strategy which charts our course for the next five years, and embarked decisively on implementing it. The goal of our Strategy 2020 is to build a better and stronger Deutsche Bank. This requires that we work in a leaner, more efficient way and reduce our risks, while at the same time further strengthening our capital position. All of this means greater discipline.

Initial results: With a newly appointed management team, we reorganized our business divisions to better align them with our clients’ needs.