Deutsche Bank

Annual Report 2016

Annual Report 2016

Dear Shareholders,

2016 was a very challenging year for us at Deutsche Bank. It was also a year in which we demonstrated our resilience and changed much for the better, despite a tough environment.

Conditions were not easy. The world’s financial markets saw the most difficult start to the year for a generation in many capital market businesses. Interest rates remained at historic lows and the macro-political environment became increasingly uncertain.

Letter from the Chairman of the Management Board