Deutsche Bank ‘fully committed’ to further capital distributions in 2023

Deutsche Bank remains fully committed to further capital distributions in 2023. Given the bank’s strong first quarter performance and further improved capital ratios, management has initiated a dialogue with supervisors to enable 2023 share repurchases and currently expects to commence buybacks in the second half of 2023. Deutsche Bank also announced additional measures aimed at accelerating execution of its Global Hausbank strategy. These include: targeting additional efficiency measures to raise the bank’s ambition for incremental cost savings from EUR 2.0 to EUR 2.5 billion. Specific measures include workforce reductions in non-client facing staff; further streamlining the mortgage platform; optimization of the retail distribution network; and improved operations by automating processes. Reducing EUR 15-20 billion in risk weighed assets by 2025 from lower-yielding portfolios and from optimization with minimal revenue impact, enabling redeployment and distributions to shareholders and thereby improving RoTE1. Aiming to outperform on previously communicated revenue targets through platform growth in capital-light businesses.