Deutsche Bank AG

Deutsche Bank shared forward-looking guidance at the Morgan Stanley European Financials Conference, with CEO Christian Sewing noting a strong Q1 start and flattish group revenues YoY, driven by growth in Private Bank and Asset Management offsetting softer Corporate Bank in H1 and slightly lower FIC revenues due to FX impacts against a record prior year. FY 2026 outlook from CFO James von Moltke targets ~€33bn revenues, supported by NII expansion to €14bn and fee income growth, with divisional details showing slight increases across Private Bank, Asset Management, Corporate Bank, and Investment Bank, the latter boosted by significant Investment Banking & Capital Markets expansion. Costs are projected slightly higher at >€21bn, incorporating €900m investments for growth and efficiencies, aiming to maintain cost/income ratio within +10% / <-10%. Credit provisions are expected to improve toward a 30bps run rate by FY 2028, though Middle East tensions introduce uncertainty. Management changes align with the Scaling the Global Hausbank strategy, adding DWS CEO Stefan Hoops and tech leader Marie-Jeanne Deverdun to the Board from May 1, appointing Fabrizio Campelli as President from July 1, and extending key members' terms to 2029. Funding progress includes €3.8bn YTD issuances like €1bn Tier 2 and Panda Bonds, advancing the €10-15bn plan, bolstered by Moody’s positive outlook upgrade. Q1 results are set for April 29, 2026.