Cultural change and corporate values
The impact of the economic crisis has made a long-term change of corporate culture in the financial sector absolutely imperative and in addition to cultural change new corporate values are also needed. We understand the message: Responsibility has to be the focus of our actions.
Cultural change: essential part of our corporate strategy
After the financial crisis, it is essential for the banking industry to restore a firm bond of trust with the communities we serve. That applies to Deutsche Bank as well as the entire industry. We have set ourselves the goal of taking on a pioneering role in the change that is indispensable in the business sector: Cultural change is therefore an essential part of our Strategy 2015+. The Management Board and the Group Executive Committee therefore initiated a comprehensive dialogue with employees and senior management.
One crucial step is to bring the attitudes and goals of our staff in line with the needs or our clients and the overall economy.
We are concentrating on three dimensions in this context: integrity in client dealing, operational discipline and collaboration across functions. The goal is to
- establish the values and beliefs which will form the basis for our culture in these areas,
- define the behaviors which exemplify these beliefs,
- define the metrics by which the bank can monitor the progress of cultural change.
Since we launched our Strategy 2015+, we have worked intensively on our corporate culture. We implemented some essential short-term actions, such as redefining our compensation practices and policies, and creating an Independent Compensation Review Panel. We also rolled out a programme of measures to tighten our control environment. In parallel, we launched the process of deep, longer-term cultural change, which includes a new definition of our corporate values.
Deutsche Bank Executive Management Board Member Stephan Leithner about the importance of the cultural change for the Bank. Read the interview here.
Our progress on implementing cultural change
Since we launched our strategy, we have worked intensively on our corporate culture. We introduced the process of deep, longer-term cultural change and established our new corporate values.
Launch of our new corporate values
Presentation of our six new company's values and underlying beliefs. Management Board and GEC lead discussions with 11,000 employees in workshops and townhalls.
Commitment to ethical remuneration principles
Commitment to ethical principles in the remuneration of management. Position paper
Tightening of the control environmentThe Compliance department was strengthened by adding some 200 people in 2013 and with plans to hire a similar number in 2014.
Creation of the new corporate valuesManagement Board and GEC develop corporate values in cooperation with 250 senior managers worldwide.
Recommendations of the independent compensation review panel
Recommendations of the independent compensation review panel for future compensation structures and practices. Press release
Independent compensation review panel
Members of the independent compensation review panel announced. Chairman: Dr. Jürgen Hambrecht, former CEO of BASF. Compensation
Employee surveys52,000 employees took part in surveys relating to corporate culture.
Our corporate values and beliefs
Our corporate values lie at the core of everything we do. They will guide our behaviour with clients, with each other, with our shareholders and with the communities we serve. They define the type of institution Deutsche Bank aspires to be.
Each of the values rests on a clear set of beliefs which set out how we seek to conduct ourselves as we live by our values. Our beliefs reflect our own history, the interests of our stakeholders, and the changing environment in which we operate.
“We ask our top-250 people to report personally to us on how each one of them has engaged with their teams.”