Corporate culture 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 cultural change is needed. We understand the message: Responsibility has to be the focus of our actions. In 2013, we laid the foundation for long-term change with the release of our new values and beliefs.

Corporate culture: 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 was therefore an essential part of our Strategy 2015+ and corporate culture remains one of the key levers in our Strategy 2020. From 2012 onwards, Senior Management initiated a comprehensive dialogue with employees and managers. 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.

Since 2014, we have integrated our corporate values and beliefs into people management tools such as objective setting, performance management, leadership, management assessment and people development tools. We are developing organizational metrics and systems to support the measurement and adoption of desired behaviors. This will be achieved through the use of client management information systems, client satisfaction metrics and performance measurement systems, including the creation of a scorecard with financial and nonfinancial metrics.

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.

Managing operational transformation

We have embedded our values and beliefs in our recruiting, interviewing, and on-boarding processes as well as development activities. In 2014, we focused on engaging employees throughout Deutsche Bank with what these values mean in practice. We encourage visible and measurable changes in behavior as well as in policies, processes and practices. Workshops across Deutsche Bank aim to engage small groups and reinforce the need for alignment and change, while also identifying opportunities to drive business performance.

In the past, we may have underestimated the potential emotional effects of change. We have therefore developed a series of measures to support leaders and employees throughout the transformation. These include: guidelines on managing change; surveys to assess how employees are processing the change both mentally and emotionally; and coaching, workshops and trainings on how to increase efficiency.

Intensified oversight of ethics

In 2013, our Supervisory Board intensified its oversight of ethics through the creation of an Integrity Committee. The committee advises and monitors the Management Board on its measures to ensure the economically sound, sustainable development of the company while protecting the resources of the natural environment, maintaining social responsibility and observing the principles of sound, responsible management and corporate governance. It is also concerned with the integration of these aspects into corporate culture.

In particular, the committee deals with:

Monitoring the Management Board’s measures to ensure the bank’s compliance with legal requirements, authorities’ regulations and the company’s own in-house policies.
Regular review of the bank’s Code of Business Conduct and Ethics with a view to fostering ethical and moral conduct within and outside the bank.
Precautionary monitoring and strategic analysis of the bank’s legal and reputational risks that could place the entire bank at risk or lead to material claims for damages against current or former Management Board members and regularly advising and monitoring the Management Board with a view to avoiding such risks.

Deutsche Bank Code of Conduct

The Code articulates what our bank stands for and what we want our overall culture to be. We want to foster an environment that is open and diverse, where staff opinions and “speaking up” are valued, and our employees’ and the firm’s success is built on respect, collaboration and teamwork in serving our clients, stakeholders and communities. [PDF]

Cultural change at Deutsche Bank

Questions & Answers

Our corporate values and beliefs

Our Values
Integrity	Sustainable Performance	Client Centricity	Innovation	Discipline	Partnership
Our Beliefs
We live by the highest standards of integrity in everything we say and do	We drive value for shareholders by putting long-term success over short-term gain	We earn our clients’ trust by placing them at the core of our organization	We foster innovation by valuing intellectual curiosity in our people	We protect the firm’s resources by always thinking and acting like owners	We build diverse teams to generate better ideas and reach more balanced decisions
We will do what is right – not just what is allowed	We encourage entrepreneurial spirit which responsibly balances risks and returns	We deliver true value by understanding and serving our clients’ needs best	We enable our clients’ success by constantly seeking suitable solutions to their problems	We live by the rules and hold ourselves accountable to deliver on our promises – no excuses	We put the common goals of the firm before ‘silo’ loyalty by trusting, respecting and working with each other
We communicate openly; we invite, provide and respect challenging views	We pursue lasting performance by developing, nurturing and investing in the best talent, and by managing based on merit	We strive to pursue mutually beneficial client relationships in which the value created is shared fairly	We continuously improve our processes and platforms by embracing new and better ways of doing things	We achieve operational excellence by striving to ‘get it right the first time’	We act as responsible partners with all our stakeholders and regulators, and in serving the wider interests of society

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