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Frankfurt am Main, 01. Dezember 2004

Deutsche Bank plans two year efficiency and investment programmes to strengthen German business

Diese IR-Information ist nur in englischer Sprache verfügbar.

Greater focus on clients and increasing profitabiliy

Deutsche Bank (XETRA: DBKGn.DE / NYSE: DB) today announced that it plans to reduce its net headcount in Germany by 1,920 employees over the next two years. The number of full-time equivalent employees in Germany is expected to fall from a current 27,330 to 25,410 by December 2006.

The changes are designed to allow for more time to be spent with clients by reducing and simplifying the number of administrative and transaction processing tasks required within the business.

“Our goal is to significantly improve services for our clients in Germany. This will be our guiding objective as we realign our organization. Through streamlined procedures in transaction processing and administration, we intend to lower costs and become faster, and to concentrate our full attention on our clients,” said Jürgen Fitschen, member of Deutsche Bank’s Group Executive Committee and CEO of the German Management Committee.

The efficiency programme is expected to result in a total of 2,300 jobs being cut in Germany. However, around 350 new jobs will be created at domestic subsidiaries of Deutsche Bank group.

In Global Markets (Sales & Trading), 100 jobs will go due to consolidation in middle- and back-office activities. In Global Banking, the headcount will be reduced by 500, due, for example, to the streamlining of credit and documentation processes. A further 50 jobs will be cut in other business units.

In internal administrative and infrastructure units, a total of 1,650 jobs are due to be cut, primarily from Risk Management, Information Technology, Operations, Human Resources and Controlling.

Additionally, an investment programme will lead to the hire of 450 employees in client-facing and product-oriented areas over the next two years. Ongoing optimisation projects will account for a further 170 job cuts while an additional 250 jobs will be outsourced to external service providers in Germany.

The Board of Managing Directors has informed employee representatives of the planned efficiency and investment programmes today.

Tessen von Heydebreck, Chief Administrative Officer and a member of the Board of Managing Directors, said, “All staff changes will be implemented fairly and responsibly. We will work with the Staff Councils to find mutually acceptable solutions and provide affected employees with professional support throughout the process.”

Further details of Deutsche Bank’s restructuring will be announced in February at the bank’s Annual Press Conference.

This Release contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about our beliefs and expectations. Any statement in this Release that states our intentions, beliefs, expectations or predictions (and the assumptions underlying them) is a forward-looking statement. These statements are based on plans, estimates and projections as they are currently available to the management of Deutsche Bank. Forward-looking statements therefore speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.

By their very nature, forward-looking statements involve risks and uncertainties. A number of important factors could therefore cause actual results to differ materially from those contained in any forward-looking statement. Such factors include the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere from which we derive a substantial portion of our trading revenues; potential defaults of borrowers or trading counterparties; the reliability of our risk management policies, procedures and methods; and other risks referenced in our filings with the U.S. Securities and Exchange Commission. Such factors are described in detail in our SEC Form 20-F of 25 March 2004 in the section "Risk Factors." Copies of this document are readily available upon request or can be downloaded from


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