October 4, 2011

Deutsche Bank provides an outlook on its 3rd quarter results and profit target for 2011

Josef Ackermann, Chairman of the Management Board and the Group Executive Committee of Deutsche Bank AG (XETRA: DBKGn.DE / NYSE: DB), is speaking today at an investor conference in London. In his speech, he will comment on the current market environment as well as its financial repercussions in the third quarter of 2011.

The intensifying European sovereign debt crisis led to sustained uncertainties among market participants in the third quarter and thus to significantly reduced volumes and revenues in particular in the Corporate Banking & Securities (CB&S) Corporate Division. At the same time, the third quarter of 2011 has been negatively impacted by operating costs relating to an indirect tax position. As such, the third quarter 2011 result will come in significantly lower than expected for the CB&S business division.

In response to the significant and unabated slowdown in client activity, Deutsche Bank will consider additional cost controls beyond those already implemented as part of the recalibration of the Corporate & Investment Bank (CIB). This will lead to a reduction in headcount by around 500 positions in CB&S during Q4 2011 and Q1 2012, primarily outside Germany.

In addition, the Group will reflect impairment charges on Greek sovereign debt of approx. EUR 250 million (Q2 2011: EUR 155 million), which the Bank continues to mark to market.

The Bank expects that against this background as well as ongoing market turbulence the planned pre-tax target of EUR 10 billion from its core businesses is no longer achievable for 2011.

Nevertheless, the Bank will be profitable in the third quarter and expects a robust earnings level for the full year 2011. The Bank is confident that the classic banking businesses (Private Clients and Asset Management and Global Transaction Banking) as a whole will deliver their best pre-tax profit ever.

Deutsche Bank will publish its full Interim Report on the third quarter of 2011 as scheduled on October 25, 2011.


Deutsche Bank AG
Taunusanlage 12
60325 Frankfurt am Main
ISIN: DE0005140008
WKN: 514000

Listed: Regulated market in Berlin-Bremen, Duesseldorf, Frankfurt (Prime Standard), Hamburg, Hanover, Munich und Stuttgart; EUREX; NYSE

The International Securities Identification Numbers (ISINs) of further financial instruments issued by Deutsche Bank AG, and admitted to trading on a domestic organized market or for which such admission has been applied for, are listed in the attached PDFs.