April 13, 2012

Deutsche Bank chief economist Thomas Mayer becomes Senior Advisor to the Bank

Deutsche Bank announced today that Thomas Mayer, Chief Economist of Deutsche Bank Group and Head of DB Research, intends to divide his time between academic research and advising the Bank’s senior management and clients. Effective May 31, 2012, he will step down as Chief Economist and Head of DB Research.

Josef Ackermann, Chairman of the Management Board and the Group Executive Committee at Deutsche Bank, said: “Thomas Mayer is a highly respected economist and has been a trusted advisor to me during the financial and economic crisis, for which I am greatly indebted to him. I am very pleased that he will continue to serve the Bank and its clients in an advisory role.”

Thomas Mayer, Chief Economist of Deutsche Bank Group and Head of DB Research, said: “Deutsche Bank has a long tradition of exchange between research and academia. I am delighted to have the opportunity to pursue independent research alongside my work with Deutsche Bank’s senior management.”

As announced on March 16, David Folkerts-Landau, Head of Markets Research at Deutsche Bank, will become Head of Research effective on June 1 and will assume Mayer’s duties as Chief Economist of Deutsche Bank Group and Head of DB Research.

David Folkerts-Landau said: “Thomas and I have worked together for over two decades at Deutsche Bank and the International Monetary Fund. I look forward to benefiting from his advice as we further strengthen the macroeconomic analysis which has been successfully provided by DB Research out of Frankfurt for many years.” 

Before Mayer joined DB Research in Frankfurt in 2010, he spent seven years as Chief European Economist in London and co-head of the Bank’s Global Economics Group at Deutsche Bank Markets Research.

He previously worked for Goldman Sachs in Frankfurt and London from 1991 to 2002. Before moving to the private sector, he held positions at the International Monetary Fund in Washington, D.C., from 1983 to 1990 and at the Kiel Institute for the World Economy from 1978 to 1982. He received a Ph.D. in economics from the University of Kiel in 1982 and has been a CFA Charterholder since 2002.

For further information, please call:

Deutsche Bank AG 
Press & Media Relations   

Phone: +49 (0) 69 / 910 43800 
E-Mail: db.presse@db.com   

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This release contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about our beliefs and expectations and the assumptions underlying them. 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 revenues and in which we hold a substantial portion of our assets, the development of asset prices and market volatility, potential defaults of borrowers or trading counterparties, the implementation of our strategic initiatives, 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 20 March 2012 under the heading “Risk Factors.” Copies of this document are readily available upon request or can be downloaded from www.deutsche-bank.com/ir.
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