Deutsche Bank Aktiengesellschaft (DB) European Financials Conference 2026 March 17, 2026 6:00 AM EDT
Company Participants
Christian Sewing – CEO & Chairman of Management Board
Conference Call Participants
Giulia Miotto – Morgan Stanley, Research Division
Presentation
Giulia Miotto
Morgan Stanley, Research Division
Good morning, everyone. Thank you, Christian, for being with us this morning. Christian Sewing, Chief Executive Officer of Deutsche Bank. I have lots of questions to ask you, but let’s start with a polling question for the audience first. If it comes up, yes.
So what RoTE do you think Deutsche Bank will be able to achieve by 2028? Below 10%, 10% to 11%, 12% to 13% or above 13%?
12% to 13%. Okay. So some convincing to do on the above 13%.
Christian Sewing
CEO & Chairman of Management Board
Well, we are used to beat and raise. And therefore, I think nobody thought that we can achieve the larger 10% last year. Look, what I see from our Investor Day from last year, November, were talking about tailwinds for 2028. So I’m — for various reasons, even more confident that we can achieve it. But let me beat and raise. So I’m happy that we will beat that one.
Question-and-Answer Session
Giulia Miotto
Morgan Stanley, Research Division
Excellent. So I have — of course, we will discuss Deutsche Bank, but first, I need to ask you about the news of yesterday. UniCredit looking to increase the stake in Commerzbank. How does this impact Deutsche Bank, if at all?
Christian Sewing
CEO & Chairman of Management Board
Yes, I think not really. Look, Giulia, we are always thinking, obviously, in scenarios, and I don’t want to comment now on particular competitors, and you have all the main acts in the room today and tomorrow. But obviously, we, as a bank, in particular, in our home market, we need to think in
