Deutsche Bank Aktiengesellschaft (DB) Presents at European Financials Conference 2026 Transcript

SA Transcripts159.01K FollowersFollow5ShareSaveCommentsPlay Earnings CallPlay Earnings Call 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 MiottoMorgan 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 SewingCEO & 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 MiottoMorgan 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 SewingCEO & 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