Deutsche Bank AG — Earnings Release 2011

Oct 4, 2011

News Details

Ad-hoc | 4 October 2011 11:24

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

Deutsche Bank AG / Key word(s): Quarter Results

04.10.2011 11:24

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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.

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Language: English
Company: Deutsche Bank AG
Taunusanlage 12
60325 Frankfurt a. M.
Germany
Phone: +49 (0)69 910-00
Fax: +49 (0)69 910-38966
E-mail: Deutsche.Bank@db.com
Internet: www.deutsche-bank.de
ISIN: DE0005140008
WKN: 514000
Indices: DAX, EURO STOXX 50
Listed: Regulierter Markt in Berlin, Düsseldorf, Frankfurt (Prime
Standard), Hamburg, Hannover, München, Stuttgart; Terminbörse
EUREX; NYSE

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