Company: ADZCF
Filing Date: 2025-03-13
Form Type: 20-F
Source: 0001159508-25-000020
Chunk: 606

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-03-13
Form: 20-F
Chunk 606
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 capital market-oriented companies (German Commercial Code), International Financial Reporting Standards as well as the guidelines issued by the working group “Guidelines for Sustainable Management Board Remuneration Systems”. Employee Compensation Report This part of the compensation report discloses information with regard to the compensation system and structure that applies to the employees in Deutsche Bank Group. The report provides details on the Group Compensation Framework, and it outlines the decisions on variable compensation for 2024. Furthermore, this part contains quantitative disclosures specific to employees identified as Material Risk Takers (`MRT´s) in accordance with the Remuneration Ordinance for Institutions.

| 341 |

| Deutsche Bank      |
| Annual Report 2024 |

Compensation of the Management Board Executive Summary Over the past five and a half years, Deutsche Bank has made further progress on its transformation into a robust, resilient, and profitable institution with a clear strategy focused on delivering the best outcomes for its clients. Since July 2019, progress has been made to fundamentally reshape the bank. In 2024, Deutsche Bank advanced its Global Hausbank strategy, achieving revenue growth, operational as well as capital efficiency. The bank continued to expand its business while controlling adjusted costs and investing in its platform. It also resolved key legacy litigation matters and put exceptional items behind it. Net revenues grew to € 31.5 billion in 2024, up from € 31.2 billion, or 1% versus 2023, in line with the bank’s guidance of around € 30 billion for 2024. Compound annual revenue growth since 2021 was 7.2% through the end of 2024, compared to 10.5% in 2023, in line with the bank’s target range of 5.5% to 6.5%. In 2025, Deutsche Bank expects continued growth across all business areas, driven by net interest and non-interest income. The bank maintains its revenue goal of approximately € 32 billion, with potential upside from currency translation effects. Noninterest expenses in 2024 were € 23.0 billion, up 6% from the prior year, including € 2.6 billion in nonoperating costs for litigation, restructuring and severance. Adjusted costs declined to € 20.4 billion from € 20.6 billion in 2023. In terms of operational efficiency, Deutsche Bank made further progress on its € 2.5 billion operational efficiency program during 2024. Measures included the optimization of the bank’s platform in