Company: ADZCF
Filing Date: 2025-03-13
Form Type: 20-F
Source: 0001159508-25-000020
Chunk: 200

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-03-13
Form: 20-F
Chunk 200
---
 in active equity, fixed income, cash, multi asset and systematic and quantitative investments as well as passive investments including Xtrackers range and alternative investments. Alternative investments include real estate, infrastructure, liquid real assets and sustainable investments. In addition, DWS’s solution strategies are targeted to client needs that cannot be addressed by traditional asset classes alone. Such services include insurance and pension solutions, asset-liability management, portfolio management solutions and asset allocation advisory. Distribution Channels and Marketing DWS product offerings are managed by a global investment platform and distributed across EMEA, the Americas and Asia Pacific through a global distribution network. DWS also leverages third-party distribution channels, including other divisions of Deutsche Bank Group.

| 13 |

| Deutsche Bank      |
| Annual Report 2024 |

Infrastructure The Infrastructure functions perform control and service activities for the businesses, including tasks relating to Group-wide, cross-divisional resource-planning, steering and control, as well as tasks relating to risk, liquidity and capital management. The Infrastructure functions are organized into the following areas of responsibility linked to a dedicated member of the Management Board: – Chief Executive Office – Chief Financial Office – Chief Risk Office – Chief Operating Office – Compliance & Anti-Financial Crime – Legal & Group Governance – Technology, Data and Innovation Infrastructure also includes Communications & Corporate Social Responsibility, Chief Sustainability Office, Group Audit, Global Procurement, Global Real Estate, Human Resources and Investor Relations. In the first quarter of 2023, the bank introduced a Driver-Based Cost Management methodology for the allocation of costs originated in respective infrastructure functions which aims to provide transparency over the drivers of Infrastructure costs and links costs more closely to service consumption by segments. During 2023, costs relating to Infrastructure functions were allocated using an actuals to plan approach, with the exception of technology development costs which were charged to the divisions based on actual expenditures. Beginning 2024, all infrastructure costs were charged to divisions based on actual costs and service consumption in support of the bank’s continued focus on cost discipline. Significant capital expenditures and divestitures [Initial updates included] Information on each corporate division’s significant capital expenditures and divestitures for the last three financial years has been included in the above descriptions of the corporate divisions. Since January 1, 2022, there have been no public takeover offers by third parties with respect to Deutsche Bank’s shares.

| 14 |

| Deutsche Bank      |
| Annual Report 2024 |

Results of operations Consolidated results of operations The following discussion and analysis should be read in conjunction with the consolidated