v3.25.4
Business Segments and Related Information (Tables)
 12 Months Ended
Dec. 31, 2025
Business Segments and Related Information [Abstract]  
Segment Results of Operations The following tables present the results of the Group’s business segments, including the reconciliation to the
consolidated results of operations under IFRS.
2025
in € m.
(unless stated otherwise)
Corporate
Bank
Investment
Bank
Private
Bank
Asset
Management
Corporate &
Other
Total
Consolidated
Net revenues1
7,400
11,541
9,665
3,077
(249)
31,434
Provision for credit losses
194
827
578
(2)
108
1,707
Noninterest expenses
Compensation and benefits
1,632
2,894
2,795
952
3,541
11,813
General and administrative expenses
2,971
3,782
3,958
871
(2,721)
8,860
Impairment of goodwill and other
intangible assets
—
—
—
—
—
—
Restructuring activities
—
—
(15)
—
—
(15)
Total noninterest expenses
4,603
6,675
6,738
1,823
819
20,658
Noncontrolling interests
—
16
—
272
(289)
—
Profit (loss) before tax
2,603
4,022
2,348
983
(887)
9,069
Assets (in € bn)2
323
736
316
11
54
1,440
Loans (gross of allowance for loan losses,
in € bn)
120
115
247
—
3
484
Additions to non-current assets
14
6
65
20
1,938
2,042
Deposits (in € bn)
329
28
329
—
8
695
Average allocated shareholders' equity
12,199
23,967
14,763
5,2183
12,396
68,543
Risk-weighted assets (in € bn)
72
136
92
16
31
347
of which: operational risk RWA (in € bn)4
11
18
15
5
14
63
Leverage exposure (in € bn)
358
602
326
10
32
1,327
Employees (full-time equivalent)
27,320
20,592
35,443
5,425
1,099
89,879
Post-tax return on average shareholders’
equity5,6
14.1%
10.8%
10.1%
12.9%
N/M
8.5%
Post-tax return on average tangible
shareholders’ equity5,6
15.3%
11.2%
10.5%
29.1%
N/M
9.4%
Cost/income ratio7
62.2%
57.8%
69.7%
59.3%
N/M
65.7%
1 includes:
Net interest income
4,567
4,681
6,169
24
231
15,673
Net income (loss) from equity method
investments
4
(69)
4
52
3
(6)
2 includes:
Equity method investments
101
264
102
453
5
924
N/M – Not meaningful
3 Starting from the fourth quarter 2025, the equity allocation framework for Asset Management has been updated. For more information, please refer to section “Note 04 -
Business segments and related information” of this report
4 Starting from the first quarter of 2024, the allocation of operational risk RWA has changed. For more information, please refer to section “Note 04 - Business segments
and related information” of this report
5 Starting from the first quarter of 2024, the equity allocation framework has been updated. For more information, please refer to section “Note 04 - Business segments and
related information” of this report
6 Post-tax return on average shareholders’ equity and average tangible shareholders’ equity at the Group level reflect the reported effective tax rate for the Group, which
was 25% for the year ended December 31, 2025; for post-tax return on average shareholders’ equity and average tangible shareholders’ equity of the segments, the
Group effective tax rate was adjusted to exclude the impact of permanent differences not attributed to the segments, so that the segment tax rates were 28% for the
year ended December 31, 2025; for further information, please refer to “Supplementary Information (Unaudited): Non-GAAP Financial Measures” of this report
7Noninterest expenses as a percentage of total net revenues, which are defined as net interest income before provision for credit losses plus noninterest income
2024
in € m.
(unless stated otherwise)
Corporate
Bank
Investment
Bank
Private
Bank
Asset
Management
Corporate &
Other
Total
Consolidated
Net revenues1
7,506
10,557
9,386
2,649
1,406
31,504
Provision for credit losses
347
549
851
(1)
83
1,830
Noninterest expenses
Compensation and benefits
1,611
2,690
2,938
919
3,574
11,731
General and administrative expenses
3,448
3,970
4,395
904
(1,474)
11,243
Impairment of goodwill and other
intangible assets
—
—
—
—
—
—
Restructuring activities
(1)
—
(3)
—
—
(3)
Total noninterest expenses
5,058
6,660
7,331
1,823
2,100
22,971
Noncontrolling interests
—
5
—
194
(199)
—
Profit (loss) before tax
2,101
3,344
1,204
632
(577)
6,703
Assets (in € bn)2
280
756
324
11
21
1,391
Loans (gross of allowance for loan losses,
in € bn)
117
110
257
—
5
490
Additions to non-current assets
12
3
160
30
1,886
2,091
Deposits (in € bn)
313
22
320
—
13
668
Average allocated shareholders' equity
11,681
23,631
13,995
5,329
11,717
66,353
Risk-weighted assets (in € bn)
78
130
97
18
34
357
of which: operational risk RWA (in € bn)3
11
15
14
5
13
58
Leverage exposure (in € bn)
339
593
336
10
38
1,316
Employees (full-time equivalent)
26,280
20,065
37,059
5,166
1,183
89,753
Post-tax return on average shareholders’
equity4,5
11.9%
9.1%
5.1%
8.0%
N/M
5.5%
Post-tax return on average tangible
shareholders’ equity4,5
12.7%
9.4%
5.1%
18.0%
N/M
6.2%
Cost/income ratio6
67.4%
63.1%
78.1%
68.8%
N/M
72.9%
1 includes:
Net interest income
4,987
3,372
5,786
25
991
15,161
Net income (loss) from equity method
investments
(1)
(46)
21
36
2
12
2 includes:
Equity method investments
90
379
102
451
6
1,028
N/M – Not meaningful
Prior year’s comparatives aligned to presentation in the current year
3Starting from the first quarter of 2024, the allocation of operational risk RWA has changed. Prior periods have been updated accordingly. For more information, please
refer to section “Note 04 - Business segments and related information” of this report
4Starting from the first quarter of 2024, the equity allocation framework has been updated. Prior periods have been updated accordingly. For more information, please
refer to section “Note 04 - Business segments and related information” of this report
5The post-tax return on average shareholders’ equity and average tangible shareholders’ equity at the Group level reflects the reported effective tax rate for the Group,
which was 33% for the year ended December 31, 2024; for the post-tax return on average shareholders’ equity and average tangible shareholders’ equity of the
segments, the Group effective tax rate was adjusted to exclude the impact of permanent differences not attributed to the segments, so that the segment tax rates were
28% for the year ended December 31, 2024; for further information, please refer to “Supplementary Information (Unaudited): Non-GAAP Financial Measures” of this
report
6Noninterest expenses as a percentage of total net revenues, which are defined as net interest income before provision for credit losses plus noninterest income
2023
in € m.
(unless stated otherwise)
Corporate
Bank
Investment
Bank
Private
Bank
Asset
Management
Corporate &
Other
Total
Consolidated
Net revenues1
7,718
9,160
9,571
2,383
2,324
31,155
Provision for credit losses
266
431
783
(1)
26
1,505
Noninterest expenses
Compensation and benefits
1,539
2,534
2,808
891
3,358
11,131
General and administrative expenses
3,088
4,082
4,718
934
(2,710)
10,112
Impairment of goodwill and other
intangible assets
—
233
—
—
—
233
Restructuring activities
(4)
(3)
228
—
(1)
220
Total noninterest expenses
4,623
6,846
7,755
1,825
647
21,695
Noncontrolling interests
—
3
—
163
(166)
—
Profit (loss) before tax
2,828
1,880
1,032
396
1,817
7,955
Assets (in € bn)2
264
658
331
10
54
1,317
Loans (gross of allowance for loan losses,
in € bn)
117
101
261
—
6
485
Additions to non-current assets
13
89
90
73
1,853
2,118
Deposits (in € bn)
289
18
308
—
10
625
Average allocated shareholders' equity
11,280
22,953
13,681
5,103
10,132
63,149
Risk-weighted assets (in € bn)
69
140
86
15
40
350
of which: operational risk RWA (in € bn)3
6
22
8
3
19
57
Leverage exposure (in € bn)
307
546
339
10
39
1,240
Employees (full-time equivalent)
25,356
19,899
38,465
4,961
1,449
90,130
Post-tax return on average shareholders’
equity4,5
17.1%
4.9%
4.5%
5.2%
N/M
9.1%
Post-tax return on average tangible
shareholders’ equity4,5
18.5%
5.1%
4.8%
12.2%
N/M
10.2%
Cost/income ratio6
59.9%
74.7%
81.0%
76.6%
N/M
69.6%
1 includes:
Net interest income
5,241
2,887
6,156
(124)
1,963
16,122
Net income (loss) from equity method
investments
(6)
(70)
(5)
42
2
(38)
2 includes:
Equity method investments
91
413
84
420
5
1,013
N/M – Not meaningful
Prior year’s comparatives aligned to presentation in the current year
3Starting from the first quarter of 2024, the allocation of operational risk RWA has changed. Prior periods have been updated accordingly. For more information, please
refer to section “Note 04 - Business segments and related information” of this report
4Starting from the first quarter of 2024, the equity allocation framework has been updated. Prior periods have been updated accordingly. For more information, please
refer to section “Note 04 - Business segments and related information” of this report
5The post-tax return on average shareholders’ equity and average tangible shareholders’ equity at the Group level reflects the reported effective tax rate for the Group,
which was 19% for the year ended December 31, 2023; for the post-tax return on average shareholders’ equity and average tangible shareholders’ equity of the
segments, the Group effective tax rate was adjusted to exclude the impact of permanent differences not attributed to the segments, so that the segment tax rates were
28% for the year ended December 31, 2023; for further information, please refer to “Supplementary Information (Unaudited): Non-GAAP Financial Measures” of this
report
6Noninterest expenses as a percentage of total net revenues, which are defined as net interest income before provision for credit losses plus noninterest income
Segment Results of Operations, Corporate Bank Corporate Bank
2025 increase (decrease)
from 2024
2024 increase (decrease)
from 2023
in € m.
(unless stated otherwise)
2025
2024
2023
in € m.
in %
in € m.
in %
Net revenues
Corporate Treasury Services1
4,220
4,197
4,381
23
1
(184)
(4)
Institutional Client Services
1,917
1,956
1,895
(39)
(2)
62
3
Business Banking1
1,263
1,352
1,442
(90)
(7)
(90)
(6)
Total net revenues
7,400
7,506
7,718
(106)
(1)
(212)
(3)
Of which:
Net interest income2
4,567
4,987
5,241
(419)
(8)
(254)
(5)
Net commission and fee income2
2,704
2,577
2,460
127
5
118
5
Remaining income2
129
(58)
18
186
N/M
(75)
N/M
Provision for credit losses
194
347
266
(153)
(44)
81
30
Noninterest expenses
Compensation and benefits
1,632
1,611
1,539
21
1
72
5
General and administrative expenses
2,971
3,448
3,088
(477)
(14)
359
12
Impairment of goodwill and other intangible
assets
—
—
—
—
N/M
—
N/M
Restructuring activities
—
(1)
(4)
1
N/M
4
N/M
Total noninterest expenses
4,603
5,058
4,623
(455)
(9)
435
9
Noncontrolling interests
—
—
—
—
N/M
—
N/M
Profit (loss) before tax
2,603
2,101
2,828
502
24
(728)
(26)
Employees (front office, full-time
equivalent)3
8,420
7,959
7,670
461
6
289
4
Employees (business-aligned operations,
full-time equivalent)3
8,181
8,171
8,017
10
0
154
2
Employees (allocated central
infrastructure, full-time equivalent)3
10,719
10,150
9,669
569
6
481
5
Total employees (full-time equivalent)3
27,320
26,280
25,356
1,040
4
924
4
Total assets (in € bn)3,4
323
280
264
44
16
16
6
Risk-weighted assets (in € bn)3
72
78
69
(6)
(8)
9
13
of which: operational risk RWA (in € bn)3,5
11
11
6
—
1
5
94
Leverage exposure (in € bn)3
358
339
307
18
5
33
11
Deposits (in € bn)3
329
313
289
17
5
23
8
Loans (gross of allowance for loan losses, in
€ bn)3
120
117
117
3
2
—
0
Cost/income ratio6
62.2%
67.4%
59.9%
(5.2)ppt
N/M
7.5ppt
N/M
Post-tax return on average shareholders'
equity7,8
14.1%
11.9%
17.1%
2.2ppt
N/M
(5.2)ppt
N/M
Post-tax return on average tangible
shareholders’ equity7,8
15.3%
12.7%
18.5%
2.6ppt
N/M
(5.8)ppt
N/M
N/M – Not meaningful
Prior year’s comparatives aligned to presentation in the current year
1Starting from the first quarter of 2025, certain smaller non-complex clients previously recorded under Corporate Treasury Services are reported under Business Banking.
The reclassification follows a review and realignment of client coverage to provide clients with the most effective coverage within the Corporate Bank. Prior year’s
comparatives are presented in the current reporting structure
2Starting from the first quarter of 2025, the representation of revenue sharing between Corporate Bank and Investment Bank has changed. For more information, please
refer to section “Note 04 - Business segments and related information” of this report
3 As of year-end
4Segment assets are presented on a consolidated basis, i.e., the amounts do not include intersegment balances
5Starting from the first quarter of 2024, the allocation of operational risk RWA has changed. For more information, please refer to section “Note 04 - Business segments
and related information” of this report
6Noninterest expenses as a percentage of total net revenues, which are defined as net interest income before provision for credit losses plus noninterest income
7Starting from the first quarter of 2024, the equity allocation framework has been updated. For more information, please refer to section “Note 04 - Business segments and
related information” of this report
8For the post-tax return on average shareholders’ equity and average tangible shareholders’ equity of the segments, the Group effective tax rate was adjusted to exclude
the impact of permanent differences not attributed to the segments, so that the segment tax rates were 28% for the years 2025, 2024 and 2023; for further information,
please refer to “Supplementary Information (Unaudited): Non-GAAP Financial Measures” of this report
Segment Results of Operations, Investment Bank Investment Bank
2025 increase (decrease)
from 2024
2024 increase (decrease)
from 2023
in € m.
(unless stated otherwise)
2025
2024
2023
in € m.
in %
in € m.
in %
Net revenues
Fixed Income & Currencies (FIC)
9,610
8,518
7,897
1,092
13
621
8
Fixed Income & Currencies: Financing
3,561
3,183
2,909
377
12
275
9
Fixed Income & Currencies: Markets1
6,050
5,335
4,989
715
13
346
7
Investment Banking & Capital Markets2
1,861
1,990
1,238
(129)
(6)
752
61
Debt Origination
1,100
1,274
837
(174)
(14)
437
52
Equity Origination
225
186
102
39
21
83
82
Advisory
536
531
299
5
1
232
77
Research and Other3
70
49
24
20
41
25
102
Total net revenues4
11,541
10,557
9,160
984
9
1,398
15
Provision for credit losses
827
549
431
278
51
119
28
Noninterest expenses
Compensation and benefits
2,894
2,690
2,534
204
8
156
6
General and administrative expenses
3,782
3,970
4,082
(188)
(5)
(112)
(3)
Impairment of goodwill and other intangible assets
—
—
233
—
N/M
(233)
N/M
Restructuring activities
—
—
(3)
—
38
3
N/M
Total noninterest expenses
6,675
6,660
6,846
15
0
(186)
(3)
Noncontrolling interests
16
5
3
12
N/M
2
52
Profit (loss) before tax
4,022
3,344
1,880
679
20
1,463
78
Employees (front office, full-time equivalent)5
5,037
4,888
4,856
149
3
32
1
Employees (business-aligned operations, full-time
equivalent)5
3,151
3,168
3,146
(17)
(1)
22
1
Employees (allocated central infrastructure, full-
time equivalent)5
12,404
12,009
11,898
395
3
111
1
Total employees (full-time equivalent)5
20,592
20,065
19,899
527
3
166
1
Total assets (in € bn)5,6
736
756
658
(20)
(3)
98
15
Risk-weighted assets (in € bn)5
136
130
140
7
5
(10)
(7)
of which: operational risk RWA (in € bn)5,7
18
15
22
3
21
(7)
(32)
Leverage exposure (in € bn)5
602
593
546
10
2
46
8
Deposits (in € bn)5
28
22
18
6
26
4
23
Loans (gross of allowance for loan losses, in € bn)5
115
110
101
5
5
9
9
Cost/income ratio8
57.8%
63.1%
74.7%
(5.2)ppt
N/M
(11.7)ppt
N/M
Post-tax return on average shareholders’ equity9,10
10.8%
9.1%
4.9%
1.7ppt
N/M
4.2ppt
N/M
Post-tax return on average tangible shareholders’
equity9,10
11.2%
9.4%
5.1%
1.8ppt
N/M
4.3ppt
N/M
N/M – Not meaningful
Prior year’s comparatives aligned to presentation in the current year
1Starting from the fourth quarter of 2025, the additional sub-category “Fixed Income & Currencies: Ex Financing“ within Fixed Income & Currencies (FIC) was renamed to
“Fixed Income & Currencies: Markets“
2 Starting from the fourth quarter of 2025, Deutsche Bank renamed “Origination & Advisory” within the Investment Bank to “Investment Banking & Capital Markets”
3Historically, certain bank funding charges that were allocated to the Investment Bank but not directly attributable to specific balance sheet positions were reported
within “Research and Other”. Beginning the third quarter of 2025 these charges have been allocated to underlying businesses based on an agreed allocation key in order
to support ongoing refinement of business level reporting. Prior year’s comparatives are aligned to presentation in the current year
4Starting from the first quarter of 2025, the representation of revenue sharing between Corporate Bank and Investment Bank has changed. For more information, please
refer to section “Note 04 - Business segments and related information” of this report
5As of year-end
6Segment assets are presented on a consolidated basis, i.e., the amounts do not include intersegment balances
7 Starting from the first quarter of 2024, the allocation of operational risk RWA has changed. For more information, please refer to section “Note 04 - Business segments
and related information” of this report
8Noninterest expenses as a percentage of total net revenues, which are defined as net interest income before provision for credit losses plus noninterest income
9 Starting from the first quarter of 2024, the equity allocation framework has been updated. For more information, please refer to section “Note 04 - Business segments and
related information” of this report
10For the post-tax return on average shareholders’ equity and average tangible shareholders’ equity of the segments, the Group effective tax rate was adjusted to exclude
the impact of permanent differences not attributed to the segments, so that the segment tax rates were 28% for the years 2025, 2024 and 2023; for further information,
please refer to “Supplementary Information (Unaudited): Non-GAAP Financial Measures” of this report
Segment Results of Operations, Private Bank Private Bank
2025 increase (decrease)
from 2024
2024 increase (decrease)
from 2023
in € m.
(unless stated otherwise)
2025
2024
2023
in € m.
in %
in € m.
in %
Net revenues:
Personal Banking1
5,284
5,253
5,442
31
1
(190)
(3)
Wealth Management1,2
4,381
4,133
4,128
248
6
5
0
Total net revenues
9,665
9,386
9,571
279
3
(185)
(2)
of which:
Net interest income
6,169
5,786
6,156
383
7
(370)
(6)
Net commission and fee income
2,999
2,956
2,852
43
1
104
4
Remaining income
497
643
563
(146)
(23)
80
14
Provision for credit losses
578
851
783
(273)
(32)
68
9
Noninterest expenses:
Compensation and benefits
2,795
2,938
2,808
(143)
(5)
130
5
General and administrative expenses
3,958
4,395
4,718
(438)
(10)
(323)
(7)
Impairment of goodwill and other intangible assets
—
—
—
—
N/M
—
N/M
Restructuring activities
(15)
(3)
228
(12)
N/M
(231)
N/M
Total noninterest expenses
6,738
7,331
7,755
(593)
(8)
(424)
(5)
Noncontrolling interests
—
—
—
—
45
—
(45)
Profit (loss) before tax
2,348
1,204
1,032
1,144
95
172
17
Employees (front office, full-time equivalent)3
15,840
17,053
18,483
(1,213)
(7)
(1,430)
(8)
Employees (business-aligned operations, full-time
equivalent)3
7,497
7,842
7,780
(345)
(4)
62
1
Employees (allocated central infrastructure, full-
time equivalent)3
12,106
12,164
12,202
(58)
N/M
(38)
0
Total employees (full-time equivalent)3
35,443
37,059
38,465
(1,616)
(4)
(1,406)
(4)
Total assets (in € bn)3,4
316
324
331
(8)
(2)
(7)
(2)
Risk-weighted assets (in € bn)3
92
97
86
(5)
(5)
11
13
of which: operational risk RWA (in € bn)3,5
15
14
8
—
2
7
89
Leverage exposure (in € bn)3
326
336
339
(10)
(3)
(2)
(1)
Deposits (in € bn)2
329
320
308
9
3
13
4
Loans (gross of allowance for loan losses, in € bn)3
247
257
261
(11)
(4)
(4)
(1)
Assets under Management (in € bn)3,6
685
634
579
51
8
55
9
Net flows (in € bn)
27
29
23
(2)
(7)
6
26
Cost/income ratio7
69.7%
78.1%
81.0%
(8.4)ppt
N/M
(2.9)ppt
N/M
Post-tax return on average shareholders' equity8,9
10.1%
5.1%
4.5%
5.1ppt
N/M
0.5ppt
N/M
Post-tax return on average tangible shareholders’
equity8,9
10.5%
5.1%
4.8%
5.4ppt
N/M
0.3ppt
N/M
N/M – Not meaningful
Prior year’s comparatives aligned to presentation in the current year
1 Starting from the first quarter of 2025, a portion of certain European Personal Banking clients have been transferred to the Wealth Management segment. This change
reflects adjustments in the Private Bank client's classification to better align financial reporting with the underlying business structure. Prior year’s comparatives are
presented in the current reporting structure
2Starting from the fourth quarter of 2025, the Private Bank renamed “Wealth Management & Private Banking” to “Wealth Management”
3As of year-end
4Segment assets are presented on a consolidated basis, i.e., the amounts do not include intersegment balances
5Starting from the first quarter of 2024, the allocation of operational risk RWA has changed. For more information, please refer to section “Note 04 - Business segments
and related information” of this report
6Assets under Management include assets held on behalf of customers for investment purposes and/or client assets that are advised or managed by Deutsche Bank. They
are managed on a discretionary or advisory basis or are deposited with the bank. Deposits are considered Assets under Management if they serve investment purposes. In
Personal Banking, this includes Term deposits and Savings deposits. In Wealth Management (excl. Business Banking), it is assumed that all customer deposits are held
with the bank primarily for investment purposes and accordingly are classified as Assets under Management. In instances in which the Private Bank distributes investment
products qualifying as Assets under Management which are managed by DWS, these assets are reported as Assets under Management for Private Bank and for Asset
Management (DWS) because they are two distinct, independent qualifying services
7Noninterest expenses as a percentage of total net revenues, which are defined as net interest income before provision for credit losses plus noninterest income
8Starting from the first quarter of 2024, the equity allocation framework has been updated. For more information, please refer to section “Note 04 - Business segments and
related information” of this report
9For the post-tax return on average shareholders’ equity and average tangible shareholders’ equity of the segments, the Group effective tax rate was adjusted to exclude
the impact of permanent differences not attributed to the segments, so that the segment tax rates were 28% for the years 2025, 2024 and 2023; for further information,
please refer to “Supplementary Information (Unaudited): Non-GAAP Financial Measures” of this report
Segment Results of Operations, Asset Management Asset Management
2025 increase (decrease)
from 2024
2024 increase (decrease)
from 2023
in € m.
(unless stated otherwise)
2025
2024
2023
in € m.
in %
in € m.
in %
Net revenues
Management fees
2,597
2,479
2,314
119
5
164
7
Performance and transaction fees
318
148
128
170
115
20
16
Other
162
23
(59)
139
N/M
82
N/M
Total net revenues
3,077
2,649
2,383
427
16
267
11
Provision for credit losses
(2)
(1)
(1)
(1)
172
—
(23)
Noninterest expenses
Compensation and benefits
952
919
891
33
4
28
3
General and administrative expenses
871
904
934
(34)
(4)
(29)
(3)
Impairment of goodwill and other intangible assets
—
—
—
—
N/M
—
N/M
Restructuring activities
—
—
—
—
N/M
—
N/M
Total noninterest expenses
1,823
1,823
1,825
—
0
(1)
0
Noncontrolling interests
272
194
163
78
40
32
20
Profit (loss) before tax
983
632
396
350
55
236
60
Employees (front office, full-time equivalent)1
2,103
2,065
2,044
38
2
21
1
Employees (business-aligned operations, full-time
equivalent)1
2,732
2,510
2,343
222
9
167
7
Employees (allocated central infrastructure, full-
time equivalent)1
590
591
574
(1)
0
17
3
Total employees (full-time equivalent)1
5,425
5,166
4,961
259
5
205
4
Total assets (in € bn)1,2
11
11
10
—
2
—
2
Risk-weighted assets (in € bn)1
16
18
15
(3)
(16)
3
22
of which: operational risk RWA (in € bn)1,3
5
5
3
1
13
1
35
Leverage exposure (in € bn)1
10
10
10
—
1
—
4
Assets under Management (in € bn)1,4
1,085
1,012
896
73
7
115
13
Net flows (in € bn)
51
26
28
25
98
(3)
(9)
Cost/income ratio5
59.26%
68.81%
76.57%
(9.6)ppt
N/M
(7.8)ppt
N/M
Post-tax return on average shareholders' equity6,7
12.93%
8.03%
5.16%
4.9ppt
N/M
2.9ppt
N/M
Post-tax return on average tangible shareholders’
equity6,7
29.1%8
18.0%
12.2%
11.0ppt
N/M
5.8ppt
N/M
N/M – Not meaningful
Prior year’s comparatives aligned to presentation in the current year
1As of year-end
2Segment assets are presented on a consolidated basis, i.e., the amounts do not include intersegment balances
3Starting from the first quarter of 2024 the allocation of operational risk RWA has changed. For more information, please refer to section “Note 04 - Business segments
and related information” of this report
4Assets under Management (AuM) means assets (i) the segment manages on a discretionary or non-discretionary advisory basis; including where it is the management
company and portfolio management is outsourced to a third party; and (ii) a third party holds or manages and on which the segment provides, on the basis of contract,
advice of an ongoing nature including regular or periodic assessment, monitoring and/or review. AuM represent both collective investments (including mutual funds and
exchange-traded funds) and separate client mandates. AuM are measured at current market value based on the local regulatory rules for asset managers at each
reporting date, which might differ from the fair value rules applicable under IFRS. Measurable levels are available daily for most retail products but may only update
monthly, quarterly or even yearly for some products. While AuM do not include the segment’s investments accounted for under equity method, they do include seed
capital and any committed capital on which the segment earns management fees. In instances in which Private Bank distributes investment products qualifying as Assets
under Management which are managed by DWS, these assets are reported as Assets under Management for Private Bank and for Asset Management (DWS) because they
are two distinct, independent qualifying services
5Noninterest expenses as a percentage of total net revenues, which are defined as net interest income before provision for credit losses plus noninterest income
6Starting from the first quarter of 2024, the equity allocation framework has been updated. For more information, please refer to section “Note 04 - Business segments and
related information” of this report
7For the post-tax return on average shareholders’ equity and average tangible shareholders’ equity of the segments, the Group effective tax rate was adjusted to exclude
the impact of permanent differences not attributed to the segments, so that the segment tax rates were 28% for the years 2025, 2024 and 2023; for further information,
please refer to “Supplementary Information (Unaudited): Non-GAAP Financial Measures” of this report
8 Starting from the fourth quarter 2025 the equity allocation framework for Asset Management has been updated. For more information, please refer to section “Note 04 -
Business segments and related information” of this report
Segment Results of Operations, Corporate & Other Corporate & Other
2025 increase (decrease)
from 2024
2024 increase (decrease)
from 2023
in € m.
(unless stated otherwise)
2025
2024
2023
in € m.
in %
in € m.
in %
Net revenues
(249)
1,406
2,324
(1,654)
N/M
(918)
(40)
Provision for credit losses
108
83
26
26
31
57
N/M
Noninterest expenses
Compensation and benefits
3,541
3,574
3,358
(33)
(1)
216
6
General and administrative expenses
(2,721)
(1,474)
(2,710)
(1,247)
85
1,236
(46)
Impairment of goodwill and other intangible assets
—
—
—
—
N/M
—
N/M
Restructuring activities
—
—
(1)
—
N/M
1
N/M
Total noninterest expenses
819
2,100
647
(1,280)
(61)
1,453
N/M
Noncontrolling interests
(289)
(199)
(166)
(89)
45
(33)
20
Profit (loss) before tax
(887)
(577)
1,817
(310)
54
(2,394)
N/M
Total Employees (full-time equivalent)1
36,918
36,097
35,792
821
2
305
1
Risk-weighted assets (in € bn)1
31
34
40
(3)
(7)
(6)
(15)
Leverage exposure (in € bn)1
32
38
39
(6)
(16)
(1)
(3)
N/M – Not meaningful
Prior year’s comparatives aligned to presentation in the current year
1As of year-end
Entity-Wide Disclosures by Geographic Area The following table presents total net revenues (before provision for credit losses) by geographic area for the years
ended December 31, 2025, 2024 and 2023 respectively. The information presented for Corporate Bank, Investment
Bank, Private Bank and Asset Management has been classified based primarily on the location of the Group’s office in
which the revenues are recorded. The information for Corporate & Other is presented on a global level only, as
management responsibility for Corporate & Other is held centrally.
in € m.
2025
2024
2023
Germany:
Corporate Bank
3,558
3,811
4,225
Investment Bank
720
641
573
Private Bank
6,511
6,388
6,567
Asset Management
1,438
1,286
1,211
Total Germany
12,226
12,127
12,576
UK:
Corporate Bank
211
193
192
Investment Bank
4,033
3,882
3,503
Private Bank
63
46
54
Asset Management
652
404
350
Total UK
4,959
4,525
4,099
Rest of Europe:
Corporate Bank
1,154
1,238
1,196
Investment Bank
392
477
330
Private Bank
2,051
1,953
1,981
Asset Management
329
308
274
Total Rest of Europe
3,926
3,975
3,782
Americas (primarily United States):
Corporate Bank
1,241
1,090
1,011
Investment Bank
4,423
3,869
3,041
Private Bank
478
475
462
Asset Management
549
562
432
Total Americas
6,691
5,996
4,945
Asia/Pacific, Middle East and Africa:
Corporate Bank
1,236
1,174
1,094
Investment Bank
1,973
1,688
1,713
Private Bank
563
524
506
Asset Management
109
90
115
Total Asia/Pacific, Middle East and Africa
3,881
3,476
3,428
Corporate & Other
(249)
1,406
2,324
Consolidated net revenues1
31,434
31,504
31,155
Prior year’s comparatives aligned to presentation in the current year
1Consolidated net revenues comprise interest and similar income, interest expenses and total noninterest income (including net commission and fee income); revenues are
attributed to countries based on the location in which the Group’s booking office is located; the location of a transaction on the Group’s books is sometimes different
from the location of the headquarters or other offices of a customer and different from the location of the Group’s personnel who entered into or facilitated the
transaction; where the Group records a transaction involving its staff and customers and other third parties in different locations frequently depends on other
considerations, such as the nature of the transaction, regulatory considerations and transaction processing considerations