SlideShare utilise les cookies pour améliorer les fonctionnalités et les performances, et également pour vous montrer des publicités pertinentes. Si vous continuez à naviguer sur ce site, vous acceptez l’utilisation de cookies. Consultez nos Conditions d’utilisation et notre Politique de confidentialité.
SlideShare utilise les cookies pour améliorer les fonctionnalités et les performances, et également pour vous montrer des publicités pertinentes. Si vous continuez à naviguer sur ce site, vous acceptez l’utilisation de cookies. Consultez notre Politique de confidentialité et nos Conditions d’utilisation pour en savoir plus.
// Our Identity. We are a leading global investment bank with a
strong and profitable private clients franchise. Our businesses are
mutually reinforcing. A leader in Germany and Europe, we are
powerful and growing in North America, Asia and key emerging
// Our Mission. We compete to be the leading global provider
of financial solutions for demanding clients creating exceptional
value for our shareholders and people.
// A Passion to Perform. This is the way we do business. We pursue
excellence, leverage unique insights, deliver innovative solutions
and build long-term relationships.
The Group at a Glance
Share price at period end € 101.34 € 81.90
Share price high € 103.29 € 85.00
Share price low € 80.74 € 60.90
Dividend per share (proposed for 2006) € 4.00 € 2.50
Basic earnings per share € 13.31 € 7.62
Diluted earnings per share1 € 11.55 € 6.95
Average shares outstanding, in m., basic 450 463
Average shares outstanding, in m., diluted 511 509
Return on average total shareholders’ equity (post-tax) 19.5 % 12.5 %
Adjusted return on average active equity (post tax)2,3 22.2 % 16.2 %
Pre-tax return on average total shareholders’ equity 26.4 % 21.7 %
Pre-tax return on average active equity3 30.4 % 24.3 %
Cost/income ratio4 70.2 % 74.7 %
in ¤ m. 2006 2005
Total revenues 28,338 25,640
Provision for loan losses 330 374
Total noninterest expenses 19,883 19,154
Income before income tax expense and cumulative effect of
accounting changes 8,125 6,112
Net income 5,986 3,529
in ¤ bn. Dec 31, 2006 Dec 31, 2005
Total assets 1,126 992
Loans, net 168 151
Shareholders’ equity 32.8 29.9
BIS core capital ratio (Tier I) 8.9 % 8.7 %
Number Dec 31, 2006 Dec 31, 2005
Branches 1,717 1,588
thereof in Germany 934 836
Employees (full-time equivalent) 68,849 63,427
thereof in Germany 26,401 26,336
Long-term rating Dec 31, 2006 Dec 31, 2005
Moody‘s Investors Service, New York Aa3 Aa3
Standard & Poor‘s, New York AA– AA–
Fitch Ratings, New York AA– AA–
Including effect of dilutive derivatives, net of tax.
Net income of € 5,986 million for 2006 and € 3,529 million for 2005 is adjusted for the reversal of 1999 / 2000 credits for tax rate changes of
€ (1) million for 2006 and € 544 million for 2005, and cumulative effect of accounting changes, net of tax of € 46 million for 2006.
We calculate this adjusted measure of our return on average total shareholders’ equity to make it easier to compare us to our competitors
We refer to this adjusted measure as our “return on average active equity”. However, this is not a measure of performance under U.S. GAAP
and you should not compare our ratio to other companies’ ratios without considering the differences in calculation of the ratios. The items
for which we adjust the average shareholders’ equity of € 30,765 million for 2006 and € 28,201 million for 2005 are the average unrealized
net gains on securities available for sale, net of applicable tax effects of € 2,382 million for 2006 and € 2,023 million for 2005 and the average
dividends of € 1,615 million for 2006 and € 1,048 million for 2005. The dividend is paid once a year following its approval by the general share-
Noninterest expenses as a percentage of net interest revenues before provision for loan losses plus noninterest revenues.
the deutsche Bank share
useful information on the Deutsche Bank share
Change in total return1 27.39 %
Share in equities trading (Xetra and Frankfurt Floor Trading) 7.8 %
Average daily trading volume2 4.2 million shares
as of December 31, 2006
Issued shares 524,768,009
Outstanding shares 498,650,274
Share capital € 1,343,406,103.04
Market capitalization € 53.18 billion
Share price3 € 101.34
Weighting in the DAX 7.7 %
Weighting in the Dow Jones STOXX 50 1.6 %
securities identification codes
Deutsche Börse New York Stock Exchange
Type of issue Registered share Type of issue Global Registered Share
Symbol DBK Currency U.S.$
WKN 514 000 Symbol DB
ISIN DE0005140008 CINS D 18190898
Reuters DBKGn.DE Bloomberg DBK GR
Share price based on Xetra.
Orderbook statistics (Xetra).
Xetra – closing price.
Group ExECutivE CommittEE
Group Executive Committee
1 2 3
1 2 3
Anthony Di lorio, born 1943 Dr. Josef Ackermann, born 1948 Anshu Jain, born 1963
Management Board member since 2006. Management Board member since 1996. Head of Global Markets.
Chief Financial Officer, responsible for Chairman of the Management Board and the Group
Finance, Tax, Capital Market Communi- Executive Committee, responsible for Corporate 7
cations / Investor Relations and Corporate and Investment Bank, Private Clients and Asset Kevin Parker, born 1959
Insurance. Management, Corporate Investments, Regional Head of Asset Management.
Management as well as Corporate
Communications, Corporate Development and Eco-
Jürgen Fitschen, born 1948
Global Head of Regional Management and
Chairman of the Management Committee
Rainer Neske, born 1964
Head of Private & Business Clients.
06 // 07
8 9 10
4 5 10
Dr. Tessen von Heydebreck, born 1945 Michael Cohrs, born 1956 Hermann-Josef Lamberti, born 1956
Management Board member since 1994. Head of Global Banking. Management Board member since 1999.
Chief Administrative Officer, responsible Chief Operating Officer, responsible for Cost
for Corporate Social Responsibility, 9 and Infrastructure Management, Information
Human Resources, Legal, Compliance Pierre de Weck, born 1950 Technology, Operations, Building and Facilities
and Audit. Head of Private Wealth Management. Management as well as Purchasing.
Dr. Hugo Bänziger, born 1956
Management Board member since 2006.
Chief Risk Officer, responsible for Risk &
Capital Management, Corporate Security
and Treasury & Capital Management.
Members of the Management Board
of Deutsche Bank AG.
01 // Deutsche Bank GrouP corPorate Profile anD overview 10 // 11
Profitable growth thanks to
The Management Board of Deutsche Bank AG has as its prime responsibility the Group’s
strategic management, resource allocation, financial accounting and controls, capital and risk
management, and internal controls. The Group Board is supported in the performance of its
management and oversight duties by functional committees which are chaired by Manage-
ment Board members and by the Corporate Center.
In May 2006, the offices of Chief Financial Officer and Chief Risk Officer, which had hitherto
been held by the same Management Board member, were allocated separately to two diffe-
rent Board Members. Therefore the number of Board Members increased from four to five.
The Chairman of the Management Board/Chief Executive Officer also holds the office of
Chairman of the Group Executive Committee (GEC). The GEC is made up of the members
of the Management Board, the heads of the five core businesses, and the Head of Regional
Management. The GEC supports the Management Board in its decision-making. At regular
meetings, it reviews developments within the businesses, discusses matters of Group strate-
gy and formulates recommendations for the Management Board.
Responsibility for the operational management of the Group’s core businesses lies with the
three Divisional Committees.
Capital & Risk Compliance Finance Human Resources
Investment IT & Operations Principal Investment Risk Executive
group executive committee
Business Heads / regional Head
Corporate and Corporate Private Clients and
Investment Bank Investments Asset Management
01 // Deutsche Bank GrouP corPorate Profile anD overview
Deutsche Bank comprises three Group Divisions: the Corporate and Investment Bank (CIB),
Private Clients and Asset Management (PCAM) and Corporate Investments (CI).
corporate anD investMent Bank
CIB is responsible for Deutsche Bank’s capital markets business, comprising the origination,
sales and trading of capital markets products including debt, equity, and other securities,
together with our corporate advisory, corporate lending and transaction banking businesses.
Our clients are institutions, both private and public sector, including sovereign states and
supranational bodies, together with global and multinational corporations, medium-sized and
CIB is subdivided into two Corporate Divisions: Corporate Banking & Securities and Global
Transaction Banking (GTB).
Corporate Banking & Securities covers Deutsche Bank’s origination, sales and trading of capi-
tal market products, corporate advisory and corporate financing businesses, asset finance
and leasing, and commercial real estate.
Global Transaction Banking covers Deutsche Bank’s cash management, clearing, trade finance
and trust & securities services businesses serving both financial institutions and corporate
clients. Corporate Finance and Global Transaction Banking are together named Global Banking.
private clients anD asset ManageMent
PCAM comprises two Corporate Divisions: Asset and Wealth Management and Private &
Asset and Wealth Management comprises two Business Divisions: Asset Management and
Private Wealth Management. Asset Management provides institutional clients, including
pension funds and insurance companies, with a full range of services including traditional
asset management, alternative assets, sophisticated absolute return strategies and real
estate asset management. Asset Management also provides retail clients across the globe
with mutual fund products through our DWS and DWS Scudder franchises. Private Wealth
Management serves high net worth individuals and families worldwide with a fully-integra-
ted wealth management service embracing portfolio management, tax advisory, inheritance
planning and philanthropic advisory services.
Private & Business Clients (PBC) provides private individuals and small businesses with
a full range of traditional banking products, including current accounts, deposits and loans,
investment management products and business banking services. PBC operates outside
Germany predominantly in European markets including Italy and Spain, but also in Belgium
and Portugal. It is currently expanding into important emerging markets in Central and
Eastern Europe, such as Poland, and in Asia, including India and China.
12 // 13
The Corporate Investments Group Division covers our industrial shareholdings, certain bank-
occupied real estate assets, private equity and venture capital activities and other non-stra-
In late year 2006, Deutsche Bank launched Phase 3 of our management agenda. This followed
the successful delivery of the first two phases since 2002, during which we streamlined our
organization, positioned our core businesses for profitable growth and reached our target of
25 % pre-tax return on average active equity. The overall objective for Phase 3 is to leverage
our global platform for accelerated growth. Our performance in 2006 reflected our progress
in all four key pillars of the Phase 3 management agenda:
Maintaining strict cost, risk, capital anD regulatory Discipline
We further reduced our cost-income ratio as costs grew much less strongly than revenues.
Our capital discipline was reflected in a core capital ratio of 8.9 %, up from 8.7 % at the end
of 2005, despite growth in risk-weighted assets, continued share buybacks and a recommen-
ded dividend increase of 60 % to an all time high of € 4.00 per share. Our problem loans and
provision for credit losses decreased again.
continuing to invest in organic growtH, suppleMenteD By targeteD ‘Bolt-on’
We added 5,422 people during 2006, expanding our presence in North America and Latin
America, the Middle East, Central and Eastern Europe, and Asia, notably in China and India.
Furthermore, we announced four significant acquisitions during the year. Our purchase of
MortgageIT, a U.S. residential mortgage originator, enables us to expand in the important
U.S. securitization business. The acquisitions of Berliner Bank and norisbank complement
both the regional strength and product range of our retail banking platform in Germany, while
the purchase of Tilney Group in the UK gives us a strong footprint in Europe’s second largest
private wealth management market.
FurtHer growing our ”staBle” Businesses
In both PCAM and GTB, we possess businesses whose earnings are viewed as stable, and
therefore are highly valued by investors and other capital market participants. In 2006, under-
lying pre-tax profit in PCAM and in GTB rose to record levels. Combined underlying pre-tax
profit in these two businesses has approximately doubled since 2003.
BuilDing on our coMpetitive eDge in ciB
Deutsche Bank has a world-leading global investment banking franchise, which was once
again a major contributor to the bank’s strong financial performance in 2006. In Corporate
Banking & Securities, pre-tax profit rose to unprecedented levels, with record revenues across
sales and trading, origination and corporate advisory services.
01 // Deutsche Bank GrouP corPorate Profile anD overview
continuing to Deliver on our targets
Deutsche Bank once again successfully delivered on its stated financial objectives in 2006.
Pre-tax return on average equity was 31 % for the year, comfortably ahead of our over-the-
cycle target of 25 %. Diluted earnings per share grew by 66 % also significantly exceeding our
goal of double-digit growth over the cycle.
Deutsche Bank’s business model is configured to unlock the potential of synergies across
mutually reinforcing businesses. These synergies include the development and distribution of
products between different businesses, and the potential for different businesses to collabo-
rate in serving common clients. Capturing the potential of these synergies is an integral part
of our strategy.
new york Frankfurt singapore
corPorate Governance 14 // 15
and transparent management
Effective corporate governance is an essential part of our identity. The framework for this is
provided by, first and foremost, the German Stock Corporation Act and the German Corpo-
rate Governance Code. Since our share is listed on the New York Stock Exchange, we are also
subject to the relevant U.S. capital market legislation as well as the rules of the Securities and
Exchange Commission (SEC) and New York Stock Exchange (NYSE).
We ensure the responsible, value-driven management and control of Deutsche Bank through
our system of corporate governance, which has four key elements: good relations with share-
holders; effective cooperation between the Management Board and Supervisory Board; a
system of performance-related compensation; and transparent, timely reporting.
As is legally required, our shareholders are involved in the bank’s most important decisi-
ons. These include amendments to the Articles of Association, setting the annual dividend,
the issue of new shares, share repurchase programmes and important structural changes.
Deutsche Bank has only one class of share, with each share carrying the same voting right.
To make it easier for our shareholders to exercise their voting rights, we support the use of
electronic media for the Annual General Meeting. For example, shareholders can issue their
voting instructions via the Internet.
The Management Board is responsible for managing the company. It is assisted and advised
by the Group Executive Committee, which is composed of the members of the Manage-
ment Board, the heads of Deutsche Bank’s five core businesses, and the Head of Regional
Management. This committee analyzes the development of the business divisions, discusses
matters of Group strategy and prepares recommendations to support decisions which are
taken by the Management Board.
The Supervisory Board oversees and advises the Management Board. It appoints the Manage-
ment Board members, and together with the Management Board, arranges for its long-term
succession planning. Major initiatives of the Management Board require Supervisory Board
approval. The Supervisory Board has specified the information and reporting duties of the
Management Board and set up a Chairman‘s Committee, an Audit Committee, a Risk Com-
mittee and a Mediation Committee.
The compensation of the Management Board members is aligned to industry standards and
primarily reflects their contribution to business performance. Part of the Management Board’s
compensation is equity-based, and this is driven by the performance of our share price rela-
tive to that of our peers. Supervisory Board members receive a fixed and a dividend-related
compensation component as well as a compensation component oriented on the mid-term
share price performance measured against a group of peer companies. The chair and deputy
chair of the Supervisory Board as well as the chair and members of its committees receive
01 // Deutsche Bank GrouP corPorate Governance
additional compensation. The individual compensation of each member of the Management
Board and Supervisory Board is published in the Compensation Report, which is part of the
Management Report (Financial Report 2006, pages 35 ff.).
reporting anD transparency
Deutsche Bank Group‘s reporting is in accordance with accounting principles generally
accepted in the United States of America (U.S. GAAP) and the comprehensive reporting rules
of the SEC. This provides for a high degree of transparency and facilitates comparability with
our international peers.
cHanges in 2006
Effective May 3, 2006, Rolf-E. Breuer resigned as Chairman of the Supervisory Board. His
successor is Clemens Börsig, who had hitherto served as Group Chief Financial and Risk Offi-
cer. Furthermore, the Supervisory Board appointed Anthony Di Iorio and Hugo Bänziger as
new members of the Management Board, effective May 4, 2006. As Chief Financial Officer,
Mr. Di Iorio is in charge of finance, and Dr. Bänziger in his capacity as Chief Risk Officer is
responsible for risk and capital management. Management Board member Tessen von Hey-
debreck was named Corporate Governance Officer. The Management Board Compensation
Disclosure Act applies for the first time for the financial year 2006, and we thus enhanced our
previously instituted individualized disclosure with additional information.
Declaration oF conForMity
On October 31, 2006, the Management Board and Supervisory Board issued a new Declara-
tion of Conformity in accordance with § 161 of the German Stock Corporation Act. It states
that Deutsche Bank complied with the recommendations of the German Corporate Gover-
nance Code with two exceptions: first, the directors’ and officers’ liability insurance policy for
the Management Board and Supervisory Board members does not have a deductible, and
second, a member of the Management Board became Supervisory Board Chairman as well
as Chairman of several of its committees.
Our complete Corporate Governance Report for 2006 can be found in our Financial Report
2006 on pages 194 ff. This report and other documents on our corporate governance, such as
the Terms of Reference for the Management Board as well as the Supervisory Board and its
committees are available on the Internet at www.deutsche-bank.com/ir.
We regularly check our corporate governance in the light of new events, statutory require-
ments and developments in domestic and international standards and adjust it accordingly.
Enregistrer les diapositives les plus importantes en les clippant
La fonction clipper permet de recueillir et d’organiser en toute simplicité les diapositives les plus importantes d’une présentation. Vous pouvez conserver vos trouvailles dans des clipboards classés par thèmes.