Deutsche Bank: Outlining A Path To 12% ROTE By 2028

  • Deutsche Bank derived 48% of Q1 2025 revenue from the Investment Bank and Asset Management segments, highlighting its elevated reliance on fee income. The bank is on track to meet its 2025 financial objectives, most notably a return on tangible equity of >10%. I estimate that restructuring in the Private Bank segment, coupled with continued growth in Asset Management, may allow Deutsche Bank to lift its profitability target to 12% by 2028.