entire - Deutsche Bank Annual Report 2012

Deutsche Bank
Annual Review 2010
Letter from the Chairman of the Management Board
The year 2010 once again demonstrated the strengths of our
business model with its diversifi ed business structure. We have
received numerous awards in recognition of our top performance
in many product categories. The prestigious magazine International
Financing Review ( IFR ) recently named us “Bank of the
Year” – which, after 2003 and 2005, marks the third time that
Deutsche Bank has been awarded the industry’s most coveted
prize. We are extremely proud of this achievement.
2011 will be the year in which we aim to fully leverage the strong,
forward-looking market position built up in 2010 as we carried
out Phase 4 of our Management Agenda. We are aware, of
course, that uncertainties still remain for the economy and the
fi nancial markets, which is the environment in which we and
our clients do business. Our priorities are clear:
First, our investment bank has demonstrated that it can con sistently
deliver outstanding results – and that it can do so with
a more conservative risk profi le.
Second, our successful acquisitions in Germany and Europe
have strengthened our retail banking and asset management
businesses. We are set to profi t from a more balanced revenue
mix, lower revenue volatility as well as improved liquidity
and more broadly based refi nancing opportunities. With the
acqui sition of the renowned private bank Sal. Oppenheim,
we extended our leading position in the market for wealth
management in Germany.
Another step in our strategy to consistently strengthen our
“stable” businesses was the acquisition of Postbank. It will help
us turn retail banking into a strong second pillar alongside
investment banking. Deutsche Bank and Postbank are an ideal
match as they attract diff erent client groups. Although Postbank
is now part of Deutsche Bank Group, it will remain the strong,
independent brand it has always been for its clients.
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