entire - Deutsche Bank Annual Report 2012

Deutsche Bank
Annual Review 2010
Letter from the Chairman of the Management Board
Dr. Josef Ackermann
Chairman of the Management Board and
the Group Executive Committee
For Deutsche Bank, 2010 was a crucial year. It was a year of
investments and changes, and one in which we clearly
strengthened our competitive position. In many ways, the
bank is now stronger than before the fi nancial crisis and
exceptionally well positioned for renewed growth.
Last year, the global economy showed increasing signs of
recovery. The worst is behind us – but we are not out of the
woods yet. Growth momentum came primarily from the
emerging markets in Asia and Latin America. By contrast,
recovery in most of the industrial countries has been slower.
The U. S. economy is still weighed down by the need for real
estate market corrections and high levels of indebtedness.
The eurozone is marked by signifi cant imbalances: while some
of Europe’s ’ peripheral’ states face economic and structural
problems, our home market, Germany, saw strong economic
growth of 3.6 %.
Against this background, the bank’s total net revenues in 2010
came to € 28.6 billion. These are among the highest revenues
we have ever recorded. At € 4 billion, our reported income before
02