Core Viewpoint - Deutsche Bank is preparing for a significant strategic update under CEO Christian Sewing, focusing on cost savings in retail banking and targeted long-term investments in investment banking to strengthen profitability [1][2]. Group 1: Strategic Planning - Christian Sewing will announce a three-year core strategic plan, with expectations for more ambitious financial targets, particularly in profitability, while overall strategic changes are not anticipated [1]. - The upcoming strategic update will be the last for outgoing CFO James von Moltke, who played a crucial role in restoring confidence in Deutsche Bank [3]. Group 2: Financial Performance - Deutsche Bank's stock has surged nearly sevenfold from five years ago, with a 130% increase in its ADR this year, outperforming major U.S. bank indices [2]. - Despite strong performance, maintaining similar growth rates may be challenging due to the waning benefits of the previous high-interest rate environment and uncertain economic conditions in Europe [2]. Group 3: Return on Tangible Equity (ROTE) Goals - Investors expect Deutsche Bank to raise its ROTE target to 12% or higher, with executive compensation linked to achieving this goal between 2025 and 2027 [4]. Group 4: Investment Banking Focus - Investment banking will remain a key pillar of Deutsche Bank's strategy, with plans for continued investment in personal investment products and advisory teams [7]. - The bank aims to rebuild its M&A advisory business and related equity and debt issuance activities, while avoiding major acquisitions due to past integration challenges [7]. Group 5: Retail Banking Challenges - Retail banking continues to be a significant challenge for Deutsche Bank, with high operating costs and relatively low profitability, prompting a focus on ensuring strong returns on capital [8][11]. - The bank plans to exit unprofitable customer relationships while advancing into higher-margin wealth management [8].