Human Resources Report 2019 · 2020. 11. 2. · The HR Report provides you with an overview of the key HR initiatives in 2019 and their impact on the wider organization. In his interview

Human Resources Report 2019

Deutsche Bank

ChristianSewing ChiefExecutiveOfficer,DeutscheBankAG

“At home in Europe, networking with the world.”

Connectingworldsfor150years.

#PositiveImpact

Whatinspiredthefoundersofthisbankstilldrivesusnow:to createpositiveimpactforourclients,theeconomyandsociety.For 150years,DeutscheBankhasbeenconnectingworldstohelppeopleandbusinessesgettowheretheywanttobe.

Fromthebeginning,we’vebeenhereforthosewhowanttomoveforward.Forthecompanythatwantstocrossborders.Fortheinvestorseekingthenextopportunity.Forthepioneerwhowantstochangehowtheworldworks.Forthesaverandtheborrower.Foreveryonelookingforabetterwaytomanagemoney,raisefinanceordobusiness.Whatinspiredthefoundersofthisbankstilldrivesusnow:tocreatepositiveimpactforourclients,theeconomyandsociety.

A —Ourpeopleagenda6 Fostering a sustainable performance culture7 Interview with Fabrizio Campelli10 Our workforce at a glance

1 — Deliveryonourstrategy– the role of HR

12 Effectiveworkforcemanagement14 Workforce development16 Staffturnover17 Managing to the future

2 — Creatingamotivatingand engagingworkingenvironment

19 Having regular conversations makes asignificantdifference

20 Our organizational listening culture is based on three key principles

3 — Benefits&Wellbeing24 Benefits&WellbeingFramework25 Physical and mental wellbeing26 Social wellbeing27 Financial wellbeing

4 — Diversity&Inclusion29 Inclusiveculture&environment30 Diversity&Inclusionfocusareas

5 — Attractingtalent36 Recruitment with a focus on digitalization37 Graduates38 Apprentices and dual students39 Employer Brand40 Fostering career mobility

6 — Developingourpeople43 Keepingourpeople‘fitforthefuture’45 Training

7 — Developingourleaders47 Enhancing leadership development48 Developing leaders at every stage of their career48 Global high-potential acceleration programs50 Senior leadership development

8 — Rewardingperformance52 Compensation strategy and framework52 Pool determination methodology53 UK Gender Pay Gap Report and

the German Remuneration Transparency Act53 Digital developments

9 — Closingremarks55 About the report56 Imprint

Content

1

6 Fostering a sustainable performance culture

7 Interview with Fabrizio Campelli

10 Our workforce at a glance

OurpeopleagendaA

Fosteringasustainableperformanceculture

Fosteringa sustainableperformanceculture is essential to remaincompetitive inanever-changingworld.

TheHumanResources(HR)functionplaysacriticalroleindefiningandfosteringkeyorganizational factors, enabling and ensuring sustainable value creation and thusunderpinningtheEnvironmental,SocialandGovernance(ESG)agenda.Thisincludesour positive impact in areas from employee engagement,working environment,well-beingofourworkforce,fosteringdiversityandinclusion,continuousinvestmentinourtalentpipeline,developmentofourworkforce,toafairandtransparentremunerationofperformance.

Underpinningthebank’slong-termoutcomesisagrowingfocusonESGfactors,whichare increasingly integrated into investment decisions and capitalmarkets to supportresponsibleandethicalinvestment.AtDeutscheBank,wearecommittedtodeliveringastrongESGpropositionto:

— oursocietyasawhole–responsibleandsustainableinvestmentcanbenefitthe planet

— ourclients–withsupportfrominvestorsandgovernments,itcouldleadtosustainablereturns

— ouremployees–environmental,socialandgovernancefactorsmayleadtotangibleimprovementsinemployees’workinglives,aligningDeutscheBankactionstoouremployees’ethicalconvictions,whilstenhancingpersonaldevelopment,motivationandloyalty

— prospectiveemployees–DeutscheBank’saimtobenefitsocietycomesat atimewhencandidatesareseekingemployerswhomakesustainedsignificantcommitmentstooperatinginanethicalway

TheHRReportprovidesyouwithanoverviewofthekeyHRinitiativesin2019andtheirimpact on the wider organization. In his interview to introduce the report, FabrizioCampelli,ChiefTransformationOfficer,outlinesHR’scentralroleinthebank’stransfor-mation, the importance of embracing technology, and how we are transforming theway wework.

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Deutsche BankHR Report 2019

Our people agenda

InterviewwithFabrizioCampelli:“Inordertotransformthe bank,weneedtotransformthewaywework.”

DeutscheBank’snewChiefTransformationOfficerdiscusseshowthebankispreparingitstalentforthefutureofwork,andtheroleofHRinadvisingbusinessesthroughsignificantchange.

Fabrizio,inyourroleasChiefTransformationOfficeritisyourmandatetomonitorandensurethatweexecuteourtransformationsuccessfullyoverthenextthreeyearsandwedeliverwhatwepromised.WhatistheroleofHRinthiseffort?

It isnocoincidence that theTransformationOfficeandHRare adjacenttoeachother.Totransformthebank,weneedtotransformthewaywework.

The most fundamental role for HR will be to advise our business andinfrastructureareasthroughsignificantchange.Thisincludes new organizational structures, using data analyticsmore intelligentlytoimprovedecisionmaking,andupskillingstaffforthefuture.

Weneedtostrengthenouroffertoouremployees:thepeoplewho choose to stay and commit to Deutsche Bank and the oneswhowanttojoin.Recently,wehaveseenalotofpositivemomentumbehindwhatthatbankisachieving,andthisisbuildingcommitmentandinterestinourbank.Wethenneedtodoourjobinattractingtherighttalent,enablingourpeopleandprovidingopportunitiesfordevelopmentandgrowth.

Youmentionopportunitiesbuttwofactorscouldworkagainstthis:DeutscheBank’sheadcounttargetandtheimpactoftechnologyonroles.Whatisyourview?

Onthefirstfactor,wewillalwaysneedgreatpeopleandleadersacrosstheglobe.Regardlessofheadcounttargets,thesuccessofourbankwillcomedowntothequalityofourpeople.

Onthesecondfactor,technologyis,andhasbeenforawhile,automating tasks and there is no doubt that some roles are being fundamentallyreshaped.AsanHRfunctionweareplayingavitalrolehere–inredefiningprofiles,ensuringinnovativeupskillingmeasures but also in guiding our employees through this change andtakingthemwithusonthejourney.Weneedtoidentifyandtake advantage of the opportunities technology provides us in all areas–ultimatelyitreleasesusfromadministrativework,leavingmoretimeforourpeopletoadvisetheirpartners.

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Interview with Fabrizio Campelli

Wetalkalotaboutthefutureofworkandtheimpactonjobsandskills.WhatdoesallthismeanforourHRprocessesandourabilitytodevelopemployees?

The impact issignificant,startingwith technologybutalsointermsofwhatouremployeesexpectfromus.Weneedtorethink all the touch points we as an organization have with our employeesalongtheirlifecycleatDeutscheBank.

Ontheonehand,wealreadyseetheinfluenceofdata.Thereishugepotentialhere.Oneisanalysingdatamoreeffectivelyinhowwedevelopemployees.Inotherindustries,moreandmoreorganizations better understand the power of data – whether it ismanagingperformance,thelearninganddevelopmentjourneyorwhetheranindividualcouldbesuitableforcertainjobs.Wecandoalotbetterinusingalltheinformationwehave,ofcourseinanappropriateandpermissibleway,tocreateabetterfitbetweenourpeopleandwhatwehavetooffer.Andweareontherightpath–wetookasignificantstepforwardin2019withtherolloutofWorkdayglobally.

Butthat’sonlypartofthestory.Asagroup,wearetakingarefocusedapproachinattractinganddevelopingourpeople.Thelast 150 years have proven that the power of our organization isbuiltonourworkforce.AsanHRfunctionweneedtoensurethat we foster a working environment that responds to our employees needs and enables them to deliver what we promise toourclientsandstakeholders.Therefore,acontinuousdialoguebetweenmanagersandemployees,andanopenfeedbackculture,arefundamentaltooursuccess.Theopenreflectionandself-awareness on strengths and room for improvement enable the bank to implement the right development measures and allow us to create a working environment focused on growth andprogress.

Youmentionedemployeeengagementandcommitment–howcanitbereinforcedinlightofthe challenging transformation we are in the midstof?

Our business mix and the type of clients we want to work with willevolveoverthecomingyears.Aswegothroughthisjourney,weneedtoengagewithourpeopleinnewways,explaintheirroleinoursuccess,andbetransparentabouthowtheyareevaluated.

This journey will not be straight forward and we will needmotivatedindividualswhowanttomakeapositivedifferenceandhelpsustainthebankforthenext150years.Tobesuccessful,we need to develop our people management practices towards amorebalancedapproachthatnotonlypayscompetitively,butalsofocusesonculture,trainingandmobility.Oneexampleiswe overhauled our training and development approach to be moredigital,morebitesized,andavailableanywhere.Thishashadadramaticeffectonengagementwithtrainingresources.

HowdoyouensureDeutscheBankremainsanexcitingplacetowork?

A big part of the answer is our working practices and under-standingwhatpeoplewantfromtheiremployer.Weneedtochannelourrecruitmentandretentioneffortstotargettherightpeopleandbuildaleadershippipelinethatwillsustainus.Weare also improving the experience for our people by providing bettertechnologytosupportthewaywework.Thiswillincludecollaborationandworkflowtoolstocreateamoreagileworkenvironment.Weofcoursealsoneedourpeopletotakethejourneytooandbeopentonewideas.

FinallyFabrizio,whatarethecharacteristicsyouthinkthebankwillneedtomakethestrategyasuccess?

I have been at Deutsche Bank for 16 years and one of the main things I have learnt is that Deutsche Bank values entrepreneurial thinking.However,sometimestherearetoomanyprocessesthatmakeitmoredifficultforthisthinkingtoblossomintomarket,client, and employeeready ideas. Removing unnecessarybarrierssoourpeoplecanbecreativewillbeimportant.Focusis required here and with the setup of the transformation agenda weareexactlyontherightpath.

The bank is also good at identifying talented employees and givingthemachance.ThatissomethingwecannotloseandHR has an important role to play in identifying opportunities and empoweringpeoplewithlessexperiencebutgreatpotential.Thishastobehandledcarefullytomanagerisks,butweneedtokeeptrustingourbestperformers.

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Leadership is a topic we spend a lot of time on at the Management Board.Thereallygoodleaderscandelegateeffectivelyandcreateasafeenvironmentforpeopletospeakup,whilecontinuouslyproviding quality feedback and coaching. Ultimately, goodleaders are those who can step back and let people discover theyhaveitwithinthemselvestosucceed.

Finally,weneed therightculture.OurDNA isGermanandEuropean,andinmanywayswehavenotfullyappreciatedhowpowerfulthisis.Butwearealsoproudofourglobalnetworkthatenablesustodeliverforourclients.Beingglobalalsomeansweareculturallydiverse,andbuildingamoreinclusiveworkenvironmentwillremainatoppriorityforthebank.Havingdifferentviewpointsandconstructivedialoguecanhelpusavoidtheissuesofthepast.Ipersonallythinkhavingpeoplefromdiverse backgrounds and experiences makes us much better at being able to deliver for our clients and coming to work more enjoyable.

Ultimately,wewanttocreateaworkplacewhereouremployeescanthrive,havefunandmakeadifference.

Thankyou,Fabrizio.

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Ourworkforceataglance

37,266Private Bank

10,095Investment Bank

3,924Asset Management

27,679Infra structure

1,205Capital Release Unit

Corporate Bank7,428

87,597Total FTE

APAC

EMEA

Germany

18,874

19,672

40,491

Americas

FTE per region

8,561

12,768ParttimeemployeesinHeadcount

59Countriesrepresented

headcount in %headcount in %

based on HR People Survey results see chapter 2

Careersite visitors

Socialmedia engagements

Training expenses

www

58 %Commitment

66 %1.2 M70.0 M € 1.3 MEnablement

Women Men

46.353.7

>49 years

29.2

<30 years

15.1

30 -39 years

28.6

40 -49 years

27.1

Hiring in 2019 in FTE

3.8kofficersand 3.8knon-officers

Voluntary staffturnover

8.0 %

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Our workforce at a glance

1 Deliveryonourstrategy– the role of HR

12 Effectiveworkforcemanagement

14 Workforce development

16 Staffturnover

17 Managing to the future

1

Deliveryonourstrategy–theroleofHR

On July 7,2019,DeutscheBankannounceditsmostfundamentaltransformationindecadesandaprofoundrestructuringofitsbusinesses,withtheaimofimprovingprofitability,shareholderreturnsanddrivinglongtermgrowthbycreatingaleaner,moreinnovativeandmoreresilientbank.

Toexecutethistransformation,thebankwillexitbusinesses;reducecostsbyoverhaulingprocessesandinfrastructure;investintechnology,digitalizationandgrowth;andmanageandfreeupcapital.

SuchsignificanttransformationhasbroadimplicationsandchallengesforDeutscheBank’speopleandworkforceagenda.Aspartofourcostcontrolandfulltimeequivalent(FTE)planning,itrequiresasizableworkforce reduction to approximately 74,000 by 2022.

Theenvironmentinwhichweoperateisconstantlyevolving.Intimeslikethis,ourHRexpertiseplaysacrucialroleinachievingtheorganization’ssustainableperformancegoals.In2019,wecontinuedtosupportthebusinessinrealizingtherequiredchangesandpromotingteamstability.Weadvisedmanagersonhowtoattractandretaintalentinthecurrentuncertainenvironmentandworkedtostrengthenmanagers’focusonperformanceanddevelopment,withtheoverarchingobjectiveofplacingtherightpeopleintherightrolesattherighttime.Wealsocontinuedtobuildonourdigitalizationstrategy,designingintuitiveprocessesgearedtowardsaddingvalueandimprovingtheemployeeandmanagerexperience.

Effectiveworkforcemanagement

Withthesignificanteffortsunderway,itiscriticalthatasanHRfunctionweprovidethebusinesswithtools,frameworksandanalysesthatenableustoeffectivelymanageourworkforce.Thisincludessupportingmanagersinperformingtheirdailytasks,fromrecruitmenttodevelopmentandprovidinginsightstoseniormanagement,whichwillinturnsupportstrategyandplanningactivityandenablebetterinformeddecisions.

In 2019,Workdaywasimplementedasanewbankwideplatformtosupportthebank’sstrategicinnovationanddigitalagenda.Theplatformprovidesmanagersandemployeeswiththenecessaryprocessesandtoolstoperformdaytodaypeoplemanagementactivitiesonaselfservicebasisalongtheentireemployeelifecycle,whilealsosupportinginformationandreportingneeds.

Alignedwithoneofthebank’skey2019 HR initiatives to “strengthen our ability to utilize data-driven insights to enableimpactfulstorytelling,improvedecisionmakingqualityanddrivemeasurableaction”,HRisdevelopingandupskillingitsWorkforceManagementandAnalyticsfunction,capabilities,productsandservices.Measuresincludetheapplicationofadvancedtoolsandtechniquestouncoverpatterns,linkagesandtrends,aswellaspredictiveanalytics.

InordertosupportDeutscheBank´sglobalinitiatives,regulatoryneedsaswellasstrategyandplanning,ouroverarchingobjectivegoingforwardismoreevidencebasedmanagementofourpeopleandworkforceagenda.Wearealreadydeliveringsolidreporting,metricsandkeyperformanceindicators(KPIs)andmovingtowardsforwardlookingmodellingandpredictiveanalytics–seethestaircasemodelbelow.

Theenvironmentinwhichweoperateisconstantlyevolving.Intimeslikethis,ourHRexpertiseplaysacrucialroleinachievingtheorganization’ssustainableperformancegoals.

Key2019HRinitiatives:“strengthenourabilitytoutilizedata-driveninsightstoenableimpactfulstorytelling,improvedecision-makingqualityanddrivemeasurableaction”

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Delivery on our strategy – the role of HRDeutsche BankHR Report 2019

Metrics &KPIsReporting

Analytics

Modelling

Calculation/formula drivenmeasures&

benchmarks

Multi-dimensional; deliveringinsights

Forward looking modelling&

predictiveanalytics

InordertosupportDeutscheBank’sglobalinitiatives,regulatoryneedsaswellasstrategyandplanning,ouroverarchingobjectivegoingforwardisamoreevidence-basedmanagementofourpeopleandworkforce agenda.

Dashboard& demographics

OurjourneyfromreportingtomodellinginWorkforceManagement&PeopleAnalytics

In 2019,wehavebeenmeasuringprogressagainstDeutscheBank’speopleandworkforceagendabymappingKPIsagainsttheidentifiedstrategicgoals.ThisprogressisreportedandreviewedbytheManagementBoardandotherseniormanagementcommittees.

KPI Rationale Goal

Restructuring support Our transformation strategy requires sizeable workforce reductions as part of our cost control andFTEplanning.

By 2022 FTE employee reduction to74,000

Internal mobility1 Measuring the level to which we foster the movement of employees to new roles across the bank(bothwithinandacrossdivisions)bringsthebenefitofenrichingemployeecareerpaths,transferring key skills and experience across the bank,aswellasidentifyingopportunitiesforredeployment in areas that have seen business change.

By 2019 Crossdivisional:2.4%ofheadcount Intradivisional:1.5%ofheadcount Totalmobilitygoal:3.9%ofheadcount

Diversity&inclusion1 InMarch2019,theManagementBoarddecidedto restate the voluntary group-wide aspirational goalsfortherepresentationofwomen.Thegoals set for December 2021 focus on the topthreecorporatetitlesindividually(in%ofheadcount).

By 2021 Representationofwomen: ManagingDirector(21%) Director(28%) VicePresident(35%)

Feedback culture The Feedback Culture Survey was introduced in 2019 based on Deutsche Bank People Surveyevidenceshowingasignificantimpactof regular and helpful conversations between managers and employees on commitment and enablement.Thesurveyservestoassessthequality and frequency of top-down and bottom-up feedback and appreciation and aims to reinforce the right behavior and identify areas for furthersupport.

By 2019 > 70 % favorable2

1Thegoalssetforthediversity&inclusionandinternalmobilityKPIstakeintoaccountthevolumesachievedoverthepastthreeyearsandaresetagainstastretchaspiration,takingintoaccountthebusinessandworkforcecontextthroughout2019(andbeyondfordiversity&inclusion).

2ThefeedbackculturegoalthresholdisalignedwiththethresholdsappliedintheDeutscheBankPeopleSurvey.

KPIs – People and workforce priorities in 2019 and beyond

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WorkforcedevelopmentOn May 29,2019,theManagementBoardannouncedthatthenumberoffulltimeemployeeswouldbereduced to less than 90,000 by the end of 2019.1Whileimplementingourstrategy,asofDecember31,2019,Deutsche Bankhad87,597employees,adecreaseof4,140 employees or 4.5 % in 2019.Allregionshavebeenimpactedbytherestructuringmeasures.Eveninthecontextofimplementingtheabovementionedrestructuringmeasures,recruitingtalentcontinuestobeakeypriorityforDeutscheBank.Thus,fillingfrontofficerolesingrowthareas(e.g.GlobalTransactionBanking,WealthManagementandAssetManagement),andreplacingvoluntarystaffturnoverinoperationcentervacancieswasagainapriorityin2019,aswashiringtalenttomeetthegrowingdemandinregulatoryroles(e.g.AntiFinancialCrime,Audit,andCompliance).

– 1,149 – 3.0 %

+ 135 + 1.4 %

– 88 – 2.2 %

Private Bankdriven by the reductions in global functionscomprisingbackofficeand support functions

− 1,784 − 6.1 %Infrastructureprimarily driven byreductionsinCOO(−889) andinFinance (−494)

− 1,329 − 52.4 %

Capital Release Unitmainly driven by restructuring of the Equities Business including

EquitiesResearchprimarilyintheUS,APACandUKandthedemer-ger of the private and commercial banking business in Portugal

Investment Bankmainly driven by increases

in CIB Technology

Asset Managementprimarily driven by reductions in the US and UK

+ 75 + 1.0 %

Corporate Bankmainly driven by increases

in CB Central Functions

Corporate Bank

Private Bank

Investment Bank

Asset Management

FTE overview

1 Pleasenote,whenreferringto‘employees’,calculationsarebasedonFTEunlessotherwisestated.

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FTE development by divisionFTE in k

2019 2018 2017

CorporateBank(CB) 7.4 7.4 7.6InvestmentBank(IB) 10.1 10.0 10.7PrivateBank(PB) 37.3 38.4 39.3AssetManagement(AM) 3.9 4.0 4.0CapitalReleaseUnit(CRU) 1.2 2.5 4.3Infrastructure 27.7 29.5 31.6Total1 87.6 91.7 97.5Embeddedexternalworkforce(contractorsandagencytemps)2 5.2 5.3 6.5 1In2019,companyhealthinsuranceDeutscheBankaligneditsFTEdefinitionwhichdecreasedthe

GroupnumberasofDecember31,2019by0.1k(priorperiodsnotrestated)2In2018,BHWKSGaligneditsFTEdefinitiontoDeutscheBank’s,whichincreasedtheGroupnumberasofDecember31, 2018

by0.1k(priorperiodsnotrestated)2019includingagencytempsofPostbank(0.2),priorperiodsnotadjusted

NetFTEdevelopmentineachregionwasasfollows:

– Germany(–1,178;–2.8 %)drivenbytheimplementationofrestructuringmeasures,primarilyinPrivateBankrelatedtoglobalfunctionsofthePrivateBankandInfrastructurefunctions;

– NorthAmerica(–876;–9.4 %)drivenmostlybyreductionsinCapitalReleaseUnitandinCOO;

– LatinAmerica(–27;–14.3 %)duetoreductionsprimarilyinBrazilandMexicoasaresultoftheimplementationofourfootprintstrategy;

– EMEAexGermany(–1,200;–5.7 %)mainlydrivenbyreductionsintheUKrelatedtotheCapitalReleaseUnitandtoInfrastructurefunctions;furthermoredemergeroftheprivateandcommercialbankingbusinessinPortugal;

– Asia/Pacific(–859;–4.4 %)primarilydrivenbyreductionsinCOOandinCapitalReleaseUnit.

FTE development by regionFTE in k

2019 2018 2017

Germany 40.5 41.7 42.5Europe(excludingGermany),MiddleEastandAfrica 19.7 20.9 23.5Americas 8.6 9.5 10.6Asia/Pacific 18.9 19.7 20.9Total 87.6 91.7 97.5

As the bank worked towards its headcount targets in 2019,anewprocessforhiringwasimplementedtorestricthiringtopositionsthatareviewedascriticaltothebank’ssuccessandfuturegrowth,withagreateremphasisoninternalmobility.Atthesametime,furtheropportunitiestoimproveprocessesandtechnologyusagewereidentified.

Asaresult,thebankhassignificantlyreducedexternalhiresinthefourthquarterof2019 whilst focusing on DEVELOPMENTOPPORTUNITIESforexistingemployees.

Asthebankworkedtowardsitsheadcounttargetsin2019,anewprocessforhiringwasimplementedinordertosupport Deutsche Bank’sstrategy.

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StaffturnoverTotalstaffturnoverratesarecomprisedofexitsfromresignationsanddeparturesinitiatedbythebank,includingrestructuringorperformancerelatedterminationsandterminationsrelatedtofixedtermcontracts.

Totalstaffturnoverrate

12.6 % 8.0 %Totalstaffturnoverof

in2019is– 0.5 %pts lowerthan2018( 13.1 % )

in2019is– 0.4 %pts lowerthan2018( 8.4 % )

Voluntarystaffturnoverof

In 2019,thetotalstaffturnoverdecreaseddrivenbyalowervoluntaryturnoverrate.Thevoluntarystaffturnoverrate was at 8.0 % in 2019(2018:8.4 %).Theslightdecreaseof0.4 percentage points is primarily due to a lower turnoverinAsia/Pacific(2019:17.0 %,2018:18.0 %)andinEMEAexcludingGermany(2019:7.7 %,2018:9.2 %).VoluntarystaffturnoverrateinGermanyincreasedby0.5percentagepoints(2019:2.5 %,2018:2.0 %)primarilyduetohigherturnoverinPrivateBank.However,thisturnoverremainsatanormallevel.

TotalstaffturnoverrateFTE in %

2019 2018 2017

Totalstaffturnoverrate 12.6 % 13.1% 12.0%

TotalstaffturnoverratebyregionFTE in %

Germany Europe(excludingGermany),MiddleEastandAfrica Americas Asia/Pacific

0 12.5 25

17

7.012.7

18.019.1

18

6.114.1

23.821.1

19

6.413.0

23.220.4

16


VoluntarystaffturnoverrateFTE in %

2019 2018 2017

Voluntarystaffturnoverrate 8.0% 8.4% 7.8%

VoluntarystaffturnoverratebyregionFTE in %

Germany Europe(excludingGermany),MiddleEastandAfrica Americas Asia/Pacific

0 12.5 25

17

2.08.5

13.016.8

18

2.09.2

14.118.0

19

2.57.7

14.417.0

Managing to the future

HR contributes to the assessment of senior management performance by tracking HR priorities and goals (i.e.genderdiversityandfeedbackculture)aspartofaBalancedScorecard.Establishedin2017,theBalancedScorecardbringstogetherthebank’skeyperformanceindicators(KPIs)toprovideclarityaroundexpectationsandfacilitateclosercollaborationacrossdifferentareasoftheorganization.TheKPIs includefinancial,performance,risk,peopleandculture,digitalandinnovationmetrics.

Integral to the strategic planning process is also the analysis of over 100,000 data points to ensure that our strategyisontrack.Theinsightsgainedfromtheanalysisserveasguidanceformanagementdecisionmaking.For 2019andtheforthcomingthreeyears,detailedplanning,forecastingandreportingofFTEmovements(includinghires,voluntaryandinvoluntaryleavers)areconductedbydivisionsandregionstoachieveFTEtargets.

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19 Having regular conversations makes asignificantdifference

20 Our organizational listening culture is based on three key principles

Creatingamotivatingand engagingworkingenvironment

2

Creatingamotivatingand engagingworkingenvironment

Vital elements of a successful working environment and a sustainable performance culture are the freedom tospeakupandtrustamongcolleaguesandintheorganization.Equallyimportantareaccountabilityandacollaborativeattitude.

Havingregularconversationsmakesasignificantdifferenceandlaysthefoundationforatrustingenvironment

DeutscheBankputsmuchcareintohiringtherightpeople,developingthemandensuringtheyhavetherelevantskills.Ouremployees,inturn,needtobeheard,included,recognized,caredforandprovidedwithpositiveleadershiptopromoteproductivity.Strongrelationships,opencommunicationandlearningfromfeedbackarekeytobuildingthisenvironment.Wehavethereforemaderegulardialogsbetweenmanagerandemployeeacentralfeatureofhowwemanageanddevelopperformanceandcareersinasustainableway.

Asafoundationtobuildingthisenvironment,ouremployeesneedandwanttounderstandexpectationsanddesiredstandardsofdelivery,behaviorandconduct.Theseareclearlycommunicatedtothemintheintegrated Consequence Management Framework(iCMF)aspartofTotalPerformance,thebank’sapproachtomanaginganddevelopingperformanceandcareers.AsourTotalPerformanceapproachevolves,wewillcontinuetoprioritizecontinuousconversations.

ThePeopleSurvey,ourbankwideflagshipsurveyallowsustotestorganizationaldevelopmentandlinkagesonanannualbasis.InSeptember2019,allDeutscheBankemployees(includingPostbank)wereinvitedtoparticipate.1 The 2019 response rate was 47 %(46,152employees)and58,000commentswereprovided.The2019andpriorresultsmaketransparentthattalkingtoeachotherregularly(onceamonthormorefrequently)makesasignificantdifferencetoemployeemotivationandtheirproductivity,aswellastotheircommitmenttoremainatDeutscheBank.Thetablebelowillustratestheimpactofmanagersandemployeesgivingandreceivingfeedback,mutualappreciationandattendanceratesforteammeetingsoncommitmenttothebank,enablementandconfidencetospeakup.Regularconversationsfosteratrustingenvironmentwhereemployeesfeelcomfortableaddressingissuesthatneedtoimprove,changeorstop,suchasunderperformance,inefficienciesorcasesofmisconduct.Theyalsohelpfosterresiliencetodealwithstressfulsituationsandtrustinleadership–measuredonaregularbasis(59 % in 2019 / 60 % in 2018)inthesamecontext.Theindexdisplaysthetrustlevelinseniormanagementandrelatedseniormanagementattitudesregardingethics,integrityandwalkingthetalk.

+17+20+17+16

Receiving feedback

Beingasked forfeedback

Being appreciated

Attending team meetings

+22+28+20+23

+22+26+21+23

Impact on Commitment Impact on Enablement Impact on Speak Up

Impact of regular conversationsin %pts

1 Throughoutthisreport,2019scoresincluderesultsofPostbank(unlessotherwisespecified).InordertoprovidealikeforlikemeasureofprogresssincetheDeutscheBankPeopleSurvey2018,trendsin2018atthebank’soveralllevelexcluderesultsofPostbank(unlessotherwisespecified).

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Creating a motivating and engaging working environment

Appreciation is particularly critical in helping people voice their concerns and take the right actions in line withthebank’svalues,beliefsandprinciples.

Tofurtherfosteranopenenvironment,wehaveintroducedAnytime Feedback to help our colleagues to pro-activelyrecognizethecontributionsofothersacrosstheorganization,regardlessofwheretheyare.Moreover,the Get Feedbackfunctionalityenablesemployeestorequestfeedbackfromothers,inadditiontoallowingmanagerstorequestfeedbackontheirbehalf.Aquarterlyfeedbackculturesurveytracksprogressacrosstheorganizationonaregularbasis.TheresultsofthesurveyareincludedintheManagementBoard’sbalancedscorecard.

Wehavestoppedusingsingleperformanceratings,andinsteaduseTotal Performance Indicators as a way ofreportingontheseconversations,focusingonthewayofworking,aswellasonwhatouremployeesdeliverandtheircapabilities.Fromanemployeeperspective,theintroductionofTotalPerformanceaimstoincrease understanding of strengths and development areas via regular and meaningful conversations with themanager.Themostimportantpartofourjourneytoanopenenvironmentistosharefeedback(whetherformalorinformal),discusscareerdevelopment,andlistentoeachother,bothonapersonalandorganizationallevel,toensureweunderstandanychallengesandmakegooduseofopportunities.

Ourorganizationallisteningcultureisbasedonthreekeyprinciples

Addressinggreyareas. As part of creating a Speak Up culture,weintroducedHRwide Grey Area pilot workshops in 2019,whichwererungloballywith270participantsintotal.DuringtheCulture, Integrity and Conduct(CIC)initiative,alldivisionsandfunctionswereaskedtohavestructuredconversationswiththeiremployeesonpotential“greyareas”tocreatea`speakupandlistenup´environment.Theworkshops’aimwasto:

– identify and create a better understanding of relevant themes

– engage with the organization to raise awareness

– determine approaches for good decision making

Askingemployeesforregularfeedback.Basedonyearsofresearch,weknowthatemployeesneedasenseofpurposeandanenvironmentinwhichtheycanbeeffective.Highlyengagedemployeesare36 % more likely to remain in an organization and employees with higher than average engagement are more likely to performbetter(AonHewitt).

Thisiswhyengagingwithemployeesandmeasuringthatengagementissoimportant.Requestingandgivingfeedbackisalsocriticaltoahealthyspeakupculture,whichwemeasurethroughourannualengagementsurveysandmonthlylifecyclesurveys(sentimentandbehavioralexperience).Wewillcontinuetolistentoemployees’processexperiencetounderstandanddriveprioritizationforcontinuousimprovements.Wewillfocusonsolvingspecificproblemsandimprovingthequalityofcommunicativeexchangesforincreasedemployeesatisfaction,empowermentandcommitment.Thisrequireschangesinmindsetandbehaviorandbeingmoreproactiveinhowwelisten. RESEARCH indicates that 42 % of all employee feedback interactions are withmanagersratherthanwithHR.Employingdigitalsatisfactionmeasurementandembeddingemployeeexperiencedesignintheworkflowacrosstheentireorganizationwillenableustoidentifyopportunities,aligntheorganizationtoaunifiedtargetandbenchmarkwithotherorganizations.Viableplanswithmeasurablegoalsinformbroaderstrategy,empowerlocalteamstoactandimproveemployeeexperience.

Wealsoundertakelifecyclesurveyscoveringkeybehavioralexperienceaspectsofemployment(e.g.onboarding,integration,internalmoversandvoluntaryleavers).Moreover,selfservicesurveysonspecialtopicsprovideemployees with additional means of expressing their views on potential improvements and issues to be addressed.

Theorganizationallisteningcultureisbasedonthreekeyprinciples:–Addressinggreyareas–Askingemployeesforregularfeedback

–Takingstock–theannualpeoplesurvey

20



https://www.ti-people.com/3-steps-how-ex-can-change-culture

OneexampleforpeopleengagementinitiativesatDeutscheBank:

InSeptember2019theInfrastructureareasforoperationsandtechnologytestedanewformatofcross-functionalandcross-regionalemployeeengagementwithgreatsuccess–ThePeopleWeek.

Eachdaywasthemedwithaspecifictopic,frommotivationtoleadership,withemployeesinvitedtojoinaseriesofeventsto learn,hearandnetworkwithcolleaguesgloballyandintheregion.350 employeeeventstookplacewithfeedbackshowinga clearpositiveimpactonemployees‘enablementandunderstandingof key topics.

Takingstock–theannualPeopleSurvey. 2019surveyresultsprovideuswiththeindicationthatthebank’sperceivedworkplacequalityisrising.AttheheartofthesurveyarethekeyindicatorsCommitmentandEnablement,whichbothimproved,aswellasthebank’sValuesandBeliefs.

Compared to previous year commitment and enablement have improved

Engagement with the bank‘s values

58 %Commitment

66 %Enablement

86 %haveagood understanding of Deutsche Bank‘s values.

53 %haveseenachangeinbehaviorwithrespectto riskmanagement,control and compliance.

64 %believeDeutscheBank‘svaluesarehelpingustoperformresponsibly.

2017

2018

57 %

57 %

2017

2018

2019

62 %

58 %

63 %

2019 66 %

There was an improvement in 36 of the 53questions,and19 of these 36 results have seen ongoing year-on-year improvement since 2017.Peoplefeeltheyhavetheinformationnecessarytodotheirjobwellandarolewhichmakesgooduseoftheirskills;theyalsohaveclarityonstandardsandthusanincreasedabilitytomanagerisks.

Thebank’sperceivedworkplacequalityisrising.

21



Therearethreekeyinsightswecantakefromthisyear’sSpotlightPeopleSurveywhereconsistentrolemodellingbyseniorleadershipisneededtoacceleratebehavioralchanges:

– MakeregularmanageremployeeconversationspartofourorganizationalDNA

– Speedupdecisionmakingbyincludingpeopleinsolutionfinding,reducemicromanagementanddefineclear roles and responsibilities

– Improve link between employee feedback and resulting action

Taking up key insights to make progress sustainable

High quality manager- employee

relationship

Decision making

Showing people their voice

has been heard

Quick wins

Take targeted action

Continue to tackle

SeniorLeaders

22



Benefits&Wellbeing

24 Benefits&WellbeingFramework

25 Physical and mental wellbeing

26 Social wellbeing

27 Financial wellbeing

3

Benefits&WellbeingFramework

Werelyonhealthy,engagedandwellsupportedemployeestodotheirbestworkand,moreimportantly,enjoytheirlivesinsideandoutsidetheworkplace.Wearethereforecommittedtofosteringasustainableworkenvironment that focuses on 1)physical,2)mental,3)socialand4)financial.Acrosstheglobe,weofferaround900benefitprogramstolendindividualsupportandhelpourpeopledeveloptheirfullpotential.

Werecognizeouremployees’physicalandmentalhealthandwellbeingashighlyimportant,deservingbothprotectionandpromotion.Whilealsoemphasizingindividualresponsibilityintermsofpersonalhealth,DeutscheBankconsidershealthmanagementtobeanintegralpartofourleadershipandgoodgovernance.Employeesbenefitfromhealthcareasanessentialelementinbuildingandsustainingafulfilled,successfulandrewardingworklife,whilethebankbenefitsbyattractingtalent,retainingqualifiedstaffandsecuringprosperityandsustainablesuccess.Wearethereforecommittedtotakingeveryreasonablemeasuretoprovideasafeandhealthyworkingenvironmentin accordancewithlegalrequirementsalongsideadditionalprogramsandmeasurestopromoteourpeople’shealthandwellbeingintheworkplace.

OurcomprehensiveGlobalWellbeingFrameworkisthefoundationofourwellbeingstrategyandactivities.

The pillars of the Global Wellbeing Framework

Financial Supportknowledgeandcontroloverfinances,protectionagainst the unexpected andbuildingsavings

SocialEncouragehealthywork-life balancebyallowingflexible timemanagementandvaluinginvolvementwithfamily,friends, co-workersandwidercommunity / society

MentalFostermentalhealthbyprovidingpreventivesupportfor issues such as stress, depressionandanxiety

PhysicalImprovehealthandlifestylebehavior,takestepstopreventdisease,manageexisting conditions

24

Benefits&WellbeingDeutsche BankHR Report 2019

PhysicalandmentalwellbeingWebelievethatwecanmakeapositivecontributiontothegoodhealthofourpeople.Amidrisingdemandsinthedaytodayworkofouremployees,wehaveplacedparticularfocusontheirmentalhealthbyprovidingactivesupport–bothtothoseaffectedandtothoseclosesttothem.Weactivelyencourageemployeestoprioritizetheirmentalwellbeingwithanumberoftoolsandresourcesavailableineachregion.

InsupportofWorldMentalHealthDay,weheldeventsinvariouslocationsacrosstheglobetodiscussthetopicofmentalhealthandreducethestigmaassociatedwithit,withtheultimategoaloffosteringahealthy,inclusiveworkenvironment.Tothesameend,theEmployee Assistance Program(EAP)isavailabledayandnight,allyearround,foremployeestospeaktoacounsellororexpertconfidentiallyonconcernsaroundfamily,relationships,stressorfinancialwoes.TheEAPalsoservesasanimportantresourceincrisissituations,suchasnaturaldisasters,epidemicsorotherthreatstopublicsafety.

Our Mental Health First Aiders(MHFA)programintheUK&Ireland,SingaporeandAustraliacontinuestolendsupport.MentalHealthFirstAidersarenotmedicallytrainedtherapistsorpsychiatrists,butcolleagueswhocanofferemotionalandpracticalsupportthroughnonjudgmentallisteningandguidance,andcanpointemployeestoexistingresources.Followingthesuccessofthevariousevents,activities,articlesandpaneldiscussionsthattookplacetohighlightWorldMentalHealthDay,globalinterestinMHFAtraininghasgainedmomentum across the bank with eight countries now actively looking at introducing programs in 2020.

IntheUK,we’vepartneredwithourhealthandwellbeingproviderstohostanumberofexpertledseminarsontopicsrangingfromdietandnutritiontosleepandexercise.

InGermany,weofferasetofpreventivehealthmeasureswiththestrongsupportofourhealthinsurancefund(BetriebskrankenkasseDeutscheBank).Postbank’shealthmanagementprogramalsooffersawiderangeofhealthmeasuresandcentralhealthcontactsareavailableatmajorPostbanksitestoprovideemployeeswithadviceandassistanceonspecifichealthtopics.

DeutscheBank’scorehealthofferingincludespreventativemedicalexaminationswhichcoverareassuchasultrasoundtests,mentalhealth,fitnessandnutrition.InGermany,theextensivemedicalcheckupprogramisofferedtoallstafffromage40andtoexecutives.In2019,around50 %ofoureligiblestaffparticipatedinsuchexaminations.InthethreemajorUSoffices,allemployeeshaveaccesstoanonsitehealthcenterandcompanyfundedfreebiometricscreeningsthroughtheclinic.

Longtermevaluationshaveshownthattheseprogramscontributetoimprovementsinparticipants’fitness,bloodpressure,nutritionhabitsandnonsmoking,amongotherfactors.In2019,thehealthrateofemployeesin Germany stood at 92.2 %.

Health ratein %

2019 2018 2017

Health rate 92.2 92.3 92.8

Healthrate:100–((totalsicknessdaysx100)/totalregularworkingdays);Germany,Postbankincludedin2019,priorperiodsrestated.

Note:Internationalstandardsfor‘Humanresourcemanagement’(ISO30414)alsosuggestdisclosingmetricsreflectinglosttimeforinjury,thenumberofoccupationalaccidentsandthenumberofpeoplekilledduringwork.Thesehealthandsafetyrelatedmetricsareprimarilyrelevantformanufacturingindustry,notmaterialhere,andconsequentlynotdisclosed.

For2019/20,ourfocusinGermanyisonmentalhealthandmindfulness.

25


SocialwellbeingWeprovidearangeofbenefitstohelpouremployeesmanageprofessionalandpersonalcommitmentsandachieveasustainableworklifebalance.Inanumberoflocations,afamilyfriendlyparentalleaveframeworkhasbeenestablished,withoutdifferentiatingbetweenfathersandmothersbutinsteadfollowingagenderneutralapproach.

Thebankassistsworkingparents,forinstanceinprovidingchildcarenearworkplacesinourmajorglobalhubsandcontributingtothecostofchildcare.InGermany,workingparentshaveaccesstofreeofchargeadviceandplacementservices(e.g.emergencycare,aupairs,daycare,nannies,domesticaid)offeredbyacountrywidecooperation partner and available for every employee via the new digital My Family Serviceplatform.

Inaddition,HRprovidesworkshopsandadviceforstaffreturningfromparentalleaveinvariouslocations.InGermany,around90 %ofwomenreturntoworkafterparentalleave,andanincreasingnumberofmenaremakinguseofpaternityleave.

Returntoworkafterparentalleave(Germany)in headcount

2019 2018 2017

Women 661 714 627Men 605 571 623

Note:Postbankincludedretrospectively.

Thebankalsooffersflexibilityinworkingarrangements,throughworkingfromhome,flexibleworkhours,parttimeandjobsharingopportunities,subjecttospecificrolerequirementsandclientneeds.Inaddition,avarietyofpaidandunpaidleaveisavailabletoallowemployeestomanageunforeseenevents,suchassicknessofchildrenorbereavementofclosefamilymembers.

EmployeesinGermanycaninvestinindividualflextimeaccountsthroughdb zeitinvest,withtheaimoftakingasabbaticalofuptooneyearorreducingtheirworkinghours.Morethan5,300employeesusethisprogram.

0 3,000 6,000

Numberofemployeesparticipatingindbzeitinvest Numberofdbzeitinvestsabbaticalsincl.leaveofabsencepriortoretirementa

175,033

240

185,108

266(+10%)

195,353

346(+30%)

DB Zeitinvestin headcount

Therearealotofpositivestoriestotell:IntheUS,weenhancedthe parentalleavepolicyto provide16weeksofpaidleaveforanynewparent.Additionally,employeesreturningfromparentalleaveareprovidedtheopportunitytoworkaflexiblescheduleforupto8 weeksunderthePhase Back to Work program.

Afamily-friendlycompanyInGermanywehavebeenre-certified asafamily-friendlycompanybythecharitableHertieFoundationforthe 4thtimesince2007.

26


Part-time employmentin headcount

2019 2018 2017

Part-time employees 12,768 13,009 13,766in%oftotalstaff 13.3% 13.1% 13.0%

Part-time employment by regionAmericas APAC EMEA Germany UK

inheadcount,2019Part-time employees 30 37 912 11,438 351in % of total 0.3% 0.2% 7.5% 24.2% 4.3%

inheadcount,2018Part-time employees 49 40 970 11,547 403in % of total 0.5% 0.2% 7.6% 23.9% 4.6%

inheadcount,2017Part-time employees 38 43 1,156 12,107 422in % of total 0.4% 0.2% 7.7% 24.4% 4.5%

We are observing an increasing need among our employees to balance care for elderly family members with theirjobcommitments.AservicepartnerinGermanyprovidescomprehensiveadviceandarrangesforregularandemergencycare.Employeeswishingtocarefortheirrelativesthemselvesmayreduceworkhoursorgoonleaveforuptotwoyears,whichislongerthanstipulatedbyGermanlaw.

Financialwellbeing

Inadditiontocompetitivecompensation,weofferpensionplanswhichcomplementsocialsecurityandprivatesavings.ForourworkforceinGermany,thisusuallyconsistsofanemployerfinancedpensionplan,matchedcontributions to the BVV industry-wide plan and the option to convert parts of compensation into pension contributions.Similarschemesexistforemployeesinmostlocationsworldwide.

Wherefeasible,wehavestartedtoalignourpensionplaninvestmentswiththeESGcriteriainlinewithourReputationalRiskPolicy.Asafirststep,theinvestmentsofourmainpensionplaninGermanyhavebeenreviewedtoadequatelyreflecttheintentandpurposeofthePolicy.

With a 96 % funding ratio as of December 31,2019,DeutscheBankcontinuestoachieveitsannualtargetoffunding 90 -100 %ofitspensionobligations.ThisisthehighestlevelofanyDAX30 company since 2012.

Inmanylocations,DeutscheBankalsooffersavarietyoflife,disabilityandmedicalinsuranceprogramsinordertoprotectouremployeesandtheirfamilies.

In 2019,11,180 employees from across the bank participated in the Global Share Purchase Plan (GSPP),withemployeespurchasingDeutscheBanksharesinmonthlyinstallmentsandparticipatinginthebank’slongtermperformance.Attheendoftheannualpurchasecycle,theacquiredsharesarematcheduptoamaximumoftenfreeshares.

Additionally,3,223 employees in the UK currently participate in the Employee Share Ownership Plan(ESOP)or the Share Incentive Plan(SIP).

27


Diversity&Inclusion

29 Inclusiveculture&environment

30 Diversity&Inclusionfocusareas

4

Inclusiveculture&environment

Whenwefeelasenseofbelonging,ourmotivation,engagement,andproductivityincreases.Theseoutcomesdependonaninclusiveenvironmentthatvaluestheuniquenessofperspectives,backgrounds,andidentitieswithinourdiverseworkforce.Itiswellestablishedthatdiversityandinclusionaregoodforbusiness:greaterinnovation,higherqualitydecisions,andincreasedmarketshare.

Whilethereismoreworktobedonetoacceleratethepaceofchange,wecontinuetofocusintensivelyondiversityandinclusionasoneofourkeystrategicpriorities.Beyondrepresentationgoals,wehaveestablishedavarietyofglobaleffortstoexpandinclusionanddiversity.Wefacilitatecrossgenerationalcollaborationanddialogthatallowustolearnfromeachotheronequalterms.Our “REVERSEMENTORING”PROGRAMS,drivenbyregionalemployeeresourcegroups(ERGs)alongsidewiderplatformbasedreversementoringofferings,helpusstrengthentheexchangebetweendifferentgenerations.TogetherwithourLGBTQIemployees(lesbian,gay,bisexual,transgender,queer,inter)wecelebrated50yearsofLGBTQIprideandintensifiedourcollaborationwithcoalitionsandinfluentialplatforms,advocatingamoreinclusiveandjustworld.

Beyondthebankwideinitiatives,weareproudtohaveanumberofERGs–voluntary,employeeledgroupsunitecolleaguesfromdifferentbackgrounds,experiencesandbusinessareastoinspireinclusivenessinourdailyinteractions.ERGsaredrivenbyacommonpurpose:tocreateabetterworkplace–foreveryone.OurERGshostavarietyofevents,mentorshipprograms,learninganddevelopmentopportunities,discussionsonrelevanttopicsandcommunityoutreach.Dedicatedcolleaguesvolunteertheirtimetocollaborativelydrivechange,attracttalentandengageinoutreachwithclientsandsociety.Dependingonlocation,ourERGscurrentlysupportavarietyofcommunities(seeoverviewbelow).

Differently- abled

Families Generations LGBTQI

MenMulticultural/

People of Color

Multi- dimensional Veterans Women

Communities supported by ERGs

Wearecommittedtocultivatinganinclusivecultureandenvironment.Theoutlineofthekeyfacts,figuresandfocusareasprovidesyouwithanoverviewofwhatdiversityandinclusionmeansinourorganization.

Whilethereismoreworktodobedonetoacceleratethepaceofchange,wecontinuetofocusintensivelyondiversityandinclusionasoneofourkeystrategicpriorities.

Beyondthebank-wideinitiatives,weareproudtohaveanumberofERGs–voluntary,employee-ledgroupsunitecolleaguesfromdifferentbackgrounds,experiencesandbusinessareastoinspireinclusivenessinourdailyinteractions.

29

Diversity&InclusionDeutsche BankHR Report 2019

Diversity&InclusionfocusareasSupportingculturaldiversity.Asglobalizationconnectscountries,economiesandpeople,culturaldiversityisawayoflifeatDeutscheBank.Weoperatein59 countries worldwide and have a workforce that includes 140nationalities(2018:146,2017:149).Globaldemographicshiftshighlighttheimportanceofmulticulturalinclusion.Weareproudtohaveaworkforcerepresentingamultitudeofcitizenshipsandnationalidentities,withtheethnicities,nationalities,races,sexualorientations,heritagesandculturesofitsemployeesenrichingtheworkenvironment.ThroughthemulticulturalUSandUKERGs,wecelebratethefullrangeofheritagemonthsandthesecularaspectsoffestivalslikeDiwali.OurERGsalsosupportourgraduaterecruitmentdiversitypipelineeffortsandrunmentorshipprograms.

140nationalities

59countries

We partner with a number of leading non-governmental organizations globally to deepen our understanding of thelatestresearchandtrendsacrossdiversitytopics.TheseincludeorganizationssuchasCatalyst,theCenterforTalentInnovation,BusinessintheCommunity,OpenforBusiness,DIANCommunityBusiness,PROUTATWORKFoundationandmore.WearealsoafoundingmemberandcurrentlymanagementboardmemberoftheChartaderVielfalt(CharterofDiversity),whichactivelyfostersdiversityintheworkplace,andasignatoryoftheUKTreasury’sWomeninFinanceCharter,whichpromotesamoregenderbalancedfinancialservicesindustry.DeutscheBankwasawardedthemaximumscoreof100intheHumanRightsCampaign’sannualCorporateEqualityIndex,fortheseventeenthconsecutiveyear,andwasdesignatedasa‘BestPlacetoWorkforLGBTQEquality’.

Advancingwomeninleadershippositions.Weseegenderdiversityasabusinessimperative.Whenoperatinginarapidlychangingenvironment,werequirecapabilitiesthatenableustofacechallengesinaflexibleway.Researchhasfoundthatleadingthroughcomplexityandambiguity,communicatingeffectivelyandmanagingremotelyaresomeofthetopskillsfutureleaderswillneed.

ArecentHarvardstudyconfirmsthatwomenexcelinleadershipcapabilitiesmanyofwhicharelinkedtotherequirementsforleadinginthefutureandinotherskillsdeemedrelevantforeffectiveleaders,suchasrelationshipbuilding,innovation,resilience,takinginitiativeandleadershipspeed.1 We articulate our gender-specificambitionsandmeasureourprogressbecauseweknowthatamoregenderbalancedworkforcemeanssustainablegrowth.

35 % 20 %of the

SupervisoryBoardmembers are women

of the

Management Boardmembers in 2022 are intended tobewomen

Throughout 2019,DeutscheBankcontinueditseffortstoadvancewomenintheworkplace.WithsevenwomenontheSupervisoryBoard,thefigurestoodat35 % at the end of 2019(2018:30 %).Thisexceededthe statutory requirement of 30 % for listed and co-determined German companies under the gender quota legislation introduced in 2015.

1 JackZengerandJosephFolkman,“Research:Womenscorehigherthanmeninmostleadershipskills,”HarvardBusinessReview,June25,2019

30


TheSupervisoryBoard’slatesttargetfortheManagementBoardwassetin2017 as at least 20 % women by June 30,2022.GivenaManagementBoardsizeofbetweeneightandtwelvemembers,twowomenarerequiredtoachievethisgoal.Attheendof2019,therewasnowomanontheManagementBoard.OnJanuary1,2020 ChristianaRiley,responsibleforthebank’sbusinessesintheAmericashasjoinedtheManagementBoard.Within the Diversity Principles of the Suitability Guidelines for selecting the members of the Management Board,theSupervisoryBoardisworkingtowardsthe2022target.

As of year-end 2019,19.7 %ofexecutivepositionsatthefirstmanagementlevelbelowtheManagementBoardwereheldbywomen(2018:20.8 %).AtthesecondlevelbelowtheManagementBoardthefigurewas19.5 %(2018:20.9 %).InaccordancewiththelegalrequirementinGermany,thebanksettargetsof20 %(atfirstmanagementlevel)and25 %(atsecondmanagementlevel)forDecember31,2020.

WomeninthefirstlevelbelowManagementboard

WomeninthesecondlevelbelowManagementboard

2018 2018 20.8% 20.9%

2019 2019 19.7% 19.5%

TheManagementBoardremainscommittedtoincreasingtherepresentationofwomeninleadershippositions.In March 2019,theManagementBoarddecidedtorestatethevoluntaryGroupwideaspirationalgoalsfortherepresentationofwomen.Sincetransparencyfacilitateschange,thegoalsforDecember2021 have been disaggregatedtofocusonthetopthreecorporatetitlesindividually(inheadcountterms):ManagingDirector(21 %),Director(28 %)andVicePresident(35 %,excludingPostbank).ThiswillalsostrengthentheinternalpipelineforthetwolevelsbelowtheManagementBoard.DeutscheBankfirmlybelievesthatanimprovedgenderbalanceinleadershiproleswillmeaningfullycontributetoitsfuturesuccess.

Womenstaffbyyearend2019includingpromotionsbeginningof2020

18.9 % 25.9 % 32.6 %DirectorsManaging

DirectorsVice Presidents

There has been an improvement every year at Managing Director and Director levels since 2010,whenthebankfirstexternallycommunicatedvoluntaryglobalgenderdiversitygoals.Asofyearend2019,womenmade up 18.3 %ofManagingDirectors,25.1 % of Directors and 31.4 %ofVicePresidents.MonitoringagainstDiversity goals also includes promotions beginning of 2020.Includingpromotionswehaveachieved18.9 % forManagingDirectors,25.9 % for Directors and 32.6 %forVicePresident(excludingPostbank).

Womenheadcount in %

Dec.31,2019 Dec.31,2018 Dec.31,2017

Managing Directors 18.3 18.1 17.1Directors 25.1 24.5 23.9Vice Presidents 31.4 31.2 31.4AssistantVicePresidents&Associates 40.6 40.2 40.3NonOfficers 59.6 59.8 57.5Total women 46.3 46.2 46.3Note: Postbank included in 2018 and 2019; prior period not restated; declared corporate titles of Postbank (incl. subsidiaries) are only alternative, technically derived and not contractually defined or agreed.

Werecognizethenecessityofmenasalliestopropelthedialogueonamoregenderbalancedworkplace.Tounderlinetheimportanceofproactivechampioningforgenderdiversity,welaunchedaninternalcampaignontheoccasionofInternationalWomen’sDay2019,askingouremployeesabouttheirpersonalandprofessionalcontributionstopickupthepaceongenderdiversity.Wereceivedalargenumberofsubmissions,bothbymenandwomen,makingitoneofthemostsuccessfulinternalcampaignssofaronour#PositiveImpacthub.

31


– dbPride Global Summit. StuartLewis,ChiefRiskOfficerandManagementBoardMember,andglobalexecutive sponsor of dbPride,ourLGBTQIERG,joinedthefirsteverdbPrideGlobalSummitinNewYorkCity.The three-day assembly brought together 25leadsofdbPridechaptersfromelevencountries(Australia,Brazil,Germany,HongKong,India,Italy,Japan,thePhilippines,Singapore,theUKandtheUS)tocelebrate,shareknowledge,andsustainthemomentumonLGBTQIinclusion.LewisalsojoinedhundredsofDeutsche BankcolleaguesintheNYCPrideMarch.

– Celebrating 50 years of LGBTQI Pride. The 50th anniversary of the Stonewall uprising is widely considered tobethebeginningofthemodernLGBTQIrightsmovement.Tocommemoratetheuprisingandraisethevisibilityoftransgenderpeopleofcolour,wepartneredwiththeLeslieLohmanMuseumofGayandLesbianArttocommissionartistGabrielGarciaRomantocreateamobileartprocessionfortheNewYorkCityPrideMarch.WealsojoinedPridemarchesinBirmingham,Cologne,Frankfurt,Berlin,Dublin,London,Manila,Milan,Stuttgart,TokyoandJacksonville.

– Cooperation with the United Nations. DeutscheBankalsocollaboratedwiththeUnitedNationsOfficeoftheHighCommissionerforHumanRights(OHCHR)inhostingaglobalsummitonengagingtheprivatesectorinLGBTQIissues.TheeventwasheldatDeutscheBank’sPalaisPopulaireinBerlin.Morethan70 participants,includingLGBTQIactivistsfrom25 differentcountries,debatedwaysfortheprivateandpublicsectorstocollaborateinadvancingtheagendaofLGBTQIinclusionglobally.

SupportingthedignityofLGBTQIpeople. In 2019,weincreasedourcommitmentforthehumanrights,dignity,andinclusionofLGBTQIpeopleglobally.Wehavetakenstrongpublicadvocacypositions,engagedinmeaningfulconversationswithavarietyofleadersaroundtheworld,andsupportedourLGBTQIcolleaguesandtheirlovedones.

DeutscheBankandseveralofouremployeeshavebeenrecog-nizedexternallyfortheirworkonLGBTQIinclusionbytheannualHumanRightsCampaign’sCorporateEqualityIndexaswellasorganizationssuchasWorkwithPrideinJapan,OUTstanding,Germany’sPROUTATWORKFoundationandUHLALAGroup.Wearegratefulfortheseacknowledgementsandourdedicatedcolleagues’contributionstoadvancinginclusion.

“Stonewall50andWorldPrideisanopportunitytocelebratetheprogressmadeandrecognisethebraveindividualswhohelpedigniteamovement.Inthepast50yearswehaveseenimportantprogressandweatDeutscheBankhavecontributedtoit.I’mdelightedtojointhesecelebrationstoshowmysolidarityandtorecognise that the work remains ongoing and urgent and we needallofouralliestobepartofthechange.”Stuart Lewis

32


Aninclusiveworkplaceacrossgenerations.Witharangeofgenerationsrepresentedinourworkforce,werecognizethebenefitsderivedfromdifferentgenerationalideasandperspectives.Often,theprioritiesofeachgenerationcandiffer–intermsofrequiredbenefitsandsupportforvariouslifestagesaswellastheopportunitiesweofferouremployeesateverystageoftheircareer.

As of year-end 2019,29.2 %ofDeutscheBank’sworkforcewas49yearsofageorover(2018:27.6 %),withthe youngest group of employees – up to 29 years of age – accounting for 15.1 %(2018:15.5 %).Theaverageage in Germany was 45.5years(2018:45.6years)which,alongwiththeaveragelengthofcompanyservice,issignificantlyhigherthaninotherregions.

0 20 40

up to 30 years 30 – 39 years 40 – 49 years over 49 years

19

15.1

29.2

28.627.1

18

15.5

27.6

29.327.6

17

16.2

26.0

30.127.7

Employee age groups in Germanyheadcount in %

Average age by regionin years

2019 2018 2017

Germany 45.5 45.6 45.4Europe(excludingGermany),MiddleEastandAfrica 41.6 41.3 40.7Americas 41.5 41.2 40.9Asia/Pacific 35.4 35.0 34.5Total 42.3 42.1 41.7

Our reverse mentoring program continues to expand globally LEARNINGSECTION,andouremployeeresourcegroupsremainedactiveongenerationrelatedtopicsthroughouttheyear:

– dbGenerationintheUKhostedaseriesof“MythbustingMenopause”webinars,ledbyanexternalexpert,plusaneventbroadcastacrossUKofficesinDecember2019.ThesessiondiscussedthephysiologicalandpsychologicalimpactofthevariousstagesofmenopausewitharenowneddoctorfromKing’sCollegeHospital,London.

– dbGeneration continued its Future of Work series in 2019 with an event exploring how we can prepare ourselvesforthechangingjobcultureandworkingenvironment.Expertsonlongevity,socialjusticeandworkpatternsprovidedinsightsonhowshiftingframeworkconditionsimpactthedifferentgenerationsandagingpopulations.

– IntheUS,theNextGen Network actively engaged leaders to become mentees in their reverse mentoring programand followeduponpairings. InJacksonville,NextGen was recognized for its outstanding commitmenttoJuniorAchievement,oneoftheUS’slargestnonprofitorganizationsdedicatedtopreparingyoungpeopleforeconomicsuccess.

– dbFamilyintheUKcontinuestoprovidesupportandinformationtomembers,spanninggenerationswitheventsoncopingwithlongdistancecare,mentalhealth,wellbeingandresilienceinyoungpeople.

Employeescontinuetoreceivesupportthroughouttheworkinglifecycle,forexamplefamilyresponsibilitiesfromchildcaretoeldercare,arangeofflexibleworkingoptions,andemployeebenefitstosuitdifferentcareerstages. REWARDSECTION

33


Creatinganinclusiveworkingenvironmentforpeoplewithdisabilities. Deutsche Bank is working to ensure we attract and retain people with disabilities and we remain committed to supporting the mental health and wellbeing of our workforce BENEFITS&WELLBEING.Inadditiontomeetingworkplaceneedsofallemployeessuchasaccessibleworkstationsandadaptions,wecontinuetoprovideaccessibleentrances,elevators,restroomsandparking.Flexibleworkingoptionsareavailabletothoseneedingshortorlongtermflexibilityduetohealthoradisability.

InGermany,theproportionofemployeeswithadisabilitystoodat6.1 %1 as of year-end 2019(2018:6.3 %,2017:6.2 %).ColleagueswithadisabilityaresupportedbytherepresentativebodyfordisabledemployeesandHR.ThroughitssuccessfulandlongstandingcooperationwiththeAssociationofShelteredWorkgroups(GenossenschaftderWerkstätten,GDW)inGermany,thebankalsoensuresanumberofexternaljobsforpeoplewithdisabilities.

employeeswithdisabilityinGermany 6.1 %

OurofficesinIndiacontinuetoleadthewayoninclusionforphysicaldisabilities:colleaguesinBangaloreparticipatedintheannual“ISTEMHackathon”,bringingtogetherblindandsighteddevelopersforcodingchallenges.OurBangaloreteamsubsequentlyhiredoneoftheparticipatingblinddevelopersasadirectresultoftheevent.TheDiversityCouncilsponsoredaninitiativetoimproveofficetransportforworkerswithmobilitydifficulties,whonowhavefullaccesstoataxiservicebetweentheofficeandtheirhome.FormoststaffeventsinBangalore,anemployeesignlanguageinterpreterisoftenpresenttoassistcolleagueswithhearingandspeechimpairments.

Ourgroundbreakinginternshipprogramforgraduateswithautism,launchedintheUKfouryearsago,wasexpandedintotheUSwithfivestudentsjoiningtheprogram,twoofwhomarerejoiningthebankinpermanentroles.

1 DisclosureinaccordancewithGermanysocialcodeIX,prioryearsadjustedduetoretroactivelateregistrationofseverelyhandicappedstatus

Flexibleworkingoptionsareavailabletothoseneedingshortorlong-termflexibilityduetohealthoradisability.

34


Attractingtalent

36 Recruitment with a focus on digitalization

37 Graduates

38 Apprentices and dual students

39 Employer Brand

40 Fostering career mobility

5

Attracting talent

Recruitment with a focus on digitalization

In 2019,HRanditsTalentSourcingfunctionfocusedonthedigitalizationofHR’scoreplatform.Thispositivelyimpactedourrecruitmentprocess,asthedigitalizationofrecruitmentactivitiesenablesustobettermanagethesourcing,selectionandonboardingexperienceacrosslateralandgraduatehiring,aswellascontingentworkers.ThethreetechnologiesimplementedtothiseffectareWorkday,Yello and Beeline.

Yello provides our recruiters with a single platform to engage with intern and graduate talent. It includes diverse modules such asapplicanttracking,campuseventmanagement,interviewschedulingandfeedback,referrals,andtalentpooling.TheYello Pro App allows our business stakeholders to complete interview feedback directly on their smartphones or tabletsoncampus‘Superdays’orinassessmentcenters,eliminatingtheneedforpaperbasedforms and allowing recruiters instant access to thecollecteddata,thusstreamliningtheentireprocessfromapplicationtojoboffer.

Finally, the furtherexpansionofBeeline into Germany and India provides Deutsche Bank with a market-leading platform for the engagement and management of contingent worker resources in a structured and standardized manner with clearvisibilityofrates,timesheetsandcosts,inturn rendering excel time and expense sheets obsolete. Beeline allows hiring managers to select, screen and compare candidates andscheduleinterviews.Workershavetheirownaccountstotrackandrecordtimeandcosts,viewextensions,ratesandscheduleabsences.

Workday, the bank’s new core HR platform,provides integrated end-to-end services across the entire recruitment process for standardized peoplemanagementprocesses.Inadditiontoautomating the governance and hiring controls which improve our quality assurance processes andcompliancemonitoring,thesystemwillalsodeliver:

—Improveddigitalexperienceformanagers,employeesandcandidates;

— Improved system for recruiters to ensure moreefficient,digitalinteractionswithhiringmanagers;

—Simplified and automated key escalationreview process by control functions

In 2019,thebankhiredapproximately3,800 officers and 3,800 non-officers from the external market in comparison to 2018 where we hired 4,100 officers and 4,300 non-officers.Thisisconsistentwiththebank’sworkforcedevelopmenttargets.

0 3.5 7

Officers Nonofficers LegalentitiesoutsideofDeutsche Bank’scorporatetitlesytems

ExcludinglegalentitiesoutsideofDeutsche Bank’scorporatetitlesystem,primarilyPostbank.

174.9

4.70.7

184.1

4.30.6

193.83.8

0.7

Hiresbymajorjobcategories

FTE in k

2019 2018 2017

Total 8.3 8.9 10.3

36

Attracting talentDeutsche BankHR Report 2019

Theaveragetimerequiredtofillvacantpositionswas56days(2018:61days)andtheaveragetimerequiredtofillcriticalvacantbusinesspositions15days(2018:24days).

Diversityintermsofcultures,countries,races,genders,sexualorientations,disabilities,beliefsandgenerationsremainsextremelyimportant.Sourcingthebestpeopleirrespectiveofthesefactorsrequiresaninclusiveapproachtoourvalueproposition,firmlysupportedbyarangeofdiversitydrivenprograms,resourcegroupsandinterventions.

Graduates

Graduatecareerscontinuetobeacriticalpipelineoftalentforus.Theycontributetothebank’schangeagendabybuildingaskillsetthatbetteralignstotheneedsofthefutureworkforceandclientsandtotheobjectiveofdiversifyingtheorganization.Insupportofthesignificantnumberofgraduateshiredin2019,wehostedoneofthebank’slargestevergraduateorientations.Wehired955graduatesthisyear,comparedto910 in 2018 and 617 in 2017.In2019,womenmadeup39 %ofthegraduateintake.

+4.9 %Graduateshired

2017

2018

617

910

2019 955

Followingonfromlastyear’ssuccess,thebankagainrantwoseparateorientationandtrainingprograms,oneinIndiaforthebank’slocalTechnologycohortandoneinLondonforallothergraduates.Thisenabledthedeliveryofatailoredprogramforbothgroups,whilestayingtruetothecorevaluesandobjectivesoftheglobalorientationmoduleandtrainingcurriculum.Orientationconsistedofspeakersessionswithanumberofmanagementboardmembersandotherseniormanagersacrossthebank.Avarietyofactivitystreamsincludeda“RuntheBank”simulation,clientinteractionsessions, innovationwithinDeutscheBankandunderstandingourculture,valuesandbeliefs,tonameafew.Asinpreviousyears,graduateswereabletonetwork with their peers through a number of team building activities – critical for improving engagement andaligningourvision,valuesandbeliefsacrossthebank.

Implementation of Yello,ourapplicationtrackingsystem,hasloweredcostswhileincreasingefficiencyandenablingbettermanagementofourglobalintake.Thesystemhelpsmanageeventscheduling,candidatetracking,paperlessevaluationsandreferrals.TheawardwinningGraduateApphasprovensuccessfulsinceits launch in 2017andenhancementshavebeenmadetoprovideamorepersonalizedapproach,removingallemailcommunicationsandmovingtowardsamoreclientfocusedview.Theappcontinuestoimproveourengagement with the graduates and allows them to stay connected and network among themselves prior to joiningtheorganization.

Whileourcommitmenttograduaterecruitmentremainsunchanged,requirementsforjuniortalentarediversifying.Ourbusinessrequirements–toattract,developandretainthemostappropriatetalent,andmanagethebank’scostbase–cannolongerbemetbyasinglegraduateproduct.We have recognized the needtostepupourapprenticeshipprograms,degreepartnerships,anddirecttodeskprograms.Wehavethusembarkedonajourneytoupdateourselectionprocesses,focusingontheskillsandvaluesneededfortheworkforceofthefutureleveragingasituationaljudgmenttestfocusedonthebank’svalues.

Ascompetitionforgoodpeopleisincreasing,innovationinsourcingiscritical,asisaclearemployeevalueproposition,communicatedviaoursocialmediachannels– CLICKHERE.

ImplementationofYello,ourapplicationtrackingsystem,hasloweredcostswhileincreasingefficiencyandenablingbettermanagementofourglobalintake.

Wehaverecognizedthe needtostepupour apprenticeshipprograms,degreepartnerships,anddirect-to-deskprograms.

compared to 2018

37


https://www.db.com/careers/en/grad/index.html

Apprentices and dual studentsVocationaltraininghasalwaysbeenanimportantcomponentofourentryleveltalentstrategy.Inlightofarapidlychangingworkenvironment,especiallyinthecourseofincreasingdigitalizationinthebankingsector,highqualityapprenticeshipprogramswillbeevenmoreimportantinthefuture.

Aspartofourongoingefforttoincreaseourappealtoyoungpeoplestartingoutintheircareers,ourDBInsider campaign #dbKarrierestartprovidesfieldreportstalentsonentrylevelonaseparateInstagramaccountaddressingonlythisgroup.WehaveincreasedthepresenceofboththeDeutscheBankandPostbankbrandatvocationalorientationfairsandschooleventstoattractattentiontoourtrainingprograms.

Themarketforapprenticeshipsinthebankingsectorcontinuestobecharacterizedbydifficultrecruitingconditionsandagrowingtrendtowardsacademicdegrees.Tomeettheseshiftingrequirements,andtoattractthebesttalentandincreasetheappealofthebankingsector,wecontinuetodevelopourtrainingprogramsandhaveintroducedinnovativeconceptssuchasadualmasterprogramandparttimeemploymentforstudents.

Of the approximately 24,000 applicants for the 21 apprenticeship and dual study programs of Deutsche Bank andPostbank,wewereabletorecruit667junioremployeesin2019(2018:607).In2019,394 of our apprentices anddualstudentsacceptedajoboffer.

Apprentices in Germanyin headcount if not stated otherwise

2019 2018 2017

Numberofapprentices 1,499 1,459 1,641Female share of apprentices 41.9% 45.1% 47.0%Apprentices ratio 3.6% 3.4% 3.6%Hired apprentices 667 607 616Takeover of apprentices into employment 394 468 460Share of apprentices taken over into employment 63 % 59 % 52 %Expensesforapprenticeshipprogramsin€m. 37 39 48ØExpensesforapprenticeshipprogramsperemployee(apprentice)in€k. 28 29 28

InGermany,ourapprenticeshipprogramconsistsofonthejobtrainingwiththebankandlearningmodulesprovidedbyavocationalschool,concludingwithacommercialdegree.Dualstudentsgraduatewithabachelor’sdegree.Theyattendtheoreticaltrainingmodulesatpartneruniversities,whilethepracticaltrainingisconductedatDeutscheBank.Duringtheprograms,apprenticesandstudentsbuildcapabilitiesforaspecificprofessionalroleanddevelopimportantsoftskills.

Inordertoretainournewjoinersbeyondtheapprenticeshipsanddualstudyprograms,weareconstantlydevelopingourprograms.Meanwhile,apprenticeshipsinthebranchesoftheDeutscheBankandPostbankbrandsareorganizedmoreindividuallyandflexibly.Thisensuresabetterfocusonthestrengthsandinterestsoftheindividualjuniortalent.

Jobprofilesinthebankingsectorareevolvingalongsidedigitalization.Wehaverecognizedtheimportanceoftopicssuchasbigdata,ITsecurityandITforensicsforthosebeginningtheircareers,andinanefforttostrengthenourpositionasanimportantemployerinthetechnologysector,weintroducedourdualstudyprogram“SoftwareTechnology”in2019.

As we look forward to 2020,thereorganizationoftheapprenticeshipforbankerswithinourbranchesremainsanimportantagendaitem.Asanemployer,weplayakeyroleintheprocessofreorganizingjobprofilesaswell as keeping the apprenticeship attractive and up to date while including essential elements of digitalization andholisticconsulting.DeutscheBankispartoftheEmployers’AssociationofthePrivateBankingIndustryandwearedrivingthechangeinclosecollaborationwithotherpartnersintheindustry.

INSTAGRAMCHANNEL:

DeutscheBank Schüler-Karriere

FACEBOOKCHANNEL:

PostbankKarriere

38


https://www.instagram.com/deutschebank_schueler_karriere/



https://www.facebook.com/postbankkarriere/

https://www.facebook.com/postbankkarriere/

EmployerBrandBased on extensive internal and external research undertaken in 2018,ournewEmployeeValueProposition(EVP)‘MorethanBanking’waslaunchedin2019.ItoutlineswhatmakesDeutscheBankuniqueandwhatcurrentandfutureemployeescanexpectintermsofcareeropportunities,ourcultureandpeopleaspects.Throughoutthe past 12months,wehavebroughtthispropositiontolifethroughouremployees,whosharedstoriesondigitalandsocialplatforms,bothinternallyandexternally,tohelpusattractthebesttalent– CLICKHERE.

Our Employee Value Proposition

Career possibilities

Inclusiveculture

You‘llhavetheopportunityto grow and the chances to succeed

Youcanbringyourwholeselftoworkhere,andberespectedasanindividual

Collaborativeworking

Driving change

Your opinions and ideas willbevaluedbysupportivecolleagues

You‘llplayanimportantroleinchangingthebankforthefutureoffinance

Weknowthatthesuccessofourbankisbuiltuponthequalityofouremployees,sowecaredeeplyforourpeople and strive to strengthen our perception as employer-of-choice every day – CLICKHERE.

NotableactivitiesincludeanongoingglobalCareerMobilitycampaign,aGraduatecampaignacrossfourregions and a refreshed CAREERSWEBSITE.OurdigitalapproachhasallowedustoapplynewtechnologiessuchasausergeneratedvideoplatformforouremployeestosharetheirstoriesofworkingatDeutscheBank,whichgivesourmessageanauthenticvoice.

We have also implemented technology allowing us to host online events for large numbers of candidates and extend our reach across regions while enabling prospective candidates to interact with presenters at face-to-faceeventsviatheirsmartphone.

Weaimtoreachandengagewithpotentialemployeesviatheirpreferredplatformsandchannels,notablyonsocialmedia.

Deutsche Bank on social media channels

24,000 1 M 1.3 MInstagramfollowers LinkedInfollowers Careerswebsitevisitors

www

39


https://www.db.com/careers/en/prof/life-at-deutsche-bank.html

https://e.video-cdn.net/video?video-id=9BTPf_XGkqpkPBXEZVPFJf&player-id=Agwb9r1zYeSQYW3EbqZuN_&width=800

http://www.db.com/careers

WehaveseenrapidgrowthinourDeutscheBankInstagramchannel,launchedinMarchlastyear,wherewe have grown from 10,000 followers to 24,000 followers in 2019,andwealsorecentlyexceededonemillionfollowersonLinkedIn.Thishasresultedinmorethan1.2 million social media engagements with our content and 1.3 millionvisitorstoourCareerswebsiteoverthesameperiod.Ourapproachreceivedexternalrecognitionat the 2019TARGETjobsAwards,whichhonoredthegraduatecampaignforbestsocialmediastrategyforgraduaterecruitment.OurInstagramchannelwasmentionedinMashupCommunications’rankingofFinancialInstitutionsinGermany.

Fosteringcareermobility

CareermobilitycontinuestobeacorefocusforDeutscheBank.Weremainfirmlycommittedtosupportingstaffinbuildingtheircareerswithintheorganization–especiallyinlightoftheannouncedtransformationplansimpactingallpartsofourorganization.

The Internal Mobility teams continue to pursue an enhanced redeployment strategy and ensure an established processforemployeestotakeonnewroleswherefeasible.Filling685 positions internally through proactive redeploymenteffortsresultedinsavingsof€31.9 million in 2019.

Weenableouremployeestochangerolesbothwithinandacrossdivisions.Crossdivisionalmobilitycontinuesto be a focus as it allows employees and leaders to learn and develop skills and gain a broader understanding ofthebank’soperations.In2019,thebanksaw2,100crossdivisionalmoves,whichissimilartothenumberofcross-divisional moves in 2018.Overall,9 %ofourworkforcechangedjobswithintheorganizationthroughout2019(2018:10 %).In2019,37.6 %ofopenpositionswerefilledwithinternalcandidates(exludingPostbank),up from 37.2 % in 2018.

ExcludingPostbankandlegalentitiesoutsideofDeutscheBank’scorporatetitlesystem. Officerscompriseallemployeeswithcorporatetitles,including:ManagingDirectors,Directors,VicePresidents,Assistant VicePresidentsandAssociates.

Officers Nonofficers

Intradivisionalofficers Intradivisionalnonofficers

Crossdivisionalofficers Crossdivisionalnonofficers

7.9

5.03.6

1.4

2.9

0.7

2.2

19

5.03.6

1.4

3.0

0.7

2.3

8.0

18

6.5

4.7

1.8

4.0

0.9

3.1

10.5

17

Internalmobilitybymajorjobcategoriesheadcount in k

ParticularlyattheManagingDirectorandDirectorlevelstheinternalfillratewasaboveaverageat40.2 %(2018:40.5 %).ThiswasalsotrueattheexperiencedVicePresident(VP)levelwith47.5 %ofvacanciesfilledinternally(2018:47.8 %).InGermany,thefigurewas67.7 %(2018:65.4 %)duetoredundanciescausedbyrestructuringmeasures,aswellaschangesresultingfromdigitalizationandcontrolfunctions.Inall,76.9 % of business criticalpositionswerefilledinternally(2018:61.5 %).

40


Internalfillrateheadcount in %

2019 2018

Internaljobvacancyfillrate1 37.6 37.2thereof Managing Directors and Directors 40.2 40.5thereof Vice Presidents 47.5 47.8Critical business positions 76.9 61.51 Excluding Postbank

In 2019,ouremployeeshavebeenencouragedtosharetheirexperienceswithinternalmovesonaninteractiveinternalplatform.AlsoonthisplatformtheInternalMobilityteamsproviderelevantinformationoncareermobility ingeneral,aswellasnewsandupcomingevents,regionalopenpositions,andlinkstorelatedservicesorplatforms.Additionally,theInternalMobilityteamshavehostedcareereventsandtrainingsforemployeesinmultipleregions.Wecontinuetoraiseawarenessofthecareeropportunitieswithinthebankthroughseveralcommunicationactivities,mostimportantlyencouragingemployeestosharetheirstoriesofhavingmovedinternally.

Inlinewiththebank’sagenda,digitalizationhashelpedstrengthenourofferingtoemployeesaswestrivetoimprovetheirexperienceacrossallHRrelatedprocesses.InternalMobilityteamscontinuetousetheConnect2Jobdigitalplatformwhensourcingcandidatestofillinternalroles.Connect2Job allows employees interested in taking on a new role within the bank to upload their CV to review personalized search results of openpositionsforwhichtheycanthenapply.Finally,theimplementationofWorkdaywillenabletheexpandeduseofthetalentpoolfunctionalityinthefuture.

41


Developingourpeople

43 Keepingourpeople‘fitforthefuture’

45 Training

6

Developingourpeople

Keepingourpeople‘fitforthefuture’

Learning asloyalty

Learningculture.Tohelpouremployeesdevelopprofessionallyandpersonallyandadvancetheircareers,wehavemadelearningakeyelementofourpeoplestrategyatDeutscheBank.Westrivetocreateanengaging,personalizedandvariedlearnerexperienceaccessibletoallemployees,ateverystageoftheircareer.

Inthiscontext,thelaunchofourdigitallearningplatformConnect2Learn in 2017 and our digitalization work in 2018laidthefoundationfortransformingouremployees’learningexperience.In2019,wecontinuedtobuildonthisbasisandmadesignificantstridesforward.

Thanks to Connect2Learn’sofferings,whichareavailableirrespectiveoflocationortime,thenumberofuniqueusersaccessingselfpacedlearninghasincreasedsignificantlysincetheplatform’slaunchfrom15 % to 55 %ofemployees.

Intotal,Connect2Learnoffersover40learningtopicsondemand.Thisincludes55 immersive virtual classroom experiences,availableinlocallanguages,aswellas3,500curatedresources,includingvideos,articles,podcastsandTEDTalks.In2019,morethan230,000 learning items were accessed directly and over 500,000 indirectly throughourdigital libraries,andourpartnershipswithlibrariessuchasgetAbstract,S4K,andIntuition(afinancialproductlibraryfeaturing400+piecesofdigitallearning)enhancedtheoffering.Inaddition,dedicatedresourcessuchasmanagerguides,coachingcards,andgroupdevelopmentresourcesareavailabletoleaders.

Consideringtheeverchangingneedsofouremployees,ourofferingisconstantlyevolving.In2019,weaddednewlearningopportunitiesthatpromoteanopenworkingculture,includinganofferingdesignedtoenableleaderstocreateaclimateinwhichemployeesfeelpsychologicallysafetoraiseconcerns.Additionalfocusareasincludedagileworkinganddatasciencetopics.

Wealsofocusedonpersonalization,creatinglearnerpersonasandincorporatingelementsofartificialintelligenceinto Connect2Learntoprovidemoretargetedlearningexperiences.Inaddition,wearecontinuouslyexploringnew ways of delivering learning to make it more convenient for our employees and to help them put learned materialintopractice.Inthiscontext,wehaveexperimentedwithvirtualcoachingin2019 and will continue to pilot new technology in 2020.

43

Developing our peopleDeutsche BankHR Report 2019

Informal learning tools

Mystery Coffee

Reverse Mentoring

Job Shadowing

Whowillyou connect with next?#PositiveImpact

Spendadayinsomeoneselse’sshoes.#PositiveImpact

The power of perspectivesacrossgenerations.#PositiveImpact

Newtechnologiesalsohelpustoconnectpeoplepersonally.In2019,webroadenedourlearningformatsto includeasuiteofinformallearningtools:Mystery Coffee,Reverse Mentoring and Job Shadowing.Theseformatsuseintelligentalgorithmstobringpeopletogetherforpersonalexchange,networkingandtolearnfromeachother.Over10,000employeesarecurrentlyactivelyinvolved,withover20,000matchessuccessfullymade.

Hereisonestorymakingthepositiveimpactevident:

“IknewJobShadowingwouldbeanexcellentwayformetolearn …but Ineverthoughtitwouldchangemycareerthewayithas.”AllisonsigneduptotheinitiativetolearnmoreabouttheareaofAnti-FinancialCrime.Bymeetingwithmembersoftheteam,shereceiveddevelopmentadviceanddeeperinsightintothefunctionwhichgaveherthefoundationstolandherdreamjob.“DeutscheBankunderstandsthatlearningdoesn’tjusthappenintheclassroom,butalsointheinteractionswehavewithourcolleagueseveryday.”OurJobShadowinginitiativeisopentoemployeesintheUKI&Germanyandwillsubsequentlyberolledoutglobally.

44


TrainingWe invested a total of €70 million in training our employees in 2019 with a cost per FTE of €0.8thousand.Thisisbroadlyinlinetoprioryears(2018:€0.7thousand,2017:€0.8thousand)aswecontinuetodelivertraininginmoreeffectiveandefficientwaysenablingustomaximizeourreachwithamoreflexibleoffering.

Training Expenses

0 75 150

Trainingexpenses(in€million) TrainingexpensesperøFTE(in€thousand)

0 1 2

1773.9

0.8

1869.2

0.7

1970.0

0.8

Key areas for 2019wereregulatory,leadershipandspecificskillsincludingagileandspeakup.AttendanceofGovernance,RiskManagement&Compliancetrainingsincludingtrainingrelatedto‘MarketsinFinancialInstrumentsDirective’remainedonahighlevel.Thenumberofnonregulatorytrainingattendeesdecreased:aswellasourreducedemployeenumbers,wehaveincreasedengagementin‘selfpaced’learningsoemployeescanaccesslearningwhenandwheretheywantit.Thistakeupofarticles,videosandpodcastsmeantlessrelianceonfacilitatedclassroomeventsastheonlylearningmethod.Allcourses,includingcompliancetraining,are available via CONNECT2LEARN.Thesystem’spersonalizeddashboardshowsemployeesallmandatoryonlinecompliance and regulatory training courses they need to complete and enables managers to view the training statusofalltheirteammembers.

Training attendanceparticipants in k

2019 2018 2017

Governance,RiskManagement&Compliance 1,093.2 1,097.1 1,130.8Nonregulatoryrelatedtrainings1 295.3 404.5 257.3Total 1,388.5 1,501.6 1,388.11includesProductTraining,TechnicalTrainings,Leadership&ManagementandPersonalDevelopment

Aspartofouroverallstrategytoprotectandimprovetheemployeeexperienceoflearning,theHRandCompliance Risk teams continue to work together to ensure a strong governance over the design and deploymentofelearningandhavemadegoodprogressinimprovingqualityandreducingitsvolume.

45


Developingourleaders

47 Enhancing leadership development

48 Developing leaders at every stage of their career

48 Global high-potential acceleration programs

50 Senior leadership development

7

Developingourleaders

Enhancingleadershipdevelopment

DevelopingourleadershasalwaysbeenakeyfocusatDeutscheBank.OurLeadership Capability Model providesaconsistentvisionofhowweunderstandleadershipandwhatweexpectfromourleaders.ItreflectsDeutscheBank’suniqueneedsandisbackedbyrigorousscientificresearchtopinpointtheknowledgeandskillsthatformthecoreofeffectiveandinclusiveleadership.

Leadersarethecriticalfactorincreatingtheclimateandculturewearestrivingfor: a culture which allows ouremployeestorealizetheirfullpotentialandthrive.Whilethefundamentalprinciplesofleadershiphavenotchanged,leadersdoneedtopreparethemselvesbyadoptinganewmindsetandapplyprovencapabilitiesinadifferentcontext.Futureleaderswillneedtobeadaptable,toempowerandenableothersandtobedecisiveintimesofuncertainty.

In 2019,wehavetakensomekeyactionstorespondtothesechangingrequirements.Wehaverefreshedour Leadership Capability Model and transformed our leadership development program to enable a more personalized,modularapproachallowingleaderstoaccesslearningwhenandhowtheyneedit.Guidedbythe refreshed Leadership Capability Model,alllearningopportunitiesaredesignedtomakeourleadersfitforthefuture.Throughoutthetransformationprocess,wehaveactivelyinvolvedleadersinprioritizingtopicsandmethodsbyparticipatinginforumsandfocusgroups.

Program centric Audience centric

Corporatetitlebasedcriteria Rolebased,nonhierarchical

Reachingonlyafew LearningforALLleaders

Bigandinfrequent Bite-size,oftenandattime of need

All at once Contentdrivingtheformat

Waitingforinvitation Accessibleatanytime

The transformation of leadership

From To

OurLeadershipCapabilityModelprovidesaconsistentvisionofhowweunderstandleadershipandwhatweexpectfromourleaders.

47

Developing our leadersDeutsche BankHR Report 2019

DevelopingleadersateverystageoftheircareerWerunawiderangeoflearninginitiativestodevelopleadersatalllevels,fromnewmanagerstoexperiencedleaders.Werecentlyexpandedourofferingfornewleadersbycreatinganinteractiveguidetailoredtotheirneeds.Theguidecoverscompanyculture,processes,systems,riskmanagementandgeneralresponsibilitiessuchasfosteringaclimatewhereemployeescanspeakupandraiseconcerns;italsoprovidesaspringboardtofurtherpersonalizedlearningopportunities.In2019,theguidewasprovidedto1,051 leaders who were new joinersorleadingforthefirsttime.Thismodularapproachalsooffersmorepersonalizedtrainingforexperiencedleaders,allowingthemtochoosetopics,suchasconflictmanagement,coachingandchange,aswellaslearningmethods,suchasfacetofaceclassroomtraining,facilitatedvirtualclassrooms,videos,articlesorpodcasts.Wewillcontinuetodeveloptheportfolioofavailablelearningbasedonleaders’ongoingfeedback.

Inadditiontoourdigitalofferings,ourGermanyspecifichomemarketprogramsareavitalpartofourlearninginfrastructure.Inparticular,weruntwomentoringprogramsfocusedonsupportingthedevelopmentofhighpotentialfemaleemployees.TheseincludeourCross-Divisionalprogram,whichsupportstalentedtopperformersandpotentialtotakeonafirstmanagementrole,aswellasourCross-Company Mentoring programforhighpotentialwomeninmanagementpositionsorresponsiblespecialistpositions.Thelatteraimsatimprovingparticipants’ownmanagementperformance,experiencingothercorporateculturesandstructures,aswellasexchangingexpertiseandexperience.In2019,wepartneredwitheightcompaniesinGermanytoshareideasandexpertise.Inaddition,weoffertheDiscover DBprogram,an18monthjourneyforhighpotentialjuniortalentstogainbroadcrossdivisionalexperience;theOne Bank Leadership program forinternalhighpotentialsorexternalMBAhirestogetbroadexposureandleadershipexperience;andtheDiscover Leadership and Discover Project Management programs designed for high-performing potential leadersorprojectmanagers.

Globalhigh-potentialaccelerationprograms

For employees who have been consistently demonstrating high performance and are recognized as future potentialleaders,severalaccelerationprogramshavebeendesignedtodevelopthembothprofessionallyandpersonally,toadvancetheircareers,andtoensuretheyarereadyforthenextstep.

OurflagshipaccelerationprogramscompriseofferingsforseniorfemaleManagingDirectors(MDs),topDirectortalent,andVicePresidenthighperformers.Allprogramsfollowaglobalandcrossdivisionalapproachandparticipationisbynominationonly.2019sawPostbankbeingfullyintegratedintoDeutscheBank’saccelerationprograms.

– Accomplished Top Leaders Advancement Strategy (ATLAS),theprogramforseniorfemaleMDs,waslaunched in 2009.Sincethen,theprogramhasrunfivetimes,withthe2018 -19 cohort being the largest to date with 21participantsselected.Theprogramfollowsa12monthstructureddevelopmentjourneyintertwined with personalized individual development measures and is aimed at increasing the number of womeninseniorpositionsacrossthebank.

– The bank-wide Director Acceleration Program (DAP) was launched in 2017,with169 participants nominated in 2019.Itisa12monthprogramdeliveredthroughacombinationofformalclassroomtraining,internalleaderledsessions,and1-on-1andpeercoachingelements.TheDAPincludestheWomenGlobalLeaders(WGL)module,whichenablesthebanktoretainitskeyfocusonseniorfemaledevelopment.In2019,42 % ofDAPparticipantswerewomen,representingthehighestpercentagetodate(2018:36 %).

– The bank-wide Vice President Acceleration Program completed its fourth year in 2019 with 490 participants selected.Therepresentationofwomenstoodat40 %.Participantsattendedtwomodulesduringtheirsixmonthjourney,hostedthroughoutEurope(London,FrankfurtandMilan),theAmericas(NewYork)andAsiaPacific(Singapore).

Participants in the acceleration programs have shown a higher promotion rate and increased retention and internalmobilitywhencomparedwiththewiderbenchmarkpopulation,representedbythepopulationeligiblefortherespectiveprogramsbasedonthehardcriteria.

48


Overall ATLAS

2018 Director Acceleration Program

2018 Vice President Acceleration Program

16.3 %(25participantsoverall)were promotedtoManaging Director inMarch 2019comparedto 2.6 %ofbenchmark

12.4 %ofthepopulationhavemadeinternalrolemoves comparedto7.4 %ofbenchmark

24.6 %(119partici-pantsoverall)werepromotedtoDirectorin March 2019 comparedto3.3 %of benchmark1

98.7 %havebeenretained compared withthe86 % bank-wide retention rate for Directors

95.5 %havebeenretained compared with the88.1 %bank-wideretention rate for Vice Presidents

8.7 %ofthepopulationhavemadeinternalrolemovescomparedto7.4 %ofbenchmark

100 %ofATLAS alumnihavemovedintonewandmoresenior roles since attending

In2019,anATLASalumni was appointed asaMemberoftheManagementBoard

1 Benchmarkisthepopulationeligiblefortheprogrammesbasedonthehardcriteria,i.e.thosethathavebeen in corporate title for a minimum of two years

49


SeniorleadershipdevelopmentWecontinuetoplaceleadershipandcultureatthecoreofourtransformationandchangeefforts.Thisincludesintensesupportformostsenioremployeeswhodriveperformance,innovationandthebank’soverallculture.

Strategicsuccessionmanagementformsthefoundationofoursenior leadershipdevelopmentefforts.Succession management starts with position-based succession planning and is implemented alongside the TotalPerformanceprocesstoenableintegratedpeopledecisionsandfollowup.Successionplanningensuresasustainablepipelineofinternaltalentforourmostseniorandcriticalpositions,andthattheseindividualsareintentionallydevelopedforenhancedleadershipresponsibility.There is a critical need to strengthen leadership talentinthesuccessionpipeline,withafocusonindividualswhohavetherequiredfunctionalandtechnicalexpertiseaswellasabroadunderstandingofthebank.

Todeliveramoreambitious,developmentfocusedsuccessionagenda,theManagementBoardhastakenmeasures to heighten engagement and transparency on the issue through a framework which supports the developmentofseniortalentacrosstheorganization.Our Senior Talent Development activities rest on three pillars:boardreadiness,seniortalentdevelopmentandteameffectiveness.Basedonindividualneeds,tailoreddevelopmentplanswerecreatedandexecutedduringtheyear.

Ourongoingboardreadinessinitiativeseekstofurtherenhancethebank’sregulatoryposture,knowledgeandskillsformanagementandlegalentityboards.In2019,targetedseniorindividualstookpartinathoroughsuitabilityassessmentprocessfocusedoncontentthatisessentialforeffectivegovernance,regulatoryconductanddecisionmakingamongstmembersofmanagementbodies.AllnewappointeestoManagementBoardin 2019wereeffectivelysupportedbyourinternalboardreadinessprogram.Complementingthisoffer,andinlinewithEuropeanSecurities&MarketsAuthorityandEuropeanBankingAuthorityGuidanceonKeyFunctionHoldersandMembersofManagementBoards,wecontinuouslyworkedontheManagementBoardTrainingFrameworktoensuretheprovisionoftrainingtomaintainongoingsuitability.

Bespoke senior leadership development is also available to high performing individuals within the succession pipelines.Thisprocessisbasedonintensiveleadershipdiagnosticwhichincorporatesapsychometricandstructuredfeedbackfromkeystakeholders.Basedonoutcomes,actionplansareagreedwhichincludesmeasuressuchastraining,executivecoachingandsupporttoenhanceparticipants’visibilityandexposurewithManagementandSupervisoryboardmembers.

Giventhetransformationatthebank,manyofoursenior leadersareexperiencingatransitionintheirresponsibilities.Tomeetthischallenge,wehaveintensifiedthetransitionsupportweofferfornewappointeesinseniorpositions,enablingthemtoreflectandintentionallydefineindividual,teamandoperationalprioritiestoacceleratetheirperformanceinaneworexpandedrole.

The ability of our executive leadership teams to work together inclusively to drive change and execute strategy acrossthebusinessisoneoftheelementsmostcriticaltooursuccess.Hence,ourleadershipdevelopmentworkalsoextendstopromotingthelongtermeffectivenessofthebank’sseniorteamsoperatingatthelevelofglobalexecutivecommitteesoronebelowManagementBoard.In2019,ourinternalHRexpertssupportedtwelvestrategicallyimportantteams,operatinginthefrontofficeandacrossarangeofinfrastructurefunctions.Theyfocusedonfosteringtheteams’deeperawarenessofgroupbehaviortoenhancetheirabilitytosuccessfullyleadtheirfunctionanddeliveragainstbusinessobjectives.

Thereisacriticalneedtostrengthenleadershiptalentinthesuccessionpipeline,withafocusonindividualswhohavetherequiredfunctionalandtechnicalexpertiseaswellasabroadunderstandingofthebank.

OurSeniorTalentDevelopmentactivitiesrestonthreepillars:boardreadiness,seniortalentdevelopmentandteameffectiveness.

50


Rewardingperformance

52 Compensation strategy and framework

52 Pool determination methodology

53 UK Gender Pay Gap Report and the German Remuneration Transparency Act

53 Digital developments

8

Rewarding performance

Compensationstrategyandframework

Afair,transparentandsustainableapproachtoemployeeremunerationremainsofcrucialimportancetothebank.

Ourcompensationstrategyisfocusedonsupportingaglobal,clientcentricbankingmodel,reinforcedbysafeandsoundcompensationpracticesthatoperatewithinthebank’scapital,liquidityandriskbearingcapacity.The compensation framework promotes and rewards sustainable performance and contributions at all levels of theorganization.Itprovidesaclearstructureofcompensationcompositionacrossthebank,withparametersdetailedperdivisionandcorporatetitle.

The HR function continues to drive strategic compensation initiatives in order to deliver improved management andgovernanceofourcompensationcosts.Aligningroleandrewardformspartofoneofthebank’sCore Transformation Initiatives and 2019sawfurtherenhancementtothedeliveryandmonitoringofpayprocesses.

Ourcompensationinitiativesestablishcostfocusedfoundations,whichallowustocontinuetobetterunderstand,informandcontrolourpaydecisions,aswellasfacilitateourstrategiccompensationdecisionmakingoverthelongtermandprovidetransparencyandenhancedunderstandingforemployees.

Inlinewiththisintention,thebankalsostrivestocontinuouslyalignexistinglocalrewardmethodologiesandsystemstoourglobalframework.OneexampleisthegradualharmonizationoflegacyPostbankemploymentconditionswithDeutscheBank’sdefinedstandards.

Ensuringthatcompensationinitiativessupportthebank’sbroaderstrategywillremainakeypriorityfor2020.

Pooldeterminationmethodology

AsanEUheadquarteredinstitution,DeutscheBankissubjecttotheCapitalRequirementsRegulation(CRR)and Capital Requirements Directive 4(CRD4)globally,astranslatedintoGermannationallawintheGermanBankingActandInstitutsvergütungsverordnung(InstVV).ThebankcontinuestoapplytheInstVVrequirementsas minimum standards globally and ensure compliance with local regulatory requirements within a robust compensationframework.

VariableCompensation(VC)isadiscretionarycompensationelementthatenablesustorewardemployeesfortheirperformanceandbehaviors,whilereflectingthebank’saffordabilityandfinancialsituation.TherearethreecomponentsofVC–GroupVCComponent,IndividualVCComponentandRecognitionAward.

ThebankappliesarobustmethodologywhendeterminingVC,whichreflectsriskadjustedperformance(includingexanteandexpostriskadjustments)andisprimarilydrivenby(i)Groupaffordability,i.e.what“can”thebankawardinalignmentwithregulatoryrequirements,and(ii)performance,i.e.what“should”thebankaward in order to provide an appropriate compensation for performance while protecting the long-term health ofthefranchise.TheseaspectsapplytoboththeGroupVCComponentandtheIndividualVCComponent.

Thisyear’stotalamountofyearendperformancebasedVariableCompensationreflectsthebank’soverallperformance,inthecontextofitsstrategicrefocus,transformation,andthederiskingofitsbalancesheet,carefullybalancingtherecognitionofemployees’demonstratedsustainableperformanceandcontributionsagainstthebank’sreported2019fullyearlossanditsplannedpathtoimprovedprofitability.

The structure of the Group VC Component remained unchanged in 2019 and is based on four key performance indicators(KPIs):thebank’sCommonEquityTier1capitalratio,leverageratio,adjustedcostsandposttaxreturnontangibleequity.InlinewiththeIndividualVCComponent,KPIsaremeasuredagainsttherespectiveannualtargets.Throughout2019,consideringthebank’schangeinstrategyanditsrestructuring,theManagementBoardconfirmedanachievementrateof60 %,whichservesasabasistocalculatetheGroupVCComponentawardedtoeacheligibleemployee.

52

Rewarding performanceDeutsche BankHR Report 2019

FortheIndividualComponent,discretionaryawardsaredeterminedbaseduponarangeoffinancialandnonfinancialfactors,includingdivisionalperformance,theemployee’sindividualperformanceagainstobjectivesandexpectations(reflecting“how”theperformanceoutcomeswereachieved),relativitieswithinpeergroup,andadherencetothebank’scorevaluesandbeliefs.

Formoreinformation,pleasealsoreferto DEUTSCHEBANK’S2019COMPENSATIONREPORT.

Workforce costs and revenues2019 2018 2017

Compensationandbenefits(in€million) 11,142 11,814 12,253Compensation ratio1 48.1% 46.7% 46.3%ØCompensationandbenefitsperØFTEinperiod(in€thousand) 123.0 123.6 125.4Shareofcompensationandbenefitsin%oftotalexpenses2 44.4% 50.4% 49.6%Wages and Salaries3 9,184 9,828 10,108Social Security costs3 1,958 1,986 2,145thereof:thoserelatingtopensions3 689 681 749Totalnetrevenues(in€million) 23,165 25,316 26,447ØRevenuesperØFTEinperiod(in€thousand) 255.7 264.9 270.61Compensationratio:Compensationandbenefitsasapercentageoftotalnetrevenues.2Totalnoninterestexpenses.3SupplementaryinformationtotheConsolidatedFinancialStatementaccordingtosection315aHGB.

Compensationandbenefitsbydivisionin € million

2019 2018 2017

CorporateBank(CB) 1.044 1.035 1.104InvestmentBank(IB) 2.468 2.666 2.866PrivateBank(PB) 3.519 3.613 3.635AssetManagement(AM) 832 787 812CapitalReleaseUnit(CRU) 443 635 758Corporate&Other(C&O) 2.836 3.079 3.078Total 11.142 11.814 12.253

UKGenderPayGapReportandtheGermanRemunerationTransparencyAct

IntheUK,legislationfromApril2017 requires all companies with 250 or more employees to report their gender paygapannually.In2019,thebankpublisheditssecondGenderPayGapReport.InourcombinedUKfigures,the median hourly pay gap narrowed slightly from 27.6 % to 27.2 %.Theincreaseinthemedianbonuspaygapfor 2018 compared to 2017(35.4 % to 67.7 %)resultsfromVariableCompensationpaidinMarch2018 based on performance year 2017.

InGermany,theGermanRemunerationTransparencyAct,whichcameintoforceinJanuary2018,entitlesemployeestorequestspecificaggregatedinformationabouttheremunerationofcolleaguesoftheoppositegenderincomparablejobs.In2019,94colleagues(78 %women,22 %men)madeuseofthisright,withnostructuraldiscrepanciesidentified(2018:268colleagues,64 %women,36 %men).

Digitaldevelopments

In 2019,digitalizationwasoneofDeutscheBank’srewardpriorities.Twomajorprojectscompletedweretheintroduction of Workday and the transition to Shareworks.

Workday,anewbankwideenterpriseresourceplatform,broughtincreasedaccessibilityofdataandstreamlinedprocessesforouremployeesandmanagers.Shareworks,anadministrationandreportingplatform,offersouremployeesanumberofadditionalbenefitsincludingenhancedvisibilityoftheirdeferredawardsandupcomingdeferredawarddeliveries.

53

Rewarding performanceDeutsche BankHR Report 2019

https://www.db.com/ir/en/reports.htm

9Closingremarks

55 About the report

56 Imprint

Aboutthereport

This report describes how the work of the Human Resources functionisanchoredin,andsupports,DeutscheBank’sstrategy.Itprovides transparency and the narrative around the impact of HR on the sustainable performance culture Deutsche Bank is thriving for.Furthermore,theHRReportoutlineskeyachievementsanddevelopments in2019intheareaofemployeeengagement,benefits and wellbeing, diversity and inclusion, attractingtalent,developmentofourworkforce,andtheremunerationofperformance.

The digitization of the HR processes to enhance the employee and manager experience is a vital component in the development ofourfunctionandreflectedinallareas.ThelaunchofWorkdayin2019underpinsthiscommitmentandmarksasignificantmilestone insupportingthebank’sstrategic innovationanddigital agenda as the platform provides managers and employees with the necessary processes and tools to perform day-to-day peoplemanagementactivities.

Reporting scope

ThisvoluntaryreportcoversrelevantHRtopics,whileonlyasubsection of employee statistics and strategic HR activities arecoveredintheAnnualReportandNonFinancialReportofDeutscheBankAG.FundamentalcompanyinformationandkeyfinancialfigurescanbefoundinDeutscheBank’sannualfinancialstatementsandManagementReport.

Reportcriteriaanddatatransparency

We are committed to making the value of HR more transparent by providing narrative and data transparency as a fundament for thedialoguewithourstakeholders,anddevelopingourreporting in line with their information requirements as an ongoingendeavor.

The bank wishes to provide transparency with regard to HR topics,andinsodoing,takesitsorientationbothfromstandardswhichalreadyexistandthosethatarecurrentlybeingdeveloped.A sound basis for industry-wide benchmarks can only be ensured ifothercompaniesalsoengageintransparentreporting.Thispublicationprovidesyouwithallofourkeyemployeefigures.ThereportingperiodcorrespondstoDeutscheBank’sfinancialyear(JanuarythroughDecember2019).TheHRReportisbeingmadeaccessibletothegeneralpublicinthisformfortheseventhtime.

Whencompilingkeyemployeefigures,weapplyrelevantcriteriafromtheGlobalReportingInitiative(GRI)G4Standard,aswell asthe as the new guidelines for Human Resource Management – Guidelines for Internal and External Human Capital Reporting issued by the International Organization for Standardization (ISO 30414)inDecember2018.

Feedbackandcomments

Please feel free to use the contact details in the imprint to send usyourfeedbackandcomments.

OnlinepresenceonHRtopics

COMPENSATIONREPORT

Careers

For detailed information about our training and career opportunitiesforstudents,graduatesandprofessionals,aswellasworldwidevacantpositions,seedb.com/careers.Insightsfrom our young employees can be found primarily on our social mediachannels.

Diversityonlinepresence

DIVERSITY:MAXIMIZINGPOTENTIAL

55

Closing remarksDeutsche BankHR Report 2019

https://www.db.com/ir/en/reports.htm

http://db.com/careers

https://www.xing.com/companies/deutschebankag

https://www.youtube.com/channel/UCPnyEf4lc5_RF4QY4bT2KRw

https://www.linkedin.com/company/deutsche-bank/careers

https://www.facebook.com/DeutscheBankCareers

https://www.instagram.com/deutschebank/?hl=de

https://www.db.com/cr/en/our-people/diversity--management.htm

Imprint

Publisher

Deutsche Bank AG Taunusanlage 12 60262 Frankfurt am Main Germany Telephone:+496991000 [email protected]

Responsibleforcontent

KarenMeyer,TheresaMatlage

Workforcemanagementindicators

RainerBraun,MartinGeier,FabianGroschupf

Dateofpublication

March20,2020

Contactandfeedback

Deutsche Bank AG [email protected]

Annualfinancialstatementspublications

AllDeutsche Bank2019annualfinancialstatements publications can be found at DB.COM/19

©2020Deutsche Bank AG

Reproduction,includingexcerpts,onlywithwrittenauthorizationof the publisher and to include picture and text credit ofDeutsche Bank AG.

Editorial note

The contents of this report have been compiled in good faith andwithgreatcare fromvarioussources.The information,figuresanddatacontainedinthereportaretruetothebestofourknowledge.Nonetheless,noliabilitycanbeassumedfortheaccuracyorcompletenessoftheinformationprovided.Thepublishermadeeveryefforttoclarifyallreproductionrights.Please address any retroactive claims in this regard to us via [email protected]. We would like to express ourthanks to all our colleagues and external service providers for theirsupportandassistanceintheproductionofthisreport.Thereportisavailableonlineonly.TheGermanversioncanbeaccessedat: PERSONALBERICHT19

Forward-lookingstatements

This report contains forwardlooking statements. Forwardlooking statementsarestatementsthatarenothistoricalfacts;they include statements about our beliefs and expectations andtheassumptionsunderlyingthem.Thesestatementsarebasedonplans,estimatesandprojectionsastheyarecurrentlyavailabletothemanagementofDeutscheBank.Forwardlookingstatementsthereforespeakonlyasofthedatetheyaremade,and we undertake no obligation to update publicly any of them inlightofnewinformationorfutureevents.Bytheirverynature,forwardlooking statements involve risks and uncertainties.A numberofimportantfactorscouldthereforecauseactualresultstodiffermateriallyfromthosecontainedinanyforwardlookingstatement.

56

Closing remarksDeutsche BankHR Report 2019

mailto:deutsche.bank%40db.com?subject=

https://www.db.com/ir/en/annual-reports.htm

mailto:hr.communication%40db.com?subject=

https://www.db.com/ir/de/geschaeftsberichte.htm

Documents

Human Resources Report 2019 · 2020. 11. 2. · The HR Report provides you with an overview of the key HR initiatives in 2019 and their impact on the wider organization. In his interview