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    Thomas Hallett • Keefe, Bruyette & Woods

    Thomas Hallett's questions to Deutsche Bank AG (DB) leadership

    Thomas Hallett's questions to Deutsche Bank AG (DB) leadership • Q2 2025

    Question

    Thomas Hallett of Keefe, Bruyette & Woods asked how management balances investment opportunities from the fiscal stimulus against buybacks and acquisitions. He also pointed out that fee income growth was running below the initial annual target and asked if a date was set for the next strategy update.

    Answer

    CFO James von Moltke stated that all capital deployment decisions are subject to a strict shareholder value add (SVA) discipline, competing against the alternative of distributions. He acknowledged a shortfall in fee income, primarily due to O&A, but expects a second-half recovery to close the gap. CEO Christian Sewing added that while long-term building is key, the bank is committed to paying back investor patience through distributions. No specific date for the strategy update was given.

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    Thomas Hallett's questions to Deutsche Bank AG (DB) leadership • Q1 2025

    Question

    Thomas Hallett from KBW asked for the expected NII trajectory in the Private and Corporate Banks, key capital movements for modeling purposes, and the rationale behind DWS now considering acquisitions and its potential impact on Deutsche Bank's capital return plans.

    Answer

    CFO James von Moltke projected modest NII improvement in the Corporate Bank and a more pronounced, hedge-driven increase in the Private Bank. He noted future capital movements will be straightforward, driven by earnings and distributions. Regarding DWS, he stated the unit is better positioned for M&A but remains disciplined, and any potential transaction would not alter Deutsche Bank's commitment to its own shareholder distribution targets.

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    Thomas Hallett's questions to UBS Group AG (UBS) leadership

    Thomas Hallett's questions to UBS Group AG (UBS) leadership • Q2 2024

    Question

    Thomas Hallett asked about the underlying assumptions for loan and deposit growth in the Swiss and GWM NII guidance for the second half of the year and how deposit mix shifts are expected to evolve.

    Answer

    Executive Todd Tuckner projected that loan volumes in both businesses would likely decline slightly through year-end due to ongoing balance sheet optimization. He expects GWM deposits to be roughly flat while P&C deposits grow. He also noted that as interest rates are expected to fall, the impact from deposit mix shifts and cash sorting should continue to taper.

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