DEUTSCHE BANK WKN: 514000 ISIN: DE0005140008 Kürzel: DBK Forum: Aktien Thema: Hauptdiskussion

Das CIE war in H1 bei 73%. Sewing hat auf der Analystenkonferenz 2x darauf hingewiesen daß es in H1 700 Mio negative Umsätze in der C&0 gab die aus Timing und Valuation resultieren. Die seien nur vorübergehend und der hohen Volatilität geschuldet. Man habe mit Derivaten die Bilanz abgesichert und diese 700 Mio kämen irgendwann zurück. Rechnet man diese 700 Mio unter Abzug von 22% dazu kommt man in H1 auf 70% CIR. Interessant war auch Moltkes Erklärung warum die Kosten gleich mit den Erträgen 3 Mrd höher wären. In 2020 waren für 2022 24,0 Mrd geschätzt worden. Gefragt hatte der JPM Analyst. Moltke: Plus/Minus 2,5 Mrd. 700 Mio umsatzbedingte Mehkosten. 1000 Mio weil man um der Geldwäsche Vorwürfe Herr werden muss, Diese Mrd spart gleichzeitig deutlich Personal. 400 Mio Mehrkosten für SRF und Bankenabgabe. 600 Mio für FX Umrechnung weil der $ stark gestiegen ist Einige 100 Mio habe man eingespart. In der Summe sind damit die ca 2,5 Mrd Mehrkosten erklärt. Hier der Originaltext in Englisch So if I walk you all the way from the 16.7 that we talked about now approaching two years ago in the December 20 Deep Dive to a number that's essentially flat to this year, it's plus or minus €2.5 billion that you need to explain. The first is FX, we talk about that a lot, but it impacts both the revenue and the expense line in this case, in the expense is about €600 million. And then we've also talked, as you know, at great length about the bank levies and the Single Resolution Fund, together with deposit insurance in Germany and that is about €400 million relative to our assumptions in December 2020. So a billion if you like on those two things that are just mechanical or outside of our control. We would estimate another call at €400 million relative to the VAN assumptions on bonus and retention so variable compensation, that that also coheres with the revenue picture. As Christian's noted, that that it still depends on decisions we make for the year, the performance in the back half of the year, but broadly speaking is a driver of this difference. And then we've invested about a billion more than we expected in IT and controls. And that's where you see us really focused on the importance of these investments to the company going forward. We just -- and we started talking about this well over a year ago now, it's just would be the wrong decision for the future of the franchise to have been reducing those investments more than we have. Now, that has been a surprise to us how far we needed to go, but we think it's the right investment for the future. And then plus or minus, we've had some additional savings that we've been able to identify, as you know, and we've invested some of that in business and revenue oriented investments in the front office. Actually, across a number of businesses you've heard us talk about that. So that's a rough picture of the movements.