Deutsche Bank (DB) Q4 FY25 earnings call

A capstone quarter: management closes a five-year turnaround having delivered every 2025 target and pivots explicitly from defense to offense, framing 2026 as the first year of scaling the Global Hausbank toward its 2028 return and efficiency ambitions. The thesis rests on stepped-up capital return, self-funded growth investment, and credibility earned through execution, with German fiscal stimulus and IBCM repositioning as the '27-'28 upside. It also marks CFO James von Moltke's final results before Raja Akram succeeds him.