DB

LONG

DEUTSCHE BK AG

Funds

Score

4.50

vs SPY

-7.9%

Stock return (since Q-end)

+8.5%

SPY return (since Q-end)

+16.3%

Current price

$32.30

News Summary

Negative

Deutsche Bank delivered a strong Q1 2026 earnings beat (EPS +33% above consensus) with record net profit and robust revenue growth, while maintaining capital return commitments. However, self-reported EU sanctions violations involving Russian clients, a major analyst downgrade citing lack of catalysts, and leadership transition risks create meaningful headwinds that offset the earnings strength.

Red flags

•Self-reported sanctions violations involving Russian clients exceeding €100k deposit limits — regulatory investigation underway
•Barclays downgrade from Overweight to Equal Weight; price target slashed 18% (€39 to €32) citing completed restructuring and lack of catalysts
•Multiple leadership transitions: CFO James von Moltke departed June 2026, CTO Bernd Leukert departed end of June, new CFO Raja Akram requires transition period
•Corporate & Other segment expected to remain structural drag (€200m pre-tax loss per quarter)
•Supervisory Board Chairman Wynaendts' term expiring at May 28 AGM creates additional governance uncertainty
•Share price declined in April despite strong earnings due to confluence of sanctions self-report and analyst downgrade

Funds Buying (3)

Fund	Manager	Shares Held	∆ Shares	Position Value	QoQ	Status
Point72	Steve Cohen	1.4M	+1.4M	$40.4B	—	NEW
Appaloosa LP	David Tepper	258K	+258K	$7.7B	—	NEW
Maverick Capital	Lee Ainslie	24K	+24K	$691M	—	NEW

Shares Held and Position Value reflect total quarter-end holdings. ∆ Shares is the change from the prior quarter.