Deutsche Bank is a German multinational investment bank and financial services company headquartered in Frankfurt, Germany. It was founded in 1870. The bank's network spans across 58 countries with a large presence in Europe, the Americas and Asia. It is dual listed on the Frankfurt Stock Exchange and the New York Stock Exchange. In 2021, it had EUR 1.32 trillion in total assets and 82,969 employees.
Deutsche Bank links the remuneration of its executive team to sustainability performance criteria. The bank publishes case studies describing where it has engaged successfully with clients and investees on sustainability themes and impact topics. Moreover, it discloses a list of trade associations of which it is a member including sustainability- and non-sustainability-related organisations.
Deutsche Bank discloses absolute financed emissions as well as the underlying data quality and coverage. As a member of Glasgow Financial Alliance for Net Zero, the bank has set a target of net-zero financed emissions by 2050. Furthermore, as a member of Climate Action 100+, Deutsche Bank discloses that its asset management arm, DWS collectively engages with its investees on the topic of climate change. The bank discloses the aggregate amount and share of finance it devotes to climate solutions while specifying what these solutions are. It is also committed to minimising its negative impacts on nature and biodiversity.
Deutsche Bank has publicly available policy statements committing it to respect human rights, the ILO core labour rights and the health and safety of workers. Furthermore, the bank has a grievance mechanism accessible to all workers, external individuals and communities to raise human rights complaints or bribery and corruption concerns. The bank discloses a global tax strategy as well as income tax payments for all its tax jurisdictions. It specifies that it does not make political contributions. Deutsche Bank also discloses the proportion of its total direct operations workforce for each employee category by age group and gender.
There is no evidence that Deutsche Bank assigns responsibility for sustainability to the highest governing body. In terms of female representation in leadership positions, women are underrepresented on the board of directors where only 6 out of 20 board members are women. Moreover, the bank has an opportunity to reach at least 40% female representation in senior leadership positions. Deutsche Bank could describe its engagement approach on sustainability themes and impact topics with its clients and investees across its financing activities.
Deutsche Bank could disclose interim emissions reduction targets at the group level, such as a 45% reduction in financed emissions by 2030. The bank also has an opportunity to disclose the key sectors and companies it has identified as priorities to engage with on climate change, specifically on the alignment with the Paris Agreement. Deutsche Bank could disclose time-bound targets explicitly for its climate solutions. No evidence was found regarding the bank’s approach to fossil fuels that spans across the fossil fuel value chain and its financing activities, such as the amount or share of finance it directs towards fuels, or its stance on financing companies with new fossil fuel projects.
There is no evidence that Deutsche Bank describes the process for identifying its human rights risks and impacts through its relevant financing activities. To provide transparency on financial inclusivity, the bank has an opportunity to disclose the amount of finance directed towards, for example, women-owned businesses, small- and medium-sized enterprises (SMEs) or low-income developing countries.