Deutsche Bank’s research division operates under an organisational structure that is materially different from most of its peers. The global head of research, David Folkerts-Landau, reports directly to group CEO Christian Sewing rather than into sales and trading, an arrangement with genuine consequences for what the division produces and how it does so.
Research is not accountable to a profit centre, is not subject to the commercial prioritisation that a sales and trading reporting line typically imposes and can maintain independent analytical positions even on clients and markets where the bank has significant commercial relationships.
When Deutsche Bank downgraded Germany’s GDP forecasts in October, citing inadequate structural reform despite being the country’s largest and most connected bank, that independence was tested against a concrete case and held.
That structural credibility provides the foundation for a research platform with genuinely global scope.
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