Pouncing on a firm with lots of corporate broking relationships at the low point for IPOs is a smart trade.

The COO of Deutsche Bank’s International Private Bank, Sandra Wirfs, tells Euromoney how it has been able not just to slash costs but also to make its wealth management business more cost-efficient than the core bank.

After its DAX return, Commerzbank now has a clear – if uncertain – path to achieving its profit target, according to CFO Bettina Orlopp.

Four years ago, Christian Sewing set out to give the German bank new direction. His plan, based on income-rich services like private banking, continues to surprise and succeed. Euromoney caught up with the head of International Private Bank, Claudio de Sanctis, to discuss last year’s financials and his plans in Asia and the Middle East.

Private credit funds are committing more to specialist non-bank lenders such as iwoca, seeing big potential in small business credits, even if NPLs are set to climb.

The German bank’s strong third-quarter earnings are a partial result of forming a new international private bank division two years ago, honing it and continuing to invest in the strategy.

The biggest IPO in Europe for a decade has not generated the kind of excitement that might have been expected in calmer times. Porsche’s flotation was solid enough, but its structure and unusual nature make it a poor proxy for the broader equity capital markets business, which is on its knees.

A new job running Bayern Munich's finances could be more rewarding for HVB CEO Michael Diederich, especially after UniCredit CEO Andrea Orcel’s push for more cuts in Germany.

Fossil fuel assets were set to become obsolete in the transition to net zero. But the war in Ukraine is forcing European governments to secure alternative energy sources and driving demand for coal, oil and gas back in the wrong direction. With the global energy transition seemingly pitched against national energy security agendas, banks are trying to navigate a difficult path through the turmoil.

Smaller firms are expected to pull back on expenditure as recession risk rises.

One of the architects of Deutsche Bank’s corporate and investment bank leaves a complex legacy.

While Germany fires up its coal-burning power stations once more, it’s almost as if the country itself is protesting.

If Russia stops the gas this winter, the damage to European banks will be worse than Covid, and Germany will be at the centre of the storm.

The last big Wall Street broker-dealer has had a spectacular run in the last 20 years. It now wants to build ‘the best world-class global investment bank’.

The next decade will be one of exceptional value creation in the birthplace of private banking. European entrepreneurs are handing the reins of mid-sized Mittelstand firms to the next generation, while others sell out to global investors and venture capital firms.

A city packed with private banks is quietly serving the needs of a large and wealthy part of northern Germany, yet it remains generally unnoticed as a wealth management powerhouse.

Now back at single-A with both leading rating agencies, Deutsche hopes to win more business and improve margins as investors await their share of the returns.

A second large AT1 deal this year shows increased investor confidence around the bank’s transformation, but timing the deal was tricky.

Alexander Wynaendts has worked in insurance for a quarter of a century, but is not a stranger to investment banking.

Deutsche Bank’s restructuring has not been thrown off course by the pandemic, but upside surprises can hide risks. Discipline will be needed to avoid the temptations of the past.

This time last year, Euromoney recognized progress at Deutsche Bank as the best transformation story of 2020. Twelve months on, the German lender might be getting its act together at last. Can it sustain its recovery?

Two years ago, Deutsche pulled back in ECM. Now, in Asia, it wants back in.

More fintechs are selling out to big incumbent banks, but the German pair would rather merge to achieve their vision of savings as a service.

While doubling of profit at the investment bank stood out, it was not the bank’s only strong performer.

In executing what may be the biggest European corporate Sofr-linked swap yet, BMW has shown what well-prepared company treasuries and their advisory banks can achieve as the sun sets on Libor.

The ECB is desperate for banking consolidation. Cross-border deals remain unlikely, but wholesale combinations may be coming.

The transformation plan appears to be working and as the investment bank regains market share, Deutsche looks better set for the coming consolidation.

Incoming UniCredit chairman Pier Carlo Padoan could be a useful ally to CEO Jean Pierre Mustier, but the latter may not realise his dreams in Germany and Europe unless the bank plays a greater role in Italy, too.

No golf please, I’m delivering: how the German bank’s new CEO sees himself.

Manfred Knof starts early next year, after Martin Zielke is ousted by Cerberus. He joins recently arrived chairman Hans-Jörg Vetter.