UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 6-K

Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
Under the Securities Exchange Act of 1934

For the month of March 2022

Commission File Number 1-15242

Deutsche Bank Corporation
(Translation of Registrant’s Name Into English)

Deutsche Bank Aktiengesellschaft
Taunusanlage 12
60325 Frankfurt am Main
Germany
(Address of Principal Executive Office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

Explanatory note

On March 10, 2022, Deutsche Bank AG held its Investor Deep Dive conference, in connection with which it published a Media Release and its Chief Executive Officer and Chief Financial Officer delivered presentations, which are attached as exhibits hereto.

For non-U.S. purposes, Deutsche Bank AG publishes its results prepared in accordance with International Financial Reporting Standards (IFRS) as endorsed by the European Union, including, from 2020, application of portfolio fair value hedge accounting for non-maturing deposits and fixed rate mortgages with pre-payment options (“EU IFRS”, using the “EU carve-out”). Fair value hedge accounting under the EU carve-out is employed to minimize the accounting exposure to both positive and negative moves in interest rates in each tenor bucket thereby reducing the volatility of reported revenue from Treasury activities. The exhibits hereto are prepared using EU IFRS.

For U.S. reporting purposes, Deutsche Bank AG also publishes results, including its SEC Annual Report on Form 20-F, in accordance with IFRS as issued by the International Accounting Standards Board (IASB), which does not permit use of the EU carve-out (“IASB IFRS”), but which is otherwise the same as EU IFRS. Our Report on Form 6-K dated January 27, 2022 contains a Media Release announcing our preliminary results for the quarter and year ended December 31, 2021 under IASB IFRS as Exhibit 99.5 thereto and a Financial Data Supplement providing details of the preliminary results under IASB IFRS as Exhibit 99.6 thereto. Our 2021 Annual Report on Form 20-F is scheduled to be published on March 11, 2022.

Application of the EU carve-out version of IAS 39 has its impact via the total net revenues of the Corporate & Other (C&O) segment, and thus on the Group and Core Bank as well, but not on the other segments. For the financial year ended December 31, 2021, the application of the EU carve-out version of IAS 39 had a negative impact of € 128 million on total net revenues and profit (loss) before tax of each of the Group, the Core Bank and the C&O segment. For the financial year ended December 31, 2020, the application of the EU carve-out had a positive impact of € 18 million on total net revenues and profit (loss) before tax of each of the Group, the Core Bank and the C&O segment.

For the financial year ended December 31, 2021, the application of the EU carve-out version of IAS 39 had a negative impact of € 85 million on profit (loss) of the Group. For the financial year ended December 31, 2020, the application of the EU carve-out had a positive impact of € 12 million on profit (loss) of the Group.

The Group’s regulatory capital and ratios thereof are also reported on the basis of the EU carve-out version of IAS 39. The impact on profit also impacts the calculation of the CET1 capital ratio. Application of the EU carve-out had a negative impact on the CET1 capital ratio of about 2 basis points for the financial year ended December 31, 2021 and a positive impact of less than 1 basis point for the financial year ended December 31, 2020.

This Report on Form 6-K and Exhibit 99.1 hereto are hereby incorporated by reference into Registration Statement No. 333-258403 of Deutsche Bank AG. Exhibits 99.2, 99.3 and 99.4 are not so incorporated by reference.

Exhibits

Exhibit 99.1: Deutsche Bank AG’s Media Release, dated March 10, 2022, entitled “Deutsche Bank raises its return on tangible equity target to above 10 percent” (EU IFRS).

Exhibit 99.2: Presentation entitled “Compete to Win: Mark-to-market and our path to 2022 targets”, given by Christian Sewing, Chief Executive Officer, and James von Moltke, Chief Financial Officer, at Deutsche Bank AG’s Investor Deep Dive on March 10, 2022 (EU IFRS).

Exhibit 99.3: Presentation entitled “Deutsche Bank’s strategic evolution to 2025”, given by Christian Sewing, Chief Executive Officer, at Deutsche Bank AG’s Investor Deep Dive on March 10, 2022 (EU IFRS).

Exhibit 99.4: Presentation entitled “Financial objectives to 2025”, given by James von Moltke, Chief Financial Officer, at Deutsche Bank AG’s Investor Deep Dive on March 10, 2022 (EU IFRS).

2

Forward-looking statements contain risks

This report contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about our beliefs and expectations. Any statement in this report that states our intentions, beliefs, expectations or predictions (and the assumptions underlying them) is a forward-looking statement. These statements are based on plans, estimates and projections as they are currently available to the management of Deutsche Bank. Forward-looking statements therefore speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.

By their very nature, forward-looking statements involve risks and uncertainties. A number of important factors could therefore cause actual results to differ materially from those contained in any forward-looking statement. Such factors include the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere from which we derive a substantial portion of our trading revenues, potential defaults of borrowers or trading counterparties, the implementation of our strategic initiatives, the reliability of our risk management policies, procedures and methods, and other risks referenced in our filings with the U.S. Securities and Exchange Commission. Such factors are described in detail in our Annual Report on Form 20-F under the heading “Risk Factors.” Copies of this document are readily available upon request or can be downloaded from www.deutsche-bank.com/ir.

Use of Non-GAAP Financial Measures

This report and other documents we have published or may publish contain non-GAAP financial measures. Non-GAAP financial measures are measures of our historical or future performance, financial position or cash flows that contain adjustments that exclude or include amounts that are included or excluded, as the case may be, from the most directly comparable measure calculated and presented in accordance with IFRS in our financial statements. Examples of our non-GAAP financial measures, and the most directly comparable IFRS financial measures, are as follows:

Non-GAAP Financial Measure	Most Directly Comparable IFRS Financial Measure
Adjusted profit (loss) before tax, Profit (loss) attributable to Deutsche Bank shareholders, Profit (loss) attributable to Deutsche Bank shareholders after AT1 coupon	Profit (loss) before tax
Revenues excluding specific items, Revenues on a currency-adjusted basis, Revenues adjusted for foregone revenues due to the BGH ruling	Net revenues
Adjusted costs, Adjusted costs excluding transformation charges, Adjusted costs excluding transformation charges and expenses eligible for reimbursement related to Prime Finance	Noninterest expenses
Net assets (adjusted)	Total assets
Tangible shareholders’ equity, Average tangible shareholders’ equity, Tangible book value, Average tangible book value	Total shareholders’ equity (book value)
Post-tax return on average shareholders’ equity (based on Profit (loss) attributable to Deutsche Bank shareholders after AT1 coupon), Adjusted post-tax return on equity measures	Post-tax return on average shareholders’ equity
Post-tax return on average tangible shareholders’ equity	Post-tax return on average shareholders’ equity
Tangible book value per basic share outstanding, Book value per basic share outstanding	Book value per share outstanding

3

For descriptions of non-GAAP financial measures and the adjustments made to the most directly comparable financial measures under IFRS, please refer to (i) pages 3, 7 through 13 and 17 through 30 of Exhibits 99.4 (EU IFRS) and 99.6 (IASB IFRS) to our Report on Form 6-K dated January 27, 2022, and (ii) pages 39 to 42 of Exhibit 99.2 hereto.

When used with respect to future periods, our non-GAAP financial measures are also forward-looking statements. We cannot predict or quantify the levels of the most directly comparable financial measures under IFRS that would correspond to these measures for future periods. This is because neither the magnitude of such IFRS financial measures, nor the magnitude of the adjustments to be used to calculate the related non-GAAP financial measures from such IFRS financial measures, can be predicted. Such adjustments, if any, will relate to specific, currently unknown, events and in most cases can be positive or negative, so that it is not possible to predict whether, for a future period, the non-GAAP financial measure will be greater than or less than the related IFRS financial measure.

Regulatory fully loaded measures

Our regulatory assets, exposures, risk-weighted assets, capital and ratios thereof are calculated for regulatory purposes and set forth throughout this document under the regulation on prudential requirements for credit institutions and investment firms (“CRR”) and the Capital Requirements Directive (“CRD”), including recent amendments. Unless otherwise noted, our CRR/CRD solvency measures set forth in this document are calculated under the CRR/CRD as currently applicable. We present in this report certain figures based on the CRR definition of own fund instruments applicable for Additional Tier 1 (AT1) capital and Tier 2 (T2) capital and figures based thereon, including Tier 1, Total Capital and the Leverage Ratio, on a “fully loaded” basis. We calculate such “fully loaded” figures excluding the transitional (or “phase-in”) arrangements for own fund instruments as provided in the currently applicable CRR/CRD. Our CET 1 and RWA figures include the transitional impacts from the IFRS add-back also in the “fully-loaded” figures given it is an immaterial difference. Measures calculated pursuant to our fully loaded methodology are non-GAAP financial measures

We believe that these “fully loaded” calculations provide useful information to investors as they reflect our progress against the regulatory capital standards and as many of our competitors have been describing calculations on a “fully loaded” basis. As our competitors’ assumptions and estimates regarding “fully loaded” calculations may vary, our “fully loaded” measures may not be comparable with similarly labelled measures used by our competitors.

For descriptions of these fully loaded CRR/CRD measures and the differences from the most directly comparable measures under the CRR/CRD transitional rules, please refer to pages 15, 16, 28, 29 and 30 of Exhibits 99.4 (EU IFRS) and 99.6 (IASB IFRS) to our Report on Form 6-K dated January 27, 2022.

When used with respect to future periods, our fully loaded CRR/CRD measures are also forward-looking statements. We cannot predict or quantify the levels of the most directly comparable transitional CRR/CRD measures that would correspond to these fully loaded CRR/CRD measures for future periods. We manage our business with the aim of achieving targets based on fully loaded CRR/CRD measures. Accordingly, the relation between the fully loaded and transitional measures may be variable and will depend upon, among other things, management action taken in light of future business, economic and other conditions.

4

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Deutsche Bank Aktiengesellschaft

Date: March 10, 2022

By:	/s/ Brigitte Bomm
Name:	Brigitte Bomm
Title:	Managing Director

By:	/s/ Mathias Otto
Name:	Mathias Otto
Title:	Managing Director and Senior Counsel

5