According to foreign media reports, Deutsche Bank (DB for short) recently launched a major talent layout, planning to recruit 60 senior bankers in its Equity Capital Markets (ECM) department, which is one of the core measures to enhance the competitiveness of its global investment banking business. Behind this move lies DB’s clear strategic plan for optimizing the investment banking structure and breaking through market share, which also reflects its ambition to seize the initiative in the global capital market. Fabrizio Campelli, head of DB’s Corporate & Investment Bank, pointed out that the recruitment of 60 senior investment bankers is a key part of the company’s plan to "strengthen its capabilities" in four key advisory areas, namely industrial and infrastructure, financial services, healthcare and technology industries. This selection of areas closely follows global industrial development hotspots, aiming to strengthen DB’s investment advisory capabilities in segmented fields by deeply cultivating high-growth tracks. In a speech to investors on November 17, 2025, Campelli further elaborated on the strategic direction: "We are building a more relevant and balanced business system, and all departments will achieve growth, especially mergers and acquisitions (M&A) and ECM business." He clearly put forward the goal — by 2028, the revenue scale of M&A and ECM business will strive to be equal to DB’s existing debt financing business, breaking the pattern where debt business previously "dominated alone" and building a more risk-resistant investment banking ecosystem. From the perspective of business foundation, DB’s fixed income and foreign exchange business has shown a steady growth trend: in the third quarter of 2025, the revenue of this business reached 2.5 billion euros, with a year-on-year increase of as high as 19%, providing a solid support for the expansion of ECM and M&A business. In terms of regional strategy, DB’s key breakthrough points for ECM business are locked in the three core markets of the UK, Europe-Middle East-Africa (EMEA) and the Asia-Pacific region, with a clear goal of ranking among the top five in ECM business rankings in these regions. To achieve this goal, DB plans to "selectively expand" supporting teams in key markets — specifically including the equity distribution and research teams in the United States, Germany and Hong Kong, by strengthening the execution and research capabilities of local markets to provide end-to-end support for ECM business. Among them, the expansion of the Hong Kong team is quite meaningful. As the core hub of the Asia-Pacific capital market, Hong Kong connects mainland China with global capital. DB’s layout of equity distribution and research resources here is not only conducive to capturing the ECM demands of Asia-Pacific enterprises such as IPOs and additional share offerings, but also aligns with the financing demands of Chinese concept stocks and Asia-Pacific new economy enterprises, further improving its global service network. According to data from the London Stock Exchange Group (LSEG), as of the reporting period in 2025, DB’s global investment banking revenue was approximately 2.1 billion US dollars, ranking 12th in global investment banking, with a market share of only 1.8%. This data is significantly different from that of leading institutions such as Goldman Sachs and JPMorgan Chase, which has also become an important motivation for DB to promote business reform. In this regard, Campelli put forward a clear growth target: by 2028, increase the market share of DB’s global investment banking revenue from the current 1.8% to 3%, achieving a double breakthrough in market ranking and business scale. From the perspective of specific paths, the incremental growth of ECM and M&A business will be the core driving force — through talent introduction, regional expansion and business collaboration, DB intends to "overtake on corners" in the global investment banking competition and reshape its position in the international capital market. © 2021 Meishun (Hong Kong) Management Consulting Co., Ltd. and Meishun (Hangzhou) Management Consulting Co., Ltd. All rights reserved. Meishun Meiyin (Hangzhou) Consulting & Management Company is an onshore subsidiary of Hong Kong Meishun Management Consulting Co., Ltd. under the same ultimate controlling party. Both companies are under the same actual controller, operate in accordance with the One China principle, and comply with the laws of Hong Kong and mainland China.