This public-sourced case describes Deutsche Bank and what leaders called its most fundamental transformation in decades to frame a discussion on how the current CEO, Christian Sewing, chooses to reshape the global bank. Notable were plans to reduce Deutsche Bank's footprint in investment banking and reorganize management. The material offers a short history of prior restructuring efforts that allow for an opportunity to discuss what Deutsche Bank's core business is and who the bank should serve. What part of its identity and history should Deutsche Bank embrace and which should be discarded or downplayed? Amid a wave of poor performance, public criticism, and loss of public trust, how should leaders at the bank deal with each? The case also describes key banking performance metrics (e.g., ROE, ROA) and other critical variables such as those reflecting capital health (Tier 1 ratio). It also gives an overview of the bank business model and factors impacting bank profitability and value. Excerpt UVA-F-1962 Jan. 27, 2021 Deutsche Bank: Restructure, Change, and Trust On July 7, 2019, Deutsche Bank issued a statement that reverberated throughout Germany and the world. Today we have announced the most fundamental transformation of Deutsche Bank in decades, CEO Christian Sewing said. We are tackling what is necessary to unleash our true potential. The scale of the revamp was massive and signaled a fundamental rethinking of the bank's business model, organization, and goals for the future. Notable were plans to reduce Deutsche Bank's footprint in investment banking and reorganize management. What is sad for 20,000 bankers and traders, compliance and support staff is good news for investors who have seen their shares fall 80% in 10 years, said Tom Braithwaite from the Financial Times. It should be a relief, too, for the German taxpayer, who has remained the ultimate backstop for this hulking too big to fail' institution. The bank also announced that it would not distribute a dividend the first time that had happened in over a quarter-century. Given the bank's continuing challenges, the announcement was far from a surprise as financial markets, the press, investors, governments, and competitors had been anticipating some action. Indeed, earlier statements from Deutsche Bank signaled impending change. For instance, at the annual shareholders meeting two months earlier (May 23), top management had stated: . . .