Deutsche Bank's response to JPMorgan in Germany in battle for retail clients: 'We never match'

Deutsche Bank AG

03/06/2026 11:18

    FRANKFURT, June 3 (Reuters) - Deutsche Bank's DBKGn.DE finance chief said on Wednesday the German lender would not match the "aggressive" promotional offers used by rivals to attract new customers, expressing confidence it can withstand intensifying competition as U.S. lender JPMorgan JPM.N expands in Europe's largest economy.
Raja Akram, Deutsche Bank's chief financial officer, told a financial conference competition was not anything new, though the names have changed.
JPMorgan last month went live with its Chase digital ‌retail bank in Germany, offering to pay a 4% rate on deposits for new customers for four months.
"What is happening is they're coming with very aggressive promotions, which, by the way, we never match," Akram said, without mentioning JPMorgan by name. 
Deutsche Bank's Postbank brand has responded however with a 3.2% promotional rate for new clients on deposits for a six-month period, while Deutsche's smaller Norisbank brand is offering a 4% rate and a one-time bonus to switch from another bank.
"We are not going after brand-new clients to raise deposits. We already have the funnel set up. They already have a relationship with us," Akram said.
Germany is one of Europe's most competitive banking markets as lenders vie for business of a relative wealthy and large population. 
"The question would be, who is more likely to lose deposits if a large US bank was to enter? Is it going to be Deutsche Bank, which is a bread-and-butter relationship-driven multiple-product bank, or is it a single-product digital offering bank that actually was only competing on rate and as soon as that rate expires, they lose deposits?" he said. 


 (Reporting by Tom Sims, Editing by Louise Heavens)
 ((Tom.Sims@thomsonreuters.com; +49 30 220 133 645;))