well james von moltke thank you so much you had what seems to me a very good quarter for deutsche bank you have a beat on profits up 15 percent also in net revenue does seem like its also been 2 percent than the asset management business also did very well you were able to attract a lot of money also at particular and is jewish were going to go into detail but overall we look at this do you think you at your shareholders they are going to be satisfied were very pleased with the results for the quarter absolutely we see continued momentum in the businesses and continued delivery on the promises that weve been making to our shareholders our three months and nine months performance this year absolutely in line with the glide path of trajectory wed set for four targets and performance next year and importantly the transformation that weve been working on and deutsche bank is underway and ready to deliver on its targets and goals and the momentum in the businesses is very strong as you point out and in particular there was one figure here there really caught my attention which was the asset management business in particular also the green space you were able to attract a lot of money and there it does seem that your target that you were hoping to get by 2023 youre far ahead of that and the targets will be met so how much appetite is it from the investment community inflows that youre seeing particularly on the esg space the appetite is very strong so so in our asset manager twx revenues were up 17 percent assets under management up over 20 billion and that reflected inflows of 12 billion including 5 billion to your point in esg products which is which is very strong sort of record growth in that in that product area on the deutsche bank side weve been measuring sustainable financing towards a target that wed set initially for 20 25 of 200 billion we brought that forward to 2023 and at this point were at 125 against that measure so we see sort of growing appetite for these products and a growing acceptance in the markets and an increasing sort of product areas where green esg sort of rules and taxonomy is or are in place and are working really well and in terms of the investment banking union as far as i can see revenues were slightly down but in line with what the market was expecting on the street do you blame that on performance or just the overall market conditions that perhaps are not as as exciting as it were a year well its a normalization of the market environment relative to a very strong q3 20 20 which was sort of colored by the pandemic conditions we were in so against that backdrop 6 percent down in the investment bank is very strong performance into our mind and what about fixed income i mean thats thats usually the unit that the people look at a deutsche about youre competing with big us banks how are you going to stay competitive absolutely the market is a little bit perhaps credit and there i think weve performed in line with the market which again is good against what was an outperformance last year in fixed income and it demonstrates that were really consolidating our market shares weve continued the progress i think since 2019 since we announced our our transformation or restructuring we focused the business on core areas where we could be competitive and as were seeing the client engagement momentum the progress in the business is really showing through so you actually think there could be momentum in that part of the business you do see client appetite we do emily chang sort of market conditions were more muted in the third quarter so volatility was was relatively low but cloud engagement was high it actually increased as the quarter went on so there is activity out there as clients hedge as they position for for what is in fact a changing environment out there so were quite optimistic also about the the ability to carry some of that momentum forward and of course weve talked about clients and your business performance over all the other big question is dividend especially now the european central bank is allowing for that were expecting to get one next year from deutsche bank but i wonder if you could tell us a little bit more the timing would kind of seem to know what it will be approved but in terms of the payments and how were going to structure that is there are some i think its too early to say so weve we after this restructuring weve been very clear that we intend to begin distributing capital back to shareholders weve set a goal of 5 billion of capital to come back which relative to our market cap is a significant amount at this point weve weve made deductions from our common equity tier one of about six hundred and forty million euros in order to support distributions next year so we think were on on a very good path to to to begin those distributions theyll have to happen in the ordinary course with regulatory approvals and ultimately the agm approving our distributions but were were confident of our ability to to begin on this process and you know to be able to pay that off of course youre hoping that the business going to stay strong and for that you need a very strong staff we are seeing in the united states in particular its a very crowded market for talent its very competitive and its becoming very expensive do you see deutsche bank in a position where youre ready to pay more and pay out more in terms of bonuses to for staff to have that strong talent that im sure you want well look its a war for talent it has been you know in other cycles before it is now were finding that were competitive in that war for talent weve made some some very senior hires for example in our investment bank and also in the us thats worked well for us people are recognizing that there are platforms here deutsche bank that allow them to to compete and succeed here and so theyre making it professional not just a money decision when they come into us but we think we can be competitive also on compensation we always say we want to we want to be able to to to reward for performance and of course were preparing the company to be able to do that this year as weve done in prior years so performance is good money is not going to be a problem performance is good we aim to pay competitively and of course today its wednesday had a very good set of results looking at this but its also time for perhaps more regulation or we expect in the european commission to put out another set of rules in terms of basel 3 that could make in principle your business and the cost of operations go up how are you preparing yourself to weather this for it to be set in stone of course absolutely it is a big day mario weve been waiting for legislation on basel 3 final framework now for some time based on some of the rumors and what weve been able to learn so far we feel like this legislation is responsive to some of the issues and advocacy points the banking industry has laid out we need in europe to be able to transpose the basel framework faithfully but in ways that are responsive within the the framework to the structure of the european banking sector and our economies so were hopeful that what well see this morning is good progress in that regard and and we we its the beginning of a dialogue so itll take some years for this legislation to be final and then implemented in the banks we do think its net for europe going to be an increase in the capital requirements for our businesses and will will change the business model somewhat but were hopeful that in this dialogue and what we see this morning were well see some progress relative to the nasdaq wonder in terms of in particular the commission and the european central bank it does seem that the messages at times are conflicting when you get the european central bank saying were one very strong paneuropean banks ma we are theres always this perennial question as to whether or not we see more consolidation but also ever changing rules is it hard for you to navigate the two spaces potentially also more costs that could be coming your way it is you know look its a fundamental tension ever since the financial crisis between stability of the financial system and the ability of the financial system to promote growth and and performance functioning from financial intermediation in an efficient effective way and thats a thats a tough balance to to set our concern had been that the basel framework particularly given the way the european economy is financed was sort of over correcting towards stability and going to have negative negative economic consequences and hence the work with with politicians and legislators to make sure that in the detail the rules are understood and that were then able to respond in order to meet both goals of stability and and an economic growth and of course were expecting the proposals but is there anything on paper that from the banking perspective in the industry for you would be a no go is there perhaps anything a threshold number that youd think theres just not going to work for it look were a bit of a taker in this regard but we did feel that the early quantitative studies would have suggested as much as 20 percent sort of capital inflation in europe and for certain institutions higher than that and it would affect certain business models and types of financing more than others so i think there have been efforts made to bring down the overall impact and be responsive to industry feedback where where was potentially sort of more dramatic than it needed to be again balancing the safety and soundness issues and so again i think were making progress and it needs to be an implementation that that is that is sensitive to the to the idiosyncrasies of the european financial landscape and i also would ask about the macro picture in particular you mentioned the european economy theres a huge debate now in terms of inflation whether this is one off temporary its a big word or actually sticky im not sure you have big opinions on that if you do id be curious to hear them but but also you know how is that going to impact potentially monetary policy i mean it does have repercussion banks in terms of the rate guidance for absolutely huge huge impact so maybe ill go backwards the current rate curve is already beginning to help the banking industry so as we see rates go up in our case the current curve is worth about one hundred and fifty million in revenue terms more for us next year than we thought a year ago so thats a health and that rises to about 500 million euros in 2025 in fact more than that on the current curves should inflation rise further and rates move up further more benefit from the banks and thats thats very helpful after a long period of low and negative interest rates now the economy going to the front of your question look when we talk to clients corporate clients they see inflation in their supply chains and they are looking for ways to pass through those inflationary pressures in their pricing and we are seeing in the debate about how other things like judges would adjust to those pricing pressures feeding through and so there is of course a risk that it isnt transitory and that therell be inflationary pressures sticking with us for longer thats an adjustment the economy obviously needs to make and the policy makers will be vigilant about im sure but there is this impact itll be felt now for several several years i think and the rate environment will also need to reflect that just a very final question very briefly of course your name is deutsche your bank this is an icon of the country and germany does seem to me from the outside its a country that right now is in big transition you know and then you look at the governments the politics the central bank also the media and what are you two going big changes in germany are you bullish about the prospects for germany and the german economy we are absolutely we think there are some some opportunities and also some risks i mean the opportunities are that i think the economic landscape of the next of this decade play in many senses to the strengths of germany sort of technology production innovation export driven growth germany is i think prepared to continue to benefit and do so more as the economies change well now weve got to also make sure that were making the right investments to benefit from changes in technology the infrastructure investments that are out there in order to benefit so its a its a really interesting time for for germany after the most recent election and in light of all the changes we just talked about in the economy going forward and investment im glad that you got that word in europe a lot in germany james thank you so much for your time appreciate it always good to see him lumbergh again congratulations thank you results thanks so much