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.