Off-cycle Internship Program 2026 Investment Banking & Capital Markets - Milan (f/m/x)

Position Overview

For over 150 years, our dedication to being the Global Hausbank for our clients has been driven by our people – in around 60 countries and across more than 150 nationalities. Their deep understanding, insights, expertise, and passion help our clients navigate an increasingly complex world – be it in our Corporate Bank, our Private Bank, our Investment Bank or our Asset Management division. Together we can make a great impact for our clients home and abroad, securing their lasting success and financial security. Deutsche Bank is the leading German bank with strong European roots and a global network. Consistently recognised by the industry for activities in Mergers & Acquisitions (M&A) and capital raising, our Corporate Finance business is a market leader in Origination & Advisory. Our bankers advise large‑cap companies and financial investors across the globe on some of their most important strategic transactions including takeovers and mergers, joint ventures, leveraged buyouts, activist & hostile defences and capital‑raising services, underpinned by one of the world’s largest and most successful debt and equity capital markets platforms. Our team‑based culture promotes and rewards individual talents. Our employees have a wide variety of academic and professional backgrounds. You will find an extremely dynamic and intellectually stimulating environment which will support you to succeed in the role.

The Investment Banking Italy team is looking to add an Off‑cycle Intern in the Milan office for a period of six months. We are seeking candidates with strong communication skills, commitment, integrity and the ability to work as part of a team. You can expect to spend your internship alongside the investment bankers based in Milan, working on M&A, Equity and Leveraged Finance origination and execution assignments. Tasks may include evaluating companies, developing models for M&A transactions, preparing industry statistics for pitches or getting involved in the execution of live deals.

Learning Objectives

• Perform research and due diligence to support the team in origination efforts and live executions.
• Perform extensive financial/valuation analyses and sharpen your technical skills in the context of mergers, acquisitions and capital‑raising transactions.
• Effectively synthesize complex information to convey detailed financial modeling outcomes to senior bankers.
• Support the team in the development, production and delivery of proposals and presentations to clients, expanding your understanding of clients’ needs and challenges.

Requirements

• Excellent academic record supported by a Bachelor’s or Master’s degree in Business Administration, Finance, Economics, Engineering or similar fields.
• Ability to multi‑task in a dynamic and fast‑paced environment, combined with high motivation, commitment, focus on work quality, ability to work in a team and attention to details.
• Previous experience (at least one year) in Investment Banking, Private Equity or Transaction Advisory Services is not mandatory but preferred.
• Proficient in English communication and skilled at collaborating with diverse international teams.
• Ultimate year of study. If you plan to pursue further education beyond your current university degree, please ensure to clearly include this in your application.

Start Date: September, 6‑month internship

Monthly expense allowance and meal vouchers are provided.

Well‑being & Benefits

Emotionally and mentally balanced: We encourage work‑life balance and are committed to providing an environment with your development and wellbeing at its centre. We support you in dealing with life crises, maintaining stability through illness, and maintaining good mental health. We promote a culture where you can openly speak about mental health.

Physically thriving: We support you managing your physical health by taking appropriate preventive measures.

Socially connected: We strongly believe in collaboration, inclusion and feeling connected to open up new perspectives and strengthen our self‑confidence and wellbeing. We organise conferences, webinars and networking opportunities to share diversity, equity and inclusion content.

Financially secure: We support you to meet personal financial goals during your active career and for the future.

We strive for a culture in which we are empowered to excel together every day. This includes acting responsibly, thinking commercially, taking initiative and working collaboratively.

Together we share and celebrate the successes of our people. Together we are Deutsche Bank Group.

We welcome applications from all people and promote a positive, fair and inclusive work environment.