Deutsche Bank

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Not to be confused with Deutsche Bundesbank or Deutsche Postbank.

Coordinates: 50°6′50″N 8°40′7″E / 50.11389°N 8.66861°E / 50.11389; 8.66861

Deutsche Bank AG
Aktiengesellschaft
Traded as FWB: DBK, NYSE: DB
Industry Banking, Financial services
Founded 1870
Headquarters Deutsche Bank Twin Towers, Taunusanlage 12
Frankfurt
Germany
Area served
 Worldwide
Key people
 Paul Achleitner (Chairman)
Juergen Fitschen (Co-CEO)
Anshuman Jain (Co-CEO)
Products consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, private equity, savings, Securities, asset management, wealth management, Credit cards
Revenue €31.91 billion (2013)[1]
€1.457 billion (2013)[1]
Profit €666 million (2013)[1]
Total assets €1.611 trillion (2013)[1]
Total equity €54.71 billion (2013)[1]
Number of employees
 98,219 (2013)[2]
Website www.db.com

Deutsche Bank AG (literally "German Bank"; pronounced [ˈdɔʏ̯t͡ʃə ˈbaŋk ʔaːˈgeː]) is a German global banking and financial services company with its headquarters in the Deutsche Bank Twin Towers in Frankfurt. It has more than 100,000 employees in over 70 countries, and has a large presence in Europe, the Americas, Asia-Pacific and the emerging markets. In 2009, Deutsche Bank was the largest foreign exchange dealer in the world with a market share of 21 percent.[3][4]

Deutsche Bank has offices in major financial centres including London, New York City, Singapore, Hong Kong, Tokyo, Paris, Moscow, Sydney, Toronto, Jakarta, Istanbul, Madrid, Dublin, Amsterdam, Warsaw, Mumbai, Pune, Kuala Lumpur, São Paulo, Dubai, Riyadh, Bangkok, Karachi, Belgrade, Manila and George Town (Cayman Islands).

The bank offers financial products and services for corporate and institutional clients along with private and business clients. Services include sales, trading, research and origination of debt and equity; mergers and acquisitions (M&A); risk management products, such as derivatives, corporate finance, wealth management, retail banking, fund management, and transaction banking.[5]

On 26 July 2011, along with its second quarter earnings report, Deutsche Bank reported that Anshu Jain, head of investment banking and Juergen Fitschen, head of the German business, will replace Josef Ackermann as co-CEOs starting in 2012.[6] Fears that Deutsche Bank could neglect its German roots and expand risk-taking activities prompted key members of the supervisory board to opt for the dual CEO model.[7] Deutsche Bank is listed on both the Frankfurt (FWB) and New York stock exchanges (NYSE).

In January 2014 it was reported that Deutsche Bank reported a €1.2 billion ($1.6 billion) pre-tax loss for the fourth quarter of 2013. This came after analysts had predicted a profit of nearly €600 million, according to FactSet estimates. Revenues slipped by 16% versus the prior year.[8]

According to the Scorpio Partnership Global Private Banking Benchmark 2014 the company had 384.1 USD Bn of assets under management an increase of 13.7% on 2013.[9]

History[edit]

Deutsche Bank, Sydney

1870–1919[edit]

Deutsche Bank was founded in Berlin in 1870 as a specialist bank for foreign trade.[10] The bank's statute was adopted on 22 January 1870, and on 10 March 1870 the Prussian government granted it a banking license. The statute laid great stress on foreign business:

The object of the company is to transact banking business of all kinds, in particular to promote and facilitate trade relations between Germany, other European countries and overseas markets.[11]

Two of the founders were Georg Siemens whose father's cousin had founded Siemens and Halske, and L. Bamberger.[12] Previous to the founding of Deutsche Bank, German importers and exporters were dependent upon English and French banking institutions in the world markets—a serious handicap in that German bills were almost unknown in international commerce, generally disliked and subject to a higher rate of discount than English or French bills.[13]

The bank's first domestic branches, inaugurated in 1871 and 1872, were opened in Bremen[14] and Hamburg.[15] Its first foray overseas came shortly afterwards, in Shanghai (1872)[16] and London (1873) [17] followed sometime by South America (1874-1886).[12] The branch opening in London, after one failure and another partially successful attempt, was a prime necessity for the establishment of credit for the German trade in what was then the world's money center.[13]

Major projects in the early years of the bank included the Northern Pacific Railroad in the US[18] and the Baghdad Railway[19] (1888). In Germany, the bank was instrumental in the financing of bond offerings of steel company Krupp (1879) and introduced the chemical company Bayer to the Berlin stock market.

The second half of the 1890s saw the beginning of a new period of expansion at Deutsche Bank. The bank formed alliances with large regional banks, giving itself an entrée into Germany's main industrial regions. Joint ventures were symptomatic of the concentration then under way in the German banking industry. For Deutsche Bank, domestic branches of its own were still something of a rarity at the time; the Frankfurt branch[20] dated from 1886 and the Munich branch from 1892, while further branches were established in Dresden and Leipzig[21] in 1901.

In addition, the bank rapidly perceived the value of specialist institutions for the promotion of foreign business. Gentle pressure from the Foreign Ministry played a part in the establishment of Deutsche Ueberseeische Bank[22] in 1886 and the stake taken in the newly established Deutsch-Asiatische Bank[23] three years later, but the success of those companies in showed that their existence made sound commercial sense.

1919–1933[edit]

The immediate postwar period was a time of liquidations. Having already lost most of its foreign assets, Deutsche Bank was obliged to sell other holdings. A great deal of energy went into shoring up what had been achieved. But there was new business, too, some of which was to have an impact for a long time to come. The bank played a significant role in the establishment of the film production company, UFA, and the merger of Daimler and Benz.

The bank merged with other local banks in 1929 to create Deutsche Bank und DiscontoGesellschaft, at that point the biggest ever merger in German banking history. Increasing costs were one reason for the merger. Another was the trend towards concentration throughout the industry in the 1920s. The merger came at just the right time to help counteract the emerging world economic and banking crisis. In 1937, the company name changed back to Deutsche Bank.

The crisis was, in terms of its political impact, the most disastrous economic event of the century. The shortage of liquidity that paralyzed the banks was fuelled by a combination of short-term foreign debt and borrowers no longer able to pay their debts, while the inflexibility of the state exacerbated the situation. For German banks, the crisis in the industry was a watershed. A return to circumstances that might in some ways have been considered reminiscent of the "golden age" before World War I was ruled out for many years.

1933–1945[edit]

After Adolf Hitler came to power, instituting the Third Reich, Deutsche Bank dismissed its three Jewish board members in 1933. In subsequent years, Deutsche Bank took part in the aryanization of Jewish-owned businesses; according to its own historians, the bank was involved in 363 such confiscations by November 1938.[24] During the war, Deutsche Bank incorporated other banks that fell into German hands during the occupation of Eastern Europe. Deutsche provided banking facilities for the Gestapo and loaned the funds used to build the Auschwitz camp and the nearby IG Farben facilities. Deutsche Bank revealed its involvement in Auschwitz in February 1999.[25] In December 1999 Deutsche, along with other major German companies, contributed to a US$5.2 billion compensation fund following lawsuits brought by Holocaust survivors.[26][27] The history of Deutsche Bank during the Second World War has been documented by independent historians commissioned by the Bank.[24]

During World War II, Deutsche Bank became responsible for managing the Bohemian Union Bank in Prague, with branches in the Protectorate and in Slovakia, the Bankverein in Yugoslavia (which has now been divided into two financial corporations, one in Serbia and one in Croatia), the Albert de Barry Bank in Amsterdam, the National Bank of Greece in Athens, the Creditanstalt-Bankverein in Austria and Hungary, the Deutsch-Bulgarische Kreditbank in Bulgaria, and Banca Comercială Română (The Romanian Commercial Bank) in Bucharest. It also maintained a branch in Istanbul, Turkey.

Post-WWII[edit]

Following Germany's defeat in World War II, the Allied authorities, in 1948, ordered Deutsche Bank's break-up into ten regional banks. These 10 regional banks were later consolidated into three major banks in 1952: Norddeutsche Bank AG; Süddeutsche Bank AG; and Rheinisch-Westfälische Bank AG. In 1957, these three banks merged to form Deutsche Bank AG with its headquarters in Frankfurt.

In 1959, the bank entered retail banking by introducing small personal loans. In the 1970s, the bank pushed ahead with international expansion, opening new offices in new locations, such as Milan (1977), Moscow, London, Paris and Tokyo. In the 1980s, this continued when the bank paid US$603 million in 1986 to acquire the Banca d’America e d’Italia, the Italian subsidiary that Bank of America had established in 1922 when it acquired Banca dell'Italia Meridionale. The acquisition represented the first time Deutsche Bank had acquired a sizeable branch network in another European country.

In 1989, the first steps towards creating a significant investment-banking presence were taken with the acquisition of Morgan, Grenfell & Co., a UK-based investment bank. By the mid-1990s, the buildup of a capital-markets operation had got under way with the arrival of a number of high-profile figures from major competitors. Ten years after the acquisition of Morgan Grenfell, the U.S. firm Bankers Trust was added.

Deutsche continued to build up its presence in Italy with the acquisition in 1993 of Banca Popolare di Lecco from Banca Popolare di Novara for about US$476 million.

Since 2000[edit]

In October 2001, Deutsche Bank was listed on the New York Stock Exchange. This was the first NYSE listing after interruption due to 11 September attacks. The following year, Deutsche Bank strengthened its U.S. presence when it purchased Scudder Investments. Meanwhile, in Europe, Deutsche Bank increased its private-banking business by acquiring Rued Blass & Cie (2002) and the Russian investment bank United Financial Group (2006). In Germany, further acquisitions of Norisbank, Berliner Bank and Deutsche Postbank strengthened Deutsche Bank’s retail offering in its home market. This series of acquisitions was closely aligned with the bank’s strategy of bolt-on acquisitions in preference to so-called “transformational” mergers. These formed part of an overall growth strategy that also targeted a sustainable 25% return on equity, something the bank achieved in 2005.

The company's headquarters, the Deutsche Bank Twin Towers building, was extensively renovated beginning in 2007. The renovation took approximately three years to complete. The renovated building was certified LEED Platinum and DGNB Gold.

The bank developed, owned and operated the Cosmopolitan of Las Vegas, after the project's original developer defaulted on its borrowings. Deutsche Bank opened the casino in 2010 and ran it at a loss until its sale in May 2014. The bank's exposure at the time of sale was more than $4 billion, however it sold the property to Blackstone Group for $1.73 billion.[28]

Espionage scandal[edit]

From as late as 2001 to at least 2007, the bank engaged in covert espionage on its critics. The bank has admitted to episodes of spying in 2001 and 2007 directed by its corporate security department, although characterizing them as "isolated."[29] According to the Wall Street Journal's page one report, Deutsche Bank had prepared a list of names of 20 people who it wished investigated for criticism of the bank, including Michael Bohndorf (an activist investor in the bank) and Leo Kirch (a former media executive in litigation with bank).[29] Also targeted was the Munich law firm of Bub Gauweiler & Partner, which represents Kirch. According to the Wall Street Journal, the bank's legal department was involved in the scheme along with its corporate security department.[29] The bank has since hired Cleary Gottlieb Steen & Hamilton, a New York law firm, to investigate the incidents on its behalf. The Cleary firm has concluded its investigation and submitted its report, which however has not been made public.[29] According to the Wall Street Journal, the Cleary firm uncovered a plan by which Deutsche Bank was to infiltrate the Bub Gauweiler firm by having a bank "mole" hired as an intern at the Bub Gauweiler firm. The plan was allegedly cancelled after the intern was hired but before she started work.[29] Peter Gauweiler, a principal at the targeted law firm, was quoted as saying "I expect the appropriate authorities including state prosecutors and the bank's oversight agencies will conduct a full investigation."[29]

In May 2009 Deutsche Bank informed the public that the executive management learned about possible violations which occurred in past years of the bank's internal procedures or legal requirements in connection with activities involving the bank's corporate security department. Deutsche Bank immediately retained the law firm Cleary Gottlieb Steen & Hamilton in Frankfurt to conduct an independent investigation[30] and informed the German Federal Financial Supervisory Authority (BaFin). The principal findings by the law firm, published in July 2009,[31] are as follows: Four incidents that raise legal issues such as data protection or privacy concerns have been identified. In all incidents, the activities arose out of certain mandates performed by external service providers on behalf of the Bank's Corporate Security Department. The incidents were isolated and no systemic misbehaviour has been found. And there is no indication that present members of the Management Board have been involved in any activity that raise legal issues or have had any knowledge of such activities.[31] This has been confirmed by the Public Prosecutor’s Office in Frankfurt in October 2009.[32] Deutsche Bank has informed all persons affected by the aforementioned activities and expressed its sincere regrets. BaFin found deficiencies in operations within Deutsche Bank’s security unit in Germany but found no systemic misconduct by the bank.[33] The Bank has initiated steps to strengthen controls for the mandating of external service providers by its Corporate Security Department and their activities.[31]

Housing credit bubble and CDO market[edit]

Internal email from 2005 describing Deutsche CDO traders view of the bubble

Deutsche Bank was one of the major drivers of the collateralized debt obligation (CDO) market during the housing credit bubble from 2004–2008, creating ~$32,000,000,000 worth. The 2011 US Senate Permanent Select Committee on Investigations report on Wall Street and the Financial Crisis analyzed Deutsche Bank as a 'case study' of investment banking involvement in the mortgage bubble, CDO market, credit crunch, and recession. It concluded that even as the market was collapsing in 2007, and its top global CDO trader was deriding the CDO market and betting against some of the mortgage bonds in its CDOs, Deutsche bank continued to churn out bad CDO products to investors.[34]

The report focused on one CDO, Gemstone VII, made largely of mortgages from Long Beach, Fremont, and New Century, all notorious subprime lenders. Deutsche Bank put risky assets into the CDO, like ACE 2006-HE1 M10, which its own traders thought was a bad bond. It also put in some mortgage bonds that its own mortgage department had created but couldn't sell, from the DBALT 2006 series. The CDO was then aggressively marketed as a good product, with most of it being described as having A level ratings. By 2009 the entire CDO was almost worthless and the investors (including Deutsche Bank itself) had lost most of their money.[34]

Gregg Lippman, head of global CDO trading, was betting against the CDO market, with approval of management, even as Deutsche was continuing to churn out product. He was a large character in Michael Lewis' "The Big Short", which detailed his efforts to find 'shorts' to buy Credit Default Swaps for the construction of Synthetic CDOs. He was one of the first traders to foresee the bubble in the CDO market as well as the tremendous potential that CDS offered in this. As portrayed in the book "The Big Short" of Michael Lewis, Lipmann in the mid of the CDO and MBS frenzy was orchestrating presentations to investors, demonstrating his bearish view of the market, offering them the idea to start buying CDS, especially to AIG in order to profit from the forthcoming collapse. As regards the Gemstone VII deal, even as Deutsche was creating and selling it to investors, Lippman emailed colleagues that it 'blew', and he called parts of it 'crap' and 'pigs' and advised some of his clients to bet against the mortgage securities it was made of. Lippman called the CDO market a 'ponzi scheme', but also tried to conceal some of his views from certain other parties because the bank was trying to sell the products he was calling 'crap'. Lippman's group made money off of these bets, even as Deutsche overall lost money on the CDO market.[34]

Deutsche was also involved with Magnetar Capital in creating its first Orion CDO. Deutsche had its own group of bad CDOs called START. It worked with Elliot Advisers on one of them; Elliot bet against the CDO even as Deutsche sold parts of the CDO to investors as good investments. Deutsche also worked with John Paulson, of the Goldman Sachs Abacus CDO controversy, to create some START CDOs. Deutsche lost money on START, as it did on Gemstone.[34]

On 3 January 2014 it was reported that Deutsche Bank would settle a lawsuit brought by US shareholders, who had accused the bank of bundling and selling bad real estate loans before the 2008 downturn. This settlement came subsequent and in addition to Deutsche’s $1.93 billion settlement with the US Housing Finance Agency over similar litigation related to the sale of mortgage backed securities to Fannie Mae and Freddie Mac.[35]

Leveraged super-senior trades[edit]

Former employees including Eric Ben-Artzi and Matthew Simpson have claimed that during the crisis Deutsche failed to recognise up to $12bn of paper losses on their $130bn portfolio of leveraged super senior trades, although the bank rejects the claims.[36] A company document of May 2009 described the trades as "the largest risk in the trading book",[37] and the whistleblowers allege that had the bank accounted properly for its positions its capital would have fallen to the extent that it might have needed a government bailout.[36] One of them claims that "If Lehman Brothers didn’t have to mark its books for six months it might still be in business, and if Deutsche had marked its books it might have been in the same position as Lehman."[37]

Deutsche had become the biggest operator in this market, which were a form of credit derivative designed to behave like the most senior tranche of a CDO.[37] Deutsche bought insurance against default by blue-chip companies from investors, mostly Canadian pension funds, who received a stream of insurance premiums as income in return for posting a small amount of collateral.[37] The bank then sold protection to US investors via the CDX credit index, the spread between the two was tiny but was worth $270m over the 7 years of the trade.[37] It was considered very unlikely that many blue chips would have problems at the same time, so Deutsche required collateral of just 10% of the contract value.

The risk of Deutsche taking large losses if the collateral was wiped out in a crisis, was called the gap option.[37] Ben-Artzi claims that after modelling came up with "economically unfeasible" results, Deutsche accounted for the gap option first with a simple 15% "haircut" on the trades (described as inadequate by another employee in 2006) and then in 2008 by a $1–2bn reserve for the credit correlation desk designed to cover all risks, not just the gap option.[37] In October 2008 they stopped modelling the gap option and just bought S&P put options to guard against further market disruption, but one of the whistleblowers has described this as an inappropriate hedge.[37] A model from Ben-Artzi's previous job at Goldman Sachs suggested that the gap option was worth about 8% of the value of the trades, worth $10.4bn. Simpson claims that traders were not simply understating the gap option but actively mismarking the value of their trades.[37]

European financial crisis[edit]

Main article: European sovereign-debt crisis

Deutsche Bank has a negligible exposure to Greece. Spain and Italy however account for a tenth of its European private and corporate banking business. According to the bank's own statistics the credit risks in these countries are about €18 billion (Italy) and €12 billion (Spain).[38]

For the 2008 financial year, Deutsche Bank reported its first annual loss in five decades.[citation needed], despite receiving billions of dollars from its insurance arrangements with AIG, including US$11.8 billion from funds provided by US taxpayers to bail out AIG.[39]

Based on a preliminary estimation from the European Banking Authority (EBA) in October 2011, Deutsche Bank AG needed to raise capital of about €1.2 billion (US$1.7 billion) as part of a required 9 percent core Tier 1 ratio after sovereign debt writedown starting in mid-2012.[40]

Performance[edit]

Year 2011 2010 2009 2008 2007 2006 2005 2004 2003
Net Income €4.3bn €2.3bn €5.0bn €-3.9bn €6.5bn €6.1bn €3.5bn €2.5bn €1.4bn
Revenues €33.2bn €28.6bn €28.0bn €13.5bn €30.7bn €28.5bn €25.6bn €21.9bn €21.3bn
Return on Equity - 5% 18% -29% 30% 26% 16% 1% 7%
Dividend - 0.75 0.75 0.5 4.5 4.0 2.5 1.7 1.5

Awards and recognition[edit]

The bank has been widely recognized[41] for its transformation over the ten years between 2002 until 2012 for moving from a German-centric organization that was renowned for its retail and commercial presence to a global investment bank that is less reliant on its traditional markets for its profitability.[42] Deutsche Bank was named International Financing Review's Bank of the Year twice in a three-year period, in 2003 and 2005. It also won the prize in 2010.[43] In 2012, for the second time in three years, Deutsche Bank was named Best Global Investment Bank in the annual Euromoney Awards for Excellence.[44]

In December 2012, International Financing Review (IFR) recognized Deutsche Bank as its Equity House of the Year and Bond House of the Year 2012. This is the first time the Bank has been named Equity House of the Year and the sixth time that it has won the top Bond award. Deutsche Bank is also the only European bank to have been awarded the top Equity and Bond awards in the same year. Highlighting the Bank's success in equities, IFR said: "Deutsche led major IPOs, took on tough risk positions (especially in Europe) and became one of the preferred banks of the US Treasury." IFR also praised the Bank’s "fortitude and skill" in bond markets, saying it combined "a steady hand with solid execution to get all kinds of deals done in just about every corner of the globe."[citation needed]

Deutsche Bank won a further seven IFR awards:

  • Commodity Derivatives House
  • EMEA Structured Equity House
  • EMEA Loan House
  • EMEA High-Yield Bond House
  • EMEA Liability Management House
  • SSAR Bond House
  • Sterling Bond House

Management structure[edit]

When Deutsche Bank was first organized in 1870 there was no CEO. Instead the board was represented by a speaker of the board. Beginning in February 2012 the bank has been led by two co-CEOs.[45]

The Management Bodies of Deutsche Bank[edit]

  • Annual General Meeting
  • Management Board
  • Supervisory Board
  • Group Executive Committee

Management Board[edit]

Management Board members as of 1 January 2013:

  • Jürgen Fitschen, Co-Chairman
  • Anshu Jain, Co-Chairman
  • Stefan Krause, Chief Financial Officer
  • Stephan Leithner, Chief Executive Officer Europe (except Germany and UK), Human Resources, Legal & Compliance, Government & Regulatory Affairs
  • Stuart Lewis, Chief Risk Officer
  • Rainer Neske, Head of Private & Business Clients
  • Henry Ritchotte, Chief Operating Officer

Supervisory Board[edit]

Supervisory Board member as of 1 January 2013:

  • Paul Achleitner, Chairperson
  • Karin Ruck, Deputy Chairperson, Senior Adviser Regional Transformation, Region Frankfurt/Hesse-East, Deutsche Bank AG, Member of the Combined Staff Council)
  • Wolfgang Böhr, Chairman of the Combined Staff Council Düsseldorf, Member of the General Staff Council, Member of the Group Staff Council
  • Karl-Gerhard Eick (Management Consultant KGE Asset Management & Consulting Ltd.)
  • Katherine Garrett-Cox (Chief Executive Officer of Alliance Trust PLC)
  • Alfred Herling, Chairman of the Combined Staff Council Wuppertal/Sauerland, Chairman of the General Staff Council, Chairman of the Group Staff Council
  • Henning Kagermann (President of Acatech - German Academy of Science and Engineering)
  • Martina Klee, Chairperson of the Staff Council GTO Eschborn/Frankfurt, Member of the General Staff Council, Member of the Group Staff Council
  • Suzanne Labarge (Previously vice chairman & chief risk officer, Royal Bank of Canada in Toronto)
  • Peter Löscher (Chief Executive Officer of Renova Management AG)
  • Henriette Mark, Chairperson of the Combined Staff Council Munich and Southern Bavaria, Member of the General Staff Council, Member of the Group Staff Council, Chairperson of the European Staff Council
  • Gabriele Platscher, Chairperson of the Combined Staff Council Braunschweig/Hildesheim
  • Rudolf Stockem (Trade Union Secretary to Vereinte Dienstleistungsgewerkschaft and freelance organisation and communication advisor)
  • Johannes Teyssen (Chairman of the Management Board of E.ON)
  • Marlehn Thieme, Director Infrastructure/Regional Management Communications Corporate Citizenship
  • Tilman Todenhöfer (Managing Partner Robert Bosch Industrietreuhand KG)
  • Klaus Rüdiger Trützschler (Previously member of the Management Board of Franz Haniel & Cie. GmbH)
  • Stefan Viertel, Head of Cash Management Financial Institutions Austria and Hungary, Senior Sales Manager
  • Renate Voigt, Chairman of the Combined Staff Council Stuttgart/Esslingen/Heilbronn
  • Werner Wenning, (Chairman of the Supervisory Board of E.ON, Chairman of the Supervisory Board of Bayer AG)

Group Executive Committee (GEC)[edit]

The Group Executive Committee comprises the members of the Management Board and senior representatives from the business divisions within the client-facing group divisions and from the management of the regions appointed by the Management Board. The GEC serves as a tool to coordinate the businesses and regions. It has, as its prime tasks and responsibilities, the provision of ongoing information to the Management Board on business developments and particular transactions, regular review of business segments, consultation with and furnishing advice to the Management Board on strategic decisions and preparation of decisions to be made by the Management Board.

Committee members as of 1 January 2013:

  • Juergen Fitschen , Co-Chairman
  • Anshu Jain , Co-Chairman
  • Stefan Krause, Chief Financial Officer
  • Stephan Leithner, Chief Executive Officer Europe (except Germany and UK), Human Resources, Legal & Compliance, Government & Regulatory Affairs
  • Stuart Lewis, Chief Risk Officer
  • Rainer Neske, Head of Private & Business Clients
  • Henry Ritchotte, Chief Operating Officer
  • Melinda J. Hooker, Chief Executive Officer of North America
  • Gunit Chadha, Co-Chief Executive Officer of Asia/Pacific
  • Alan Cloete, Co-Chief Executive Officer of Asia/Pacific
  • Michele Faissola, Head of Asset & Wealth Management
  • Colin Fan, Co-Head of Corporate Banking & Securities and Head of Markets
  • David Folkerts-Landau, Head of Research
  • Colin Grassie, Chief Executive Officer of the UK
  • Robert Rankin, Co-Head of Corporate Banking & Securities and Head of Corporate Finance
  • Christian Ricken, Chief Operating Officer, Private & Business Clients
  • Werner Steinmüller, Head of Global Transaction Banking
  • Richard Walker, General Counsel

Business Divisions[edit]

Corporate & Investment Bank (CIB)[edit]

The New York Stock Exchange on 9 August 2011, when Deutsche Bank's db-X Group commenced trading on NYSE Arca.

Deutsche Bank is considered among the "Bulge bracket" of global investment banks due to its leading size and profitability. The bank's business model rests on two pillars: the Corporate & Investment Bank (CIB) and Private Clients & Asset Management (PCAM).

The Corporate & Investment Bank (CIB) is Deutsche Bank's capital markets business. CIB comprises two divisions, Corporate Banking & Securities and Global Transaction Banking

Corporate Banking & Securities (CB&S)[edit]

Deutsche Bank's Corporate Banking & Securities division comprises Markets and Corporate Finance

Markets[edit]

The Markets division is responsible for Deutsche Bank Group's sales and trading of securities. Markets Research provides analyses of financial products, markets and strategy.

Corporate Finance[edit]

The Corporate Finance division is responsible for advisory, debt and equity issuances and mergers & acquisitions (M&A)

Global Transaction Banking[edit]

Global Transaction Banking or GTB caters for corporates and financial institutions by providing commercial banking products including cross-border payments, risk mitigation and international trade finance.

Asset & Wealth Management[edit]

According to the Scorpio Partnership Global Private Banking Benchmark 2014 the company had 384.1 USD Bn of assets under management an increase of 13.7% on 2013.[9]

Private & Business Clients[edit]

PCAM[edit]

Private Clients & Asset Management (PCAM) is composed of Private Wealth Management, Private & Business Clients and Asset Management. This trio of business divisions include Deutsche Bank’s investment management business for private and institutional clients, together with retail banking activities for private clients and small and medium-sized businesses.[citation needed]

Private Wealth Management[edit]

Private Wealth Management functions as the bank’s private banking arm, serving high-net-worth individuals and families worldwide. The division has a strong presence in the world's private banking hotspots, including Switzerland, Luxembourg, the Channel Islands, the Caymans and Dubai.[citation needed]

Communication[edit]

In 1972 the bank created the world-known blue logo "Slash in a Square" - designed by Anton Stankowski and intended to represent growth within a risk-controlled framework.[46]

Acquisitions[edit]

Notable current and former employees[edit]

Public service[edit]

See also[edit]

Portal icon Companies portal

References[edit]

  1. ^ a b c d e "Deutsche Bank Financial Statements". MSN Money. Retrieved 2 February 2011. 
  2. ^ "Annual Review 2010". Deutsche Bank. Retrieved 2 February 2012. 
  3. ^ "Zur Person: Der Marktführer" [Personal: The Market Leader]. Börsen-Zeitung (in German). 22 May 2009. 
  4. ^ "What's included in the full 2009 FX poll results" (Press release). London: Euromoney Institutional Investor. 6 May 2009. Retrieved 19 February 2012. 
  5. ^ "Deutsche Bank AG Overview". Dow Jones & Company. Retrieved 12 July 2010. 
  6. ^ Ewing, Jack (26 July 2011). "Deutsche Bank Posts Disappointing Profit". The New York Times. Retrieved 17 August 2011. 
  7. ^ "Deutsche Bank names Anshu Jain, Juergen Fitschen to become co-CEOs". The Economic Times (New Delhi). 26 July 2011. Retrieved 17 August 2011. [dead link]
  8. ^ "When Deutsche Bank sneaks out its results on a Sunday night, they can’t be good". Quartz Online. 19 January 2014. 
  9. ^ a b "Global Private Banking Benchmark 2014 - Scorpio Report". Scorpio Partnership. 
  10. ^ For the history of Deutsche Bank in general see Lothar Gall (et al.), The Deutsche Bank 1870–1995, London (Weidenfeld & Nicolson) 1995.
  11. ^ Statut der Deutschen Bank Aktien-Gesellschaft, Berlin 1870, p.3-4.
  12. ^ a b H James. The Nazi Dictatorship and the Deutsche Bank. Cambridge University Press, 13 September 2004. ISBN 0521838746. Retrieved 11 July 2012. 
  13. ^ a b Wikisource-logo.svg One or more of the preceding sentences incorporates text from a publication now in the public domain: Rines, George Edwin, ed. (1920). "Deutsche Bank, The". Encyclopedia Americana. 
  14. ^ Manfred Pohl / Angelika Raab-Rebentisch, Die Deutsche Bank in Bremen 1871–1996, Munich, Zurich (Piper) 1996.
  15. ^ Manfred Pohl / Angelika Raab-Rebentisch, Die Deutsche Bank in Hamburg 1872–1997, Munich, Zurich (Piper) 1997.
  16. ^ Deutsche Bank in China, Munich (Piper) 2008.
  17. ^ Manfred Pohl / Kathleen Burk, Deutsche Bank in London 1873–1998, Munich, Zurich (Piper) 1998.
  18. ^ Christopher Kobrak, Banking on Global Markets. Deutsche Bank and the United States, 1870 to the Present, New York (Cambridge University Press) 2008.
  19. ^ A Century of Deutsche Bank in Turkey, Istanbul 2008, pp.21-27.
  20. ^ Historische Gesellschaft der Deutschen Bank (ed.), Die Deutsche Bank in Frankfurt am Main, Munich, Zurich (Piper) 2005.
  21. ^ Manfred Pohl / Angelika Raab-Rebentisch, Die Deutsche Bank in Leipzig 1901-2001, Munich, Zurich (Piper) 2001.
  22. ^ Manfred Pohl, Deutsche Bank Buenos Aires 1887–1987, Mainz (v. Hase & Koehler) 1987.
  23. ^ Maximilian Müller-Jabusch, 50 Jahre Deutsch-Asiatische Bank 1890–1939, Berlin 1940.
  24. ^ a b History[dead link]
  25. ^ Schmid, John. Deutsche Bank Linked To Auschwitz Funding, The New York Times, 5 February 1999. Accessed 28 January 2010.
  26. ^ "$5.2 Billion German Settlement". Web.archive.org. 15 December 2004. Retrieved 17 August 2011. 
  27. ^ For a detailed account of Deutsche Bank's involvement with the Nazis see: Harold James. The Nazi Dictatorship and the Deutsche Bank. Cambridge University Press, 2004, 296pp., ISBN 0-521-83874-6.
  28. ^ "Unprofitable Vegas casino sold by Deutsche Bank for $1.73 billion". The Las Vegas News.Net. Retrieved 17 May 2014. 
  29. ^ a b c d e f Crawford, David; Karnitschnig, Matthew. Bank Spy Scandal Widens, The Wall Street Journal, 3 August 2009. Accessed 27 January 2010.
  30. ^ Deutsche Bank undertakes independent investigation, 22 May 2009. Accessed 28 January 2010.
  31. ^ a b c Deutsche Bank gives update on inquiries, 22 July 2009. Accessed 27 January 2010.
  32. ^ Press release Public Prosecutor's Office in Frankfurt, 8 October 2009. Accessed 14 October 2010.
  33. ^ Deutsche Bank Probe Finds Individual Misconduct, The Wall Street Journal, 18 December 2009. Accessed 14 October 2010.
  34. ^ a b c d Levin-Coburn report on WALL STREET AND THE FINANCIAL CRISIS, US Senate PERMANENT SUBCOMMITTEE ON INVESTIGATIONS, 2011 Apr 13.
  35. ^ "Deutsche Bank Settles with US Shareholders". Market Watch. 3 January 2014. 
  36. ^ a b Braithwaite, Tom; Scannell, Kara; Mackenzie, Michael (5 December 2012). "Deutsche hid up to $12bn losses, say staff". Financial Times. 
  37. ^ a b c d e f g h i Braithwaite, Tom; Mackenzie, Michael; Scannell, Kara (5 December 2012). "Deutsche Bank: Show of strength or a fiction?". Financial Times. 
  38. ^ Böll, Sven; Hawranek, Dietmar; Hesse, Martin; Jung, Alexander; Neubacher, Alexander; Reiermann, Christian; Sauga, Michael; Schult, Christoph; Seith, Anne; Sultan, Christopher (translator) (25 June 2012). "Imagining the Unthinkable. The Disastrous Consequences of a Euro Crash". Der Spiegel. Archived from the original on 26 June 2012. Retrieved 26 June 2012. 
  39. ^ Javers, Eamon. AIG ships billions in bailout abroad, Politico, 15 March 2009. Accessed 27 January 2010.
  40. ^ "Deutsche Bank Said to Be Ordered by EU to Close $1.7 Billion Capital Gap". Bloomberg. 28 October 2011. 
  41. ^ Wright, William (18 June 2012). "Assessing a decade of the Deutsche Bank project". Financial News. Retrieved 26 March 2014. The plan, to transform Deutsche Bank from a large German commercial bank into a global investment banking powerhouse, was hatched back in 1995 
  42. ^ Ganguly, Dibeyendu (19 September 2008). "How Deutsche Bank transformed itself". The Economic Times. Retrieved 26 March 2014. The project: to detail how DB India has transformed itself from the sleepy little 500-employee bank it was five years ago to the fast-track 7,000-people player it now is. 
  43. ^ Bank of the Year IFR website
  44. ^ Awards for excellence in banking , Euromoney
  45. ^ "Deutshche Bank Annual Report". Retrieved 31 March 2014. 
  46. ^ "Deutsche Bank Logo: Design and History". Retrieved 18 August 2011. 
  47. ^ "Acquisition of Bankers Trust Successfully Closed". Deutsche-bank.de. Retrieved 17 August 2011. 
  48. ^ "Deutsche Asset & Wealth Management - Real Estate Investment Management". rreef.com. 16 January 2015. 
  49. ^ Deutsche Bank to acquire RREEF for $490 million. National Real Estate Investor, 7 March 2002.
  50. ^ "interstitials | Business solutions from". AllBusiness.com. Retrieved 17 August 2011. 
  51. ^ "Acquisition of Chapel Funding". Deutsche-bank.de. 12 September 2006. Retrieved 17 August 2011. 
  52. ^ "Acquisition of MortgageIT Holdings". Deutsche-bank.de. 28 July 2011. Retrieved 17 August 2011. 
  53. ^ "Deutsche Bank wins control of Postbank". Financial Times (London). 
  54. ^ "Sajid Javid as Chancellor? Why not?". The Independent (London). 

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