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Deutsche Bank
From Wikipedia, the free encyclopedia
Not to be confused with Deutsche Bundesbank or Deutsche Postbank.
Coordinates: 506'50?N 840'7?E
Deutsche Bank AG
Deutsche Bank corporate logo
Passion to perform
Twintowers of Deutsche Bank Headquarter in Frankfurt a.M..jpg
The Deutsche Bank Twin Towers, the headquarters of Deutsche Bank in the banking
district of Frankfurt
Type 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, inve
stment banking, mortgage loans, private banking, private equity, savings, Securi
ties, asset management, wealth management, Credit cards
Revenue 31.91 billion (2013)[1]
Operating income 1.457 billion (2013)[1]
Profit 666 million (2013)[1]
Total assets 1.611 trillion (2013)[1]
Total equity 54.71 billion (2013)[1]
Employees 98,219 (2013)[2]
Website www.db.com
Deutsche Bank AG (literally "German Bank"; pronounced ['d???t??? 'ba?k ?a?'ge?])
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 employe
es 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, Ista
nbul, Madrid, Dublin, Amsterdam, Warsaw, Mumbai, Kuala Lumpur, So Paulo, Dubai, R
iyadh, 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); r
isk management products, such as derivatives, corporate finance, wealth manageme
nt, retail banking, fund management, and transaction banking.[5]
On 26 July 2011, along with its second quarter earnings report, Deutsche Bank re
ported 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-takin
g activities prompted key members of the supervisory board to opt for the dual C
EO model.[7] Deutsche Bank is listed on both the Frankfurt (FWB) and New York st
ock exchanges (NYSE).
In January 2014 it was reported that Deutsche Bank reported a 1.2 billion ($1.6 b
illion) pre-tax loss for the fourth quarter of 2013. This came after analysts ha
d predicted a profit of nearly 600 million, according to FactSet estimates. Reven
ues slipped by 16% versus the prior year.[8]
Contents [hide]
1 History
1.1 18701919
1.2 19191933
1.3 19331945
1.4 Post-WWII
1.5 Since 2000
1.5.1 Espionage scandal
1.5.2 Housing credit bubble and CDO market
1.5.3 Leveraged super-senior trades
1.5.4 European financial crisis
2 Performance
2.1 Awards and recognition
3 Management structure
3.1 The Management Bodies of Deutsche Bank
3.1.1 Management Board
3.1.2 Supervisory Board
3.1.3 Group Executive Committee (GEC)
4 Business Divisions
4.1 Corporate & Investment Bank (CIB)
4.1.1 Corporate Banking & Securities (CB&S)
4.1.1.1 Markets
4.1.1.2 Corporate Finance
4.1.2 Global Transaction Banking
4.1.3 Asset & Wealth Management
4.1.4 Private & Business Clients
4.1.5 PCAM
4.2 Private Wealth Management
4.3 Communication
5 Acquisitions
6 Notable current and former employees
6.1 Public service
7 See also
8 References
9 External links
History[edit]
Deutsche Bank, Sydney
18701919[edit]
Deutsche Bank was founded in Berlin in 1870 as a specialist bank for foreign tra
de.[9] The bank's statute was adopted on 22 January 1870, and on 10 March 1870 t
he Prussian government granted it a banking license. The statute laid great stre
ss on foreign business:
The object of the company is to transact banking business of all kinds, in parti
cular to promote and facilitate trade relations between Germany, other European
countries and overseas markets.[10]
Two of the founders were Georg Siemens whose father's cousin had founded Siemens
and Halske, and L. Bamberger.[11] Previous to the founding of Deutsche Bank, Ge
rman importers and exporters were dependent upon English and French banking inst
itutions in the world marketsa serious handicap in that German bills were almost
unknown in international commerce, generally disliked and subject to a higher ra
te of discount than English or French bills.[12]
The bank's first domestic branches, inaugurated in 1871 and 1872, were opened in
Bremen[13] and Hamburg.[14] Its first foray overseas came shortly afterwards, i
n Shanghai (1872)[15] and London (1873) [16] followed sometime by South America
(1874-1886).[11] The branch opening in London, after one failure and another par
tially successful attempt, was a prime necessity for the establishment of credit
for the German trade in what was then the world's money center.[12]
Major projects in the early years of the bank included the Northern Pacific Rail
road in the US[17] and the Baghdad Railway[18] (1888). In Germany, the bank was
instrumental in the financing of bond offerings of steel company Krupp (1879) an
d 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 D
eutsche Bank. The bank formed alliances with large regional banks, giving itself
an entre into Germany's main industrial regions. Joint ventures were symptomatic
of the concentration then under way in the German banking industry. For Deutsch
e Bank, domestic branches of its own were still something of a rarity at the tim
e; the Frankfurt branch[19] dated from 1886 and the Munich branch from 1892, whi
le further branches were established in Dresden and Leipzig[20] 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 pl
ayed a part in the establishment of Deutsche Ueberseeische Bank[21] in 1886 and
the stake taken in the newly established Deutsch-Asiatische Bank[22] three years
later, but the success of those companies in showed that their existence made s
ound commercial sense.
19191933[edit]
The immediate postwar period was a time of liquidations. Having already lost mos
t of its foreign assets, Deutsche Bank was obliged to sell other holdings. A gre
at 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 comp
any, UFA, and the merger of Daimler and Benz.
The bank merged with other local banks in 1929 to create Deutsche Bank und Disco
ntoGesellschaft, 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. I
n 1937, the company name changed back to Deutsche Bank.
The crisis was, in terms of its political impact, the most disastrous economic e
vent of the century. The shortage of liquidity that paralyzed the banks was fuel
led 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 circu
mstances that might in some ways have been considered reminiscent of the "golden
age" before World War I was ruled out for many years.
19331945[edit]
After Adolf Hitler came to power, instituting the Third Reich, Deutsche Bank dis
missed its three Jewish board members in 1933. In subsequent years, Deutsche Ban
k 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.[2
3] During the war, Deutsche Bank incorporated other banks that fell into German
hands during the occupation of Eastern Europe. Deutsche provided banking facilit
ies for the Gestapo and loaned the funds used to build the Auschwitz camp and th
e nearby IG Farben facilities. Deutsche Bank revealed its involvement in Auschwi
tz in February 1999.[24] In December 1999 Deutsche, along with other major Germa
n companies, contributed to a US$5.2 billion compensation fund following lawsuit
s brought by Holocaust survivors.[25][26] The history of Deutsche Bank during th
e Second World War has been documented by independent historians commissioned by
the Bank.[23]
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 Ban
kverein in Yugoslavia (which has now been divided into two financial corporation
s, 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 Comerciala Ro
mna (The Romanian Commercial Bank) in Bucharest. It also maintained a branch in I
stanbul, Turkey.
Post-WWII[edit]
Following Germany's defeat in World War II, the Allied authorities, in 1948, ord
ered Deutsche Bank's break-up into ten regional banks. These 10 regional banks w
ere later consolidated into three major banks in 1952: Norddeutsche Bank AG; Sdde
utsche Bank AG; and Rheinisch-Westflische Bank AG. In 1957, these three banks mer
ged 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 offi
ces 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 t
he Banca dAmerica e dItalia, the Italian subsidiary that Bank of America had estab
lished in 1922 when it acquired Banca dell'Italia Meridionale. The acquisition r
epresented the first time Deutsche Bank had acquired a sizeable branch network i
n another European country.
In 1989, the first steps towards creating a significant investment-banking prese
nce were taken with the acquisition of Morgan, Grenfell & Co., a UK-based invest
ment 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 compet
itors. 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 199
3 of Banca Popolare di Lecco from Banca Popolare di Novara for about US$476 mill
ion.
Since 2000[edit]
In October 2001, Deutsche Bank was listed on the New York Stock Exchange. This w
as the first NYSE listing after interruption due to 11 September attacks. The fo
llowing year, Deutsche Bank strengthened its U.S. presence when it purchased Scu
dder Investments. Meanwhile, in Europe, Deutsche Bank increased its private-bank
ing business by acquiring Rued Blass & Cie (2002) and the Russian investment ban
k United Financial Group (2006). In Germany, further acquisitions of Norisbank,
Berliner Bank and Deutsche Postbank strengthened Deutsche Banks retail offering i
n its home market. This series of acquisitions was closely aligned with the banks
strategy of bolt-on acquisitions in preference to so-called transformational merg
ers. These formed part of an overall growth strategy that also targeted a sustai
nable 25% return on equity, something the bank achieved in 2005.
The company's headquarters, the Deutsche Bank Twin Towers building, was extensiv
ely renovated beginning in 2007. The renovation took approximately three years t
o 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 t
he casino in 2010 and ran it at a loss until its sale in May 2014. The bank's ex
posure at the time of sale was more than $4 billion, however it sold the propert
y to Blackstone Group for $1.73 billion.[27]
Espionage scandal[edit]
From as late as 2001 to at least 2007, the bank engaged in covert espionage on i
ts critics. The bank has admitted to episodes of spying in 2001 and 2007 directe
d by its corporate security department, although characterizing them as "isolate
d."[28] According to the Wall Street Journal's page one report, Deutsche Bank ha
d 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).[28] Also targeted
was the Munich law firm of Bub Gauweiler & Partner, which represents Kirch. Acco
rding to the Wall Street Journal, the bank's legal department was involved in th
e scheme along with its corporate security department.[28] The bank has since hi
red Cleary Gottlieb Steen & Hamilton, a New York law firm, to investigate the in
cidents on its behalf. The Cleary firm has concluded its investigation and submi
tted its report, which however has not been made public.[28] According to the Wa
ll Street Journal, the Cleary firm uncovered a plan by which Deutsche Bank was t
o infiltrate the Bub Gauweiler firm by having a bank "mole" hired as an intern a
t the Bub Gauweiler firm. The plan was allegedly cancelled after the intern was
hired but before she started work.[28] Peter Gauweiler, a principal at the targe
ted law firm, was quoted as saying "I expect the appropriate authorities includi
ng state prosecutors and the bank's oversight agencies will conduct a full inves
tigation."[28]
In May 2009 Deutsche Bank informed the public that the executive management lear
ned about possible violations which occurred in past years of the bank's interna
l procedures or legal requirements in connection with activities involving the b
ank's corporate security department. Deutsche Bank immediately retained the law
firm Cleary Gottlieb Steen & Hamilton in Frankfurt to conduct an independent inv
estigation[29] and informed the German Federal Financial Supervisory Authority (
BaFin). The principal findings by the law firm, published in July 2009,[30] are
as follows: Four incidents that raise legal issues such as data protection or pr
ivacy concerns have been identified. In all incidents, the activities arose out
of certain mandates performed by external service providers on behalf of the Ban
k's Corporate Security Department. The incidents were isolated and no systemic m
isbehaviour has been found. And there is no indication that present members of t
he Management Board have been involved in any activity that raise legal issues o
r have had any knowledge of such activities.[30] This has been confirmed by the
Public Prosecutors Office in Frankfurt in October 2009.[31] Deutsche Bank has inf
ormed all persons affected by the aforementioned activities and expressed its si
ncere regrets. BaFin found deficiencies in operations within Deutsche Banks secur
ity unit in Germany but found no systemic misconduct by the bank.[32] The Bank h
as initiated steps to strengthen controls for the mandating of external service
providers by its Corporate Security Department and their activities.[30]
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 20042008, creating ~$32,000,0
00,000 worth. The 2011 US Senate Permanent Select Committee on Investigations re
port on Wall Street and the Financial Crisis analyzed Deutsche Bank as a 'case s
tudy' of investment banking involvement in the mortgage bubble, CDO market, cred
it 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 aga
inst some of the mortgage bonds in its CDOs, Deutsche bank continued to churn ou
t bad CDO products to investors.[33]
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 thou
ght was a bad bond. It also put in some mortgage bonds that its own mortgage dep
artment had created but couldn't sell, from the DBALT 2006 series. The CDO was t
hen 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 inve
stors (including Deutsche Bank itself) had lost most of their money.[33]
Gregg Lippman, head of global CDO trading, was betting against the CDO market, w
ith 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 Sy
nthetic CDOs. He was one of the first traders to foresee the bubble in the CDO m
arket 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 bear
ish view of the market, offering them the idea to start buying CDS, especially t
o 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 ema
iled 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 o
f. Lippman called the CDO market a 'ponzi scheme', but also tried to conceal som
e of his views from certain other parties because the bank was trying to sell th
e products he was calling 'crap'. Lippman's group made money off of these bets,
even as Deutsche overall lost money on the CDO market.[33]
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 Adv
isers 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. Deutsc
he lost money on START, as it did on Gemstone.[33]
On 3 January 2014 it was reported that Deutsche Bank would settle a lawsuit brou
ght by US shareholders, who had accused the bank of bundling and selling bad rea
l estate loans before the 2008 downturn. This settlement came subsequent and in
addition to Deutsches $1.93 billion settlement with the US Housing Finance Agency
over similar litigation related to the sale of mortgage backed securities to Fa
nnie Mae and Freddie Mac.[34]
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 th
eir $130bn portfolio of leveraged super senior trades, although the bank rejects
the claims.[35] A company document of May 2009 described the trades as "the lar
gest risk in the trading book",[36] and the whistleblowers allege that had the b
ank accounted properly for its positions its capital would have fallen to the ex
tent that it might have needed a government bailout.[35] One of them claims that
"If Lehman Brothers didnt have to mark its books for six months it might still b
e in business, and if Deutsche had marked its books it might have been in the sa
me position as Lehman."[36]
Deutsche had become the biggest operator in this market, which were a form of cr
edit derivative designed to behave like the most senior tranche of a CDO.[36] De
utsche bought insurance against default by blue-chip companies from investors, m
ostly Canadian pension funds, who received a stream of insurance premiums as inc
ome in return for posting a small amount of collateral.[36] The bank then sold p
rotection to US investors via the CDX credit index, the spread between the two w
as tiny but was worth $270m over the 7 years of the trade.[36] It was considered
very unlikely that many blue chips would have problems at the same time, so Deu
tsche required collateral of just 10% of the contract value.
The risk of Deutsche taking large losses if the collateral was wiped out in a cr
isis, was called the gap option.[36] 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 ano
ther employee in 2006) and then in 2008 by a $12bn reserve for the credit correla
tion desk designed to cover all risks, not just the gap option.[36] In October 2
008 they stopped modelling the gap option and just bought S&P put options to gua
rd against further market disruption, but one of the whistleblowers has describe
d this as an inappropriate hedge.[36] A model from Ben-Artzi's previous job at G
oldman Sachs suggested that the gap option was worth about 8% of the value of th
e trades, worth $10.4bn. Simpson claims that traders were not simply understatin
g the gap option but actively mismarking the value of their trades.[36]
European financial crisis[edit]
Main article: European sovereign-debt crisis
Deutsche Bank has a negligible exposure to Greece. Spain and Italy however accou
nt 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 bi
llion (Italy) and 12 billion (Spain).[37]
For the 2008 financial year, Deutsche Bank reported its first annual loss in fiv
e decades.[citation needed], despite receiving billions of dollars from its insu
rance arrangements with AIG, including US$11.8 billion from funds provided by US
taxpayers to bail out AIG.[38]
Based on a preliminary estimation from the European Banking Authority (EBA) in O
ctober 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 deb
t writedown starting in mid-2012.[39]
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 2
1.3bn
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[40] for its transformation over the ten year
s 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 tha
t is less reliant on its traditional markets for its profitability.[41] Deutsche
Bank was named International Financing Review's Bank of the Year twice in a thr
ee-year period, in 2003 and 2005. It also won the prize in 2010.[42] In 2012, fo
r the second time in three years, Deutsche Bank was named Best Global Investment
Bank in the annual Euromoney Awards for Excellence.[43]
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 fir
st 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 toug
h risk positions (especially in Europe) and became one of the preferred banks of
the US Treasury." IFR also praised the Banks "fortitude and skill" in bond marke
ts, saying it combined "a steady hand with solid execution to get all kinds of d
eals 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 boa
rd was represented by a speaker of the board. Beginning in February 2012 the ban
k has been led by two co-CEOs.[44]
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:
Jrgen 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 F
rankfurt/Hesse-East, Deutsche Bank AG, Member of the Combined Staff Council)
Wolfgang Bhr, Chairman of the Combined Staff Council Dsseldorf, Member of the Gene
ral 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, Chai
rman of the General Staff Council, Chairman of the Group Staff Council
Henning Kagermann (President of Acatech - German Academy of Science and Engineer
ing)
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 Ca
nada in Toronto)
Peter Lscher (Chief Executive Officer of Renova Management AG)
Henriette Mark, Chairperson of the Combined Staff Council Munich and Southern Ba
varia, Member of the General Staff Council, Member of the Group Staff Council, C
hairperson of the European Staff Council
Gabriele Platscher, Chairperson of the Combined Staff Council Braunschweig/Hilde
sheim
Rudolf Stockem (Trade Union Secretary to Vereinte Dienstleistungsgewerkschaft an
d freelance organisation and communication advisor)
Johannes Teyssen (Chairman of the Management Board of E.ON)
Marlehn Thieme, Director Infrastructure/Regional Management Communications Corpo
rate Citizenship
Tilman Todenhfer (Managing Partner Robert Bosch Industrietreuhand KG)
Klaus Rdiger Trtzschler (Previously member of the Management Board of Franz Haniel
& Cie. GmbH)
Stefan Viertel, Head of Cash Management Financial Institutions Austria and Hunga
ry, Senior Sales Manager
Renate Voigt, Chairman of the Combined Staff Council Stuttgart/Esslingen/Heilbro
nn
Werner Wenning, (Chairman of the Supervisory Board of E.ON, Chairman of the Supe
rvisory 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 grou
p divisions and from the management of the regions appointed by the Management B
oard. 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 t
o the Management Board on business developments and particular transactions, reg
ular 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:
Jrgen 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 F
inance
Christian Ricken, Chief Operating Officer, Private & Business Clients
Werner Steinmller, 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 co
mmenced 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 t
wo pillars: the Corporate & Investment Bank (CIB) and Private Clients & Asset Ma
nagement (PCAM).
The Corporate & Investment Bank (CIB) is Deutsche Bank's capital markets busines
s. CIB comprises two divisions, Corporate Banking & Securities and Global Transa
ction Banking
Corporate Banking & Securities (CB&S)[edit]
Deutsche Bank's Corporate Banking & Securities division comprises Markets and Co
rporate 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 issu
ances and mergers & acquisitions (M&A)
Global Transaction Banking[edit]
Global Transaction Banking or GTB caters for corporates and financial institutio
ns by providing commercial banking products including cross-border payments, ris
k mitigation and international trade finance.
Asset & Wealth Management[edit]
Private & Business Clients[edit]
PCAM[edit]
Private Clients & Asset Management (PCAM) is composed of Private Wealth Manageme
nt, Private & Business Clients and Asset Management. This trio of business divis
ions include Deutsche Banks investment management business for private and instit
utional 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 banks private banking arm, serving hig
h net worth individuals and families worldwide. The division has a strong presen
ce in the world's private banking hotspots, including Switzerland, Luxembourg, t
he Channel Islands, the Caymans and Dubai.[citation needed]
Communication[edit]
In 1972 the bank created the world-known blue logo "Slash in a Square" - designe
d by Anton Stankowski and intended to represent growth within a risk-controlled
framework.[45]
Acquisitions[edit]
Morgan, Grenfell & Company, 1990.
Bankers Trust, 30 November 1998.[46]
Scudder Investments, 2001
RREEF[47] (Rosenberg Real Estate Equities Fund, founded in 1975), 2002[48]
Berkshire Mortgage Finance, 22 October 2004.[49]
Chapel Funding (now DB Home Lending), 12 September 2006[50]
MortgageIT, 3 January 2007[51]
Hollandsche Bank-Unie - 2 July 2008: Fortis, ABN AMRO and Deutsche Bank announce
d that they have signed an agreement by which Deutsche Bank would acquire from A
BN AMRO its Hollandsche Bank-Unie subsidiary which concentrated on commercial ba
nking activities in the Netherlands. The deal was initially put on hold when the
Dutch government bailed out and took control of Fortis Bank Nederland. However
the deal was later cleared and the subsidiary was purchased by Deutsche Bank for
EUR 709 million in 2010.
Sal. Oppenheim, 2010
Deutsche Postbank, 2010[52]
Notable current and former employees[edit]
Hermann Josef Abs Chairman (19571968)
Sir John Craven Financier in London
Michael Cohrs Head of Global Banking (20022010)
Alfred Herrhausen Chairman (19711989)
Karl Kimmich Chairman (19421945)
Hermann Wallich Co-founder and director (18701893)
Georg von Siemens Co-founder and director (18701900)
Boaz Weinstein Derivatives trader
Anshu Jain Head of Corporate and Investment Banking
Public service[edit]
Otto Hermann Kahn Philanthropist
Sajid Javid - Former Board Member (2007-2009). He has been mentioned as the next
U.K Chancellor of the Exchequer.[53]
See also[edit]
Portal icon Companies portal
European Financial Services Roundtable
Deutsche Bank Prize in Financial Economics
References[edit]
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ndon: Euromoney Institutional Investor. 6 May 2009. Retrieved 19 February 2012.
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10.
Jump up ^ Ewing, Jack (26 July 2011). "Deutsche Bank Posts Disappointing Profit"
. The New York Times. Retrieved 17 August 2011.
Jump up ^ "Deutsche Bank names Anshu Jain, Juergen Fitschen to become co-CEOs".
The Economic Times (New Delhi). 26 July 2011. Retrieved 17 August 2011.[dead lin
k]
Jump up ^ "When Deutsche Bank sneaks out its results on a Sunday night, they cant
be good". Quartz Online. 19 January 2014.
Jump up ^ For the history of Deutsche Bank in general see Lothar Gall (et al.),
The Deutsche Bank 18701995, London (Weidenfeld & Nicolson) 1995.
Jump up ^ Statut der Deutschen Bank Aktien-Gesellschaft, Berlin 1870, p.3-4.
^ Jump up to: a b H James. The Nazi Dictatorship and the Deutsche Bank. Cambridg
e University Press, 13 September 2004. ISBN 0521838746. Retrieved 11 July 2012.
^ Jump up to: a b Wikisource-logo.svg One or more of the preceding sentences inc
orporates text from a publication now in the public domain: Rines, George Edwin,
ed. (1920). "Deutsche Bank, The". Encyclopedia Americana.
Jump up ^ Manfred Pohl / Angelika Raab-Rebentisch, Die Deutsche Bank in Bremen 1
8711996, Munich, Zurich (Piper) 1996.
Jump up ^ Manfred Pohl / Angelika Raab-Rebentisch, Die Deutsche Bank in Hamburg
18721997, Munich, Zurich (Piper) 1997.
Jump up ^ Deutsche Bank in China, Munich (Piper) 2008.
Jump up ^ Manfred Pohl / Kathleen Burk, Deutsche Bank in London 18731998, Munich,
Zurich (Piper) 1998.
Jump up ^ Christopher Kobrak, Banking on Global Markets. Deutsche Bank and the U
nited States, 1870 to the Present, New York (Cambridge University Press) 2008.
Jump up ^ A Century of Deutsche Bank in Turkey, Istanbul 2008, pp.21-27.
Jump up ^ Historische Gesellschaft der Deutschen Bank (ed.), Die Deutsche Bank i
n Frankfurt am Main, Munich, Zurich (Piper) 2005.
Jump up ^ Manfred Pohl / Angelika Raab-Rebentisch, Die Deutsche Bank in Leipzig
1901-2001, Munich, Zurich (Piper) 2001.
Jump up ^ Manfred Pohl, Deutsche Bank Buenos Aires 18871987, Mainz (v. Hase & Koe
hler) 1987.
Jump up ^ Maximilian Mller-Jabusch, 50 Jahre Deutsch-Asiatische Bank 18901939, Ber
lin 1940.
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Times, 5 February 1999. Accessed 28 January 2010.
Jump up ^ "$5.2 Billion German Settlement". Web.archive.org. 15 December 2004. R
etrieved 17 August 2011.
Jump up ^ For a detailed account of Deutsche Bank's involvement with the Nazis s
ee: Harold James. The Nazi Dictatorship and the Deutsche Bank. Cambridge Univers
ity Press, 2004, 296pp., ISBN 0-521-83874-6.
Jump up ^ "Unprofitable Vegas casino sold by Deutsche Bank for $1.73 billion". T
he Las Vegas News.Net. Retrieved 17 May 2014.
^ Jump up to: a b c d e f Crawford, David; Karnitschnig, Matthew. Bank Spy Scand
al Widens, The Wall Street Journal, 3 August 2009. Accessed 27 January 2010.
Jump up ^ Deutsche Bank undertakes independent investigation, 22 May 2009. Acces
sed 28 January 2010.
^ Jump up to: a b c Deutsche Bank gives update on inquiries, 22 July 2009. Acces
sed 27 January 2010.
Jump up ^ Press release Public Prosecutor's Office in Frankfurt, 8 October 2009.
Accessed 14 October 2010.
Jump up ^ Deutsche Bank Probe Finds Individual Misconduct, The Wall Street Journ
al, 18 December 2009. Accessed 14 October 2010.
^ Jump up to: a b c d Levin-Coburn report on WALL STREET AND THE FINANCIAL CRISI
S, US Senate PERMANENT SUBCOMMITTEE ON INVESTIGATIONS, 2011 Apr 13.
Jump up ^ "Deutsche Bank Settles with US Shareholders". Market Watch. 3 January
2014.
^ Jump up to: a b Braithwaite, Tom; Scannell, Kara; Mackenzie, Michael (5 Decemb
er 2012). "Deutsche hid up to $12bn losses, say staff". Financial Times.
^ Jump up to: 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?". Financi
al Times.
Jump up ^ Bll, Sven; Hawranek, Dietmar; Hesse, Martin; Jung, Alexander; Neubacher
, Alexander; Reiermann, Christian; Sauga, Michael; Schult, Christoph; Seith, Ann
e; Sultan, Christopher (translator) (25 June 2012). "Imagining the Unthinkable.
The Disastrous Consequences of a Euro Crash". Der Spiegel. Archived from the ori
ginal on 26 June 2012. Retrieved 26 June 2012.
Jump up ^ Javers, Eamon. AIG ships billions in bailout abroad, Politico, 15 Marc
h 2009. Accessed 27 January 2010.
Jump up ^ "Deutsche Bank Said to Be Ordered by EU to Close $1.7 Billion Capital
Gap". Bloomberg. 28 October 2011.
Jump up ^ Wright, William (18 June 2012). "Assessing a decade of the Deutsche Ba
nk project". Financial News. Retrieved 26 March 2014. "The plan, to transform De
utsche Bank from a large German commercial bank into a global investment banking
powerhouse, was hatched back in 1995"
Jump up ^ Ganguly, Dibeyendu (19 September 2008). "How Deutsche Bank transformed
itself". The Economic Times. Retrieved 26 March 2014. "The project: to detail h
ow DB India has transformed itself from the sleepy little 500-employee bank it w
as five years ago to the fast-track 7,000-people player it now is."
Jump up ^ Bank of the Year IFR website
Jump up ^ Awards for excellence in banking , Euromoney
Jump up ^ "Deutshche Bank Annual Report". Retrieved 31 March 2014.
Jump up ^ "Deutsche Bank Logo: Design and History". Retrieved 18 August 2011.
Jump up ^ "Acquisition of Bankers Trust Successfully Closed". Deutsche-bank.de.
Retrieved 17 August 2011.
Jump up ^ http://www.rreef.com/
Jump up ^ Deutsche Bank to acquire RREEF for $490 million. National Real Estate
Investor, 7 March 2002.
Jump up ^ "interstitials | Business solutions from". AllBusiness.com. Retrieved
17 August 2011.
Jump up ^ "Acquisition of Chapel Funding". Deutsche-bank.de. 12 September 2006.
Retrieved 17 August 2011.
Jump up ^ "Acquisition of MortgageIT Holdings". Deutsche-bank.de. 28 July 2011.
Retrieved 17 August 2011.
Jump up ^ http://www.ft.com/intl/cms/s/0/601c6480-f94b-11df-a4a5-00144feab49a.ht
ml#axzz1Y0Sn9ThD
Jump up ^ http://www.independent.co.uk/news/uk/politics/donald-macintyres-sketch
-hmm-sajid-javid-as-chancellor-why-not-9313956.html
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List of banks in the Netherlands
From Wikipedia, the free encyclopedia
This is a list of banks in the Netherlands.
Contents [hide]
1 List of Major banks
2 Other Banks
3 Central Bank
4 See also
5 External links
6 References
List of Major banks[edit]
ABN Amro
ING Group
Rabobank
Other Banks[edit]
Amsterdam Trade Bank
ASN Bank
Bank Mendes Gans
Bank Nederlandse Gemeenten
BinckBank
Credit Europe Bank
Demir Halk Bank
Deutsche Bank
Friesland Bank
GE Artesia Bank
ING Bank
Kempen & Co
Nederlandse Waterschapsbank
Netherlands Development Finance Company
NIBC Bank
Royal Bank of Scotland
SNS Bank
Triodos Bank
Van Lanschot
Central Bank[edit]
De Nederlandsche Bank
See also[edit]
Financial history of the Dutch Republic
History of banking
List of banks in Europe
List of defunct banks of the Netherlands
External links[edit]
List of Dutch banks with SWIFT codes and contact information
Banks of the Netherlands
References[edit]
[hide] v t e
List of banks in Europe
Sovereign states
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Germany Greece Hungary Iceland Ireland Italy Kazakhstan Latvia Liechtenstein Lit
huania Luxembourg Macedonia Malta Moldova Monaco Montenegro Netherlands Norway P
oland Portugal Romania Russia San Marino Serbia Slovakia Slovenia Spain Sweden S
witzerland Turkey Ukraine United Kingdom
States with limited
recognition
Abkhazia Kosovo Nagorno-Karabakh Northern Cyprus South Ossetia Transnistria
Dependencies and
other territories
land Faroe Islands Gibraltar Guernsey Jersey Isle of Man Svalbard
Stub icon This European bank or insurance-related article is a stub. You c
an help Wikipedia by expanding it.
Categories: Banks of the NetherlandsLists of companies of the NetherlandsLists o
f banks by countryEuropean bank stubs
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