DEUTSCHE BANK.docx

DEUTSCHE BANK.docx

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DEUTSCHEBANK

DEUTSCHEBANK

DeutscheBankAG（literally"GermanBank";pronounced[ˈdɔʏtʃəˈbaŋk]）isaglobalfinancialservicecompanywithitsheadquartersinFrankfurt,Germany.Itemploysmorethan100,000peopleinover70countries,andhasalargepresenceinEurope,theAmericas,AsiaPacificandtheemergingmarkets.DeutscheBankisthelargestforeignexchangedealerintheworldwithamarketshareof21percent.[2]

DeutscheBankhasofficesinmajorfinancialcentersincludingNewYork,London,Frankfurt,Paris,Moscow,Amsterdam,Dublin,Toronto,SãoPaulo,Singapore,HongKong,Tokyo,Sydney,Dubai,RiyadhandMumbai.

Thebankoffersfinancialproductsandservicesforcorporateandinstitutionalclientsalongwithprivateandbusinessclients.Servicesincludesales,trading,researchandoriginationofdebtandequity;mergersandacquisitions（M&A）;riskmanagementproducts,suchasderivatives,corporatefinance,wealthmanagement,retailbanking,fundmanagement,andtransactionbanking.[3]

DeutscheBank’sChiefExecutiveOfficerandChairmanoftheGroupExecutiveCommitteeisJosefAckermannsinceMay2002.Heagreedattheendof2009tocontinueaschiefexecutiveofDeutscheBankforanotherthreeyearsuntil2013.[4]OnJuly26,2011,alongwithitssecondquarterearningsreport,DeutscheBankreportedthatAnshuJain,headofinvestmentbankingandJürgenFitschen,headoftheGermanbusiness,willreplaceJosefAckermannasco-CEOsstartingnextyear.[5]FearsthatDeutscheBankcouldneglectitsGermanrootsandexpandrisk-takingactivitiespromptedkeymembersofthesupervisoryboardtooptforthedualCEOmodel.[6]DeutscheBankislistedonboththeFrankfurt（FWB）andNewYorkstockexchanges（NYSE）.

Contents

∙1History

o1.11870-1919

o1.21919-1933

o1.31933-1945

o1.4Post-WWII

∙2Spyingscandal

∙3HousingcreditbubbleandCDOmarket

∙4Performance

∙5ManagementStructure

∙6Structure

o6.1CIB

o6.2PCAM

o6.3PrivateWealthManagement

o6.4Communication

o6.5Acquisitions

∙7Notablecurrentandformeremployees

o7.1Publicservice

∙8Seealso

∙9References

∙10Externallinks

[edit]History

TheDeutscheBankTwinTowers,theheadquartersofDeutscheBank,atthebankingdistrictofFrankfurt,Germany.

DeutscheBank,Sydney

1870-1919

DeutscheBankwasfoundedinBerlinin1870asaspecialistbankforforeigntrade.[7]Thebank'sstatutewasadoptedon22January1870,andon10March1870thePrussiangovernmentgranteditabankinglicense.Thestatutelaidgreatstressonforeignbusiness:

"Theobjectofthecompanyistotransactbankingbusinessofallkinds,inparticulartopromoteandfacilitatetraderelationsbetweenGermany,otherEuropeancountriesandoverseasmarkets."[8]

Thebank'sfirstdomesticbranches,inauguratedin1871and1872,wereopenedinBremen[9]andHamburg.[10]Itsfirstforayoverseascameshortlyafterwards,inShanghai[11]（1872）andLondon[12]（1873）.Already,atthisearlystage,thebankwaslookingfurtherafield,makinginvestmentsinNorthandSouthAmerica,Asia,andTurkey.

MajorprojectsintheearlyyearsofthebankincludedtheNorthernPacificRailroadintheUS[13]andtheBaghdadRailway[14]（1888）.InGermany,thebankwasinstrumentalinthefinancingofbondofferingsofsteelcompanyKrupp（1879）andintroducedthechemicalcompanyBayertotheBerlinstockmarket.

DeutscheBank'searlydecadeswereaperiodofrapidexpansion.Issuingbusinessbegantogrowinimportanceinthe1880s,andinthe1890sitreallytookoff.ThebankplayedamajorpartinthedevelopmentofGermany'selectrical-engineeringindustry,butitalsogainedastrongfootholdinironandsteel.AsolidbaseinGermanypermittedthefinancingofbusinessabroad,whichinsomecaseskeptthebankoccupiedforyears,thebest-knownexamplebeingtheBaghdadRailway.

Thesecondhalfofthe1890ssawthebeginningofanewperiodofexpansionatDeutscheBank.Thebankformedallianceswithlargeregionalbanks,givingitselfanentréeintoGermany'smainindustrialregions.JointventuresweresymptomaticoftheconcentrationthenunderwayintheGermanbankingindustry.ForDeutscheBank,domesticbranchesofitsownwerestillsomethingofararityatthetime;theFrankfurtbranch[15]datedfrom1886andtheMunichbranchfrom1892,whilefurtherbrancheswereestablishedinDresdenandLeipzig[16]in1901.

Inaddition,thebankrapidlyperceivedthevalueofspecialistinstitutionsforthepromotionofforeignbusiness.GentlepressurefromtheForeignMinistryplayedapartintheestablishmentofDeutscheUeberseeischeBank[17]in1886andthestaketakeninthenewlyestablishedDeutsch-AsiatischeBank[18]threeyearslater,butthesuccessofthosecompaniesinshowedthattheirexistencemadesoundcommercialsense.

Wheninspring1914the"FrankfurterZeitung"tolditsreadersthatDeutscheBankwas"thebiggestbankintheworld",FrankfurterZeitung,ErstesMorgenblatt,5March1914.Theclaimmarkedthehighpointbutatthesametimetheendofanera.DuringWorldWarI,thesourceofthevisionaryvigorthathaddrivenmanyadeterminedcompanytosucceedgraduallydriedup.

[edit]1919-1933

Theimmediatepostwarperiodwasatimeofliquidations.Havingalreadylostmostofitsforeignassets,DeutscheBankwasobligedtosellotherholdings.Agreatdealofenergywentintoshoringupwhathadbeenachieved.Buttherewasnewbusiness,too,someofwhichwastohaveanimpactforalongtimetocome.Thebankplayedasignificantroleintheestablishmentofthefilmproductioncompany,UFA,andthemergerofDaimlerandBenz.

Thebankmergedwithotherlocalbanksin1929tocreateDeutscheBankundDiscontoGesellschaft,atthatpointthebiggestevermergerinGermanbankinghistory.Increasingcostswereonereasonforthemerger.Anotherwasthetrendtowardsconcentrationthroughouttheindustryinthe1920s.Themergercameatjusttherighttimetohelpcounteracttheemergingworldeconomicandbankingcrisis.In1937,thecompanynamechangedbacktoDeutscheBank.

Thecrisiswas,intermsofitspoliticalimpact,themostdisastrouseconomiceventofthecentury.Theshortageofliquiditythatparalyzedthebankswasfuelledbyacombinationofshort-termforeigndebtandborrowersnolongerabletopaytheirdebts,whiletheinflexibilityofthestateexacerbatedthesituation.ForGermanbanks,thecrisisintheindustrywasawatershed.Areturntocircumstancesthatmightinsomewayshavebeenconsideredreminiscentofthe"goldenage"beforeWorldWarIwasruledoutformanyyears.

[edit]1933-1945

AfterAdolfHitlercametopower,institutingtheThirdReich,DeutscheBankdismisseditsthreeJewishboardmembersin1933.InsubsequentyearsDeutscheBanktookpartinthearyanizationofJewish-ownedbusinesses:

accordingtoitsownhistorians,thebankwasinvolvedin363suchconfiscationsbyNovember1938.[19]Duringthewar,DeutscheBankincorporatedotherbanksthatfellintoGermanhandsduringtheoccupationofEasternEurope.DeutscheprovidedbankingfacilitiesfortheGestapoandloanedthefundsusedtobuildtheAuschwitzcampandthenearbyIGFarbenfacilities.DeutscheBankrevealeditsinvolvementinAuschwitzinFebruary1999.[20]InDecember1999Deutsche,alongwithothermajorGermancompanies,contributedtoa$5.2billioncompensationfundfollowinglawsuitsbroughtbyHolocaustsurvivors.[21][22]ThehistoryofDeutscheBankduringtheSecondWorldWarhasbeendocumentedbyindependenthistorianscommissionedbytheBank.[19]

DuringWorldWarII,DeutscheBankbecameresponsibleformanagingtheBohemianUnionBankinPrague,withbranchesintheProtectorateandinSlovakia,theBankvereininYugoslavia（whichhasnowbeendividedintotwofinancialcorporations,oneinSerbiaandoneinCroatia）,theAlbertdeBarryBankinAmsterdam,theNationalBankofGreeceinAthens,theCreditanstalt-BankvereininAustriaandHungary,theDeutsch-BulgarischeKreditbankinBulgaria,andBancaCommercialRomanainBucharest.ItalsomaintainedabranchinIstanbul,Turkey.

[edit]Post-WWII

FollowingGermany'sdefeatinWorldWarII,theAlliedauthorities,in1948,orderedDeutscheBank'sbreak-upintotenregionalbanks.These10regionalbankswerelaterconsolidatedintothreemajorbanksin1952:

NorddeutscheBankAG;SüddeutscheBankAG;andRheinisch-WestfälischeBankAG.In1957,thesethreebanksmergedtoformDeutscheBankAGwithitsheadquartersinFrankfurt.

In1959,thebankenteredretailbankingbyintroducingsmallpersonalloans.Inthe1970s,thebankpushedaheadwithinternationalexpansion,openingnewofficesinnewlocations,suchasMilan（1977）,Moscow,London,ParisandTokyo.Inthe1980s,thiscontinuedwhenthebankpaidUS$603millionin1986toacquireBancad’Americaed’Italia,theItaliansubsidiarythatBankofAmericahadestablishedin1922whenitacquiredBancadell'ItaliaMeridionale.TheacquisitionrepresentedthefirsttimeDeutscheBankhadacquiredasizeablebranchnetworkinanotherEuropeancountry.

In1989,thefirststepstowardscreatingasignificantinvestment-bankingpresenceweretakenwiththeacquisitionofMorganGrenfell,aUK-basedinvestmentbank.Bythemid-1990s,thebuildupofacapital-marketsoperationhadgotunderwaywiththearrivalofanumberofhigh-profilefiguresfrommajorcompetitors.TenyearsaftertheacquisitionofMorganGrenfell,theU.S.firmBankersTrustwasadded.

DeutschecontinuedtobuildupitspresenceinItalywiththeacquisitionin1993ofBancaPopolarediLeccofromBancaPopolarediNovaraforaboutUS$476million.

InOctober2001,DeutscheBankwaslistedontheNewYorkStockExchange（NYSE）.Thiswasth