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