The Vault Guide To Deutsche Bank

VAULT EMPLOYER PROFILE:
DEUTSCHE
BANK
BY THE STAFF OF VAULT
2002 Vault Inc.
Copyright 2002 by Vault Inc. All rights reserved.

All information in this book is subject to change without notice. Vault makes no claims as to
the accuracy and reliability of the information contained within and disclaims all warranties.
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Library of Congress CIP Data is available.
ISBN 158131226-1
Printed in the United States of America
Deutsche Bank
INTRODUCTION
Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1
Deutsche Bank at a Glance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2
THE SCOOP
History . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3
League Tables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7
Compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21
ORGANIZATION
23
CEOs Bio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .23

Business Units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .23
Locations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .26
Key Officers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .26
Ownership . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .26
VAULT NEWSWIRE
27
SELECT RECENT TRANSACTIONS
35
OUR SURVEY SAYS
39
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vii
GETTING HIRED
39
The Hiring Process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .39

Questions to Expect . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .40
Questions to Ask . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .42
To Apply . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .43
ON THE JOB
45
Job Descriptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .45

A Day in the Life . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .46
FINAL ANALYSIS
49
RECOMMENDED READING
51
Deutsche Bank
Introduction
Overview
A German giant with a Swiss leader, Deutsche Bank AG is the worlds second
largest financial institution in terms of total assets, and the worlds third
largest corporate and investment bank in terms of revenue (behind Citigroup
and J.P. Morgan Chase). In early 2001, the company initiated a
reorganization that established three distinct business groups: the Corporate
and Investment Bank Group (CIB), which includes corporate finance, sales
and trading, and transaction banking; the Private Clients and Asset
Management Group (PCAM); and Corporate Investments, which includes the
banks venture capital and private equity principal investments.
While Deutsche has enjoyed a stronghold atop the European investmentbanking league tables for several years, it has yet to solidify a top spot on the
U.S. charts. But Deutsche CEO Josef Ackermann wants to change that.
Ackermann, the first foreigner to head a German bank, became Deutsches
leader in May 2002. From 1996 until becoming the firms chief, the Swissborn Ackerman ran the corporate and investment-banking business for
Deutsche, moving the unit up the league tables. But while Deutsche Bank has
increased I-banking revenue, its costs have also gone up, thanks in part to a
few large acquisitions, including the 1999 Bankers Trust buy. As a result,
Deutsche recently announced plans to sell off four units deemed non-core,
and concentrate on high-margin investment-banking business. As of
September 2002, Deutsche has sold insurance operations in Western Europe
and tentatively agreed to deals to shed its U.S. leasing business and a
significant portion of its global securities services business.

Deutsche Bank at a Glance

Headquarters
31 West 52nd Street
New York, NY 10019
Phone: (212) 469-8000
www.db.com
DEPARTMENTS
Corporate and Investment Banking
(Commodities, Corporate Finance,
Corporate Trust, Fixed Income,
Foreign Exchange, Global Cash
Management, Global Equities,
Global Securities Services, Global
Trade Finance)
Corporate Investments
Private Clients and Asset
Management
THE STATS
Chairman, Management Board and
Head of Corporate and Investment
Banking: Josef Ackermann
Employer Type: Public Company
Ticker Symbol: DB (NYSE)
2001 Revenue: $28.6 billion
2001 Net Income: $167 million
No. of Employees: 94,780
No. of Offices: 2,300
KEY COMPETITORS
Citigroup
Credit Suisse First Boston
J.P. Morgan Chase
UBS Warburg
UPPERS
Major global presence
Relaxed culture
DOWNERS
Bureaucratic due to mergers
Not a brand name in the U.S.
EMPLOYMENT CONTACT
Corporate Finance
Nebal Fahed
Cfcampus.teamus@db.com
Sales, Trading and Research
Caryn Blumenfeld
Stcampus.teamus@db.com
Global Technology and Operations
Jacqueline Murray
Gtopscampus.teamus@db.com
THE BUZZ
WHAT EMPLOYEES AT OTHER FIRMS ARE SAYING
Pretty strong showing lately

Second-tier bank trying to pretend
that its first tier
Trying to fit into the U.S. and
so far so good
Disorganized leadership
Too German
Family-oriented
Ambitious and aggressive
Very smart people, impressive
2002 Vault Inc.
Deutsche Bank
The Scoop
History
The West and the War
Founded in Berlin in 1870, Deutsche Bank initially expanded throughout
Germany and later throughout the rest of Europe. The company first made its
mark in the U.S. in the 1880s when it helped finance the construction of the
railroads that linked the East and West coasts. In the late 1800s, Deutsche
Bank grew in large part due to several mergers with, and acquisitions of,
European banking firms.
Like most German corporations, Deutsche Banks actions during World War
II are a sensitive subject. The company has admitted that it helped finance
the construction of the Auschwitz concentration camp. To its credit, the bank
participated in the $1.25 billion settlement fund offered by Swiss and German
companies to Holocaust victims. And Deutsche Bank mentions unseemly
events such as the 1933-1934 ouster of Jewish board members in the history
section of its corporate web site.
Purchasing power
The companys growth continued after the war, but it wasnt until the late
1990s that the firm made the move that placed it among the major
international players. In June 1999, Deutsche Bank acquired Bankers Trust
(BT) for approximately $9 billion. BT had purchased Alex. Brown & Co., a
U.S. investment bank with nearly 200 years of history, two years earlier,
giving Deutsche Bank significant corporate lending and underwriting
prowess. Although the combination initially faced skepticism, the doubting
subsided after Deutsche Bank integrated BT.
In September 2001, Deutsche Bank announced an agreement to buy Zurich
Scudder Investments from Zurich Financial Services in a deal valued at $2.5
billion. The announcement came after two disappointing years for Scudder,
ending speculation that its Swiss parent company would put it on the
chopping block. At the time of the deal, Zurich Scudder had $300 billion in
assets, bolstering Deutsches total assets under management to $900 billion.
Deutsche tried to become even more formidable in 2000. The firm
announced plans to merge with German competitor Dresdner Bank AG in
March. The deal fell apart one month later, reportedly over the fate of
Deutsche Bank
The Scoop
Dresdners investment-banking unit, Dresdner Kleinwort Benson (now

Dresdner Kleinwort Wasserstein). Deutsche bank wanted Dresdner
Kleinwort Benson closed or sold; Dresdners people resisted, and the dispute
scuttled the deal.
Year of the ax
The year 2001 will go down as one of the most brutal years for global German
banks. Deutsche, like its fellow German ber-banks, cut thousands of jobs.
In all, Deutsche announced 9,200 layoffs as a result of the worldwide
economic slowdown. Early in the year, the bank unveiled plans to cut 2,600
jobs as part of its company-wide restructuring. In November, the bank
announced plans to slash 3,300 positions in its private client and asset
management division, and another 1,200 in its technical support division. As
the year came to a close, the banks corporate and investment-banking
division took the hit, as 2,100 more layoffs were announced in December.
That same month, the bank revealed plans to sack 1,500 employees as a result
of the integration with Zurich Scudder.
Bringing out the bankers

Deutsche made several moves in 2001 to solidify its presence in the U.S. The
firm switched over to American accounting standards, and in October the
bank listed its shares on the New York Stock Exchange. Deutsche also
announced that it would turn retail banking into a core business and cut the
traditional German management board from eight members to four, in order
to simplify decision making at the highest level. Under the retail
restructuring, small and medium-size customers will be transferred from the
investment bank to a new division. While Deutsches investment bank would
focus on providing higher-margin advisory services and products to large
companies.
The downsizing of the board which The Wall Street Journal has called the
most exalted council in German finance signaled an important change
from a consensus-driven German management style, where the board
members take collective responsibility for decisions, to a more American
management style, with a strong chief executive. Newly appointed Chairman
Josef Ackermann, who succeeded Rolf Breuer in May, will oversee the board
and is expected to run the kingdom of Deutsche much like an American CEO
(German law doesnt allow a corporation to have an actual CEO).
Ackermanns takeover of the board, and of the bank itself, also signals a
monumental strategy shift for the worlds second largest bank. Unlike his
4
2002 Vault Inc.
Deutsche Bank
The Scoop
predecessor, Ackermann comes from an investment-banking background.

Before his retirement, Breuer oversaw the Private Clients and Asset
Management Group, while Ackermann ran the Corporate and Investment
Bank Group. Observers feel that the firm appointed an I-banker in order to
send the message that it intends to focus on strengthening its position in the
lucrative global investment-banking market.
On its way to the bigs

Under Ackermanns leadership, Deutsches Corporate and Investment Bank
Group has gained ground on the big banks of the bulge bracket. In 2001
Deutsche Bank surpassed Goldman Sachs and Morgan Stanley in total
investment-banking revenues. According to Thomson Financial Securities
Data, in 2001 the bank ranked seventh in U.S. M&A and eighth in global
M&A, a decent jump from its respective 13th and 12th place rankings in
2000. The Wall Street Journal reported that Deutsches investment-banking
unit continued to score unexpected victories [in 2001], winning high profile
advisory roles in competition with more-established firms. The Journal
cited Deutsches advisory role on EchoStars $30 billion purchase of Hughes
Electronics, the second largest deal in 2001. The Journal also mentioned the
banks coup in gaining an advisory role with Electricite de France (EDF) on
its takeover of Montedison, despite Goldman Sachs relationship with EDF.
Although Deutsches M&A unit ascended the charts in 2001, its underwriting
practice fell a few notches. In 2001 Deutsche slid a few places on several
important underwriting league tables, including global debt and equity
offerings (from 7th in 2000 to 9th 2001), global debt offerings (from 6th to
9th), and equity and equity-related issues (from 9th to 10th). However, for the
first half of 2002, Deutsche did rank 6th in both global debt and equity
offerings, and global equity and equity-related offerings.
Getting rid of non-essentials

Making good on its commitment to cut costs by shedding non-core assets,
Deutsche Bank agreed to sell the majority of its U.S. leasing business to a
division of General Electric. The $2.9 million deal ($450 million in cash plus
almost $2.5 million in assumed debt) was agreed to in September 2002 and is
expected to close in the fourth quarter 2002. St. Louis-based Deutsche
Financial Services, which provides commercial inventory financing for
manufacturers and dealers of industrial equipment, technology products and
recreational vehicles, will become a part of GE Commercial Finance.
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Deutsche Bank
The Scoop
In September 2002, Deutsche announced that it entered into exclusive

discussions to sell a significant portion of its Global Securities Services
business to State Street Corporation. Included in the proposed sale are
Deutsches Global Custody, Global Fund Services, Global Securities
Lending, Global Performance Measurement and Benefit Payments
businesses. The deal is expected to be finalized in the fourth quarter 2002.
Also in September, Deutsche unveiled plans to split-off its 900-employee
European IT operations. Deutsche announced it was in exclusive talks with
IBM to outsource its continental European computer operations in a deal
worth 2.5 billion euros ($2.46 billion) over 10 years. Deutsche Bank COO
Hermann-Josef Lamberti told Reuters that the move would save the bank
over 100 million euros a year. Lamberti also hinted that similar deals would
be forthcoming. It is not a one-off, Lamberti told Reuters. Splitting off
business processes will be one of the central themes changing the banking
landscape over the next five years.
2002 Vault Inc.
Deutsche Bank
The Scoop
League Tables
Global Debt & Equity Offerings:
Jan 1, 2001 December 31, 2001
RANK
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
ADVISER
Citigroup/Salomon SB
Merrill Lynch
CSFB
J.P. Morgan Chase
Goldman Sachs
Morgan Stanley
Lehman Brothers
UBS Warburg
Deutsche Bank
BofA Securities
Bear Stearns
ABN Ambro
Barclays Capital
BNP Paribas
DK Wasserstein
INDUSTRY TOTAL
($BILLIONS)
MARKET
SHARE (%)
# OF
ISSUES
DISCLOSED
FEES ($MILLIONS)
486.9
432.7
346.9
315.1
302.5
277.6
260.6
252.8
224.4
162.5
134.7
90.0
72.9
55.0
53.1
4,075.1
11.9
10.6
8.5
7.7
7.4
6.8
6.4
6.2
5.5
4.0
3.3
2.2
1.8
1.4
1.3
100.0
1,574
2,012
1,312
1,094
795
929
861
949
770
728
427
776
314
216
272
16,748
2,401.7
1,940.9
1,641.0
1,037.5
2,111.1
1,976.0
972.7
888.2
745.3
465.8
230.0
353.4
121.8
207.7
251.2
18,159.6
PROCEEDS
Global Debt & Equity Offerings:

Jan 1, 2002 Jun 30, 2002
RANK
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
ADVISER
Merrill Lynch
J.P. Morgan Chase
CSFB
Goldman Sachs
Deutsche Bank
Lehman Brothers
Goldman Sachs
UBS Warburg
BofA Securities
Bear Stearns
Barclays Capital
ABN Amro
Royal Bank of Scotland
HBSC Holdings
INDUSTRY TOTAL
($BILLIONS)
MARKET
SHARE (%)
# OF
ISSUES
DISCLOSED
FEES ($MILLIONS)
244.8
197.0
183.2
175.4
152.5
143.4
143.0
135.1
132.2
97.3
69.8
50.8
46.2
33.5
32.9
2,199.0
11.1
9.0
8.3
8.0
6.9
6.5
6.5
6.1
6.0
4.4
3.2
2.3
2.1
1.5
1.5
100.0
797
811
627
656
534
588
438
372
507
529
236
211
295
115
204
8,234
1,346.3
753.4
690.1
811.4
688.1
501.5
446.1
647.3
364.8
292.1
150.9
147.9
125.8
39.5
91.3
8,745.2
PROCEEDS

Deutsche Bank
The Scoop
Global M&A Transactions (announced):

Jan 1, 2001 December 31, 2001
RANK
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
RANK VALUE
ADVISER
Goldman Sachs
Merrill Lynch
Morgan Stanley
CSFB
J.P. Morgan Chase
UBS Warburg
Deutsche Bank
Lehman Brothers
Dresdner Kleinwort Wass.
Lazard
Rothschild
Bear Stearns
Quadrangle
CIBC World Markets
INDUSTRY TOTAL
($BILLIONS)
# OF DEALS
602.8
477.0
460.6
395.3
388.4
264.9
227.9
224.1
123.2
120.7
103.5
90.1
78.2
72.5
37.1
1,751.9
339
255
313
455
403
331
239
253
148
89
161
168
71
2
101
28,885
Global M&A Transactions (announced):

Jan 1, 2002 Jun 30, 2002
RANK
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
RANK VALUE
ADVISER
CSFB
Goldman Sachs
Morgan Stanley
J.P. Morgan Chase
UBS Warburg
Merrill Lynch
Deutsche Bank
Lehman Brothers
Rothschild
Lazard
BNP Paribas
Cazenove
RBC Capital Markets
INDUSTRY TOTAL
($BILLIONS)
# OF DEALS
124.5
110.9
108.3
95.9
94.2
93.5
90.8
75.2
69.7
68.5
42.0
23.1
18.9
18.2
16.5
590.3
191
123
117
132
155
109
102
80
84
76
87
40
4
43
34
11,585
2002 Vault Inc.
Deutsche Bank
The Scoop
Global Equity & Equity-related Issues:

Jan 1, 2001 December 31, 2001
RANK
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
ADVISER
Merrill Lynch
Goldman Sachs
Morgan Stanley
CSFB
UBS Warburg
Lehman Brothers
Deutsche Bank
J.P. Morgan Chase
Societe Generale
Nomura
BofA Securities
ABN Amro
BNP Paribas
Credit Agr. Indo-Laz Frere
INDUSTRY TOTAL
($BILLIONS)
MARKET
SHARE (%)
# OF
ISSUES
DISCLOSED
FEES ($MILLIONS)
61.3
60.9
48.8
45.4
42.2
29.7
18.4
16.9
14.6
7.6
6.1
5.7
4.8
4.8
4.5
425.7
14.4
14.3
11.5
10.7
9.9
7.0
4.3
4.0
3.4
1.8
1.4
1.3
1.1
1.1
1.1
100.0
206
129
1,482
98
161
160
66
81
60
27
82
26
47
25
7
2,472
1,219.9
1,576.8
1,026.1
1,083.8
934.7
469.0
418.0
276.2
281.0
146.0
215.2
163.4
70.7
51.7
80.0
8,926.8
PROCEEDS
Global Equity & Equity-related Issues:

Jan 1, 2002 Jun 30, 2002
RANK
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
ADVISER
Goldman Sachs
Merrill Lynch
CSFB
Morgan Stanley
Deutsche Bank
J.P. Morgan Chase
UBS Warburg
Lehman Brothers
Societe Generale
Cazenove
BofA Securities
BNP Paribas
Nomura
Bear Stearns
INDUSTRY TOTAL
($BILLIONS)
MARKET
SHARE (%)
# OF
ISSUES
DISCLOSED
FEES ($MILLIONS)
31.2
27.5
24.5
16.6
12.6
12.2
11.2
9.0
7.0
4.3
3.7
3.3
3.2
2.8
2.2
201.1
15.5
13.7
12.2
8.2
6.3
6.0
5.6
4.5
3.5
2.1
1.8
1.6
1.6
1.4
1.1
100.0
118
57
81
84
45
50
48
72
34
18
16
18
12
34
22
1,180
802.4
473.9
524.4
489.6
337.3
147.5
221.6
151.3
206.8
45.6
24.7
82.1
26.2
89.3
99.7
4,218.2
PROCEEDS

Deutsche Bank
The Scoop
Global Debt (Including MBS, ABS & Tax Munis):

Jan 1, 2001 December 31, 2001
RANK
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
ADVISER
Merrill Lynch
CSFB
J.P. Morgan Chase
Goldman Sachs
Lehman Brothers
Morgan Stanley
UBS Warburg
Deutsche Bank
BofA Securities
Bear Stearns
ABN Ambro
Barclays Capital
BNP Paribas
DK Wasserstein
INDUSTRY TOTAL
($BILLIONS)
MARKET
SHARE (%)
# OF
ISSUES
DISCLOSED
FEES ($MILLIONS)
429.3
367.4
303.7
299.2
238.7
237.9
255.7
220.8
206.8
156.2
130.7
83.0
72.3
49.8
49.2
3,609.7
11.9
10.2
8.4
8.3
6.6
6.6
7.1
6.1
5.7
4.3
3.6
2.3
2.0
1.4
1.4
100.0
1,345
1,778
1,130
1,026
649
756
796
773
680
700
402
723
312
189
259
14,033
1,157.5
640.5
696.1
725.6
445.4
456.9
730.4
372.0
461.5
302.4
116.4
240.2
206.1
149.4
168.9
8,372.6
PROCEEDS
Global Debt (Including MBS, ABS & Tax Munis):

Jan 1, 2002 Jun 30, 2002
RANK
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
10
ADVISER
Merrill Lynch
J.P. Morgan Chase
CSFB
Goldman Sachs
Lehman Brothers
Deutsche Bank
UBS Warburg
Goldman Sachs
BofA Securities
Bear Stearns
Barclays Capital
ABN Amro
HBSC Holdings
INDUSTRY TOTAL
($BILLIONS)
MARKET
SHARE (%)
# OF
ISSUES
DISCLOSED
FEES ($MILLIONS)
213.6
172.5
172.1
158.8
139.9
136.0
131.2
123.3
107.6
93.9
67.6
50.8
44.7
33.5
31.2
1,997.9
10.7
8.6
8.6
8.0
7.0
6.8
6.6
6.2
5.4
4.7
3.4
2.5
2.2
1.7
1.6
100.0
679
730
579
572
489
404
538
435
315
511
214
211
279
115
196
7,054
543.9
228.9
468.5
321.7
350.7
239.3
354.0
213.5
173.5
210.0
51.2
147.9
120.6
39.5
72.0
4,536.0
PROCEEDS
2002 Vault Inc.
Deutsche Bank
The Scoop
U.S. Debt & Equity Offerings:

Jan 1, 2001 December 31, 2001
RANK
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
ADVISER
Merrill Lynch
CSFB
J.P. Morgan Chase
Goldman Sachs
Lehman Brothers
Morgan Stanley
UBS Warburg
BofA Securities
Deutsche Bank
Bear Stearns
ABN Ambro
Countrywide Securities
Wachovia
INDUSTRY TOTAL
($BILLIONS)
MARKET
SHARE (%)
# OF
ISSUES
DISCLOSED
FEES ($MILLIONS)
394.5
350.0
278.7
248.0
244.1
232.0
189.7
180.8
160.2
133.4
132.3
38.5
36.0
26.0
23.8
2,880.1
13.7
12.2
9.7
8.6
8.5
8.1
6.6
6.3
5.6
4.6
4.6
1.3
1.2
0.9
0.8
100.0
1,277
1,741
1,029
869
624
758
644
595
715
404
420
539
116
457
161
12,269
1,807.4
1,399.8
1,178.1
782.1
1,737.2
809.5
1,463.1
462.8
458.4
219.2
104.7
9.3
40.6
31.1
11,437.2
($BILLIONS)
MARKET
SHARE (%)
# OF
ISSUES
DISCLOSED
FEES ($MILLIONS)
195.8
169.1
148.5
145.0
126.8
118.6
103.9
94.5
93.9
82.7
69.2
25.8
18.1
16.8
15.0
1,537.4
12.7
11.0
9.7
9.4
8.3
7.7
6.8
6.1
6.1
5.4
4.5
1.7
1.2
1.1
1.0
100.0
635
706
504
513
368
397
288
343
518
308
234
85
198
93
119
5,796
1,042.0
6,006.3
536.1
605.8
396.1
574.0
504.0
221.6
279.9
283.4
145.9
6.1
6.3
36.1
26.3
5,720.4
PROCEEDS
U.S. Debt & Equity Offerings:

Jan 1, 2002 Jun 30, 2002
RANK
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
ADVISER
Merrill Lynch
J.P. Morgan Chase
CSFB
Lehman Brothers
Morgan Stanley
Goldman Sachs
UBS Warburg
BofA Securities
Deutsche Bank
Bear Stearns
Bank One
Wachovia
INDUSTRY TOTAL
PROCEEDS

11
Deutsche Bank
The Scoop
U.S. M&A Transactions (announced with U.S. targets):

Jan 1, 2001 December 31, 2001
RANK
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
RANK VALUE
ADVISER
($BILLIONS)
Goldman Sachs
Merrill Lynch
Morgan Stanley
CSFB
J.P. Morgan Chase
Deutsche Bank
Lehman Brothers
UBS Warburg
Bear Stearns
Quadrangle
Lazard
BofA Securities
Greenhill
INDUSTRY TOTAL
410.3
289.2
285.0
272.6
234.1
144.2
118.4
87.3
81.3
75.3
72.5
32.0
24.5
23.5
20.4
825.7
# OF DEALS
167
112
138
199
149
112
62
86
66
60
2
37
30
57
11
7,533
U.S. M&A Transactions (announced with U.S. targets):

Jan 1, 2002 Jun 30, 2002
RANK
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
RANK VALUE
ADVISER
CSFB
Goldman Sachs
J.P. Morgan Chase
Morgan Stanley
UBS Warburg
Merrill Lynch
Lehman Brothers
Deutsche Bank
BofA Securities
Lazard
Bear Stearns
Rothschild
ABN Amro
INDUSTRY TOTAL
12
($BILLIONS)
# OF DEALS
56.9
52.9
44.3
39.6
39.3
32.7
19.7
18.2
15.1
13.6
9.0
8.0
7.3
6.4
5.5
206.5
105
47
39
49
50
42
42
35
26
37
23
16
11
9
4
3,242
2002 Vault Inc.
Deutsche Bank
The Scoop
U.S. Equity & Equity-related Issues:

Jan 1, 2001 December 31, 2001
RANK
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
ADVISER
Goldman Sachs
Merrill Lynch
CSFB
Morgan Stanley
Lehman Brothers
UBS Warburg
J.P. Morgan Chase
BofA Securities
Deutsche Bank
Bear Stearns
FleetBoston Financial
CIBC World Markets
ABN Amro
Friedman Billings Group
INDUSTRY TOTAL
($BILLIONS)
MARKET
SHARE (%)
# OF
ISSUES
DISCLOSED
FEES ($MILLIONS)
43.6
39.9
31.3
29.7
28.7
13.7
10.4
9.6
5.7
4.6
2.7
1.0
1.4
0.9
0.7
228.9
19.1
17.4
13.7
13.0
12.5
6.0
4.5
4.2
2.5
2.0
1.2
0.4
0.6
0.4
0.3
100.0
94
157
108
120
70
51
63
42
25
36
17
8
12
6
14
769
1,331.4
863.1
668.4
724.6
791.8
333.0
273.7
206.1
162.5
100.2
94.0
20.0
39.4
23.0
38.8
5,893.9
PROCEEDS
U.S. Equity & Equity-related Issues:

Jan 1, 2002 Jun 30, 2002
RANK
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
ADVISER
Merrill Lynch
Goldman Sachs
CSFB
Morgan Stanley
J.P. Morgan Chase
Lehman Brothers
UBS Warburg
Deutsche Bank
BofA Securities
Bear Stearns
CIBC World Markets
RBC Capital Markets
Thomas Weisel
INDUSTRY TOTAL
($BILLIONS)
MARKET
SHARE (%)
# OF
ISSUES
DISCLOSED
FEES ($MILLIONS)
21.1
20.2
16.2
13.4
9.4
7.7
5.5
3.6
3.4
3.3
2.2
1.0
0.5
0.5
0.5
112.8
18.7
17.9
14.3
11.9
8.4
6.8
4.8
3.2
3.0
2.9
2.0
0.9
0.4
0.4
0.4
100.0
73
66
39
68
31
36
32
46
25
18
22
13
9
2
4
460
611.3
435.3
381.2
432.8
287.7
162.3
190.8
120.0
96.1
81.8
99.1
51.5
19.7
17.6
23.5
3,183.6
PROCEEDS

13
Deutsche Bank
The Scoop
U.S. Initial Public Offerings 2001:

Jan 1, 2001 December 31, 2001
RANK
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
ADVISER
PROCEEDS
($BILLIONS)
MARKET
SHARE (%)
# OF
ISSUES
DISCLOSED
FEES ($MILLIONS)
Goldman Sachs
Merrill Lynch
CSFB
Morgan Stanley
Lehman Brothers
UBS Warburg
J.P. Morgan Chase
BofA Securities
Deutsche Bank
Bear Stearns
FleetBoston Financial
CIBC World Markets
ABN Amro
INDUSTRY TOTAL
11,915.6
8,511.8
5,510.3
4,457.1
1,470.1
1,427.0
695.2
561.2
529.1
426.2
332.0
179.4
162.3
135.7
124.0
37,095.4
32.1
22.9
14.9
12.0
4.0
3.8
1.9
1.5
1.4
1.1
0.9
0.5
0.4
0.4
0.3
100.0
18
12
15
8
10
14
7
4
8
4
3
1
2
1
2
106
517.4
333.1
197.3
140.9
83.3
67.3
30.8
33.1
29.9
27.8
21.4
10.9
10.9
4.1
8.1
1,556.8
U.S. Initial Public Offerings:

Jan 1, 2002 Jun 30, 2002
RANK
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
14
ADVISER
PROCEEDS
($BILLIONS)
MARKET
SHARE (%)
# OF
ISSUES
DISCLOSED
FEES ($MILLIONS)
CSFB
Merrill Lynch
Morgan Stanley
Deutsche Bank
Goldman Sachs
UBS Warburg
Lehman Brothers
Bear Stearns
Cazenove
Jefferies
US Bancorp
J.P. Morga Chase
Legg Mason
ING
INDUSTRY TOTAL
5,979.6
2,508.9
2,238.6
1,497.4
693.1
691.9
554.7
537.8
384.2
121.5
115.2
103.5
85.5
85.0
78.6
15,954.6
37.5
15.7
14.0
9.4
4.3
4.3
3.5
3.4
2.4
0.8
0.7
0.6
0.5
0.5
0.5
100.0
7
11
8
5
4
4
5
6
4
2
1
1
1
1
1
55
244.8
119.6
99.8
76.6
33.5
45.6
34.7
33.4
24.1
3.7
8.1
6.3
2.6
6.0
3.4
756.4
2002 Vault Inc.
Deutsche Bank
The Scoop
U.S. Debt (Including MBS, ABS & Tax Munis):

Jan 1, 2001 December 31, 2001
RANK
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
ADVISER
Merrill Lynch
CSFB
J.P. Morgan Chase
Lehman Brothers
Goldman Sachs
UBS Warburg
Morgan Stanley
BofA Securities
Deutsche Bank
Bear Stearns
ABN Amro
Wachovia
INDUSTRY TOTAL
($BILLIONS)
MARKET
SHARE (%)
# OF
ISSUES
DISCLOSED
FEES ($MILLIONS)
355.1
306.4
248.4
238.0
214.6
198.1
168.3
154.6
153.9
128.6
128.5
37.8
36.0
26.0
23.0
2,618.0
13.6
11.7
9.5
9.1
8.2
7.6
6.4
5.9
5.9
4.9
4.9
1.4
1.4
1.0
0.9
100.0
1,124
1,558
888
822
669
513
516
539
688
363
396
533
116
457
150
11,271
926.9
462.8
446.9
565.1
381.1
330.4
142.4
509.6
295.8
213.3
111.2
81.7
9.3
40.6
16.6
4,801.7
PROCEEDS
U.S. Debt (Including MBS, ABS & Tax Munis):

Jan 1, 2002 Jun 30, 2002
RANK
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
ADVISER
Merrill Lynch
J.P. Morgan Chase
CSFB
Lehman Brothers
Morgan Stanley
UBS Warburg
BofA Securities
Goldman Sachs
Deutsche Bank
Bear Stearns
Bank One
Wachovia
INDUSTRY TOTAL
($BILLIONS)
MARKET
SHARE (%)
# OF
ISSUES
DISCLOSED
FEES ($MILLIONS)
174.7
148.8
140.8
131.6
121.4
109.1
90.9
90.5
87.7
79.3
67.0
25.8
18.1
16.8
14.7
1,424.6
12.3
10.4
9.9
9.2
8.5
7.7
6.4
6.4
6.2
5.6
4.7
1.8
1.3
1.2
1.0
100.0
561
640
468
445
336
366
296
500
249
283
212
85
198
93
113
5,335
430.7
171.0
373.8
172.9
205.3
286.3
101.6
198.2
123.0
187.3
46.9
6.1
6.3
36.1
13.9
2,536.8
PROCEEDS

15
Deutsche Bank
The Scoop
U.S. High Yield Debt:

Jan 1, 2001 December 31, 2001
RANK
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
ADVISER
PROCEEDS
($BILLIONS)
MARKET
SHARE (%)
# OF
ISSUES
DISCLOSED
FEES ($MILLIONS)
CSFB
Goldman Sachs
J.P. Morgan Chase
BofA Securities
Morgan Stanley
Deutsche Bank
Lehman Brothers
Merrill Lynch
UBS Warburg
Bear Stearns
Jeffereies
Wachovia
TD Securities
CIBC World Markets
INDUSTRY TOTAL
12,811.7
9,664.7
9,312.8
8,069.9
7,363.0
6,014.6
5,394.6
5,097.5
4,753.2
2,902.4
2,646.4
661.8
476.6
348.0
332.5
76,319.2
386,103.9
291,263.3
280,658.2
243,201.1
221,897.4
181,260.9
162,576.1
153,622.4
143,246.3
87,469.1
79,754.1
19,944.5
14,363.2
10,487.6
10,020.5
100.0
60
39
36
48
345
18
31
25
22
18
17
5
4
3
3
261
62.3
86.4
34.6
23.6
43.9
63.5
14.1
22.7
38.6
8.4
10.7
0.0
0.0
0.0
5.3
414.7
ADVISER
PROCEEDS
($BILLIONS)
MARKET
SHARE (%)
# OF
ISSUES
DISCLOSED
FEES ($MILLIONS)
CSFB
BofA Securities
Deutsche Bank
Lehman Brothers
J.P. Morgan Chase
Goldman Sachs
UBS Warburg
Morgan Stanaley
Merrill Lynch
Bear Stearns
CIBC World Markets
Dresdner KW
Wachovia
Jefferies
INDUSTRY TOTAL
7,003.7
4,342.3
3,767.7
3,609.3
3,523.1
3,507.4
3,158.9
2,400.7
2,297.0
986.4
887.0
531.4
519.8
505.6
335.3
38,641.4
18.1
11.2
9.8
9.3
9.1
9.1
8.2
6.2
5.9
2.6
2.3
1.4
1.3
1.3
0.9
100
46
26
26
22
18
24
9
14
12
6
9
6
4
6
2
164
15.5
29.7
2.9
8.3
41.3
17.9
17.5
2.5
5.4
0.0
4.3
2.0
2.1
0.0
0.4
163.5
U.S. High Yield Debt:

Jan 1, 2002 Jun 30, 2002
RANK
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
2002 Vault Inc.
Deutsche Bank
The Scoop
U.S. Investment Grade Debt:

Jan 1, 2001 December 31, 2001
RANK
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
ADVISER
J.P. Morgan Chase
Lehman Brothers
Merrill Lynch
Morgan Stanley
CSFB
Goldman Sachs
BofA Securities
UBS Warburg
Deutsche Bank
Bear Stearns
Bnak One
Barclays Capital
ABN Amro
BNP Paribas
INDUSTRY TOTAL
($BILLIONS)
MARKET
SHARE (%)
# OF
ISSUES
DISCLOSED
FEES ($MILLIONS)
140.1
94.2
66.0
59.6
5.8
51.1
46.6
43.6
20.1
16.3
12.2
7.0
5.5
3.6
3.0
638.5
21.9
14.8
10.3
9.3
0.9
8.0
7.3
6.8
3.1
2.6
1.9
1.1
0.9
0.6
0.5
100.0
321
286
164
206
129
138
111
148
66
50
35
36
21
23
6
1,189
657.8
383.9
219.2
287.9
297.3
255.3
212.7
199.6
82.4
64.4
50.3
23.8
21.3
12.5
13.9
2,825.1
($BILLIONS)
MARKET
SHARE (%)
# OF
ISSUES
DISCLOSED
FEES ($MILLIONS)
78.4
59.9
39.5
32.1
31.4
25.9
23.5
20.3
11.6
9.7
5.2
4.0
3.6
3.1
1.9
357.7
21.9
16.7
11.0
9.0
8.8
7.2
6.6
5.7
3.2
2.7
1.4
1.1
1.0
0.9
0.5
100.0
242
227
97
292
73
112
80
70
44
38
28
21
23
11
182
1,059
323.6
252.4
118.6
168.9
183.3
99.7
104.7
73.5
47.3
62.7
20.6
18.8
9.8
9.7
26.4
1,552.3
PROCEEDS
U.S. Investment Grade Debt:

Jan 1, 2002 Jun 30, 2002
RANK
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
ADVISER
J.P. Morgan Chase
Lehman Brothers
BofA Securities
Morgan Stanley
Merril Lynch
CSFB
Deutsche Bank
Goldman Sachs
UBS Warburg
Bank One
Barclays Capital
Wachovia
Bear Stearns
In Capital
INDUSTRY TOTAL
PROCEEDS

17
Deutsche Bank
The Scoop
All Municipal Bond Issues:

Jan 1, 2001 December 31, 2001
RANK
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
ADVISER
Salomon Smith Barney
UBS PaineWebber
Merrill Lynch
Morgan Stanley
Bear Stearns
Goldman Sachs
Lehman Brothers
J.P. Morgan Securities
BofA Securities
Piper Jaffray
A.G. Edwards
RBC Dain Rauscher
Morgan Keenan
George K. Baum
Bank One
INDUSTRY TOTAL
($BILLIONS)
MARKET
SHARE (%)
# OF ISSUES
39.6
33.6
19.6
19.1
17.5
16.5
16.3
10.0
6.4
6.3
6.2
5.7
5.1
4.4
3.4
283.5
14.0
11.8
6.9
6.8
6.2
5.8
5.7
3.5
2.3
2.2
2.2
2.0
1.8
1.5
1.2
100.0
111
62
108
119
107
73
67
44
54
47
36
22
18
8
11
13,235
PROCEEDS
($BILLIONS)
MARKET
SHARE (%)
# OF ISSUES
23.5
23.5
11.6
11.5
11.5
9.4
8.4
5.5
4.3
3.3
3.1
3.0
2.9
2.7
1.8
160.8
14.6
14.6
7.2
7.2
7.2
5.8
5.2
3.4
2.7
2.0
2.0
1.9
1.8
1.7
1.1
100.0
330
446
85
133
136
91
184
85
276
147
272
143
68
228
69
6,555
PROCEEDS
All Municipal Bond Issues:

Jan 1, 2002 Jun 30, 2002
RANK
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
18
ADVISER
Salomon Smith Barney
UBS PaineWebber
Bear Stearns
Lehman Brothers
Merrill Lynch
Goldman Sachs
Morgan Stanley
J.P. Morgan Securities
RBC Dain Rauscher
BofA Securities
Piper Jaffray
RBC Dain Rauscher
Morgan Keenan
George K. Baum
Bank One
INDUSTRY TOTAL
2002 Vault Inc.
Deutsche Bank
The Scoop
U.S. Asset-Backed Securities:

Jan 1, 2001 December 31, 2001
RANK
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
ADVISER
CSFB
J.P. Morgan Chase
Deutsche Bank
Lehman Brothers
BofA Securities
Bear Stearns
Morgan Stanley
Merill Lynch
Wachovia
Bnak One
Goldman Sachs
UBS Warburg
INDUSTRY TOTAL
($BILLIONS)
MARKET
SHARE (%)
# OF
ISSUES
DISCLOSED
FEES ($MILLIONS)
49.2
48.8
43.4
34.6
30.7
23.5
20.5
17.8
15.4
13.2
12.1
10.2
8.6
6.9
3.3
349.1
1,440.6
1,427.8
1,270.6
1,013.0
897.2
687.6
599.9
521.9
451.7
387.6
355.1
297.5
252.2
202.6
97.1
100.0
88
130
70
77
82
59
55
48
46
37
30
25
19
23
19
785
91.2
72.7
64.0
78.7
60.9
44.5
8.5
35.2
19.0
5.1
5.0
17.5
9.6
6.4
2.8
529.6
($BILLIONS)
MARKET
SHARE (%)
# OF
ISSUES
DISCLOSED
FEES ($MILLIONS)
27.6
25.3
24.6
24.0
23.7
16.3
16.0
10.6
8.9
8.8
8.7
7.9
6.0
4.7
3.1
223.1
12.4
11.3
11.0
10.7
10.6
7.3
7.2
4.7
4.0
4.0
3.9
3.6
2.7
2.1
1.4
100.0
41
76
49
47
46
38
54
34
13
23
16
17
21
12
5
453
37.9
23.0
24.0
55.5
26.6
6.4
23.7
4.9
15.2
15.0
14.5
1.8
3.0
1.7
3.4
260.7
PROCEEDS
U.S. Asset-Backed Securities:

Jan 1, 2002 Jun 30, 2002
RANK
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
ADVISER
J.P. Morgan Chase
CSFB
BofA Securities
Deutsche Bank
Morgan Stanley
Lehman Brothers
Bear Stearns
Merill Lynch
Wachovia
Bnak One
Goldman Sachs
UBS Warburg
INDUSTRY TOTAL
PROCEEDS

19
Deutsche Bank
The Scoop
U.S. Mortgage-Backed Securities:

Jan 1, 2001 December 31, 2001
RANK
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
ADVISER
UBS Warburg
Goldman Sachs
Bear Stearns
CSFB
Lehman Brothers
BofA Securities
J.P. Morgan Chase
Merrill Lynch
Morgan Stanley
Deutsche Bank
Securities Sales & Trading
Wachovia
INDUSTRY TOTAL
($BILLIONS)
MARKET
SHARE (%)
# OF
ISSUES
86.1
82.3
72.5
67.1
61.5
58.1
36.7
21.7
20.8
19.6
8.7
8.0
6.2
5.3
3.4
586.1
14.7
14.0
12.4
11.4
10.5
9.9
6.3
3.7
3.6
3.3
1.5
1.4
1.1
0.9
0.6
100.0
111
62
108
119
107
73
67
44
54
47
36
22
18
8
11
838
PROCEEDS
DISCLOSED
FEES ($MILLIONS)
0.0
0.0
1.3
0.0
1.5
0.0
0.9
1.8
0.0
0.5
0.6
3.2
11.8
0.0
0.0
21.5
U.S. Mortgage-Backed Securities:

Jan 1, 2002 Jun 30, 2002
RANK
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
20
ADVISER
UBS Warburg
CSFB
Bear Stearns
Lehman Brothers
Goldman Sachs
BofA Securities
Merrill Lynch
J.P. Morgan Chase
Securities Sales & Trading
Morgan Stanley
Nomura
Deutsche Bank
INDUSTRY TOTAL
($BILLIONS)
MARKET
SHARE (%)
# OF
ISSUES
DISCLOSED
FEES ($MILLIONS)
52.4
45.7
39.6
38.3
36.1
25.5
19.0
18.6
15.0
13.6
6.5
4.1
3.1
2.7
2.4
330.2
15.9
13.8
12.0
11.6
10.9
7.7
5.8
5.6
4.5
4.1
2.0
1.3
0.9
0.8
0.7
100.0
47
62
66
70
39
31
37
28
28
26
35
5
9
8
9
470
0.0
0.0
0.0
0.0
0.0
0.0
0.5
0.5
0.0
0.0
0.0
0.0
0.0
0.0
0.0
1.6
PROCEEDS
2002 Vault Inc.
Deutsche Bank
The Scoop
Compensation
Pay
Analyst: 1st year: $55,000 per year (salary) + $25,000 bonus
Associate: 1st year: $85,000 per year (salary) + $25,000 signing bonus +
$30,000 year-end bonus
Perks
Tickets to shows or sports events to entertain clients
Free passes to museums and cultural events
Stock options
Dinner allowance after 8 p.m. and on weekends
Car service after 9 p.m. and on weekends

21
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Deutsche Bank
Organization
CEOs Bio
Landing on his feet
If you fall down, get right back up and go to Germany. Thats what
Deutsche CEO Josef Ackermann did. In 1996 Ackermann, then the chief
executive of Credit Suisse, was ousted from the giant Swiss bank in a massive
reorganization. Soon after, Ackermann crossed the Swiss border and entered
Germany, determined to regain a chief executive spot at a world banking
power. In Germany he received and accepted an offer from Deutsche Bank
to run its ailing corporate and investment-banking business. Under
Ackermann, the unit prospered. In five years, Ackermann turned the
struggling unit into an I-banking force deserving of respect. According to
Fortune magazine, Ackermann transformed Deutsches ailing investment
unit into a star performer. In 2001, as a result of his efforts, Ackermann was
tapped to succeed Deutsche CEO Rolf Breuer, whose five-year contract was
ending the following year. Ackermann officially became Deutsches CEO on
May 23, 2002.
Ackermann began his banking career 25 years before landing atop Deutsches
org chart. Ackermann joined Credit Suisse in 1977 after receiving a doctorate
in social sciences and economics and, like all Swiss men, serving time in the
Swiss army. He worked his way up through Credit Suisses ranks and served
as chief executive from 1993 until forced out in 1996. Aside from his talent
of getting up after hes been knocked down, Ackermann was a champion
javelinist in his youth and is a talented pianist and skier hes not only the
chairman of Deutsches ski club, hes also a member.
Business Units
Corporate and Investment Banking
This unit consists of the following groups: Commodities, Corporate Finance,
Corporate Trust, Fixed Income, Foreign Exchange, Global Cash
Management, Global Equities, Global Securities Services, Global Trade
Finance.

23
Deutsche Bank
Organization
Commodities
Manages risk and funds business growth for banks, governments, hedge
funds and commodity producers and consumers. In addition, Deutsche
provides research on commodities.
Corporate Finance
Advises companies on mergers, acquisitions, divestitures and traditional
loans, and supports other groups in equity and debt offerings. Groups within
corporate finance include Mergers & Acquisitions, Project Finance, Financial
Sponsors, Restructuring Advisory and Structured Finance.
Corporate Trust
Provides trust, agency, depositary and custody services to financial
institutions, corporations, governments and agencies. Corporate Trust is
subdivided into four groups: Equities, Debt Instruments, Structured
Financings and Tax-neutral and Tax-advantaged Structures.
Fixed Income
Provides financing alternatives such as corporate bonds, structured credit
instruments, securitized products, OTC derivatives, and commodities. Fixed
income is subdivided into Money Markets, Debt Capital Markets,
Governments/Agencies, High Grade Credit, High Yield, Futures & Options,
Interest Rate Swaps & Options, Credit Derivatives, Asset Securitization,
Emerging Markets, Convertible Bonds and Research.
Foreign Exchange
Provides clients with liquidity in the spot, forward, and options, and FX
markets. Foreign Exchange consists of the following sub-sectors: Spot,
Forward, Options, Global Liquidity Services and Research.
Global Cash Management

Assists corporate clients in managing their customer access, payment and
collection services, liquidity management, information and account services
and electronic bill presentment and payment solutions.
24
2002 Vault Inc.
Deutsche Bank
Organization
Global Equities
Offers sales and trading services with a focus on providing liquidity to clients.
This group includes Cash Equities, Convertible Bonds, Research, Program
Trading, Derivatives, Equity Prime Services and Research.
Global Security Services

Provides custodial services, fund administration and trustee services and
securities lending services (when assets that are held in custody Deutsche
Bank or with a third party are lent out to clients). The three subgroups are
Custody, Fund Services and Securities Lending.
Global Trade Finance

Combines trade finance and risk advisory product groups with processing
technology. Operating in 65 locations in more than 40 countries, this groups
subsections include: Structured Trade & Export Finance, Trade & Risk
Services and Tariff for Banks.
Private Clients and Asset Management

PCAM consists of the following three major groups:
Private and Business Clients
Provides brokerage services primarily to approximately 12 million retail and
small business clients in Europe.
Private Wealth Management
Provides brokerage services for very wealthy persons and families.
Asset Management
Provides equity, bond and real estate investment services to institutional
clients and private investors through a network of over 600 professionals.
Specific products include: commingled funds, sub-advised portfolios, masterfeeder portfolios, variable insurance trusts, common trust funds, mutual
funds, hedge funds, and fund of funds
Corporate Investments
Operating under the name DB Capital Partners, Corporate Investments
oversees Deutsches private equity and real estate portfolio investments, as
well as the banks industrial shareholdings and other investments. The unit is

25
Deutsche Bank
Organization
broken down into four groups: Private Equity, Mezzanine, Venture Capital,
and Fund Investing.
Locations
Frankfurt: Worldwide headquarters
London: Investment-banking headquarters
New York: North American headquarters
Singapore: Asian headquarters
Deutsche operates in more than 75 countries worldwide.
Key Officers
Spokesman of the Board of Managing Directors and Chairman of the
Group Executive Committee: Josef Ackermann
Global Head of Corporate Finance: Michael Cohrs
Chief Administrative Officer: Tessen von Heydebreck
Global Head of Global Markets: Anshu Jain
Global Head of Global Equities: Kevin Parker
Global Head of Private and Business Clients: Herbert Walter
Global Head of Private Wealth Management: Pierre de Weck
Chief Operating Officer: Hermann-Josef Lamberti
Global Head of Asset Management: Tom Hughes
Chief Financial Officer: Clemens Brsig
Global Head of Global Transaction: Jrgen Fitschen
Chairman: Rolf E. Breuer
Ownership
Deutsche Banks common stock is traded on the New York Stock Exchange
under the symbol DB.
26
2002 Vault Inc.
Deutsche Bank
Vault Newswire
October 2002: Deutsche takes M&A bronze
Deutsche Bank ranked third in announced European mergers and acquisitions
for the nine months ended September 30, 2002. Advising on 76 deals worth
$72 billion, Deutsche trailed only J.P. Morgan and Morgan Stanley. This was
a decent jump for the German bank: During the same period in the previous
year, Deutsche ranked seventh in announced M&A activity.
September 2002: Deutsche dumps index

business
Deutsche agreed to sell its index-based asset management business to
Chicago-based Northern Trust for $260 billion. The sale of the low-fee
generating index-based business is a part of Deutsches overall plan to shed
non-core assets and concentrate on higher fee businesses such as investment
banking. This will enable us to provide more focused products and services
to our clients, said Tom Hughes, Deutsches global head of asset
management, in a statement.
September 2002: Deutsche working on getting

rid of another unit
Deutsche said it entered into exclusive discussions to sell a significant portion
of its Global Securities Services business to State Street Corporation. A deal,
for about $1 billion, should be finalized in the fourth quarter 2002.
September 2002: Losing leases

Deutsche agreed to sell the majority of its U.S. leasing business to a division
of General Electric for $2.9 million ($450 million in cash plus almost $2.5
million in assumed debt). The deal is expected to close in the fourth quarter
2002.
September 2002: Usin it

In a survey conducted by Global Investor magazine, 137 fund mangers said
Deutsche Bank doled out the most useful equity research. It was the second
year in a row that the firm ranked the highest in usefulness. Reporting the
results of the survey, The Wall Street Journal said Deutsches equity research

27
Deutsche Bank
Vault Newswire
unit also once again ranked second for independence, although the votes it
received there were less than half of those it received for usefulness.
August 2002: Dressing back up

Deutsche announced that beginning September 2002 its global trading
operations staff in London will be returning to formal business attire from
Monday through Thursday. A memo to employees read, We feel there has
been a significant shift in sentiment over the past 18 months among our
clients regarding dress code. The move away from a casual-attired
workplace follows on the heels of Lehman Brothers return to the suit in
March 2002. Deutsche employees will still be allowed to dress casual on
Fridays.
July 2002: Best of the west

In Euromoneys annual awards for excellence, Deutsche was awarded four
out of seven awards for the Western Europe region. Deutsche was named best
bank, best debt house, best at risk management and treasury and best at cash
management. According to Euromoney, Deutsche has the distinction of
being the only European bank to have pushed its way into the ranks of the
global players with operations in 70 countries. Although Deutsche didnt
pick up one of the awards for the North American region, the publication did
admit, If the [best at risk management and treasury] award were simply for
risk management, Deutsche would have won.
May 2002: Meet Jo Ackermann

On May 23, 2002, Josef Ackermann officially became the CEO of Deutsche
Bank, succeeding Rolf Breuer, whose five-year contract ran out. Ackermann
was previously the head of Deutsches head corporate and investment
banking business.
January 2002: The big deal of the year

EchoStars acquisition of Hughes Electronics earned several 2001 deal of
the year honors, including Investment Dealers Digests media/telecom
breakthrough deal of the year and an Institutional Investor M&A deal of the
year award. Deutsche advised EchoStar on the nearly $30 billion purchase of
the DirectTV parent.
28
2002 Vault Inc.
Deutsche Bank
Vault Newswire
December 2001: Deutsche sacks a load

As part of its restructuring, Deutsche Bank announced plans to cut 2,400 jobs
in its corporate and investment banking and private clients and asset
management groups. According to the firm, 900 positions would be
eliminated in the U.S., 350 in the U.K., 900 in continental Europe and 250 in
Asia.
October 2001: Opening day

Deutsche Bank began trading on the NYSE under the symbol DB.
September 2001: Scoring Scudder

Deutsche agreed to buy Zurich Scudder Investments from Zurich Financial
Services for $2.5 billion. Zurich Scudder has $300 billion in assets, which
would bolster Deutsches total assets under management.
July 2001: Deutsche logs off

Deutsche entered into an agreement to sell the online operations of subsidiary
National Discount Brokers Group to Ameritrade for $154 million in stock.
May 2001: Big sale in Germany

Deutsche said it plans to sell its stakes in all non-banking companies,
including Daimler-Chrylser AG and insurance giant Alliance AG. Deutsche
chairman and CEO Rolf Breuer said the divestitures would begin in January
2001, when the tax on share-holding capital gains is eliminated. In total, the
stakes represent over $15 billion.
February 2001: Jobs and costs: reduced

Deutsche announced that its business unit reorganization would result in the
loss of 2,600 jobs. Additionally, the shuffling is expected to save the bank
$1.5 billion and add 15 percent to its annual earnings per through 2003.
January 2001: The Frankfurt shuffle

Deutsche unveiled a reorganization that established three groups: the
Corporate and Investment Bank Group (CIB), the Private Clients and Asset
Management Group (PCAM); and Corporate Investments.

29
Deutsche Bank
Vault Newswire
December 2000: Deutsche buys online

Deutsche completed the acquisition of National Discount Brokers Group, an
Internet brokerage and financial services company.
April 2000: Dresdner says no to Deutsche

The previously announced merger between Deutsche and fellow German
banking giant Dresdner was called off by Dresdners board because of
differences of opinion on the integration of the investment banking business.
30
2002 Vault Inc.
Deutsche Bank
Select Recent Transactions

September 2002
Deutsche Bank lead managed Health Care REITs $150 million bond
offering.
Deutsche Bank, with HSBC and J.P. Morgan, lead managed European
Investment Banks five billion euro debt offering.
Deutsche Bank and Credit Suisse First Boston lead managed a $500 million
debt deal for Coca-Cola Enterprises.
Deutsche Bank, with J.P. Morgan Chase, lead managed $400 million bond
offering for Pitney Bowes.
August 2002
Deutsche Bank and Salomon Brothers lead managed Asian Development
Banks $500 million bond offering.
Deutsche Bank along with CSFB and Dresdner, lead managed Viacoms
$600 million note offering.
Deutsche Bank, with Merrill Lynch, lead managed a $150 million debt
offering for Duke Realty.
Deutsche Bank co-lead managed, along with CSFB, a $175 million bond
offering for Manitowoc, a manufacturer of cranes and related equipment.
July 2002
Deutsche Bank, along with BofA Securities, co-lead managed a $480
million bond offerings for Safeway.
Deutsche Bank lead managed a $151 million bond offerings for Linde
Finance BV.
Deutsche Bank, along with ABN Ambro and Lehman Brothers, co-lead
managed Countrywide Home Loans $750 million bond offering.
Deutsche Bank advised Genie Holdings, manufacturer of aerial work
platforms, on its $265 million sale to Terex.
Deutsche Bank lead managed a $64.5 million bond offerings for American
Honda Finance.
31
Deutsche Bank
Deutsche Bank, with J.P. Morgan Chase, co-lead managed a $200 million
bond offering for Emirates Bank International.
June 2002
Deutsche Bank, with Merrill Lynch and Lehman Brothers, advised
Railtrack on its $11.5 billion sale to Network Rail.
Deutsche Bank co-lead managed, along with Morgan Stanley, a $628
million secondary offering for Hellenic Telecommunications.
Deutsche Bank co-lead managed, along with BofA Securities and Salomon
Smith Barney, a $600 million bond offering for Verizon Global Funding.
Deutsche Bank co-lead managed, along with Societe General and BNP
Paribas, a $1.4 billion secondary offering for Vivendi Environment.
Deutsche Bank, along with BofA Securities and J.P. Morgan Chase, co-lead
managed $1 billion and $500 million bond offerings for Hewlett-Packard.
Deutsche Bank, along with HSBC Investment Bank, co-lead managed a
$580 million secondary offerings for Enterprise Inns.
Deutsche Bank, along with Lehman Brothers, co-lead managed a $155
million secondary offerings for Fleming Companies, a consumer goods
distributor.
Deutsche Bank, with UBS Warburg, co-lead managed a $155 million bond
offerings for Dave and Busters.
Deutsche Bank lead managed a $53.5 million secondary offerings for
Glimcher Realty Trust.
May 2002
Deutsche Bank lead managed Lin TV Corp.s $374 million IPO.
Deutsche Bank, along with BofA Securities and UBS Warburg, co-lead
managed HealthSouths $1 billion bond offering.
Deutsche Bank lead managed Cumulus Medias $197.5 billion bond
offering.
Deutsche Bank advised Macerich on its $1.5 billion acquisition of Westcor
Realty.
32
2002 Vault Inc.
Deutsche Bank
April 2002
Deutsche Bank, along with Salomon Smith Barney, co-lead managed
Baxter Internationals $500 million bond offering. Baxter International
provides medical products and services that primarily treat people with lifethreatening conditions.
Deutsche Bank, with Salomon Smith Barney, advised Ameritrade Holding
on its $1.4 billion acquisition of Datek Online Holdings.
Deutsche Bank co-lead managed, along with Lehman Brothers, the $148
million IPO for Medical Staffing Network, a nurse staffing services
provider.

33
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Deutsche Bank
Our Survey Says

Good times, bad times
Insiders describe Deutsche Banks culture as easy-going and generally
more relaxed than U.S. investment banks. One banker says its
professional and efficient, yet has a sense of humor. Another calls it more
entrepreneurial and less campy than most banks. A research associate says
Deutsches culture is still developing because theres so many silos: [the
bank] hired full groups from places such as Bear and Salomon. A trader
believes Deutsches culture has become more defined. He says, Deutsche
was formerly a hybrid of many other firms cultures. Now, [though], its
coming into its own. He explains, The atmosphere is academic but very
commercial. Innovation is formally rewarded. Client skills are especially
well-regarded. And, says another contact, junior employees are given
much more latitude to take initiative and grow. Recent layoffs have hurt
morale, of course. The cultures weird now, says one analyst who didnt
survive the purge. He concedes that Deutsche is better at firing people in
terms of how many than other banks, but adds that the people who are
still there are happy to have a job. Another employee offers, When
Ackerman took over the reins, he cleaned a little bit of house. Now, though,
the cuts will be more selective, rather than widespread.
Although given the opportunity to grow, junior employees arent necessarily
given an easy time. While some insiders describe the relationship with their
superiors as great and more relaxed and congenial than that at U.S.
banks, other employees use less amiable words to explain their experiences
with the higher-ups. One Baltimore-based banker says, There are great
bosses in this firm, but there are even more lousy ones. If youre lucky, you
stick with the good ones. But sometimes, you get stuck with the lousy ones,
who make life seem like an eternal punishment. Another banker says
managers provide no training, no guidance, and adds, no one cares. In
research, though, at least one contact provides a different angle. The beauty
about Deutsche is once you gain your bosss trust, you can pretty much do
what you want, the New York-based associate offers. If you have an idea,
theyll let you run with it.
Come together
The 1999 merger of Deutsche and Bankers Trust (which owned Alex. Brown
at the time) plays a significant role in explaining the firms current work
environment. A Deutsche insider and former employee of Alex. Brown
35
Deutsche Bank
Our Survey Says
speaks favorably of the merger. Things have moved very smoothly. The
merger wasnt 100 percent seamless, but it was a fluid transition. Another
insider agrees, saying the merger played out well. That source, however,
also notes that the firm has become more bureaucratic since the merger,
which was expected, but not necessarily welcome. However, a former
Deutsche insider and, prior to that, Bankers Trust employee, says the merger
for Bankers Trust wasnt smooth, because BT employees remained
relatively independent from Deutsche. He adds that Alex. Brown merged
more successfully because it was put in charge of the investment-banking
operations at Deutsche. The contact goes on to say, Although they wanted
to make it seem like a merger, it wasnt. It was an acquisition. They lost a
lot of talent that they couldnt replace, and theyre still reorganizing.
Another source agrees that the BT/Alex. Brown coupling was and still is, to
some extent an issue. BT had more of a cowboy culture, while Alex.
Brown was a white-shoe firm, reports that insider, who adds that the
Deutsche acquisition of Alex. Brown was flawed in its own way. Deutsche
paid $2 billion for Alex. Brown, then killed its name. So [the deal] was worth
zero in the end.
You cant always get what you want but if

you try sometimes
Insiders generally agree that Deutsche Bank pays according to the industrys
prevailing standards. According to one source, High achievers are
compensated far in excess of the average. Another contact admits that while
the bank normally pays on par with the industry, for 2001 bonuses are going
to stink due to the economy. At least one employee says the firm is still
trying to find its way with respect to compensation. He explains, A big part
of 2000 bonuses were paid out in options, which are now well underwater. As
a result of their decline in value, the options were re-priced this year for
certain high-level executives. The contact adds, In 2001 bonuses were
focused more on cash, albeit at a level lower than 2000.
Deutsche bankers report working an average of 60 to 70 hours a week, with
100-hour workweeks possible, but not frequent, during peak periods. Some
employees say they commonly make weekend office visits, while others say
they rarely have to come in on a Saturday or Sunday. One investmentbanking analyst in Baltimore who rarely works weekends says, Theres not
much work to do, yet people still stick around the office, putting in face
time. Another Baltimore banker remarks, Hours in 2001 have been much
lower than hours in 2000. If this trend continues, it should give the banks
Oriole fans a chance to catch more games at Camden Yards. Deutsche gives
36
2002 Vault Inc.
Deutsche Bank
Our Survey Says
its employees discounts to museums and ball games, says one Baltimorebased insider.
Deutsches a big patron of the arts, says one New York-based insider.
Deutsche gives employees a culture card, which gets you free admission to
most museums. Were like a platinum member to all those places, says a
Deutsche banker. Frequent-flier miles might be considered another perk.
Deutsches very international our corporate finance unit is based overseas
so theres tons of opportunity to travel, says an insider. In just eight
months, Ive been to Australia, Japan, Hong Kong, Spain, Germany, Poland,
and London a bunch of times. He admits that traveling is cool, but adds
After you know the drill, it gets a little old.

37
38
2002 Vault Inc.
Deutsche Bank
Getting Hired
The Hiring Process
Pick your team
Both analysts and associates are recruited by, and hired directly into, specific
departments. Different departments and different offices have different
procedures. One Deutsche recruit had three rounds of interviews. The first
round interview was an on-campus one-on-one in which recruits tell the
interviewer what group they want to join, says that insider. During the
second round, held at the firms offices, the source says, You meet a few
people from the groups you want to join. And during the third, a Super
Saturday also held at the banks offices, You meet everyone from the
specific group you want to join. During the entire interview process, recruits
can expect to interview with a total of about 10 people, who, according to one
source, ask both hard and soft questions.
The firm says that it looks for candidates who demonstrate initiative and
excellence and who will work well in a team environment. One financial
analyst reports that the firm looks for smart people and thinks that grades are
very important in determining mental horsepower. Also, the company looks
for a strong work ethic, and an outgoing and engaging personality, because
you have to get along with clients when away from the office and with peers
when working 100 hours a week.
In addition to the usual top undergrad and MBA programs, the bank hires
from other schools, but [those] candidates must be more proactive,
according to one source. Another contact says getting hired is becoming
much more demanding than it was even one or two years ago. Its not only
due to the downturn in the market, but also the result of a more focused and
organized recruiting effort, resulting in tougher standards. Another source
agrees: One year ago it was tough. Now its impossible.
The firm also offers summer analyst and associate positions. Summer
positions for investment banking are available in New York, Europe,
Singapore and Hong Kong, and last anywhere from six to 10 weeks between
June and September. A European-based trader says acceptance for summer
internships is based on two 30- to 45-minute two-on-one interviews.

39
Deutsche Bank
Getting Hired
Back to school
Those who join the firm as full-time investment-banking analysts participate
in four to six weeks of training in New York. Those who sign on as
investment-banking associates attend a four-week training program in New
York. Analysts in sales, trading or research are in for eight to 12 weeks of
training in London; associates can expect either six to eight weeks in New
York or eight to 12 weeks in London, depending on the division. In addition
to the formal training, the firm offers continuing education classes. Deutsche
is quite accommodating to employees who show a desire to attend one-, twoand even three-day training courses, says one employee.
Questions to Expect
1. Walk me through the three financial statements.
Accounting 101. Know the major line items on the Cash Flow Statement, the
Income Statement and Balance Sheet. For example, on the Cash Flow
Statement, be ready to answer with: First, the Beginning Cash Balance, then
Cash from Operations, then Cash from Investing Activities, then Cash from
Financing Activities, then the Ending Cash Balance. In addition, know how
the statements flow together. For example, the main link between the Income
Statement and Balance Sheet is profits generated in the Income Statement are
added to shareholders equity on the Balance Sheet as Retained Earnings.
2. What do you know about Deutsche?
You definitely want to show that you know about Deutsches current strategy.
A current Deutsche employee offers some advice for candidates who receive
this question. Deutsche has a laser focus on breaking into the top five, on
being perceived as a being a bulge bracket bank, he says, so let them know
that youre aware theyre really trying to grow and build share.
3. What would your colleagues say is your worst quality?
An easy one: make a positive quality sound negative. Oh, they would
probably say that Im too involved in my work.
4. Give me an example of your ability to work as part of a team.
Because teamwork is an essential element of an investment bankers day,
have a story prepared describing how you worked as part of a team.
5. Can you pitch me a stock?
This question will most likely only be asked to those interviewing for equity
research positions. An insider, who interviews candidates in equity research,
40
2002 Vault Inc.
Deutsche Bank
Getting Hired
says: I want to hear someone who really knows a stock. Tell me the name
of the company, the ticker, what price it closed at yesterday, its 52-week
range, the market cap, the industry sector the firm is in, your estimated 12month target price and how you got to that price.
6. Give me a typical day in your life.
To gauge commitment, an interviewer might ask students this question to see
what activities they participate in everyday. They want to see if a candidate
is willing to be busy all day, and then do it all again the next day. Basically,
do you have what it takes to put in long hours? This is also a chance to
highlight any extracurricular activities or interests that do not show up on
your resume.
7. What are the three valuation methods?
(1) Discounted cash flow analysis: See the answer to question four above. (2)
Company comparable analysis, commonly referred to as public trading
comps: By applying appropriate valuation multiples from a group of similar
public companies, you can arrive at a valuation. For example, say you want
to value a pharmaceutical company. First, you find several public
pharmaceutical companies similar to the one you want to value. Second, you
calculate various ratios (such as stock price to sales or stock price to earnings)
for each of the comparable companies based on their financial information.
Third, take the average, or a range, of the ratios and apply them to the
company you want to value. This will yield an estimated enterprise value.
(3) Transaction multiples: Looking at recent merger and acquisitions in a
given industry will provide you with a range of multiples, which can be used
to place a value on a company. This is similar to analyzing public trading
comps. For example, going back to the pharmaceutical company, you first
find several completed M&A deals (with disclosed data) in the
pharmaceutical industry. Based on the financial information of the deals,
calculate ratios such as deal value to sales of the seller, or deal value to
earnings of the seller. Average this data and apply it to your pharma
company; this will give you an estimated value. (Its important to note that
each industry or sector uses valuation multiples that are most relevant to the
way in which the investors and acquirers of that industry evaluate
companies.)
8. Why are you interested in investment banking?
You are guaranteed to receive this question if you have no previous I-banking
experience. The purpose of this question is to weed out those who are
interested in banking solely for the money. Even if that is your primary
interest, youd better have a better answer planned. Maybe discuss how you
have followed the markets for years and find them fascinating, or how you
41
Deutsche Bank
Getting Hired
wish to combine your love of numbers with your entrepreneurial drive in

order to win business for the firm.
9. What do you see yourself doing in 10 years?
You do not have to answer that you want to be working for Deutsche Bank
but you should be prepared to talk about the skills that you expect to learn
from working for the firm.
10. What have you read in the paper that interests you?
A chance to show you read more than the red and purple sections of the USA
Today.
Questions to Ask
1. How has your experience at Deutsche been?
This gets interviewers talking about themselves (always a good idea) and, in
doing so, youll learn more about the firms culture.
2. What deals have you worked on?
3. What exposure to senior management and to clients have you had?
Youd ask this question to associates, not to VPs and MDs. The question
conveys that you are looking to learn as much as you can. And the answer
should tell a lot about how a certain group works.
4. How has the recent hire of John Doe, new head of X unit, worked out?
Rather than ask a general question about the firm, employees like to get
questions that are very specific such a question inquiring about a recent senior
manager hire. That shows that you have a high level of interest or, at least,
gives that impression.
42
2002 Vault Inc.
Deutsche Bank
Getting Hired
To Apply
Employment Contact
Corporate Finance
Nebal Fahed
Cfcampus.teamus@db.com
Sales, Trading and Research
Caryn Blumenfeld
Stcampus.teamus@db.com
Global Technology and Operations
Jacqueline Murray
Gtopscampus.teamus@db.com

43
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Deutsche Bank
On the Job
Job Descriptions
Analyst, Investment Banking
Undergraduates join Deutsche as analysts and typically stay on for two years.
Exceptional analysts could be offered a third-year and, after that, a position
as an associate. Analysts support senior bankers, typically performing
company research and industry analyses, and assisting with the preparation of
pitch books marketing presentations to clients. According to Deutsche,
The close deal team structure allows [analysts] one on one interaction with
associates and senior bankers as well as direct exposure to clients.
Associate, Investment Banking

Generally, MBA grads join Deutsche as associates. In addition to an MBA,
the firm says, a minimum of three to five years work experience is also
required and financial services industry experience [is] preferred but not
required. Investment banking associates assist senior bankers advise
corporations on financial strategies. Associates oversee analysts and
financial and industry analyses, create marketing materials, interact with
clients, give presentations and help execute capital raising deals or mergers
and acquisitions.
Analyst, Associate, Sales, Trading, and

Research
In sales, trading, and research, Deutsche typically hires undergrads and
MBAs as analysts and associates, respectively. In its Equities unit, the firm
hires sales and trading analysts into one of three major groups: Cash Sales,
Cash Trading or Derivatives. Research positions in equities, says Deutsche,
are very limited for undergraduates, but groups with potential needs are:
pharmaceuticals, semiconductors, consumer products, oils exploration and
production, data networking/optics, gaming/lodging and leisure, health care,
metals and mining, beverages and enterprise hardware. In fixed income,
sales and trading analysts can join Fixed Income Trading, Institutional Client
Group Sales (ICG), Integrated Credit Trading, OTC Derivatives, Credit
Derivatives, Foreign Exchange, Emerging Markets, Commodities or Money
Markets/Repo. Research positions are available in Credit, Foreign Exchange,
Emerging Markets and Derivatives.
45
Deutsche Bank
On the Job
Junior sales professionals help senior salespeople in advising and servicing

the investment objectives of clients. Associates and analysts gather and
assess findings and recommendations from researchers and help market
research and products to clients. Trading analysts and associates monitor
news, industry trends and interest rates, helping the firm to ensure that its
well positioned to take advantage of trading opportunities. They also give
their opinions on the pricing, timing and structuring of new issues to
professionals in other units, including investment banking. Junior research
professionals help senior analysts identify trends and transaction
opportunities, write research reports and make investment recommendations.
Researchers interact and help build relationships with corporate and
institutional clients, and often work alongside investment bankers,
salespeople and traders.
Deutsche offers summer internships in corporate finance, sales, trading,
operations, IT, and controlling and finance. For more information on these
positions, as well as information on full-time analyst and associate positions
in asset management, IT, operations, and controlling and finance, check out
the career section of Deutsches web site.
A Day in the Life

Associate, Research
6:00 a.m.: Wake up. (Unfortunately, working in research, you have to get up
pretty early.)
7:00 a.m.: Arrive at work. (I live pretty close to work, so I walk. My office
is in midtown [Manhattan], so its walkable from the Upper West Side. I just
walk across the park.). Check e-mail, and Reuters and Bloomberg for news
on the companies you cover.
8:00 a.m.: Meet with your group. (I have an eight oclock coffee break with
my boss and group to touch base. Its a daily ritual.)
9:00 a.m.: Sit in on an earnings call (an earnings call is when a company you
cover releases their quarterly earnings.)
10:30 a.m.: Q&A on the phone with company management about earnings
call.
11:00 a.m.: Field calls from Deutsche sales force inquiring about the earnings
call. (Maybe make a few follow up calls to the company, too.)
46
2002 Vault Inc.
Deutsche Bank
On the Job
12:00 p.m.: Lunch at desk. (I often go out to lunch, but during busy times
earnings season Ill eat my desk.)
12:30 p.m.: Begin writing the first call note, (which typically takes the rest
of the day. First thing you do is drop in the new numbers to update the
financial model. Then, based on that, you look at broader macroeconomic
stuff, like commodity prices. [With the first call note,] there are two schools
of thought. The first one, and not the best in my opinion, but a lot [of banks]
do it, is to hit investors desks first finish the report quickly so yours is the
first report out there. The second school, which is what we do, is to send out
a value added report, where you think about, rather than just summarize, the
call. I think people appreciate that.
3:00 p.m.: Meeting with a company out of the office. (Because so many
companies are based in New York, you go to a lot of these. Its usually you
[an associate] and a lead analyst who meet with the companys senior
management, often including the CFO. You have these meetings to get more
detailed and intimate details about a company you cover. And youll also get
some off-the-record stuff. These meetings usually last a couple of hours.)
5:30 p.m.: Return to office. Continue working on first call note.
8:00 p.m.: Complete and submit the first call note, (which is reviewed by a
supervisory analyst and compliance, to make sure that you didnt break any
rules especially in this environment.)
8:15 p.m.: Go home.

47
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Deutsche Bank
Final Analysis
The 1999 acquisition of Bankers Trust marked Deutsches run towards its
goal of scoring a spot among the bulge bracket firms in the U.S. Three years
later, Deutsche still has considerable ground to gain if it wants to be
considered equals to the likes of Goldman, Morgan Stanley, Merrill and
CSFB, but the German giant has steadily moved up the U.S. investmentbanking league tables. And with the recent promotion of Josef Ackermann to
CEO, the firm seems on its way to move up even further. Ackermann, the
previous head of investment banking at Deutsche, is leading a charge to focus
on investment banking at the expense of other lower margin businesses. If
Deutsche does continue to gain ground, its prestige, and thus the prestige of
a Deutsche job, will also certainly rise.

49
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Deutsche Bank
Recommended Reading
The firms web site, www.db.com, gives a good overview of the company,
including recent press releases and annual reports. For historical perspective,
seek the hard-to-find The Deutsche Bank, 1870-1995, by Gerald D. Feldman
and Lothar Gall (Trafalgar Square Publishing, March 1996). We recommend
the following articles for more recent information on Deutsche Bank:
Deutsche Bank to Detail Plans To Reorganize Some Services, The Wall
Street Journal, September 12, 2002.
A Swiss Boss Cracks the Whip, Fortune, September 2, 2002.
Can This Man Crank Up Deutsche? BusinessWeek Online, May 20, 2002.
Deutsche Finds It Must Shed Its German Past in Order to Grow, The Wall
Street Journal, February 14, 2002.
Deutsche to Cut 20% of the Staff in Scudder Deal, The Wall Street
Journal, December 5, 2001.

51
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Getting Hired: The company's hiring
process, interview questions to expect
and application contacts
On the Job: Typical days in the life,
job descriptions, career paths
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VAULT EMPLOYER PROFILE:

BY THE STAFF OF VAULT

2002 Vault Inc.

Copyright 2002 by Vault Inc. All rights reserved.

CEOs Bio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .23

SELECT RECENT TRANSACTIONS

OUR SURVEY SAYS

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The Hiring Process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .39

Job Descriptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .45

Visit the Vault Consulting Career Channel at http://consulting.vault.com with

Deutsche Bank at a Glance

Pretty strong showing lately

2002 Vault Inc.

Dresdners investment-banking unit, Dresdner Kleinwort Benson (now

Bringing out the bankers

2002 Vault Inc.

predecessor, Ackermann comes from an investment-banking background.

On its way to the bigs

Getting rid of non-essentials

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In September 2002, Deutsche announced that it entered into exclusive

2002 Vault Inc.

Global Debt & Equity Offerings:

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Global M&A Transactions (announced):

Global M&A Transactions (announced):

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Global Equity & Equity-related Issues:

Global Equity & Equity-related Issues:

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Global Debt (Including MBS, ABS & Tax Munis):

Global Debt (Including MBS, ABS & Tax Munis):

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U.S. Debt & Equity Offerings:

U.S. Debt & Equity Offerings:

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U.S. M&A Transactions (announced with U.S. targets):

U.S. M&A Transactions (announced with U.S. targets):

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U.S. Equity & Equity-related Issues:

U.S. Equity & Equity-related Issues:

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U.S. Initial Public Offerings 2001:

U.S. Initial Public Offerings:

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U.S. Debt (Including MBS, ABS & Tax Munis):

U.S. Debt (Including MBS, ABS & Tax Munis):

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U.S. High Yield Debt:

U.S. High Yield Debt:

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U.S. Investment Grade Debt:

U.S. Investment Grade Debt:

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All Municipal Bond Issues:

All Municipal Bond Issues:

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U.S. Asset-Backed Securities:

U.S. Asset-Backed Securities:

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U.S. Mortgage-Backed Securities:

U.S. Mortgage-Backed Securities: