Deutsche Bank

Not to be confused with Deutsche Bundesbank or to 4 billion of litigation charges in 2016.[7]

Deutsche Postbank. Since 2017, its biggest shareholder is Chinese
conglomerate HNA Group, which owns 10.0% of
Coordinates: 50650N 8407E / 50.11389N its stakes.[12]
8.66861E
Deutsche Bank AG (literally German Bank"; pro-
bak age]) ( listen ) is a Ger-
nounced [dt 1 History
man global banking and nancial services company, with
its headquarters in the Deutsche Bank Twin Towers in 1.1 18701919
Frankfurt. It has more than 100,000 employees in over 70
countries, and has a large presence in Europe, the Amer- Deutsche Bank was founded in Berlin in 1870 as a spe-
icas, Asia-Pacic and the emerging markets. In 2009, cialist bank for foreign trade.[13] The banks statute was
Deutsche Bank was the largest foreign exchange dealer adopted on 22 January 1870, and on 10 March 1870 the
in the world with a market share of 21 percent.[3][4] The Prussian government granted it a banking licence. The
company was a component of the STOXX Europe 50 statute laid great stress on foreign business:
stock market index[5] until being replaced on that index
on August 8, 2016.[6]
The object of the company is to transact
The bank oers nancial products and services for corpo- banking business of all kinds, in particular to
rate and institutional clients along with private and busi- promote and facilitate trade relations between
ness clients. Deutsche Banks core business is invest- Germany, other European countries and over-
ment banking, which represents 50% of equity, 75% of seas markets.[14]
leverage assets and 50% of prots.[7] Services include
sales, trading, research and origination of debt and equity;
mergers and acquisitions (M&A); risk management prod- Three of the founders were Georg Siemens whose fa-
ucts, such as derivatives, corporate nance, wealth man- thers cousin had founded Siemens and Halske, Adelbert
agement, retail banking, fund management, and transac- Delbrck and L. Bamberger.[15] Previous to the found-
tion banking.[8] ing of Deutsche Bank, German importers and exporters
were dependent upon English and French banking insti-
In January 2014, Deutsche Bank reported a 1.2 billion tutions in the world marketsa serious handicap in that
($1.6 billion) pre-tax loss for the fourth quarter of 2013. German bills were almost unknown in international com-
This came after analysts had predicted a prot of nearly merce, generally disliked and subject to a higher rate of
600 million, according to FactSet estimates. Revenues discount than English or French bills.[16]
slipped by 16% versus the prior year.[9]
On 7 June 2015, the then co-CEOs, Juergen Fitschen
and Anshu Jain, both oered their resignations[10] to the 1.1.1 Founding members
banks supervisory board, which were accepted. Anshu
Hermann Zwicker (Bankhaus Gebr. Schickler,
Jains resignation took eect on 30 June 2015, but he pro-
Berlin)
vided consultancy to the bank until January 2016. Juer-
gen Fitschen temporarily continued as joint CEO until Anton Adelssen (Bankhaus Adelssen & Co., Berlin)
19 May 2016. The appointment of John Cryan as joint
CEO was announced, eective 1 July 2016; he became Adelbert Delbrck (Bankhaus Delbrck, Leo &
sole CEO at the end of Juergen Fitschens term. Co.)
In January 2016, Deutsche Bank pre-announced a 2015
Heinrich von Hardt (Hardt & Co., Berlin, New
loss before income taxes of approximately 6.1 billion
York)
and a net loss of approximately 6.7 billion.[11] Follow-
ing this announcement, a bank analyst at Citi declared: Ludwig Bamberger
We believe a capital increase now looks inevitable and
see an equity shortfall of up to 7 billion, on the basis Victor Freiherr von Magnus (Bankhaus F. Mart
that Deutsche may be forced to book another 3 billion Magnus)

1
2 1 HISTORY

1.1.2 First directors

Wilhelm Platenius, Georg Siemens and Hermann

Wallich

The banks rst domestic branches, inaugurated in 1871

and 1872, were opened in Bremen[17] and Hamburg.[18]
Its rst foray overseas came shortly afterwards, in Shang-
hai (1872)[19] and London (1873) [20] followed sometime
by South America (18741886).[15] The branch opening
in London, after one failure and another partially success-
ful attempt, was a prime necessity for the establishment of
credit for the German trade in what was then the worlds
money centre.[16]
Major projects in the early years of the bank included the
Northern Pacic Railroad in the US[21] and the Baghdad
Railway[22] (1888). In Germany, the bank was instru-
mental in the nancing of bond oerings of steel com-
pany Krupp (1879) and introduced the chemical com-
pany Bayer to the Berlin stock market.
The second half of the 1890s saw the beginning of a new
period of expansion at Deutsche Bank. The bank formed
alliances with large regional banks, giving itself an entre
into Germanys main industrial regions. Joint ventures
were symptomatic of the concentration then under way
in the German banking industry. For Deutsche Bank, do-
mestic branches of its own were still something of a rar-
ity at the time; the Frankfurt branch[23] dated from 1886
and the Munich branch from 1892, while further branches
were established in Dresden and Leipzig[24] in 1901.
In addition, the bank rapidly perceived the value of spe-
cialist institutions for the promotion of foreign business.
Gentle pressure from the Foreign Ministry played a part
in the establishment of Deutsche Ueberseeische Bank[25]
in 1886 and the stake taken in the newly established
Deutsch-Asiatische Bank[26] three years later, but the
success of those companies in showed that their existence
made sound commercial sense.

1.2 19191933
The immediate postwar period was a time of liquidations.
Having already lost most of its foreign assets, Deutsche
Deutsche Bank, Sydney Bank was obliged to sell other holdings. A great deal of
energy went into shoring up what had been achieved. But
there was new business, too, some of which was to have
Adolph vom Rath (Bankhaus Deichmann & Co., an impact for a long time to come. The bank played a
Cologne) signicant role in the establishment of the lm production
company, UFA, and the merger of Daimler and Benz.
The bank merged with other local banks in 1929 to create
Gustav Kutter (Industrieller for Bankhaus Gebrder Deutsche Bank und DiscontoGesellschaft, at that point
Sulzbach, Frankfurt) the biggest ever merger in German banking history. In-
creasing costs were one reason for the merger. Another
was the trend towards concentration throughout the in-
Gustav Mller (Wrttembergische Vereinsbank, dustry in the 1920s. The merger came at just the right
Stuttgart) time to help counteract the emerging world economic and
1.5 Since 2000 3

banking crisis. In 1937, the company name changed back banks merged to form Deutsche Bank AG with its head-
to Deutsche Bank. quarters in Frankfurt.
The crisis was, in terms of its political impact, the most
disastrous economic event of the century. The short-
age of liquidity that paralyzed the banks was fuelled by
a combination of short-term foreign debt and borrowers
no longer able to pay their debts, while the inexibility of
the state exacerbated the situation. For German banks,
the crisis in the industry was a watershed. A return to
circumstances that might in some ways have been consid-
ered reminiscent of the golden age before World War I
was ruled out for many years.
1.3 19331945
After Adolf Hitler came to power, instituting the Third
Reich, Deutsche Bank dismissed its three Jewish board
members in 1933. In subsequent years, Deutsche Bank
took part in the aryanization of Jewish-owned businesses;
according to its own historians, the bank was involved
in 363 such conscations by November 1938.[27] During
the war, Deutsche Bank incorporated other banks that fell
into German hands during the occupation of Eastern Eu-
rope. Deutsche Bank provided banking facilities for the
Gestapo and loaned the funds used to build the Auschwitz
camp and the nearby IG Farben facilities.[28]
In 1959, the bank entered retail banking by introduc-
ing small personal loans. In the 1970s, the bank pushed
ahead with international expansion, opening new oces
in new locations, such as Milan (1977), Moscow, London,
Paris and Tokyo. In the 1980s, this continued when the
bank paid US$603 million in 1986 to acquire the Banca
d'America e d'Italia, the Italian subsidiary that Bank of
America had established in 1922 when it acquired Banca
dell'Italia Meridionale. The acquisition represented the
rst time Deutsche Bank had acquired a sizeable branch
network in another European country.
In 1989, the rst steps towards creating a signicant
investment-banking presence were taken with the acqui-
sition of Morgan, Grenfell & Co., a UK-based investment
bank. By the mid-1990s, the buildup of a capital-markets
operation had got under way with the arrival of a num-
ber of high-prole gures from major competitors. Ten
years after the acquisition of Morgan Grenfell, the U.S.
rm Bankers Trust was added.
Deutsche continued to build up its presence in Italy with
the acquisition in 1993 of Banca Popolare di Lecco from
Banca Popolare di Novara for about US$476 million. In
1999 it acquired a minority interest in Cassa di Risparmio
di Asti.

During World War II, Deutsche Bank became responsi-

ble for managing the Bohemian Union Bank in Prague,
with branches in the Protectorate and in Slovakia, the 1.5 Since 2000
Bankverein in Yugoslavia (which has now been di-
vided into two nancial corporations, one in Serbia In October 2001, Deutsche Bank was listed on the New
and one in Croatia), the Albert de Barry Bank in York Stock Exchange. This was the rst NYSE listing
Amsterdam, the National Bank of Greece in Athens, after interruption due to 11 September attacks. The fol-
the Creditanstalt-Bankverein in Austria and Hungary, the lowing year, Deutsche Bank strengthened its U.S. pres-
Deutsch-Bulgarische Kreditbank in Bulgaria, and Banca ence when it purchased Scudder Investments. Mean-
Comercial Romn (The Romanian Commercial Bank) while, in Europe, Deutsche Bank increased its private-
in Bucharest. It also maintained a branch in Istanbul, banking business by acquiring Rued Blass & Cie (2002)
Turkey. and the Russian investment bank United Financial Group
(2006). In Germany, further acquisitions of Noris-
In 1999, Deutsche Bank conrmed ocially that it bank, Berliner Bank and Deutsche Postbank strength-
had been involved in Auschwitz.[28] In December 1999 ened Deutsche Banks retail oering in its home market.
Deutsche, along with other major German companies, This series of acquisitions was closely aligned with the
contributed to a US$5.2 billion compensation fund fol- banks strategy of bolt-on acquisitions in preference to
lowing lawsuits brought by Holocaust survivors.[29][30] so-called transformational mergers. These formed part
The history of Deutsche Bank during the Second World of an overall growth strategy that also targeted a sustain-
War has since been documented by independent histori- able 25% return on equity, something the bank achieved
ans commissioned by the Bank.[27] in 2005.
The companys headquarters, the Deutsche Bank Twin
1.4 Post-WWII Towers building, was extensively renovated beginning in
2007. The renovation took approximately three years to
Following Germanys defeat in World War II, the Al- complete. The renovated building was certied LEED
lied authorities, in 1948, ordered Deutsche Banks break- Platinum and DGNB Gold.
up into ten regional banks. These 10 regional banks The bank developed, owned and operated the
were later consolidated into three major banks in 1952: Cosmopolitan of Las Vegas, after the projects original
Norddeutsche Bank AG; Sddeutsche Bank AG; and developer defaulted on its borrowings. Deutsche Bank
Rheinisch-Westflische Bank AG. In 1957, these three opened the casino in 2010 and ran it at a loss until its sale
4 1 HISTORY

in May 2014. The banks exposure at the time of sale Deutsche Bank itself) had lost most of their money.[32]
was more than $4 billion, however it sold the property to Greg Lippmann, head of global CDO trading, was bet-
Blackstone Group for $1.73 billion.[31] ting against the CDO market, with approval of manage-
ment, even as Deutsche was continuing to churn out prod-
1.5.1 Housing credit bubble and CDO market uct. He was a large character in Michael Lewis book The
Big Short, which detailed his eorts to nd 'shorts to buy
Credit Default Swaps for the construction of Synthetic
CDOs. He was one of the rst traders to foresee the bub-
ble in the CDO market as well as the tremendous potential
that CDS oered in this. As portrayed in The Big Short,
Lipmann in the middle of the CDO and MBS frenzy
was orchestrating presentations to investors, demonstrat-
ing his bearish view of the market, oering them the idea
to start buying CDS, especially to AIG in order to prot
from the forthcoming collapse. As regards the Gem-
stone VII deal, even as Deutsche was creating and sell-
ing it to investors, Lippman emailed colleagues that it
'blew', and he called parts of it 'crap' and 'pigs and ad-
vised some of his clients to bet against the mortgage secu-
rities it was made of. Lippman called the CDO market a
'ponzi scheme', but also tried to conceal some of his views
from certain other parties because the bank was trying to
sell the products he was calling 'crap'. Lippmans group
made money o of these bets, even as Deutsche overall
lost money on the CDO market.[32]
Deutsche was also involved with Magnetar Capital in cre-
ating its rst Orion CDO. Deutsche had its own group of
bad CDOs called START. It worked with Elliot Advis-
ers on one of them; Elliot bet against the CDO even as
Deutsche sold parts of the CDO to investors as good in-
Internal email from 2005 describing Deutsche CDO traders view vestments. Deutsche also worked with John Paulson, of
of the bubble the Goldman Sachs Abacus CDO controversy, to create
some START CDOs. Deutsche lost money on START,
[32]
Deutsche Bank was one of the major drivers of the as it did on Gemstone.
collateralized debt obligation (CDO) market during the On 3 January 2014 it was reported that Deutsche Bank
housing credit bubble from 2004 to 2008, creating about would settle a lawsuit brought by US shareholders, who
$32 billion worth. The 2011 US Senate Permanent Select had accused the bank of bundling and selling bad real
Committee on Investigations report on Wall Street and estate loans before the 2008 downturn. This settlement
the Financial Crisis analyzed Deutsche Bank as a 'case came subsequent and in addition to Deutsches $1.93 bil-
study' of investment banking involvement in the mortgage lion settlement with the US Housing Finance Agency over
bubble, CDO market, credit crunch, and recession. It similar litigation related to the sale of mortgage backed
concluded that even as the market was collapsing in 2007, securities to Fannie Mae and Freddie Mac.[33]
and its top global CDO trader was deriding the CDO mar-
ket and betting against some of the mortgage bonds in its
CDOs, Deutsche bank continued to churn out bad CDO 1.5.2 Leveraged super-senior trades
products to investors.[32]
The report focused on one CDO, Gemstone VII, made Former employees including Eric Ben-Artzi and Matthew
largely of mortgages from Long Beach, Fremont, and Simpson have claimed that during the crisis Deutsche
New Century, all notorious subprime lenders. Deutsche failed to recognise up to $12bn of paper losses on their
Bank put risky assets into the CDO, like ACE 2006- $130bn portfolio of leveraged super senior trades, al-
HE1 M10, which its own traders thought was a bad bond. though the bank rejects the claims.[34] A company doc-
It also put in some mortgage bonds that its own mort- ument of May 2009 described the trades as the largest
gage department had created but couldn't sell, from the risk in the trading book,[35] and the whistleblowers allege
DBALT 2006 series. The CDO was then aggressively that had the bank accounted properly for its positions its
marketed as a good product, with most of it being de- capital would have fallen to the extent that it might have
scribed as having A level ratings. By 2009 the entire needed a government bailout.[34] One of them claims that
CDO was almost worthless and the investors (including If Lehman Brothers didnt have to mark its books for six
 5

months it might still be in business, and if Deutsche had 2012.[39]

marked its books it might have been in the same position It needs to get its common equity tier-1 capital ratio up
as Lehman.[35] to 12.5% in 2018 to be marginally above the 12.25%
Deutsche had become the biggest operator in this market, required by regulators. As of March 2016 it stands at
which were a form of credit derivative designed to be- 11.1%, and it may be down to close to 10.5% by the time
have like the most senior tranche of a CDO.[35] Deutsche Deutsche Bank next reports rst quarter 2016 earnings.[7]
bought insurance against default by blue-chip companies
from investors, mostly Canadian pension funds, who re-
ceived a stream of insurance premiums as income in re- 1.5.4 Consolidation
turn for posting a small amount of collateral.[35] The bank
then sold protection to US investors via the CDX credit Due to Deutsche Bank Capital Ratio Tier-1 (CET1) is
index, the spread between the two was tiny but was worth only 11.4 percent or lower than median of CET1 ratio of
$270m over the 7 years of the trade.[35] It was considered Europes 24 biggest publicly traded banks with 12 per-
very unlikely that many blue chips would have problems cent, so there will be no dividend for [40][41]
2015 and 2016, fur-
at the same time, so Deutsche required collateral of just thermore the bank cuts 15,000 jobs.
10% of the contract value.
The risk of Deutsche taking large losses if the collateral
was wiped out in a crisis was called the gap option.[35]
2 Performance
Ben-Artzi claims that after modelling came up with eco-
nomically unfeasible results, Deutsche accounted for 2.1 Awards and recognition
the gap option rst with a simple 15% haircut on the
trades (described as inadequate by another employee in The bank has been widely recognized[42] for its trans-
2006) and then in 2008 by a $12bn reserve for the formation over the ten years between 2002 until 2012
credit correlation desk designed to cover all risks, not just for moving from a German-centric organization that was
the gap option.[35] In October 2008 they stopped mod- renowned for its retail and commercial presence to a
elling the gap option and just bought S&P put options global investment bank that is less reliant on its traditional
to guard against further market disruption, but one of markets for its protability.[43] Deutsche Bank was named
the whistleblowers has described this as an inappropri- International Financing Reviews Bank of the Year twice
ate hedge.[35] A model from Ben-Artzis previous job at in a three-year period, in 2003 and 2005. It also won the
Goldman Sachs suggested that the gap option was worth prize in 2010.[44] In 2012, for the second time in three
about 8% of the value of the trades, worth $10.4bn. years, Deutsche Bank was named Best Global Investment
Simpson claims that traders were not simply understat- Bank in the annual Euromoney Awards for Excellence.[45]
ing the gap option but actively mismarking the value of In December 2012, International Financing Review
their trades.[35] (IFR) recognized Deutsche Bank as its Equity House of
the Year and Bond House of the Year 2012. This is the
rst time the Bank has been named Equity House of the
1.5.3 European nancial crisis Year and the sixth time that it has won the top Bond
award. Deutsche Bank is also the only European bank
Main article: European sovereign-debt crisis to have been awarded the top Equity and Bond awards in
the same year. Highlighting the Banks success in equi-
ties, IFR said: Deutsche led major IPOs, took on tough
Deutsche Bank has a negligible exposure to Greece.
risk positions (especially in Europe) and became one of
Spain and Italy however account for a tenth of its Eu-
the preferred banks of the US Treasury. IFR also praised
ropean private and corporate banking business. Accord-
the Banks fortitude and skill in bond markets, saying
ing to the banks own statistics the credit risks in these
it combined a steady hand with solid execution to get
countries are about 18 billion (Italy) and 12 billion
all kinds of deals done in just about every corner of the
(Spain).[36]
globe.
For the 2008 nancial year, Deutsche Bank reported its
Deutsche Bank won a further seven IFR awards:
rst annual loss in ve decades, [37] despite receiving
billions of dollars from its insurance arrangements with
AIG, including US$11.8 billion from funds provided by Commodity Derivatives House
[38]
US taxpayers to bail out AIG. EMEA Structured Equity House
Based on a preliminary estimation from the European
Banking Authority (EBA) in October 2011, Deutsche EMEA Loan House
Bank AG needed to raise capital of about 1.2 billion EMEA High-Yield Bond House
(US$1.7 billion) as part of a required 9 percent core Tier
1 ratio after sovereign debt writedown starting in mid- EMEA Liability Management House
6 3 MANAGEMENT STRUCTURE
SSAR Bond House
Sterling Bond House
In 2016, Standard Ethics Aei assigned a rating to
Deutsche Bank in order to include it in its Standard Ethics
German Index.[46]
3 Management structure
When Deutsche Bank was rst organized in 1870 there
was no CEO. Instead the board was represented by a
speaker of the board. Beginning in February 2012 the
bank has been led by two co-CEOs, and in July 2015 it
announced it will be led by one CEO from 2016.[47]
3.1 The management bodies of Deutsche
Bank
Annual General Meeting
Management Board
Supervisory Board
Group Executive Committee
3.1.1 Management Board
Management Board members as of 12 February 2016:
John Cryan, Chairman and Chief Executive Ocer
(sole CEO eective 20 May 2016)
Juergen Fitschen, Co-Chairman, outgoing (departed
19 May 2016)
Stuart Lewis, Chief Risk Ocer
Sylvie Matherat, Chief Regulatory Ocer
Quintin Price, Head of Deutsche Asset Management
Garth Ritchie, Head of Global Markets
Karl von Rohr, Chief Administrative Ocer
Dr. Marcus Schenck, Chief Financial Ocer
Christian Sewing, Head of Private, Wealth & Com-
mercial Clients
Jerey Urwin, Head of Corporate & Investment
Banking
3.1.2 Supervisory Board
Supervisory Board member as of 1 January 2013:
Paul Achleitner, Chairperson
Karin Ruck, Deputy Chairperson, Senior Adviser
Regional Transformation, Region Frankfurt/Hesse-
East, Deutsche Bank AG, Member of the Combined
Sta Council
Wolfgang Bhr, Chairman of the Combined Sta
Council Dsseldorf, Member of the General Sta
Council, Member of the Group Sta Council
Karl-Gerhard Eick (Management Consultant KGE
Asset Management & Consulting Ltd.)
Katherine Garrett-Cox (Chief Executive Ocer of
Alliance Trust PLC)
Alfred Herling, Chairman of the Combined Sta
Council Wuppertal/Sauerland, Chairman of the
General Sta Council, Chairman of the Group Sta
Council
Henning Kagermann (President of Acatech Ger-
man Academy of Science and Engineering)
Martina Klee, Chairperson of the Sta Council
GTO Eschborn/Frankfurt, Member of the General
Sta Council, Member of the Group Sta Council
Suzanne Labarge (Previously vice chairman & chief
risk ocer, Royal Bank of Canada in Toronto)
Peter Lscher (Chief Executive Ocer of Renova
Management AG)
Henriette Mark, Chairperson of the Combined Sta
Council Munich and Southern Bavaria, Member of
the General Sta Council, Member of the Group
Sta Council, Chairperson of the European Sta
Council
Gabriele Platscher, Chairperson of the Combined
Sta Council Braunschweig/Hildesheim
Rudolf Stockem (Trade Union Secretary to Vereinte
Dienstleistungsgewerkschaft and freelance organi-
sation and communication advisor)
Johannes Teyssen (Chairman of the Management
Board of E.ON)
Marlehn Thieme, Director Infrastructure/Regional
Management Communications Corporate Citizen-
ship
Tilman Todenhfer (Managing Partner Robert
Bosch Industrietreuhand KG)
Klaus Rdiger Trtzschler (Previously member of
the Management Board of Franz Haniel & Cie.
GmbH)
 7

Stefan Viertel, Head of Cash Management Finan-
cial Institutions Austria and Hungary, Senior Sales
Manager
Renate Voigt, Chairman of the Combined Sta
Council Stuttgart/Esslingen/Heilbronn
Werner Wenning, (Chairman of the Supervisory
Board of E.ON, Chairman of the Supervisory Board
of Bayer AG)
Robert Rankin, Co-Head of Corporate Banking &
Securities and Head of Corporate Finance
Christian Ricken, Chief Operating Ocer, Private
& Business Clients
Werner Steinmller, Head of Global Transaction
Banking
Richard Walker, General Counsel

3.1.3 Group Executive Committee (GEC) 4 Business Divisions

The Group Executive Committee comprises the mem-
bers of the Management Board and senior representatives 4.1 Corporate & Investment Bank (CIB)
from the business divisions within the client-facing group
divisions and from the management of the regions ap-
pointed by the Management Board. The GEC serves as a
tool to coordinate the businesses and regions. It has, as its
prime tasks and responsibilities, the provision of ongoing
information to the Management Board on business de-
velopments and particular transactions, regular review of
business segments, consultation with and furnishing ad-
vice to the Management Board on strategic decisions and
preparation of decisions to be made by the Management
Board.
Committee members as of 1 January 2013:

Juergen Fitschen , Co-Chairman

Anshu Jain , Co-Chairman
Stefan Krause, Chief Financial Ocer
Stephan Leithner, Chief Executive Ocer Europe
(except Germany and UK), Human Resources, Le-
gal & Compliance, Government & Regulatory Af-
fairs
Stuart Lewis, Chief Risk Ocer
Rainer Neske, Head of Private & Business Clients
The New York Stock Exchange on 9 August 2011, when Deutsche
Henry Ritchotte, Chief Operating Ocer Banks db-X Group commenced trading on NYSE Arca.
Melinda J. Hooker, Chief Executive Ocer of
North America Deutsche Bank is considered among the "Bulge bracket"
of global investment banks due to its leading size and
Gunit Chadha, Co-Chief Executive Ocer of protability. The banks business model rests on two pil-
Asia/Pacic lars: the Corporate & Investment Bank (CIB) and Private
Clients & Asset Management (PCAM).
Alan Cloete, Co-Chief Executive Ocer of
Asia/Pacic The Corporate & Investment Bank (CIB) is Deutsche
Banks capital markets business. CIB comprises two divi-
Michele Faissola, Head of Asset & Wealth Manage- sions, Corporate Banking & Securities and Global Trans-
ment action Banking.
Colin Fan, Co-Head of Corporate Banking & Secu-
rities and Head of Markets 4.1.1 Corporate Banking & Securities (CB&S)
David Folkerts-Landau, Head of Research
Deutsche Banks Corporate Banking & Securities divi-
Colin Grassie, Chief Executive Ocer of the UK sion comprises Markets and Corporate Finance.
8 5 CONTROVERSIES

Markets The Markets division is responsible for and intended to represent growth within a risk-controlled
Deutsche Bank Groups sales and trading of securities. framework.[49]
Markets Research provides analyses of nancial prod-
ucts, markets and strategy.
5 Controversies
Corporate Finance The Corporate Finance division is
responsible for advisory, debt and equity issuances and Deutsche Bank in general as well as specic employ-
mergers & acquisitions (M&A). ees have frequently gured in controversies and allega-
tions of deceitful behavior or illegal transactions. As of
2016, the bank was involved in some 7,800 legal disputes
4.1.2 Global Transaction Banking and calculated 5.4 billion euros as litigation reserves,[50]
with a further 2.2 billion held against other contingent
Global Transaction Banking or GTB caters for corporates liabilities.[7]
and nancial institutions by providing commercial bank-
ing products including cross-border payments, risk miti-
gation and international trade nance. 5.1 Tax evasion
Six former employees were accused of being involved in a
4.2 PCAM major tax fraud deal with CO2 emission certicates, and
most of them were subsequently convicted. It was esti-
Private Clients & Asset Management (PCAM) is com- mated that the sum of money in the tax evasion scandal
posed of Private Wealth Management, Private & Busi- might have been as high as 850 million Euros. Deutsche
ness Clients and Asset Management. This trio of busi- Bank itself was not convicted due to an absence of cor-
ness divisions include Deutsche Banks investment man- porate liability laws in Germany.[51]
agement business for private and institutional clients, to-
gether with retail banking activities for private clients and
small and medium-sized businesses. 5.2 Espionage scandal
From as late as 2001 to at least 2007, the bank engaged
4.2.1 Private Wealth Management in covert espionage on its critics. The bank has admit-
ted to episodes of spying in 2001 and 2007 directed by
Private Wealth Management functions as the banks pri- its corporate security department, although characteriz-
vate banking arm, serving high-net-worth individuals and ing them as isolated.[52] According to the Wall Street
families worldwide. The division has a strong presence in Journal's page one report, Deutsche Bank had prepared
the worlds private banking hotspots, including Switzer- a list of names of 20 people who it wished investigated
land, Luxembourg, the Channel Islands, the Caymans and for criticism of the bank, including Michael Bohndorf
Dubai. (an activist investor in the bank) and Leo Kirch (a for-
mer media executive in litigation with bank).[52] Also tar-
geted was the Munich law rm of Bub Gauweiler & Part-
4.2.2 Private & Business Clients ner, which represents Kirch. According to the Wall Street
Journal, the banks legal department was involved in the
The Private & Business Clients (PBC) is the retail bank- scheme along with its corporate security department.[52]
ing division of Deutsche Bank. Besides Germany, it has The bank has since hired Cleary Gottlieb Steen & Hamil-
operations in seven other countries: Italy, Spain, Poland, ton, a New York law rm, to investigate the incidents on
Belgium, Portugal, India and China. its behalf. The Cleary rm has concluded its investiga-
tion and submitted its report, which however has not been
made public.[52] According to the Wall Street Journal, the
4.2.3 Asset Management
Cleary rm uncovered a plan by which Deutsche Bank
was to inltrate the Bub Gauweiler rm by having a bank
According to the Scorpio Partnership Global Pri-
"mole" hired as an intern at the Bub Gauweiler rm. The
vate Banking Benchmark 2014[48] the company had
plan was allegedly cancelled after the intern was hired
US$384.1bn of assets under management, an increase of
but before she started work.[52] Peter Gauweiler, a prin-
13.7% on 2013.[48]
cipal at the targeted law rm, was quoted as saying I
expect the appropriate authorities including state prose-
4.3 Communication cutors and the banks oversight agencies will conduct a
full investigation.[52]
In 1972, the bank created the world-known blue logo In May 2009, Deutsche Bank informed the public that
Slash in a Square designed by Anton Stankowski the executive management had learned about possible
5.4 Role in 2007/2008 nancial crisis
violations which occurred in past years of the banks
internal procedures or legal requirements in connection
with activities involving the banks corporate security
department. Deutsche Bank immediately retained the
law rm Cleary Gottlieb Steen & Hamilton in Frank-
furt to conduct an independent investigation[53] and in-
formed the German Federal Financial Supervisory Au-
thority (BaFin). The principal ndings by the law rm,
published in July 2009,[54] are as follows: Four incidents
that raise legal issues such as data protection or privacy
concerns have been identied. In all incidents, the activ-
ities arose out of certain mandates performed by exter-
nal service providers on behalf of the Banks Corporate
Security Department. The incidents were isolated and
no systemic misbehaviour has been found. And there is
no indication that present members of the Management
Board have been involved in any activity that raise legal
issues or have had any knowledge of such activities.[54]
This has been conrmed by the Public Prosecutors Of-
ce in Frankfurt in October 2009.[55] Deutsche Bank has
informed all persons aected by the aforementioned ac-
tivities and expressed its sincere regrets. BaFin found de-
ciencies in operations within Deutsche Banks security
unit in Germany but found no systemic misconduct by the
bank.[56] The Bank has initiated steps to strengthen con-
trols for the mandating of external service providers by its
Corporate Security Department and their activities.[54]
5.3 April 2015 Libor scandal
See also: Libor scandal
On 23 April 2015, Deutsche Bank agreed to a com-
bined US$2.5 billion in nes a US$2.175 billion ne
by American regulators, and a 227 million penalty by
British authorities for its involvement in the Libor scan-
dal uncovered in June 2012. The company also pleaded
guilty to wire fraud, acknowledging that at least 29 em-
ployees had engaged in illegal activity. It will be re-
quired to dismiss all employees who were involved with
the fraudulent transactions.[57] However, no individuals
will be charged with criminal wrongdoing. In a Libor
rst, Deutsche Bank will be required to install an inde-
pendent monitor.[58] Commenting on the ne, Britains
Financial Conduct Authority director Georgina Philip-
pou said This case stands out for the seriousness and
duration of the breaches ... One division at Deutsche
Bank had a culture of generating prots without proper
regard to the integrity of the market. This wasn't lim-
ited to a few individuals but, on certain desks, it appeared
deeply ingrained.[57] The ne represented a record for
interest rate related cases, eclipsing a $1.5 billion Libor
related ne to UBS, and the then-record $450 million
ne assessed to Barclays earlier in the case.[57][58] The
size of the ne reected the breadth of wrongdoing at
Deutsche Bank, the banks poor oversight of traders, and
its failure to take action when it uncovered signs of abuse
9
internally.[58]
5.4 Role in 2007/2008 nancial crisis
See also: Financial crisis of 20072008
In January 2017, Deutsche Bank agreed to a $7.2 billion
settlement with the U.S. Department of Justice over its
sale and pooling of toxic mortgage securities in the years
leading up to the 2008 nancial crisis. As part of the
agreement, Deutsche Bank was required to pay a civil
monetary penalty of $3.1 billion and provide $4.1 bil-
lion in consumer relief, such as loan forgiveness. At the
time of the agreement, Deutsche Bank was still facing in-
vestigations into the alleged manipulation of foreign ex-
change rates, suspicious equities trades in Russia, as well
as alleged violations of U.S. sanctions on Iran and other
countries. Since 2012, Deutsche Bank had paid more
than 12 billion euros for litigation, including a deal with
U.S. mortgage-nance giants Fannie Mae and Freddie
Mac.[59]
5.5 2015 Sanctions violations
On 5 November 2015, Deutsche Bank was ordered to pay
US$258 million (237.2 million) in penalties imposed
by the New York State Department of Financial Ser-
vices and the United States Federal Reserve Bank after
the bank was caught doing business with Burma, Libya,
Sudan, Iran, and Syria which were under US sanctions
at the time. According to the US federal authorities,
Deutsche Bank handled 27,200 US dollar clearing trans-
actions valued at more than US$10.86 billion (9.98 bil-
lion) to help evade US sanctions between early 1999 until
2006 which are done on behalf of Iranian, Libyan, Syrian,
Burmese, and Sudanese nancial institutions and other
entities subject to US sanctions, including entities on the
Specially Designated Nationals by the Oce of Foreign
Assets Control.[60][61]
In response to the penalties, the bank will pay US$200
million (184 million) to the NYDFS while the rest
(US$58 million; 53.3 million) will go to the Federal
Reserve. In addition to the payment, the bank will in-
stall an independent monitor, re six employees who
were involved in the incident, and ban three other em-
ployees from any work involving the banks US-based
operations.[62] The bank is still under investigation by
the US Justice Department and NYDFS into possible
sanctions violations relating to the 2014-15 Ukrainian
crisis and its activities within Russia.[63]
5.6 2017 Money laundering ne
In January 2017, the bank was ned $425 million by
the New York State Department of Financial Services
10
(DFS)[64] and 163 million by the UK Financial Conduct
Authority[65] regarding accusations of money laundering
$10 billion out of Russia.[66][67][68]
6 Acquisitions
Morgan, Grenfell & Company, 1990.
Bankers Trust, 30 November 1998.[69]
Scudder Investments, 2001
RREEF [70]
(Rosenberg Real Estate Equities Fund,
founded in 1975), 2002[71]
Berkshire Mortgage Finance, 22 October 2004. [72]
Chapel Funding (now DB Home Lending), 12
September 2006[73]
MortgageIT, 3 January 2007[74]
Hollandsche Bank-Unie 2 July 2008: Fortis, ABN
AMRO and Deutsche Bank announced that they
have signed an agreement by which Deutsche Bank
would acquire from ABN AMRO its Hollandsche
Bank-Unie subsidiary which concentrated on com-
mercial banking activities in the Netherlands. The
deal was initially put on hold when the Dutch gov-
ernment 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 [75]
7 Notable current and former em-
ployees
Hermann Josef Abs Chairman (19571968)
Josef Ackermann former CEO (20022012)
Michael Cohrs Head of Global Banking (2002
2010)
Sir John Craven nancier in London
Alfred Herrhausen Chairman (19881989)
Anshu Jain Head of Corporate and Investment
Banking
Henry Jackson Founder of OpCapita
Karl Kimmich Chairman (19421945)
Georg von Siemens co-founder and director
(18701900)
10 REFERENCES
Ted Virtue[76] executive board member
Hermann Wallich co-founder and director (1870
1893)
Greg Lippmann trader
Boaz Weinstein derivatives trader
7.1 Public service
Sajid Javid former board member of Deutsche
Bank International Limited (20072009)
Otto Hermann Kahn philanthropist
8 Awards
Best Banking Performer, Germany in 2016 by Global
Brands Magazine Award.[77]
9 See also
European Financial Services Roundtable
Deutsche Bank Prize in Financial Economics
10 References
[1] Jain Era Ending as Deutsche Bank Appoints Cryan for
Top Job. Bloomberg. Retrieved 2017-03-28.
[2] Deutsche Bank Annual Report 2016. Deutsche Bank.
20 March 2017. Retrieved 27 March 2017.
[3] Zur Person: Der Marktfhrer [Personal: The Market
Leader]. Brsen-Zeitung (in German). 22 May 2009.
[4] Whats included in the full 2009 FX poll results (Press
release). London: Euromoney Institutional Investor. 6
May 2009. Retrieved 19 February 2012.
[5] Frankfurt Stock Exchange Archived 19 November 2015
at the Wayback Machine.
[6] STOXX. STOXX Digital | STOXX Announces Compo-
nent Changes To STOXX Europe 50 Index. www.stoxx.
com. Retrieved 2016-08-16.
[7] Can Cryan halt Deutsche Banks decline?". Euromoney.
March 2016.
[8] Deutsche Bank AG Overview. Dow Jones & Company.
Retrieved 12 July 2010.
[9] When Deutsche Bank sneaks out its results on a Sunday
night, they cant be good. Quartz Online. 19 January
2014.

[10] Deutsche Bank appoints John Cryan to succeed Jrgen
Fitschen and Anshu Jain. Deutsche Bank. Retrieved 7
June 2015.
[11] Deutsche Bank reports preliminary full year and fourth
quarter 2015 results.
[12] HNA Group, Secretive Chinese Conglomerate, Takes
Top Stake in Deutsche Bank. The New York Times. 3
May 2017.
[13] For the history of Deutsche Bank in general see Lothar
Gall (et al.), The Deutsche Bank 18701995, London
(Weidenfeld & Nicolson) 1995.
[14] Statut der Deutschen Bank Aktien-Gesellschaft, Berlin
1870, pp. 34.
[15] James, H. The Nazi Dictatorship and the Deutsche Bank.
Cambridge University Press, 13 September 2004. ISBN
0521838746. Retrieved 11 July 2012.
[16] One or more of the preceding sentences incorporates text
from a publication now in the public domain: Rines,
George Edwin, ed. (1920). "Deutsche Bank, The".
Encyclopedia Americana.
[17] Manfred Pohl / Angelika Raab-Rebentisch, Die Deutsche
Bank in Bremen 18711996, Munich, Zurich (Piper)
1996.
[18] Manfred Pohl / Angelika Raab-Rebentisch, Die Deutsche
Bank in Hamburg 18721997, Munich, Zurich (Piper)
1997.
[19] Deutsche Bank in China, Munich (Piper) 2008.
[20] Manfred Pohl / Kathleen Burk, Deutsche Bank in London
18731998, Munich, Zurich (Piper) 1998.
[21] Christopher Kobrak, Banking on Global Markets.
Deutsche Bank and the United States, 1870 to the
Present, New York (Cambridge University Press) 2008.
[22] A Century of Deutsche Bank in Turkey, Istanbul 2008,
pp. 2127.
[23] Historische Gesellschaft der Deutschen Bank (ed.), Die
Deutsche Bank in Frankfurt am Main, Munich, Zurich
(Piper) 2005.
[24] Manfred Pohl / Angelika Raab-Rebentisch, Die Deutsche
Bank in Leipzig 19012001, Munich, Zurich (Piper)
2001.
[25] Manfred Pohl, Deutsche Bank Buenos Aires 18871987,
Mainz (v. Hase & Koehler) 1987.
[26] Maximilian Mller-Jabusch, 50 Jahre Deutsch-Asiatische
Bank 18901939, Berlin 1940.
[27] Archived 3 March 2005 at the Wayback Machine.
[28] Schmid, John (5 February 1999). Deutsche Bank Linked
To Auschwitz Funding. The New York Times. Retrieved
28 January 2010.
[29] "$5.2 Billion German Settlement. Web.archive.org. 15
December 2004. Archived from the original on 8 Septem-
ber 2006. Retrieved 17 August 2011.
11
[30] For a detailed account of Deutsche Banks involvement
with the Nazis see: Harold James. The Nazi Dictator-
ship and the Deutsche Bank. Cambridge University Press,
2004, 296pp., ISBN 0-521-83874-6.
[31] Unprotable Vegas casino sold by Deutsche Bank for
$1.73 billion. The Las Vegas News.Net. Retrieved 17
May 2014.
[32] LevinCoburn report on WALL STREET AND THE
FINANCIAL CRISIS (PDF). US Senate PERMANENT
SUBCOMMITTEE ON INVESTIGATIONS. 13 April 2011.
[33] Deutsche Bank Settles with US Shareholders. Market
Watch. 3 January 2014.
[34] Braithwaite, Tom; Scannell, Kara; Mackenzie, Michael (5
December 2012). Deutsche hid up to $12bn losses, say
sta. Financial Times.
[35] Braithwaite, Tom; Mackenzie, Michael; Scannell, Kara (5
December 2012). Deutsche Bank: Show of strength or a
ction?". Financial Times.
[36] Bll, Sven; Hawranek, Dietmar; Hesse, Martin; Jung,
Alexander; Neubacher, Alexander; Reiermann, Christian;
Sauga, Michael; Schult, Christoph; Seith, Anne; Sultan,
Christopher (translator) (25 June 2012). Imagining the
Unthinkable. The Disastrous Consequences of a Euro
Crash. Der Spiegel. Archived from the original on 26
June 2012. Retrieved 26 June 2012.
[37] https://www.ft.com/content/
4f1f0ecc-e21d-11dd-b1dd-0000779fd2ac
[38] Javers, Eamon (15 March 2009). AIG ships billions
in bailout abroad. politico.com. Retrieved 27 January
2010.
[39] Deutsche Bank Said to Be Ordered by EU to Close $1.7
Billion Capital Gap. Bloomberg. 28 October 2011.
[40] Deutsche Bank Plans to Eliminate Dividend for Two
Years in Overhaul. October 29, 2015.
[41] RPT-UPDATE 2-Deutsche Bank cutting 15,000 jobs as
new CEO sets out strategy plan. October 29, 2015.
[42] Wright, William (18 June 2012). Assessing a decade of
the Deutsche Bank project. Financial News. Retrieved
26 March 2014. The plan, to transform Deutsche Bank
from a large German commercial bank into a global in-
vestment banking powerhouse, was hatched back in 1995
[43] Ganguly, Dibeyendu (19 September 2008). How
Deutsche Bank transformed itself. The Economic
Times. Retrieved 26 March 2014. The project: to detail
how DB India has transformed itself from the sleepy little
500-employee bank it was ve years ago to the fast-track
7,000-people player it now is.
[44] Archived 26 June 2012 at the Wayback Machine.
[45] Banking industry news & analysis of international nance
Euromoney magazine. euromoney.com.
[46] Standard Ethics German Index. Standard Ethics. Re-
trieved 13 April 2016.
12 11 EXTERNAL LINKS

[47] Deutshche Bank Annual Report. Retrieved 19 Novem-
ber 2015.
[48] Global Private Banking Benchmark 2014 Scorpio Re-
port. Scorpio Partnership.
[49] Deutsche Bank Logo: Design and History. Retrieved
18 August 2011.
[50] Deutsche Bank: Neuer Skandal | Aktien News | Brse
Aktuell. Boerse.ARD.de. Retrieved 2017-03-28.
[51] Steuerbetrug: Sechs Ex-Mitarbeiter der Deutschen Bank
verurteilt | ZEIT ONLINE. Zeit.de. Retrieved 2017-03-
28.
[52] Crawford, David; Karnitschnig, Matthew (3 August
2009). Bank Spy Scandal Widens. The Wall Street Jour-
nal. Retrieved 27 January 2010.
[53] Deutsche Bank undertakes independent investigation
(Press release). duetsche-bank.de. 22 May 2009. Re-
trieved 28 January 2010.
[54] Deutsche Bank gives update on inquiries (Press release).
deutsche-bank.de. 22 July 2009. Retrieved 27 January
2010.
[55] Press release Public Prosecutors Oce in Frankfurt
(Press release). sta-frankfurt.justiz.hessen.de. 8 October
2009. Retrieved 14 October 2010.
[56] Deutsche Bank Probe Finds Individual Misconduct.
The Wall Street Journal. 18 December 2009. Retrieved
14 October 2010.
[57] Deutsche Bank ned record $2.5 billion in rate rigging
inquiry. Reuters. 23 April 2015. Retrieved 23 April
2015.
[58] Protess, Ben; Jack Ewing (23 April 2015). Deutsche
Bank to Pay $2.5 Billion Fine to Settle Rate-Rigging
Case. The New York Times. Retrieved 23 April 2015.
[59] Freifeld, Karen. Deutsche Bank agrees to $7.2 billion
mortgage settlement with U.S.. Reuters. Reuters. Re-
trieved 13 January 2017.
[60] Deutsche Bank to pay US$258m for violating US sanc-
tions. Channel News Asia. Retrieved 5 November 2015.
[65] Jill Treanor. Deutsche Bank ned $630m over Russia
money laundering claims | Business. The Guardian. Re-
trieved 2017-03-28.
[66] Jr, Landon Thomas (30 January 2017). Deutsche Bank
Fined for Helping Russians Launder $10 Billion. The
New York Times. Retrieved 30 January 2017.
[67] Wang, Christine (30 January 2017). Deutsche Bank
to pay $425 million ne over Russian money-laundering
scheme: New York regulator. CNBC. Retrieved 30 Jan-
uary 2017.
[68] Deutsche Bank Ends N.Y. Mirror-Trade Probe for $425
Million. Bloomberg.com. 30 January 2017. Retrieved
30 January 2017.
[69] Acquisition of Bankers Trust Successfully Closed.
Deutsche-bank.de. Retrieved 17 August 2011.
[70] Deutsche Asset & Wealth Management Real Estate In-
vestment Management. rreef.com. 16 January 2015.
[71] Deutsche Bank to acquire RREEF for $490 million.
nreionline.com.
[72] interstitials | Business solutions from. AllBusiness.com.
Retrieved 17 August 2011.
[73] Acquisition of Chapel Funding. Deutsche-bank.de. 12
September 2006. Retrieved 17 August 2011.
[74] Acquisition of MortgageIT Holdings. Deutsche-
bank.de. 28 July 2011. Retrieved 17 August 2011.
[75] Deutsche Bank wins control of Postbank. Financial
Times. London.
[76] Ted Virtue MidOcean Partners LP ZoomInfo.com.
ZoomInfo.
[77] AWARD WINNERS 2016. Global Brands Magazine.
Retrieved 2017-03-28.
11 External links
Ocial website

[61] Press Release NYDFS ANNOUNCES DEUTSCHE

BANK TO PAY $258 MILLION, INSTALL INDEPEN-
DENT MONITOR, TERMINATE EMPLOYEES FOR
TRANSACTIONS ON BEHALF OF IRAN, SYRIA,
SUDAN, OTHER SANCTIONED ENTITIES. New
York State Department of Financial Services. Retrieved
5 November 2015.

[62] Deutsche Bank ned $258m for violating US sanctions.

AFP. The Guardian. Retrieved 5 November 2015.

[63] Deutsche Bank ordered to pay US over $250mn for vi-

olating sanction regime. Russia Today. Retrieved 5
November 2015.

[64] Press Release - January 30, 2017: DFS Fines Deutsche

Bank $425 Million for Russian Mirror-Trading Scheme.
Dfs.ny.gov. Retrieved 2017-03-28.
 13

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Alison9, Alansohn, JYolkowski, Rd232, Andrew Gray, Hgsippe Cormier, KaranJ, W7KyzmJt, Alai, Notcarlos, RyanGerbil10, Weis-
brod, OwenX, TigerShark, , Uris, Bluemoose, GregorB, SDC, Zoz, Rjwilmsi, Seidenstud, Harro5, The wub, Intgr, Edd Porter, Hell9,
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col, Jerome Charles Potts, DHN-bot~enwiki, Smallbones, Greenshed, Threeafterthree, RandomP, Derek R Bullamore, Andrew c, Gump
Stump, Shushruth, Tompot~enwiki, Matthew hk, WayKurat, Ohconfucius, Krashlandon, Nareek, Wwhat, Alphabetagamnma, Kuru, John,
Minna Sora no Shita, Beetstra, Meco, Shnikees, Bschoeni, Alast0r, Dl2000, Phuzion, Draconis Neurocam, Joseph Solis in Australia, Ja-
son7825, Sam Li, Aeons, Athalis, Vanisaac, MiShogun, Jesse Viviano, Phl3djo, Cydebot, Vanished user vjhsduheuiui4t5hjri, Gogo Dodo,
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GLGerman~enwiki, Stybn, Hopiakuta, Superzohar, THEunique, Credema, David Shankbone, Cohrs, JAnDbot, Dsp13, Basilicum, Severo,
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iBoT, Boolace~enwiki, Schroedi, PDFbot, Nishant ram2007, UnitedStatesian, SergioGeorgini, Urbanrenewal, Wpktsfs, Lamro, Tempo-
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