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Wikipedia

Deutsche Bank

March 21, 2023

Not to be confused with Deutsche Bundesbank, Deutsche Postbank, or Deutsche Bahn.

Coordinates: 50°6′50″N 8°40′7″E / 50.11389°N 8.66861°E / 50.11389; 8.66861

Deutsche Bank AG (German pronunciation: [ˈdɔʏtʃə ˈbaŋk ʔaːˈɡeː] (listen)), sometimes referred to simply as Deutsche, is a German multinational investment bank and financial services company headquartered in Frankfurt, Germany, and dual-listed on the Frankfurt Stock Exchange and the New York Stock Exchange. It was founded in 1870 and grew through multiple acquisitions, including Disconto-Gesellschaft in 1929 (as a consequence of which it was known from 1929 to 1937 as Deutsche Bank und Disconto-Gesellschaft or "DeDi-Bank"),[5]: 580  Bankers Trust in 1998, and Deutsche Postbank in 2010.

Deutsche Bank AG
TypePublic (Aktiengesellschaft)
ISINDE0005140008
Industry
PredecessorBanco Alemán Transatlántico
Deutsche Unionbank
Flick Concern
Handel-Maatschappij H. Albert de Bary & Co
Norddeutsche Bank 
Founded10 March 1869; 154 years ago (10 March 1869)
HeadquartersDeutsche Bank Twin Towers
Frankfurt, Germany
Area served
Worldwide
Key people
Services
Private banking
Revenue €25.4 billion (2021)[2]
€5.6 billion (2021)[3]
€2.5 billion (2021)[2]
Total assets €1.498 trillion (Q3 2022)[4]
Total equity €62 billion (Q3 2022)[4]
Number of employees
82,556 (Q3 2022)[4]
Websitedb.com

As of 2018, the bank's network spanned 58 countries with a large presence in Europe, the Americas, and Asia.[6] As of 2021, Deutsche Bank was the 21st largest bank in the world by total assets and 93rd in the world by market capitalization.[7] It is a component of the DAX stock market index, and often referred to as the largest German banking institution even though the Sparkassen-Finanzgruppe comes well ahead in terms of combined assets. Deutsche Bank has been designated as a global systemically important bank by the Financial Stability Board since 2011.

Deutsche Bank is a universal bank with four major divisions: Investment Bank, Corporate Bank, Private Bank and Asset Management (DWS). Its investment banking operations often command substantial deal flow.

According to the New Yorker, Deutsche Bank has long had an "abject" reputation among major banks, as it has been involved in major scandals across different issue areas.[8]

History

 
Deutsche Bank, Sydney
 
Share of the Deutsche Bank, issued 2. November 1881

1870–1919

Deutsche Bank was founded on 1870 in Berlin as a specialist bank for financing foreign trade and promoting German exports.[9][10] It subsequently played a large part in developing Germany's financial services industry, as its business model focused on providing finance to industrial customers.[10] The bank's statute was adopted on 22 January 1870, and on 10 March 1870 the Prussian government granted it a banking license. The statute laid great stress on foreign business:

The object of the company is to transact banking business of all kinds, in particular, to promote and facilitate trade relations between Germany, other European countries and overseas markets.[11]

Three of the founders were Georg Siemens, whose father's cousin had founded Siemens and Halske; Adelbert Delbrück and Ludwig Bamberger.[12] Prior to the founding of Deutsche Bank, German importers and exporters were dependent upon British and French banking institutions in the world markets—a serious handicap in that German bills were almost unknown in international commerce, generally disliked and subject to a higher rate of a discount than English or French bills.[13]

Founding members

  • Hermann Zwicker (Bankhaus Gebr. Schickler, Berlin)
  • Anton Adelssen (Bankhaus Adelssen & Co., Berlin)
  • Adelbert Delbrück (Bankhaus Delbrück, Leo & Co.)
  • Heinrich von Hardt (Hardt & Co., Berlin, New York)
  • Ludwig Bamberger (politician, former chairman of Bischoffsheim, Goldschmidt & Co)
  • Victor Freiherr von Magnus (Bankhaus F. Mart Magnus)
  • Adolph vom Rath [de] (Bankhaus Deichmann & Co., Cologne)
  • Gustav Kutter (Bankhaus Gebrüder Sulzbach, Frankfurt)
  • Gustav Müller (Württembergische Vereinsbank, Stuttgart)

First directors

The bank's first domestic branches, inaugurated in 1871 and 1872, were opened in Bremen[14] and Hamburg.[15] Its first oversea-offices opened in Shanghai in 1872[16] and London in 1873[17] followed by South American offices between 1874 and 1886.[12] The branch opening in London, after one failure and another partially successful attempt, was a prime necessity for the establishment of credit for the German trade in what was then the world's money center.[13]

Major projects in the early years of the bank included the Northern Pacific Railroad in the US[18] and the Baghdad Railway[19] (1888). In Germany, the bank was instrumental in the financing of bond offerings of steel company Krupp (1879) and introduced the chemical company Bayer to the Berlin stock market.

The second half of the 1890s saw the beginning of a new period of expansion at Deutsche Bank. The bank formed alliances with large regional banks, giving itself an entry into Germany's main industrial regions. Joint ventures were symptomatic of the concentration then under way in the German banking industry. For Deutsche Bank, domestic branches of its own were still something of a rarity at the time; the Frankfurt branch[20] dated from 1886 and the Munich branch from 1892, while further branches were established in Dresden and Leipzig[21] in 1901.

In addition, the bank rapidly perceived the value of specialist institutions for the promotion of foreign business. Gentle pressure from the Foreign Ministry played a part in the establishment of Deutsche Ueberseeische Bank[22] in 1886 and the stake taken in the newly established Deutsch-Asiatische Bank[23] three years later, but the success of those companies showed that their existence made sound commercial sense.

1919–1933

 
Share of the Deutschen Bank und Disconto-Gesellschaft, issued March 1932
 
Former Deutsche Bank building complex, corner of Französische Strasse and Glinkastrasse in Berlin

In 1919, the bank purchased the state's share of Universum Film Aktiengesellschaft (Ufa).[24] In 1926, the bank assisted in the merger of Daimler and Benz.[24][25]

The bank merged with other local banks in 1929 to create Deutsche Bank and Disconto-Gesellschaft.[26] In 1937, the company name changed back to Deutsche Bank.[27]

1933–1945

After Adolf Hitler came to power, instituting the Third Reich, Deutsche Bank dismissed its three Jewish board members in 1933.[28] In subsequent years, Deutsche Bank took part in the aryanization of Jewish-owned businesses, provided the owners of “aryanized” businesses were in the know about their Jewish status beforehand; according to its own historians, the bank was involved in 363 such confiscations by November 1938.[28][29] In 1938, German bank Mendelssohn & Co. was acquired.[30][31] During the war, Deutsche Bank incorporated other banks that fell into German hands during the occupation of Eastern Europe. Deutsche Bank provided banking facilities for the Gestapo and loaned the funds used to build the Auschwitz camp and the nearby IG Farben facilities.[32]

During World War II, Deutsche Bank became responsible for managing the Bohemian Union Bank in Prague, with branches in the Protectorate and in Slovakia, the Bankverein in Yugoslavia (which has now[when?] been divided into two financial corporations, one in Serbia and one in Croatia), the Albert de Barry Bank in Amsterdam, the National Bank of Greece in Athens, the Creditanstalt-Bankverein in Austria and Hungary, the Deutsch-Bulgarische Kreditbank in Bulgaria, and Banca Comercială Română (The Romanian Commercial Bank) in Bucharest. It also maintained a branch in Istanbul, Turkey.

In 1999, Deutsche Bank confirmed officially that it had been involved in the Auschwitz camp.[32] In December 1999, Deutsche, along with other major German companies, contributed to a US$5.2 billion compensation fund following lawsuits brought by Holocaust survivors;[33][34] U.S. officials had threatened to block Deutsche Bank's $10 billion purchase of Bankers Trust, a major American bank, if it did not contribute to the fund.[35] The history of Deutsche Bank during the Second World War has since been documented by independent historians commissioned by the Bank.[29]

Post-World War II

 
Highrise of the Deutsche Bank in Berlin, designed by Friedrich Koch and Günter Hönow [de], 1966-1968

Following Germany's defeat in World War II, the Allied authorities, in 1948, ordered Deutsche Bank's break-up into regional banks.[36] These regional banks were later consolidated into three major banks in 1952: Norddeutsche Bank AG; Süddeutsche Bank AG; and Rheinisch-Westfälische Bank AG.[36] In 1957, these three banks merged to form Deutsche Bank AG with its headquarters in Frankfurt.[36]

In 1959, the bank entered retail banking by introducing small personal loans. In the 1970s, the bank pushed ahead with international expansion, opening new offices in new locations, such as Milan (1977), Moscow, London, Paris, and Tokyo. In the 1980s, this continued when the bank paid U$603 million in 1986 to acquire Banca d'America e d'Italia.[37]

In 1972, the bank established its Fiduciary Services Division which provides support to its private wealth division.[38]

At 8:30 am on 30 November 1989, Alfred Herrhausen, chairman of Deutsche Bank, was killed when a car that he was in exploded while he was traveling in the Frankfurt suburb of Bad Homburg. The Red Army Faction claimed responsibility for the blast.[39][40]

In 1989, the first steps towards creating a significant investment-banking presence were taken with the acquisition of Morgan, Grenfell & Co., a UK-based investment bank which was renamed Deutsche Morgan Grenfell in 1994. In 1995 to greatly expand into international investments and money management, Deutsche Bank hired Edson Mitchell, a risk specialist from Merrill Lynch, who hired two other former Merrill Lynch risk specialists Anshu Jain and William S. Broeksmit.[41] By the mid-1990s, the buildup of a capital-markets operation had got underway with the arrival of a number of high-profile figures from major competitors. Ten years after the acquisition of Morgan Grenfell, the US firm Bankers Trust was added. Bankers Trust suffered losses during the 1998 Russian financial crisis since it had a large position in Russian government bonds,[42] but avoided financial collapse by being acquired by Deutsche Bank for $10 billion in November 1998.[43] On 4 June 1999, Deutsche Bank merged its Deutsche Morgan Grenfell and Bankers Trust to became Deutsche Asset Management (DAM) with Robert Smith as the CEO.[44] This made Deutsche Bank the fourth-largest money management firm in the world after UBS, Fidelity Investments, and the Japanese post office's life insurance fund.[43] At the time, Deutsche Bank owned a 12% stake in DaimlerChrysler but United States banking laws prohibit banks from owning industrial companies, so Deutsche Bank received an exception to this prohibition through 1978 legislation from Congress.[43]

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 $476 million.[45] In 1999, it acquired a minority interest in Cassa di Risparmio di Asti.

21st century

In the 11 September 2001 terrorist attacks the Deutsche Bank Building in Lower Manhattan, formerly Bankers Trust Plaza, was heavily damaged by the collapse of the South Tower of the World Trade Center.[46] Demolition work on the 39-story building continued for nearly a decade, and was completed in early 2011.[47]

In October 2001, Deutsche Bank was listed on the New York Stock Exchange. This was the first NYSE listing after interruption due to 11 September attacks. The following year, Josef Ackermann became CEO of Deutsche Bank and served as CEO until 2012 when he became involved with the Bank of Cyprus.[48][49] Then, beginning in 2002, Deutsche Bank strengthened its U.S. presence when it purchased Scudder Investments.[50] Meanwhile, in Europe, Deutsche Bank increased its private-banking business by acquiring Rued Blass & Cie (2002) and the Russian investment bank United Financial Group (2005) founded by the United States banker Charles Ryan and the Russian official Boris Fyodorov which followed Anshu Jain's aggressive expansion to gain strong relationships with state partners in Russia.[51][52] Jain persuaded Ryan to remain with Deutsche Bank at its new Russian offices and later, in April 2007, sent the president and chairman of the management board of VTB Bank Andrey Kostin's son Andrey to Deutsche Bank's Moscow office.[51][53][a] Later, in 2008, to establish VTB Capital, numerous bankers from Deutsche Bank's Moscow office were hired by VTB Capital.[49][55][56] In Germany, further acquisitions of Norisbank, Berliner Bank and Deutsche Postbank strengthened Deutsche Bank's retail offering in its home market. This series of acquisitions was closely aligned with the bank's strategy of bolt-on acquisitions in preference to so-called "transformational" mergers. These formed part of an overall growth strategy that also targeted a sustainable 25% return on equity, something the bank achieved in 2005.[citation needed]

On 1 October 2003, Deutsche Bank and Dresdner Bank entered into a payment transaction agreement with Postbank to have Postbank process payments as the clearing center for the three banks.[57]

Since the mid-1990s Deutsche Bank commercial real estate division offered Donald Trump financial backing, even though in the early 1990s Citibank, Manufacturers Hanover, Chemical, Bankers Trust, and 68 other entities refused to financially support him.[51][52][58][b]

In 2008, Trump sued Deutsche Bank for $3 billion and a few years later, he shifted his financial portfolio from the investment banking division to Deutsche Bank private wealth division with Rosemary Vrablic, formerly of Citigroup, Bank of America, and Merrill Lynch, becoming Trump's new personal banker at Deutsche Bank.[49][61][62][63][c]

In 2007, the company's headquarters, the Deutsche Bank Twin Towers building, was extensively renovated for three years, certified LEED Platinum and DGNB Gold.

In 2010, the bank developed and owned the Cosmopolitan of Las Vegas, after the casino's original developer defaulted on its borrowings. Deutsche Bank ran it at a loss until its sale in May 2014. The bank's exposure at the time of sale was more than $4 billion, and sold the property to Blackstone Group for $1.73 billion.[74]

Great Recession and European debt crisis (2007–2012)

See also: Financial crisis of 2007–2008, Great Recession, and European debt crisis

Housing credit bubble and CDO market

 
Internal email from 2005 describing Deutsche CDO traders view of the bubble

Deutsche Bank was one of the major drivers of the expansion of the collateralized debt obligation (CDO) market during the housing credit bubble from 2004 to 2008, creating about $32 billion worth. The 2011 US Senate Permanent Select Committee on Investigations report on "Wall Street and the Financial Crisis" analyzed Deutsche Bank as a case study of investment banking involvement in the mortgage bubble, CDO market, credit crunch, and recession. It concluded that even as the market was collapsing in 2007, and its top global CDO trader was deriding the CDO market and betting against some of the mortgage bonds in its CDOs, Deutsche bank continued to churn out bad CDO products to investors.[75]

The report focused on one CDO, Gemstone VII, made largely of mortgages from Long Beach, Fremont, and New Century, all notorious subprime lenders. Deutsche Bank put risky assets into the CDO, like ACE 2006-HE1 M10, which its own traders thought was a bad bond. It also put in some mortgage bonds that its own mortgage department had created but could not sell, from the DBALT 2006 series. The CDO was then aggressively marketed as a good product, with most of it being described as having A level ratings. By 2009 the entire CDO was almost worthless and the investors (including Deutsche Bank itself) had lost most of their money.[75]

Greg Lippmann, head of global CDO trading, was betting against the CDO market, with approval of management, even as Deutsche was continuing to churn out product. He was a major character in Michael Lewis' book The Big Short, which detailed his efforts to find 'shorts' to buy Credit Default Swaps (CDS) for the construction of Synthetic CDOs. He was one of the first traders to foresee the bubble in the CDO market as well as the tremendous potential that CDS offered in this. As portrayed in The Big Short, Lipmann in the middle of the CDO and MBS frenzy was orchestrating presentations to investors, demonstrating his bearish view of the market, offering them the idea to start buying CDS, especially to AIG in order to profit from the forthcoming collapse. As regards the Gemstone VII deal, even as Deutsche was creating and selling it to investors, Lippman emailed colleagues that it 'blew', and he called parts of it 'crap' and 'pigs' and advised some of his clients to bet against the mortgage securities it was made 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'. Lippman's group made money off of these bets, even as Deutsche overall lost money on the CDO market.[75]

Deutsche was also involved with Magnetar Capital in creating its first Orion CDO. Deutsche had its own group of bad CDOs called START. It worked with Elliot Advisors on one of them; Elliot bet against the CDO even as Deutsche sold parts of the CDO to investors as good investments. Deutsche also worked with John Paulson, of the Goldman Sachs Abacus CDO controversy, to create some START CDOs. Deutsche lost money on START, as it did on Gemstone.[75]

On 3 January 2014, it was reported that Deutsche Bank would settle a lawsuit brought by US shareholders, who had accused the bank of bundling and selling bad real estate loans before the 2008 downturn. This settlement came subsequent and in addition to Deutsche's $1.93 billion settlement with the US Housing Finance Agency over similar litigation related to the sale of mortgage-backed securities to Fannie Mae and Freddie Mac.[76]

Leveraged super-senior trades

Former employees including Eric Ben-Artzi and Matthew Simpson have claimed that, during the crisis, Deutsche failed to recognize up to $12 billion of paper losses on its $130 billion portfolio of leveraged super senior trades, although the bank rejects the claims.[77] A company document of May 2009 described the trades as "the largest risk in the trading book",[78] and the whistleblowers allege that had the bank accounted properly for its positions its capital would have fallen to the extent that it might have needed a government bailout.[77] One of them claims that "If Lehman Brothers didn't have to mark its books for six months it might still be in business, and if Deutsche had marked its books it might have been in the same position as Lehman."[78]

Deutsche had become the biggest operator in this market, which were a form of credit derivative designed to behave like the most senior tranche of a CDO.[78] Deutsche bought insurance against default by blue-chip companies from investors, mostly Canadian pension funds, who received a stream of insurance premiums as income in return for posting a small amount of collateral.[78] The bank then sold protection to US investors via the CDX credit index, the spread between the two was tiny but was worth $270m over the 7 years of the trade.[78] It was considered very unlikely that many blue chips would have problems at the same time, so Deutsche required collateral of just 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.[78] Ben-Artzi claims that after modeling came up with "economically unfeasible" results, Deutsche accounted for the gap option first with a simple 15% "haircut" on the trades (described as inadequate by another employee in 2006) and then in 2008 by a $1–2bn reserve for the credit correlation desk designed to cover all risks, not just the gap option.[78] In October 2008, it stopped modeling the gap option and just bought S&P put options to guard against further market disruption, but one of the whistleblowers has described this as an inappropriate hedge.[78] A model from Ben-Artzi's previous job at Goldman Sachs suggested that the gap option was worth about 8% of the value of the trades, worth $10.4bn. Simpson claims that traders were not simply understating the gap option but actively mismarking the value of their trades.[78]

European debt crisis, 2009–today

Main article: European debt crisis

In 2008, Deutsche Bank reported its first annual loss in five decades,[79] despite receiving billions of dollars from its insurance arrangements with AIG, including US$11.8 billion from funds provided by US taxpayers to bail out AIG.[80]

Based on a preliminary estimation from the European Banking Authority (EBA), in late 2011, Deutsche Bank AG needed to raise capital of about €3.2 billion as part of a required 9% core Tier 1 ratio after sovereign debt write-down starting in mid-2012.[81]

As of 2012, Deutsche Bank had negligible exposure to Greece, but Spain and Italy accounted for a tenth of its European private and corporate banking business with credit risks of about €18 billion in Italy and €12 billion in Spain.[82]

In 2017, Deutsche Bank needed to get its common equity tier-1 capital ratio up to 12.5% in 2018 to be marginally above the 12.25% required by regulators.[83]

Since 2012

In January 2014, Deutsche Bank reported a €1.2 billion ($1.6 billion) pre-tax loss for the fourth quarter of 2013. This came after analysts had predicted a profit of nearly €600 million, according to FactSet estimates. Revenues slipped by 16% versus the prior year.[84]

Deutsche Bank's Capital Ratio Tier-1 (CET1) was reported in 2015 to be only 11.4%, lower than the 12% median CET1 ratio of Europe's 24 biggest publicly traded banks, so there would be no dividend for 2015 and 2016.[85] Furthermore, 15,000 jobs were to be cut.[86]

In June 2015, the then co-CEOs, Jürgen Fitschen and Anshu Jain, both offered their resignations[87] to the bank's supervisory board, which were accepted. Jain's resignation took effect in June 2015, but he provided consultancy to the bank until January 2016. Fitschen continued as joint CEO until May 2016. The appointment of John Cryan as joint CEO was announced, effective July 2016; he became sole CEO at the end of Fitschen's term.[88]

In January 2016, Deutsche Bank pre-announced a 2015 loss before income taxes of approximately €6.1 billion and a net loss of approximately €6.7 billion.[89] Following this announcement, a bank analyst at Citi declared: "We believe a capital increase now looks inevitable and see an equity shortfall of up to €7 billion, on the basis that Deutsche may be forced to book another €3 billion to €4 billion of litigation charges in 2016."[90]

May 2017, Chinese conglomerate HNA Group became its biggest shareholder, owning 9.90% of its shares.[91] However, HNA Group's stake reduced to 8.8% as of February 16, 2018.[92]

In November 2018, the bank's Frankfurt offices were raided by police in connection with investigations around the Panama papers and money laundering. Deutsche Bank released a statement confirming it would "cooperate closely with prosecutors".[93]

AUTO1 FinTech is a joint venture of AUTO1 Group, Allianz, SoftBank and Deutsche Bank.[94]

In February 2019, HNA Group announced cutting stake in Deutsche Bank to 6.3 percent.[95] It was further reduced to 0.19 percent as at March 2019.[96]

During the Annual General Meeting in May 2019, CEO Christian Sewing said he was expecting a "deluge of criticism" about the bank's performance and announced that he was ready to make "tough cutbacks"[97] after the failure of merger negotiations with Commerzbank AG and weak profitability. According to The New York Times, "its finances and strategy [are] in disarray and 95 percent of its market value [has been] erased".[98] News headlines in late June 2019 claimed that the bank would cut 20,000 jobs, over 20% of its staff, in a restructuring plan.[99][100] On 8 July 2019, the bank began to cut 18,000 jobs, including entire teams of equity traders in Europe, the US, and Asia. On the previous day, Sewing had laid blame on unnamed predecessors who created a "culture of poor capital allocation" and chasing revenue for the sake of revenue, according to a Financial Times report, and promised that going forward, the bank "will only operate where we are competitive".[101][102]

In January 2020, Deutsche Bank had decided to cut the bonus pool at its investment branch by 30% following restructuring efforts.[103]

In February 2021, it was reported that Deutsche Bank made a profit of €113 million ($135.6 million) for 2020, the first annual net profit it had posted since 2014.[104][105]

In March 2021, Deutsche Bank sold about $4 billion of holdings seized in the implosion of Archegos Capital Management in a private deal.[106] The move helped Deutsche Bank emerge unscathed after Archegos defaulted on margin loans used to build up highly leveraged bets on stocks.[106]

Leadership history

When Deutsche Bank was first 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; in July 2015 it announced it would be led by one CEO beginning in 2016.[107] The management bodies are the annual general meeting, supervisory board and management board.

Begin End CEO/Speaker Notes
2018 Christian Sewing [108]
2015 2018 John Cryan co-CEO with Fitschen until 2016[109]
2012 2016 Jürgen Fitschen co-CEO[109]
2012 2015 Anshu Jain co-CEO with Fitschen[110]
2002 2012 Josef Ackermann CEO position created 2006[111]
1997 2002 Rolf-Ernst Breuer
1989 1997 Hilmar Kopper
1985 1989 Alfred Herrhausen assassinated
1976 1988 Friedrich Wilhelm Christians
1976 1985 Wilfried Guth
1967 1976 Franz Heinrich Ulrich co-speaker[112]
1967 1969 Karl Klasen co-speaker
1957 1967 Hermann Josef Abs

Logotype

In 1972, the bank created the world-known blue logo "Slash in a Square" – designed by Anton Stankowski and intended to represent growth within a risk-controlled framework.[113]

Corporate governance

Supervisory Board
Name Position
Dr. Paul Achleitner Chairman of the Supervisory Board of Deutsche Bank AG
Detlef Polaschek Deputy Chairman of the Supervisory Board of Deutsche Bank AG
Ludwig Blomeyer-Bartenstein Spokesperson of the Management and Head of the Market Region Bremen
Frank Bsirske
Mayree Caroll Clark Founder and Managing Partner of Eachwin Capital
Jan Duscheck Head of national working group Banking, trade union ver.di
Gerhard Eschelbeck
Katherine Garrett-Cox Managing Director and Chief Executive Officer, Gulf International Bank (UK) Ltd.
Timo Heider Deputy Chairman of the Group Staff Council of Deutsche Bank AG
Martina Klee Deputy Chairperson of the Staff Council PWCC Center Frankfurt of Deutsche Bank
Henriette Mark Chairperson of the Combined Staff Council Southern Bavaria of Deutsche Bank
Gabriele Platscher Chairperson of the Staff Council Niedersachsen Ost of Deutsche Bank
Bernd Rose Member of the Group Staff Council and European Staff Council of Deutsche Bank
Gerd Alexander Schütz Founder and Member of the Management Board, C-QUADRAT
Stephan Szukalski Federal Chairman of the German Association of Bank Employees
John Aexander Thain
Michelle Trogni
Dr. Dagmar Valcarel
Prof. Dr. Norbert Winkeljohann Self-employed corporate consultant, Norbert Winkeljohann Advisory & Investments
Jürg Zeltner Group CEO and Chairman of the Group Executive Committee,

Member of the Board of Directors, KBL European Private Bankers, Luxembourg

Management Board
Name Position
Christian Sewing Chief Executive Officer
Christiana Riley Chief Executive Officer Americas
Alexander von zur Muehlen Chief Executive Officer Asia Pacific
Karl Von Rohr Deputy Chairman (President)
Stuart Lewis Chief Risk Officer
Fabrizio Campelli Corporate & Investment Bank
Bernd Leukert Chief Technology Data & Innovation Officer
Rebecca Short Chief Transformation Officer
Stefan Simon Chief Transformation Officer
James Von Moltke Chief Financial Officer

Shareholders

Deutsche Bank is one of the leading listed companies in German post-war history. Its shares are traded on the Frankfurt Stock Exchange and, since 2001, also on the New York Stock Exchange and are included in various indices, including the DAX and the Euro Stoxx 50. As the share had lost value since mid-2015 and market capitalization had shrunk to around €18 billion, it temporarily withdrew from the Euro Stoxx 50 on 8 August 2016.[114] With a 0.73% stake, it is currently the company with the lowest index weighting.[115]

In 2001, Deutsche Bank merged its mortgage banking business with that of Dresdner Bank and Commerzbank to form Eurohypo AG. In 2005, Deutsche Bank sold its stake in the joint company to Commerzbank.[116]

Large Shareholders as of 14 December 2020[117]
Share Shareholder As of
5.06% BlackRock 2020
3.74% The Capital Group Companies 2020
3.61% Euro Pacific Growth Fund 2020
3.18% Douglas L. Braunstein 2020
3.05% Paramount Services Holdings Ltd. 2015
3.05% Supreme Universal Holdings Ltd. 2015
3.001% Stephen A. Feinberg 2017

Business divisions

The bank's business model rests on three pillars – the Corporate & Investment Bank (CIB), the Private & Commercial Bank and Asset Management (DWS).

Corporate & Investment Bank (CIB)

 
A Deutsche Bank retail branch in Munich.

The Corporate & Investment Bank (CIB) is Deutsche Bank's capital markets business. The CIB comprises the below six units.[118]

  • Corporate Finance is responsible for advisory and mergers & acquisitions (M&A).
  • Equities / Fixed Income & Currencies. These two units are responsible for sales and trading of securities.
  • Global Capital Markets (GCM) is focused on financing and risk management solutions. It includes debt and equity issuances.
  • Global Transaction Banking (GTB) caters to corporates and financial institutions by providing commercial banking products including cross-border payments, cash management, securities services, and international trade finance.
  • Deutsche Bank Research provides analysis of products, markets, and trading strategies.

Private & Commercial Bank

  • Private & Commercial Clients Germany / International is the retail bank of Deutsche Bank. In Germany, it operates under two brands – Deutsche Bank and Postbank. Additionally, it has operations in Belgium, Italy, Spain and India. The businesses in Poland and Portugal are in the process of being sold.[119][120][121][needs update]
  • Wealth Management functions as the bank's private banking arm, serving high-net-worth individuals and families worldwide. The division has a presence in the world's private banking hotspots, including Switzerland, Luxembourg, the Channel Islands, the Cayman Islands and Dubai.[122]

Deutsche Asset Management (DWS)

Deutsche Bank holds a majority stake in the listed asset manager DWS Group (formerly Deutsche Asset Management), which was separated from the bank in March 2018.

Controversies

Deutsche Bank in general as well as specific employees have frequently figured in controversies and allegations of deceitful behavior or illegal transactions. As of 2016, the bank was involved in some 7,800 legal disputes and calculated €5.4 billion as litigation reserves,[123] with a further €2.2 billion held against other contingent liabilities.[90] According to the New Yorker, Deutsche Bank has long had an "abject" reputation.[8] Between 2008 and 2016, Deutsche Bank paid around nine billion dollars in fines and settlements related to wrongdoings across different issue areas.[8] The FinCEN file leaks documented around $1.3 trillion of suspicious transactions through Deutsche Bank between 1999 and 2017.[8] More than half of all suspicious transactions involving major banks in the FinCEN files leaks involved Deutsche Bank.[8]

Role in financial crisis of 2007–2008

See also: Financial crisis of 2007–2008

In January 2017, Deutsche Bank agreed to a $7.2 billion settlement with the United States Department of Justice over its sale and pooling of toxic mortgage securities in the years leading up to the Financial crisis of 2007–2008. As part of the agreement, Deutsche Bank was required to pay a civil monetary penalty of $3.1 billion and provide $4.1 billion in consumer relief, such as loan forgiveness. At the time of the agreement, Deutsche Bank was still facing investigations into the alleged manipulation of foreign exchange rates, suspicious equities trades in Russia, as well as alleged violations of United States sanctions against Iran and other countries. Since 2012, Deutsche Bank had paid more than €12 billion for litigation, including a deal with U.S. mortgage-finance giants Fannie Mae and Freddie Mac.[124]

Espionage scandal, 2009

In 2009, the bank admitted it engaged in covert espionage on its critics from 2001 to 2007 directed by its corporate security department, although it characterized the incidents as "isolated".[125] According to The Wall Street Journal, Deutsche Bank had prepared a list of names of people who it wanted investigated for criticism of the bank, including Michael Bohndorf (an activist investor in the bank), Leo Kirch (a former media executive in litigation with the bank), and the Munich law firm of Bub Gauweiler & Partner, which represented Kirch.[125] According to the Wall Street Journal, the bank's legal department was involved in the scheme along with its corporate security department.[125] The bank hired Cleary Gottlieb Steen & Hamilton to investigate the incidents on its behalf. The Cleary firm submitted its report, which however was not made public.[125] According to The Wall Street Journal, the Cleary firm uncovered a plan by which Deutsche Bank was to infiltrate the Bub Gauweiler firm by having a bank mole hired as an intern at the Bub Gauweiler firm. The plan was allegedly cancelled after the intern was hired but before she started work.[125] Peter Gauweiler, a principal at the targeted law firm, was quoted as saying "I expect the appropriate authorities including state prosecutors and the bank's oversight agencies will conduct a full investigation."[125]

Deutsche Bank's law firm Cleary Gottlieb Steen & Hamilton in Frankfurt[126] published a report in July 2009 saying,[127] it found no systemic misbehaviour and there was no indication that present members of the management board had been involved in any activity that raises legal issues or has had any knowledge of such activities.[127] This was confirmed by the Public Prosecutor's Office in Frankfurt in October 2009.[128] BaFin found deficiencies in operations within Deutsche Bank's security unit in Germany but no systemic misconduct.[129] The bank said it took steps to strengthen controls for the mandating of external service providers by its Corporate Security Department.[127]

Deutsche Bank document release, 2014

On 26 January 2014, William S. Broeksmit, a risk specialist at Deutsche Bank who was very close to Anshu Jain and hired by Edson Mitchell to spearhead Deutsche Bank's foray into international investments and money management in the 1990s, released numerous Deutsche Bank documents from the New York branch of the Deutsche Bank Trust Company Americas (DBTCA), which Broeksmit's adopted son Val Broeksmit, who is a close friend of Moby, later gave, along with numerous emails, to both Welt am Sonntag and ZDF, which revealed numerous irregularities including both a $10 billion money laundering scheme spearheaded by the Russia branch of Deutsche Bank at Moscow, which the New York State Department of Financial Services fined Deutsche Bank $425 million, and derivatives improprieties.[130][131][41][132][133][134][63][d]

Libor scandal, 2015

See also: Libor scandal

On 23 April 2015, Deutsche Bank agreed to a combined US$2.5 billion in fines – a US$2.175 billion fine by American regulators, and a €227 million penalty by British authorities – for its involvement in the Libor scandal uncovered in June 2012. It was one of several banks colluding to fix interest rates used to price hundreds of trillions of dollars of loans and contracts worldwide, including mortgages and student loans.[136][137] Deutsche Bank also pleaded guilty to wire fraud, acknowledging that at least 29 employees had engaged in illegal activity. It was required to dismiss all employees who were involved with the fraudulent transactions.[137] However, no individuals were charged with criminal wrongdoing. In a Libor first, Deutsche Bank will be required to install an independent monitor.[136] Commenting on the fine, Britain's Financial Conduct Authority director Georgina Philippou said "This case stands out for the seriousness and duration of the breaches ... One division at Deutsche Bank had a culture of generating profits without proper regard to the integrity of the market. This wasn't limited to a few individuals but, on certain desks, it appeared deeply ingrained."[137] The fine represented a record for interest rate related cases, eclipsing a $1.5 billion Libor related fine to UBS, and the then-record $450 million fine assessed to Barclays earlier in the case.[137][136] The size of the fine reflected the breadth of wrongdoing at Deutsche Bank, the bank's poor oversight of traders, and its failure to take action when it uncovered signs of abuse internally.[136]

U.S. sanctions violations, 2015

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 Services (NYDFS) 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 transactions valued at more than US$10.86 billion (€9.98 billion) to help evade US sanctions between early 1999 until 2006 which were done on behalf of Iranian, Libyan, Syrian, Burmese, and Sudanese financial institutions and other entities subject to US sanctions, including entities on the Specially Designated Nationals by the Office of Foreign Assets Control.[138][139]

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 install an independent monitor, fire six employees who were involved in the incident, and ban three other employees from any work involving the bank's US-based operations.[140]

Tax evasion, 2016

In June 2016 six former employees in Germany were accused of being involved in a major tax fraud deal with CO2 emission certificates, and most of them were subsequently convicted. It was estimated that the sum of money in the tax evasion scandal might have been as high as €850 million. Deutsche Bank itself was not convicted due to an absence of corporate liability laws in Germany.[141]

Dakota Access Pipeline, 2016

See also: Dakota Access Pipeline protests

Environmentalists criticize Deutsche Bank for co-financing the controversial Dakota Access Pipeline, which is planned to run close to an Indian reservation and is seen as a threat to their livelihood by its inhabitants.[142]

Deutsche Bank has issued a statement addressing the criticism it received from various environmental groups.[143]

Russian money-laundering operations

In January 2017, the bank was fined $425 million by the New York State Department of Financial Services (DFS)[144] and £163 million by the UK Financial Conduct Authority[145] regarding accusations of laundering $10 billion out of Russia.[146][147][148]

In the decade preceding the Russian mirror-trading scheme, Deutsche Bank was informed of substantial and widespread compliance concerns. The offsetting trades in this instance lacked economic purpose and could have been used to facilitate money laundering or other illegal activity.[149] On January 30, 2017, the NYSDFS (New York State Department of Financial Services) fined Deutsche Bank $425 million for violating New York's anti-money laundering laws. There was a "mirror trading" scheme involved. Deutsche Bank's Moscow, London, and New York branches laundered $10 billion out of Russia.[150]

The Global Laundromat scandal revealed Deutsche Bank's involvement in a vast money-laundering operation over the period 2010–2014. The operation may have involved as much as $80 billion. In 2019, The Guardian reported that a confidential internal report at Deutsche Bank showed that the bank could face fines, legal action, and even possible prosecution of senior management over the bank's role in the money laundering.[151]

In 2020, it was reported that Deutsche Bank was pursuing an expansion of its Russia operations.[152]

In the wake of Russia's 2022 invasion of Ukraine, Deutsche Bank refused to close down its Russia business. At the same time, other banks and major businesses were exiting Russia.[153]

Relationship with Donald Trump, 1995–2021

Further information: Timeline of investigations into Trump and Russia (January–June 2017), Timeline of investigations into Trump and Russia (July–December 2017), Timeline of investigations into Trump and Russia (2019), and Wealth of Donald Trump

Deutsche Bank is widely recognized as being the largest creditor to real-estate-mogul-turned-politician Donald Trump,[citation needed] 45th President of the United States, lending him and his company more than $2 billion over twenty years ending 2020.[154] The bank held more than $360 million in outstanding loans to him prior to his 2016 election. Although his 2019 final report never mentioned Deutsche Bank, as of December 2017, Special Counsel Robert Mueller investigated Deutsche Bank's role in Trump and Russian parties allegedly cooperating to elect him.[155] As of March 2019, Deutsche Bank's relationship with Trump was also under investigation by two U.S. congressional committees and by the New York attorney general.[156][157][158]

In April 2019, House Democrats subpoenaed the Bank for Trump's personal and financial records.[159][160][161][162][163] On 29 April 2019, U.S. President Donald Trump, his business, and his children Donald Trump Jr., Eric Trump, and Ivanka Trump sued Deutsche Bank and Capital One bank to block them from turning over financial records to congressional committees.[164] On 22 May 2019, judge Edgardo Ramos of the federal District Court in Manhattan rejected the Trump suit against Deutsche Bank, ruling the bank must comply with congressional subpoenas.[165] Six days later, Ramos granted Trump's attorneys their request for a stay so they could pursue an expedited appeal through the courts.[166] In October 2019, a federal appeals court said the bank asserted it did not have Trump's tax returns.[167] In December 2019, the Second Circuit Court of Appeals ruled that Deutsche Bank must release Trump's financial records, with some exceptions, to congressional committees; Trump was given seven days to seek another stay pending a possible appeal to the Supreme Court.[168]

In May 2019, The New York Times reported that anti-money laundering specialists in the bank detected what appeared to be suspicious transactions involving entities controlled by Trump and his son-in-law Jared Kushner, for which they recommended filing suspicious activity reports with the Financial Crimes Enforcement Network of the Treasury Department, but bank executives rejected the recommendations. One specialist noted money moving from Kushner Companies to Russian individuals and flagged it in part because of the bank's previous involvement in a Russian money-laundering scheme.[169][170]

On 19 November 2019, Thomas Bowers, a former Deutsche Bank executive and head of the American wealth management division, was reported to have committed suicide in his Malibu home.[171] Bowers had been in charge of overseeing and personally signing over $360 million in high-risk loans for Trump's National Doral Miami resort.[172] The loans had been subject to a criminal investigation by special counsel Robert Mueller in his investigation of the president's 2016 campaign involvement in Russian election meddling. Documents on those loans have also been subpoenaed from Deutsche Bank by the House Democrats together with the financial documents of the president. A relationship between Bowers's responsibilities and apparent suicide has not been established; the Los Angeles County Medical Examiner – Coroner closed the case, giving no indication to wrongdoing by third parties.[173]

In early 2021, Deutsche Bank elected to discontinue its relationship with Donald Trump following the January 6 United States Capitol attack.[174]

Fine for business with Jeffrey Epstein, 2020

Deutsche Bank lent money and traded currencies for the well-known sex offender Jeffrey Epstein up to May 2019, long after Epstein's 2008 guilty plea in Florida to soliciting prostitution from underage girls, according to news reports.[175][150][176] Epstein and his businesses had dozens of accounts through the private-banking division.[177][178] From 2013 to 2018, "Epstein, his related entities and his associates" had opened over forty accounts with Deutsche Bank.[179]

According to The New York Times, Deutsche Bank managers overruled compliance officers who raised concerns about Epstein's reputation.[150]

The bank found suspicious transactions in which Epstein moved money out of the United States, The Times reported.[177]

On 7 July 2020, the New York Department of Financial Services (DFS) imposed a $150 million penalty on Deutsche Bank, in connection with Epstein. The bank had "ignored red flags on Epstein".[179][180]

On 24 November, two unnamed women that accused Epstein of sexual abuse and sex trafficking also sued Deutsche Bank for its role in enabling Epstein to run his sex-trafficking operations by ignoring red flags regarding his account and the withdrawal of suspiciously high sums of money.[181]

Involvement in Danske Bank money-laundering scandal, 2018

On 19 November 2018, a whistleblower of the Danske Bank money laundering scandal stated that a large European bank was involved in helping Danske process $150 billion in suspect funds.[182] Although the whistleblower, Howard Wilkinson, did not name Deutsche Bank directly, another inside source claimed the institute in question was Deutsche Bank's U.S. unit.[183] In 2020 it became known that the U.S. arm of Deutsche Bank processed more than $150 billion of the $230 billion dirty money through New York, for which it was fined 150 million $. After a raid in 2019, Frankfurt-based prosecutors imposed a fine of $15.8 million in 2020 for DB's failure on more than 600 occasions to promptly report suspicious transactions.[184]

Improper handling of ADRs, 2018

On 20 July 2018, Deutsche Bank agreed to pay nearly $75 million to settle charges of improper handling of "pre-released" American depositary receipt (ADRs) under investigation of the U.S. Securities and Exchange Commission (SEC). Deutsche Bank didn't admit or deny the investigation findings but agreed to pay disgorgement of more than $44.4 million in ill-gotten gains plus $6.6 million in prejudgment interest and a penalty of $22.2 million.[185][186]

Malaysian 1MDB fund

In July 2019, U.S. prosecutors investigated Deutsche Bank's role in a multibillion-dollar fraud scandal involving the 1Malaysia Development Berhad, or 1MDB.[187][188] Deutsche Bank helped raise $1.2 billion for the 1MDB in 2014.[188] As of May 2021 Malaysia sued Deutsche Bank to recover billions in alleged losses from a corruption scandal at the fund.[189]

Commodities trading, bribery fine, 2021

In January 2021, Deutsche Bank agreed to pay a U.S. fine of more than $130 million for a scheme to conceal bribes to foreign officials in countries such as Saudi Arabia and China, and the city of Abu Dhabi, between 2008 and 2017 and a commodities case where it spoofed precious metals futures.[190][191][192]

Strip club scandal, 2022

In March 2022, Ben Darsney, Ravi Raghunathan, Brandon Sun, and Daniel Gaona were exposed for trying to expense strip club nights out as legitimate business visits. Brandon Sun attempted to cover up the incident, but the bankers were let go for violating the Company Code of Conduct.[193][194]

Acquisitions

Notable employees

See also

Sources

  • David Enrich, Dark Towers: Deutsche Bank, Donald Trump, and an Epic Trail of Destruction, Custom House (2020) ISBN 978-0062878816 - The story of Deutsche Bank.[203]

Notes

  1. ^ Andrey Kostin (1979–2011), a Russian banker and son of Andrey Kostin who is the president and chairman of the management board of VTB Bank, graduated from the Russian Government Finance Academy in 2000 and began working with Deutsche Bank's London office in 2000.[53] From 2002 to 2007, the younger Andrey Kostin worked in Deutsche Bank's Office of Interbank and Corporate Sales in the countries of Central and Eastern Europe, the Middle East and Africa.[53] In April 2007, Anshu Jain sent the younger Andrey Kostin to work at Deutsche Bank's Moscow office.[51][53] While he was at Deutsche Bank's Moscow office, the Moscow office began posting profits of $500 million to $1 billion a year.[51][53] He served on its management board beginning July 2008 and was the deputy chairman of the management board from February 2011.[53] On 2 July 2011, at 7:30 a.m., while he was at a vacation retreat reserved for FSB personnel, he died when his Can-Am Outlander-800 ATV crashed into a tree along a country road near Pereslavl-Zalessky and the village of Los (Russian: Лось) in the Yaroslavl region of Russia.[53] He was not wearing a helmet.[54]
  2. ^ Justin Kennedy, son of Anthony Kennedy, and others such as Jon Vaccaro, Mike Offit, Steve Stuart, Eric Schwartz, and Tobin "Toby" Cobb are central to Donald Trump's financial support at Deutsche Bank.[58] Justin Kennedy worked for Deutsche Bank from 1997 to 2009 becoming the global head of real estate capital markets.[49][59][60]
  3. ^ Because of Deutsche Bank's global presence and strong support from attorneys in the United States and elsewhere, the Fiduciary Services Division, especially at the Singapore branch of Deutsche Bank, and closely associated one stop service provider companies including Atlas Corporate Services, Commonwealth Trust Limited (CTL), and the Portcullis TrustNet Group which was established in the 1980s gives support to private wealth management by establishing structures in critical places in the world such as trusts in Crown possessions including Guernsey, Isle of Man, Jersey; limited liability companies (LLC) in United Kingdom, Delaware, etc.; foundations in Liechtenstein; holding companies in Delaware, Bahamas, Cayman Islands, British Virgin Islands, Belize, Nevis, Seychelles, Mauritius, Hong Kong, Malaysia, Singapore, New Zealand, Cook Islands, Samoa, Marshall Islands, Panama, Ireland, United Kingdom, Luxembourg, Monaco, Cyprus, Gibraltar, etc.; discrete bank accounts in Panama, Bahamas, Switzerland, Latvia, Cyprus, Beijing, etc.[38][64][65][66][67][68][69][70][71][72][73]
  4. ^ Val Broeksmit (b. 1976, Ukraine) emigrated to Chicago in 1979 with his parents Alexander and Alla. Later, after his mother divorced his father and married Bill Broeksmit, he was adopted by Broeksmit when he was 9. Adam Schiff subpoenaed Val Broeksmit for the Broeksmit materials about Deutsche Bank to begin House of Representatives investigations into Trump and Deutsche Bank.[134][135]

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March 21, 2023
deutsche, bank, confused, with, deutsche, bundesbank, deutsche, postbank, deutsche, bahn, this, article, require, copy, editing, inconsistent, dates, foundation, assist, editing, september, 2022, learn, when, remove, this, template, message, coordinates, 11389. Not to be confused with Deutsche Bundesbank Deutsche Postbank or Deutsche Bahn This article may require copy editing for inconsistent dates of foundation You can assist by editing it September 2022 Learn how and when to remove this template message Coordinates 50 6 50 N 8 40 7 E 50 11389 N 8 66861 E 50 11389 8 66861 Deutsche Bank AG German pronunciation ˈdɔʏtʃe ˈbaŋk ʔaːˈɡeː listen sometimes referred to simply as Deutsche is a German multinational investment bank and financial services company headquartered in Frankfurt Germany and dual listed on the Frankfurt Stock Exchange and the New York Stock Exchange It was founded in 1870 and grew through multiple acquisitions including Disconto Gesellschaft in 1929 as a consequence of which it was known from 1929 to 1937 as Deutsche Bank und Disconto Gesellschaft or DeDi Bank 5 580 Bankers Trust in 1998 and Deutsche Postbank in 2010 Deutsche Bank AGDeutsche Bank Twin Towers in Frankfurt GermanyTypePublic Aktiengesellschaft Traded asFWB DBK NYSE DB DAX ComponentISINDE0005140008IndustryBanking Financial servicesPredecessorBanco Aleman TransatlanticoDeutsche UnionbankFlick ConcernHandel Maatschappij H Albert de Bary amp CoNorddeutsche Bank Founded10 March 1869 154 years ago 10 March 1869 HeadquartersDeutsche Bank Twin TowersFrankfurt GermanyArea servedWorldwideKey peopleAlexander Wynaendts chairman Christian Sewing CEO 1 ServicesInvestment banking Corporate banking Asset management Commercial banking Private bankingRevenue 25 4 billion 2021 2 Operating income 5 6 billion 2021 3 Net income 2 5 billion 2021 2 Total assets 1 498 trillion Q3 2022 4 Total equity 62 billion Q3 2022 4 Number of employees82 556 Q3 2022 4 Websitedb wbr comAs of 2018 the bank s network spanned 58 countries with a large presence in Europe the Americas and Asia 6 As of 2021 Deutsche Bank was the 21st largest bank in the world by total assets and 93rd in the world by market capitalization 7 It is a component of the DAX stock market index and often referred to as the largest German banking institution even though the Sparkassen Finanzgruppe comes well ahead in terms of combined assets Deutsche Bank has been designated as a global systemically important bank by the Financial Stability Board since 2011 Deutsche Bank is a universal bank with four major divisions Investment Bank Corporate Bank Private Bank and Asset Management DWS Its investment banking operations often command substantial deal flow According to the New Yorker Deutsche Bank has long had an abject reputation among major banks as it has been involved in major scandals across different issue areas 8 Contents 1 History 1 1 1870 1919 1 1 1 Founding members 1 1 2 First directors 1 2 1919 1933 1 3 1933 1945 1 4 Post World War II 1 5 21st century 1 6 Great Recession and European debt crisis 2007 2012 1 6 1 Housing credit bubble and CDO market 1 6 2 Leveraged super senior trades 1 6 3 European debt crisis 2009 today 1 7 Since 2012 1 8 Leadership history 1 9 Logotype 2 Corporate governance 3 Shareholders 4 Business divisions 4 1 Corporate amp Investment Bank CIB 4 2 Private amp Commercial Bank 4 3 Deutsche Asset Management DWS 5 Controversies 5 1 Role in financial crisis of 2007 2008 5 2 Espionage scandal 2009 5 3 Deutsche Bank document release 2014 5 4 Libor scandal 2015 5 5 U S sanctions violations 2015 5 6 Tax evasion 2016 5 7 Dakota Access Pipeline 2016 5 8 Russian money laundering operations 5 9 Relationship with Donald Trump 1995 2021 5 10 Fine for business with Jeffrey Epstein 2020 5 11 Involvement in Danske Bank money laundering scandal 2018 5 12 Improper handling of ADRs 2018 5 13 Malaysian 1MDB fund 5 14 Commodities trading bribery fine 2021 5 15 Strip club scandal 2022 6 Acquisitions 7 Notable employees 8 See also 9 Sources 10 Notes 11 References 12 External linksHistory Edit Deutsche Bank Sydney Share of the Deutsche Bank issued 2 November 1881 1870 1919 EditDeutsche Bank was founded on 1870 in Berlin as a specialist bank for financing foreign trade and promoting German exports 9 10 It subsequently played a large part in developing Germany s financial services industry as its business model focused on providing finance to industrial customers 10 The bank s statute was adopted on 22 January 1870 and on 10 March 1870 the Prussian government granted it a banking license The statute laid great stress on foreign business The object of the company is to transact banking business of all kinds in particular to promote and facilitate trade relations between Germany other European countries and overseas markets 11 Three of the founders were Georg Siemens whose father s cousin had founded Siemens and Halske Adelbert Delbruck and Ludwig Bamberger 12 Prior to the founding of Deutsche Bank German importers and exporters were dependent upon British and French banking institutions in the world markets a serious handicap in that German bills were almost unknown in international commerce generally disliked and subject to a higher rate of a discount than English or French bills 13 Founding members Edit Hermann Zwicker Bankhaus Gebr Schickler Berlin Anton Adelssen Bankhaus Adelssen amp Co Berlin Adelbert Delbruck Bankhaus Delbruck Leo amp Co Heinrich von Hardt Hardt amp Co Berlin New York Ludwig Bamberger politician former chairman of Bischoffsheim Goldschmidt amp Co Victor Freiherr von Magnus Bankhaus F Mart Magnus Adolph vom Rath de Bankhaus Deichmann amp Co Cologne Gustav Kutter Bankhaus Gebruder Sulzbach Frankfurt Gustav Muller Wurttembergische Vereinsbank Stuttgart First directors Edit Wilhelm Platenius Georg Siemens and Hermann WallichThe bank s first domestic branches inaugurated in 1871 and 1872 were opened in Bremen 14 and Hamburg 15 Its first oversea offices opened in Shanghai in 1872 16 and London in 1873 17 followed by South American offices between 1874 and 1886 12 The branch opening in London after one failure and another partially successful attempt was a prime necessity for the establishment of credit for the German trade in what was then the world s money center 13 Major projects in the early years of the bank included the Northern Pacific Railroad in the US 18 and the Baghdad Railway 19 1888 In Germany the bank was instrumental in the financing of bond offerings of steel company Krupp 1879 and introduced the chemical company Bayer to the Berlin stock market The second half of the 1890s saw the beginning of a new period of expansion at Deutsche Bank The bank formed alliances with large regional banks giving itself an entry into Germany s main industrial regions Joint ventures were symptomatic of the concentration then under way in the German banking industry For Deutsche Bank domestic branches of its own were still something of a rarity at the time the Frankfurt branch 20 dated from 1886 and the Munich branch from 1892 while further branches were established in Dresden and Leipzig 21 in 1901 In addition the bank rapidly perceived the value of specialist institutions for the promotion of foreign business Gentle pressure from the Foreign Ministry played a part in the establishment of Deutsche Ueberseeische Bank 22 in 1886 and the stake taken in the newly established Deutsch Asiatische Bank 23 three years later but the success of those companies showed that their existence made sound commercial sense 1919 1933 Edit Share of the Deutschen Bank und Disconto Gesellschaft issued March 1932 Former Deutsche Bank building complex corner of Franzosische Strasse and Glinkastrasse in Berlin In 1919 the bank purchased the state s share of Universum Film Aktiengesellschaft Ufa 24 In 1926 the bank assisted in the merger of Daimler and Benz 24 25 The bank merged with other local banks in 1929 to create Deutsche Bank and Disconto Gesellschaft 26 In 1937 the company name changed back to Deutsche Bank 27 1933 1945 Edit After Adolf Hitler came to power instituting the Third Reich Deutsche Bank dismissed its three Jewish board members in 1933 28 In subsequent years Deutsche Bank took part in the aryanization of Jewish owned businesses provided the owners of aryanized businesses were in the know about their Jewish status beforehand according to its own historians the bank was involved in 363 such confiscations by November 1938 28 29 In 1938 German bank Mendelssohn amp Co was acquired 30 31 During the war Deutsche Bank incorporated other banks that fell into German hands during the occupation of Eastern Europe Deutsche Bank provided banking facilities for the Gestapo and loaned the funds used to build the Auschwitz camp and the nearby IG Farben facilities 32 During World War II Deutsche Bank became responsible for managing the Bohemian Union Bank in Prague with branches in the Protectorate and in Slovakia the Bankverein in Yugoslavia which has now when been divided into two financial corporations one in Serbia and one in Croatia the Albert de Barry Bank in Amsterdam the National Bank of Greece in Athens the Creditanstalt Bankverein in Austria and Hungary the Deutsch Bulgarische Kreditbank in Bulgaria and Banca Comercială Romană The Romanian Commercial Bank in Bucharest It also maintained a branch in Istanbul Turkey In 1999 Deutsche Bank confirmed officially that it had been involved in the Auschwitz camp 32 In December 1999 Deutsche along with other major German companies contributed to a US 5 2 billion compensation fund following lawsuits brought by Holocaust survivors 33 34 U S officials had threatened to block Deutsche Bank s 10 billion purchase of Bankers Trust a major American bank if it did not contribute to the fund 35 The history of Deutsche Bank during the Second World War has since been documented by independent historians commissioned by the Bank 29 Post World War II Edit Highrise of the Deutsche Bank in Berlin designed by Friedrich Koch and Gunter Honow de 1966 1968 Following Germany s defeat in World War II the Allied authorities in 1948 ordered Deutsche Bank s break up into regional banks 36 These regional banks were later consolidated into three major banks in 1952 Norddeutsche Bank AG Suddeutsche Bank AG and Rheinisch Westfalische Bank AG 36 In 1957 these three banks merged to form Deutsche Bank AG with its headquarters in Frankfurt 36 In 1959 the bank entered retail banking by introducing small personal loans In the 1970s the bank pushed ahead with international expansion opening new offices in new locations such as Milan 1977 Moscow London Paris and Tokyo In the 1980s this continued when the bank paid U 603 million in 1986 to acquire Banca d America e d Italia 37 In 1972 the bank established its Fiduciary Services Division which provides support to its private wealth division 38 At 8 30 am on 30 November 1989 Alfred Herrhausen chairman of Deutsche Bank was killed when a car that he was in exploded while he was traveling in the Frankfurt suburb of Bad Homburg The Red Army Faction claimed responsibility for the blast 39 40 In 1989 the first steps towards creating a significant investment banking presence were taken with the acquisition of Morgan Grenfell amp Co a UK based investment bank which was renamed Deutsche Morgan Grenfell in 1994 In 1995 to greatly expand into international investments and money management Deutsche Bank hired Edson Mitchell a risk specialist from Merrill Lynch who hired two other former Merrill Lynch risk specialists Anshu Jain and William S Broeksmit 41 By the mid 1990s the buildup of a capital markets operation had got underway with the arrival of a number of high profile figures from major competitors Ten years after the acquisition of Morgan Grenfell the US firm Bankers Trust was added Bankers Trust suffered losses during the 1998 Russian financial crisis since it had a large position in Russian government bonds 42 but avoided financial collapse by being acquired by Deutsche Bank for 10 billion in November 1998 43 On 4 June 1999 Deutsche Bank merged its Deutsche Morgan Grenfell and Bankers Trust to became Deutsche Asset Management DAM with Robert Smith as the CEO 44 This made Deutsche Bank the fourth largest money management firm in the world after UBS Fidelity Investments and the Japanese post office s life insurance fund 43 At the time Deutsche Bank owned a 12 stake in DaimlerChrysler but United States banking laws prohibit banks from owning industrial companies so Deutsche Bank received an exception to this prohibition through 1978 legislation from Congress 43 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 476 million 45 In 1999 it acquired a minority interest in Cassa di Risparmio di Asti 21st century Edit In the 11 September 2001 terrorist attacks the Deutsche Bank Building in Lower Manhattan formerly Bankers Trust Plaza was heavily damaged by the collapse of the South Tower of the World Trade Center 46 Demolition work on the 39 story building continued for nearly a decade and was completed in early 2011 47 In October 2001 Deutsche Bank was listed on the New York Stock Exchange This was the first NYSE listing after interruption due to 11 September attacks The following year Josef Ackermann became CEO of Deutsche Bank and served as CEO until 2012 when he became involved with the Bank of Cyprus 48 49 Then beginning in 2002 Deutsche Bank strengthened its U S presence when it purchased Scudder Investments 50 Meanwhile in Europe Deutsche Bank increased its private banking business by acquiring Rued Blass amp Cie 2002 and the Russian investment bank United Financial Group 2005 founded by the United States banker Charles Ryan and the Russian official Boris Fyodorov which followed Anshu Jain s aggressive expansion to gain strong relationships with state partners in Russia 51 52 Jain persuaded Ryan to remain with Deutsche Bank at its new Russian offices and later in April 2007 sent the president and chairman of the management board of VTB Bank Andrey Kostin s son Andrey to Deutsche Bank s Moscow office 51 53 a Later in 2008 to establish VTB Capital numerous bankers from Deutsche Bank s Moscow office were hired by VTB Capital 49 55 56 In Germany further acquisitions of Norisbank Berliner Bank and Deutsche Postbank strengthened Deutsche Bank s retail offering in its home market This series of acquisitions was closely aligned with the bank s strategy of bolt on acquisitions in preference to so called transformational mergers These formed part of an overall growth strategy that also targeted a sustainable 25 return on equity something the bank achieved in 2005 citation needed On 1 October 2003 Deutsche Bank and Dresdner Bank entered into a payment transaction agreement with Postbank to have Postbank process payments as the clearing center for the three banks 57 Since the mid 1990s Deutsche Bank commercial real estate division offered Donald Trump financial backing even though in the early 1990s Citibank Manufacturers Hanover Chemical Bankers Trust and 68 other entities refused to financially support him 51 52 58 b In 2008 Trump sued Deutsche Bank for 3 billion and a few years later he shifted his financial portfolio from the investment banking division to Deutsche Bank private wealth division with Rosemary Vrablic formerly of Citigroup Bank of America and Merrill Lynch becoming Trump s new personal banker at Deutsche Bank 49 61 62 63 c In 2007 the company s headquarters the Deutsche Bank Twin Towers building was extensively renovated for three years certified LEED Platinum and DGNB Gold In 2010 the bank developed and owned the Cosmopolitan of Las Vegas after the casino s original developer defaulted on its borrowings Deutsche Bank ran it at a loss until its sale in May 2014 The bank s exposure at the time of sale was more than 4 billion and sold the property to Blackstone Group for 1 73 billion 74 Great Recession and European debt crisis 2007 2012 Edit See also Financial crisis of 2007 2008 Great Recession and European debt crisis Housing credit bubble and CDO market Edit Internal email from 2005 describing Deutsche CDO traders view of the bubble Deutsche Bank was one of the major drivers of the expansion of the collateralized debt obligation CDO market during the housing credit bubble from 2004 to 2008 creating about 32 billion worth The 2011 US Senate Permanent Select Committee on Investigations report on Wall Street and the Financial Crisis analyzed Deutsche Bank as a case study of investment banking involvement in the mortgage bubble CDO market credit crunch and recession It concluded that even as the market was collapsing in 2007 and its top global CDO trader was deriding the CDO market and betting against some of the mortgage bonds in its CDOs Deutsche bank continued to churn out bad CDO products to investors 75 The report focused on one CDO Gemstone VII made largely of mortgages from Long Beach Fremont and New Century all notorious subprime lenders Deutsche Bank put risky assets into the CDO like ACE 2006 HE1 M10 which its own traders thought was a bad bond It also put in some mortgage bonds that its own mortgage department had created but could not sell from the DBALT 2006 series The CDO was then aggressively marketed as a good product with most of it being described as having A level ratings By 2009 the entire CDO was almost worthless and the investors including Deutsche Bank itself had lost most of their money 75 Greg Lippmann head of global CDO trading was betting against the CDO market with approval of management even as Deutsche was continuing to churn out product He was a major character in Michael Lewis book The Big Short which detailed his efforts to find shorts to buy Credit Default Swaps CDS for the construction of Synthetic CDOs He was one of the first traders to foresee the bubble in the CDO market as well as the tremendous potential that CDS offered in this As portrayed in The Big Short Lipmann in the middle of the CDO and MBS frenzy was orchestrating presentations to investors demonstrating his bearish view of the market offering them the idea to start buying CDS especially to AIG in order to profit from the forthcoming collapse As regards the Gemstone VII deal even as Deutsche was creating and selling it to investors Lippman emailed colleagues that it blew and he called parts of it crap and pigs and advised some of his clients to bet against the mortgage securities it was made 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 Lippman s group made money off of these bets even as Deutsche overall lost money on the CDO market 75 Deutsche was also involved with Magnetar Capital in creating its first Orion CDO Deutsche had its own group of bad CDOs called START It worked with Elliot Advisors on one of them Elliot bet against the CDO even as Deutsche sold parts of the CDO to investors as good investments Deutsche also worked with John Paulson of the Goldman Sachs Abacus CDO controversy to create some START CDOs Deutsche lost money on START as it did on Gemstone 75 On 3 January 2014 it was reported that Deutsche Bank would settle a lawsuit brought by US shareholders who had accused the bank of bundling and selling bad real estate loans before the 2008 downturn This settlement came subsequent and in addition to Deutsche s 1 93 billion settlement with the US Housing Finance Agency over similar litigation related to the sale of mortgage backed securities to Fannie Mae and Freddie Mac 76 Leveraged super senior trades Edit Former employees including Eric Ben Artzi and Matthew Simpson have claimed that during the crisis Deutsche failed to recognize up to 12 billion of paper losses on its 130 billion portfolio of leveraged super senior trades although the bank rejects the claims 77 A company document of May 2009 described the trades as the largest risk in the trading book 78 and the whistleblowers allege that had the bank accounted properly for its positions its capital would have fallen to the extent that it might have needed a government bailout 77 One of them claims that If Lehman Brothers didn t have to mark its books for six months it might still be in business and if Deutsche had marked its books it might have been in the same position as Lehman 78 Deutsche had become the biggest operator in this market which were a form of credit derivative designed to behave like the most senior tranche of a CDO 78 Deutsche bought insurance against default by blue chip companies from investors mostly Canadian pension funds who received a stream of insurance premiums as income in return for posting a small amount of collateral 78 The bank then sold protection to US investors via the CDX credit index the spread between the two was tiny but was worth 270m over the 7 years of the trade 78 It was considered very unlikely that many blue chips would have problems at the same time so Deutsche required collateral of just 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 78 Ben Artzi claims that after modeling came up with economically unfeasible results Deutsche accounted for the gap option first with a simple 15 haircut on the trades described as inadequate by another employee in 2006 and then in 2008 by a 1 2bn reserve for the credit correlation desk designed to cover all risks not just the gap option 78 In October 2008 it stopped modeling the gap option and just bought S amp P put options to guard against further market disruption but one of the whistleblowers has described this as an inappropriate hedge 78 A model from Ben Artzi s previous job at Goldman Sachs suggested that the gap option was worth about 8 of the value of the trades worth 10 4bn Simpson claims that traders were not simply understating the gap option but actively mismarking the value of their trades 78 European debt crisis 2009 today Edit Main article European debt crisis In 2008 Deutsche Bank reported its first annual loss in five decades 79 despite receiving billions of dollars from its insurance arrangements with AIG including US 11 8 billion from funds provided by US taxpayers to bail out AIG 80 Based on a preliminary estimation from the European Banking Authority EBA in late 2011 Deutsche Bank AG needed to raise capital of about 3 2 billion as part of a required 9 core Tier 1 ratio after sovereign debt write down starting in mid 2012 81 As of 2012 Deutsche Bank had negligible exposure to Greece but Spain and Italy accounted for a tenth of its European private and corporate banking business with credit risks of about 18 billion in Italy and 12 billion in Spain 82 In 2017 Deutsche Bank needed to get its common equity tier 1 capital ratio up to 12 5 in 2018 to be marginally above the 12 25 required by regulators 83 Since 2012 Edit In January 2014 Deutsche Bank reported a 1 2 billion 1 6 billion pre tax loss for the fourth quarter of 2013 This came after analysts had predicted a profit of nearly 600 million according to FactSet estimates Revenues slipped by 16 versus the prior year 84 Deutsche Bank s Capital Ratio Tier 1 CET1 was reported in 2015 to be only 11 4 lower than the 12 median CET1 ratio of Europe s 24 biggest publicly traded banks so there would be no dividend for 2015 and 2016 85 Furthermore 15 000 jobs were to be cut 86 In June 2015 the then co CEOs Jurgen Fitschen and Anshu Jain both offered their resignations 87 to the bank s supervisory board which were accepted Jain s resignation took effect in June 2015 but he provided consultancy to the bank until January 2016 Fitschen continued as joint CEO until May 2016 The appointment of John Cryan as joint CEO was announced effective July 2016 he became sole CEO at the end of Fitschen s term 88 In January 2016 Deutsche Bank pre announced a 2015 loss before income taxes of approximately 6 1 billion and a net loss of approximately 6 7 billion 89 Following this announcement a bank analyst at Citi declared We believe a capital increase now looks inevitable and see an equity shortfall of up to 7 billion on the basis that Deutsche may be forced to book another 3 billion to 4 billion of litigation charges in 2016 90 May 2017 Chinese conglomerate HNA Group became its biggest shareholder owning 9 90 of its shares 91 However HNA Group s stake reduced to 8 8 as of February 16 2018 92 In November 2018 the bank s Frankfurt offices were raided by police in connection with investigations around the Panama papers and money laundering Deutsche Bank released a statement confirming it would cooperate closely with prosecutors 93 AUTO1 FinTech is a joint venture of AUTO1 Group Allianz SoftBank and Deutsche Bank 94 In February 2019 HNA Group announced cutting stake in Deutsche Bank to 6 3 percent 95 It was further reduced to 0 19 percent as at March 2019 96 During the Annual General Meeting in May 2019 CEO Christian Sewing said he was expecting a deluge of criticism about the bank s performance and announced that he was ready to make tough cutbacks 97 after the failure of merger negotiations with Commerzbank AG and weak profitability According to The New York Times its finances and strategy are in disarray and 95 percent of its market value has been erased 98 News headlines in late June 2019 claimed that the bank would cut 20 000 jobs over 20 of its staff in a restructuring plan 99 100 On 8 July 2019 the bank began to cut 18 000 jobs including entire teams of equity traders in Europe the US and Asia On the previous day Sewing had laid blame on unnamed predecessors who created a culture of poor capital allocation and chasing revenue for the sake of revenue according to a Financial Times report and promised that going forward the bank will only operate where we are competitive 101 102 In January 2020 Deutsche Bank had decided to cut the bonus pool at its investment branch by 30 following restructuring efforts 103 In February 2021 it was reported that Deutsche Bank made a profit of 113 million 135 6 million for 2020 the first annual net profit it had posted since 2014 104 105 In March 2021 Deutsche Bank sold about 4 billion of holdings seized in the implosion of Archegos Capital Management in a private deal 106 The move helped Deutsche Bank emerge unscathed after Archegos defaulted on margin loans used to build up highly leveraged bets on stocks 106 Leadership history Edit When Deutsche Bank was first 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 in July 2015 it announced it would be led by one CEO beginning in 2016 107 The management bodies are the annual general meeting supervisory board and management board Begin End CEO Speaker Notes2018 Christian Sewing 108 2015 2018 John Cryan co CEO with Fitschen until 2016 109 2012 2016 Jurgen Fitschen co CEO 109 2012 2015 Anshu Jain co CEO with Fitschen 110 2002 2012 Josef Ackermann CEO position created 2006 111 1997 2002 Rolf Ernst Breuer1989 1997 Hilmar Kopper1985 1989 Alfred Herrhausen assassinated1976 1988 Friedrich Wilhelm Christians1976 1985 Wilfried Guth1967 1976 Franz Heinrich Ulrich co speaker 112 1967 1969 Karl Klasen co speaker1957 1967 Hermann Josef AbsLogotype Edit In 1972 the bank created the world known blue logo Slash in a Square designed by Anton Stankowski and intended to represent growth within a risk controlled framework 113 Corporate governance EditSupervisory Board Name PositionDr Paul Achleitner Chairman of the Supervisory Board of Deutsche Bank AGDetlef Polaschek Deputy Chairman of the Supervisory Board of Deutsche Bank AGLudwig Blomeyer Bartenstein Spokesperson of the Management and Head of the Market Region BremenFrank BsirskeMayree Caroll Clark Founder and Managing Partner of Eachwin CapitalJan Duscheck Head of national working group Banking trade union ver diGerhard EschelbeckKatherine Garrett Cox Managing Director and Chief Executive Officer Gulf International Bank UK Ltd Timo Heider Deputy Chairman of the Group Staff Council of Deutsche Bank AGMartina Klee Deputy Chairperson of the Staff Council PWCC Center Frankfurt of Deutsche BankHenriette Mark Chairperson of the Combined Staff Council Southern Bavaria of Deutsche BankGabriele Platscher Chairperson of the Staff Council Niedersachsen Ost of Deutsche BankBernd Rose Member of the Group Staff Council and European Staff Council of Deutsche BankGerd Alexander Schutz Founder and Member of the Management Board C QUADRATStephan Szukalski Federal Chairman of the German Association of Bank EmployeesJohn Aexander ThainMichelle TrogniDr Dagmar ValcarelProf Dr Norbert Winkeljohann Self employed corporate consultant Norbert Winkeljohann Advisory amp InvestmentsJurg Zeltner Group CEO and Chairman of the Group Executive Committee Member of the Board of Directors KBL European Private Bankers LuxembourgManagement Board Name PositionChristian Sewing Chief Executive OfficerChristiana Riley Chief Executive Officer AmericasAlexander von zur Muehlen Chief Executive Officer Asia PacificKarl Von Rohr Deputy Chairman President Stuart Lewis Chief Risk OfficerFabrizio Campelli Corporate amp Investment BankBernd Leukert Chief Technology Data amp Innovation OfficerRebecca Short Chief Transformation OfficerStefan Simon Chief Transformation OfficerJames Von Moltke Chief Financial OfficerShareholders EditDeutsche Bank is one of the leading listed companies in German post war history Its shares are traded on the Frankfurt Stock Exchange and since 2001 also on the New York Stock Exchange and are included in various indices including the DAX and the Euro Stoxx 50 As the share had lost value since mid 2015 and market capitalization had shrunk to around 18 billion it temporarily withdrew from the Euro Stoxx 50 on 8 August 2016 114 With a 0 73 stake it is currently the company with the lowest index weighting 115 In 2001 Deutsche Bank merged its mortgage banking business with that of Dresdner Bank and Commerzbank to form Eurohypo AG In 2005 Deutsche Bank sold its stake in the joint company to Commerzbank 116 Large Shareholders as of 14 December 2020 117 Share Shareholder As of5 06 BlackRock 20203 74 The Capital Group Companies 20203 61 Euro Pacific Growth Fund 20203 18 Douglas L Braunstein 20203 05 Paramount Services Holdings Ltd 20153 05 Supreme Universal Holdings Ltd 20153 001 Stephen A Feinberg 2017Business divisions EditThe bank s business model rests on three pillars the Corporate amp Investment Bank CIB the Private amp Commercial Bank and Asset Management DWS Corporate amp Investment Bank CIB Edit A Deutsche Bank retail branch in Munich The Corporate amp Investment Bank CIB is Deutsche Bank s capital markets business The CIB comprises the below six units 118 Corporate Finance is responsible for advisory and mergers amp acquisitions M amp A Equities Fixed Income amp Currencies These two units are responsible for sales and trading of securities Global Capital Markets GCM is focused on financing and risk management solutions It includes debt and equity issuances Global Transaction Banking GTB caters to corporates and financial institutions by providing commercial banking products including cross border payments cash management securities services and international trade finance Deutsche Bank Research provides analysis of products markets and trading strategies Private amp Commercial Bank Edit Private amp Commercial Clients Germany International is the retail bank of Deutsche Bank In Germany it operates under two brands Deutsche Bank and Postbank Additionally it has operations in Belgium Italy Spain and India The businesses in Poland and Portugal are in the process of being sold 119 120 121 needs update Wealth Management functions as the bank s private banking arm serving high net worth individuals and families worldwide The division has a presence in the world s private banking hotspots including Switzerland Luxembourg the Channel Islands the Cayman Islands and Dubai 122 Deutsche Asset Management DWS Edit Deutsche Bank holds a majority stake in the listed asset manager DWS Group formerly Deutsche Asset Management which was separated from the bank in March 2018 Controversies EditDeutsche Bank in general as well as specific employees have frequently figured in controversies and allegations of deceitful behavior or illegal transactions As of 2016 the bank was involved in some 7 800 legal disputes and calculated 5 4 billion as litigation reserves 123 with a further 2 2 billion held against other contingent liabilities 90 According to the New Yorker Deutsche Bank has long had an abject reputation 8 Between 2008 and 2016 Deutsche Bank paid around nine billion dollars in fines and settlements related to wrongdoings across different issue areas 8 The FinCEN file leaks documented around 1 3 trillion of suspicious transactions through Deutsche Bank between 1999 and 2017 8 More than half of all suspicious transactions involving major banks in the FinCEN files leaks involved Deutsche Bank 8 Role in financial crisis of 2007 2008 Edit See also Financial crisis of 2007 2008 In January 2017 Deutsche Bank agreed to a 7 2 billion settlement with the United States Department of Justice over its sale and pooling of toxic mortgage securities in the years leading up to the Financial crisis of 2007 2008 As part of the agreement Deutsche Bank was required to pay a civil monetary penalty of 3 1 billion and provide 4 1 billion in consumer relief such as loan forgiveness At the time of the agreement Deutsche Bank was still facing investigations into the alleged manipulation of foreign exchange rates suspicious equities trades in Russia as well as alleged violations of United States sanctions against Iran and other countries Since 2012 Deutsche Bank had paid more than 12 billion for litigation including a deal with U S mortgage finance giants Fannie Mae and Freddie Mac 124 Espionage scandal 2009 Edit In 2009 the bank admitted it engaged in covert espionage on its critics from 2001 to 2007 directed by its corporate security department although it characterized the incidents as isolated 125 According to The Wall Street Journal Deutsche Bank had prepared a list of names of people who it wanted investigated for criticism of the bank including Michael Bohndorf an activist investor in the bank Leo Kirch a former media executive in litigation with the bank and the Munich law firm of Bub Gauweiler amp Partner which represented Kirch 125 According to the Wall Street Journal the bank s legal department was involved in the scheme along with its corporate security department 125 The bank hired Cleary Gottlieb Steen amp Hamilton to investigate the incidents on its behalf The Cleary firm submitted its report which however was not made public 125 According to The Wall Street Journal the Cleary firm uncovered a plan by which Deutsche Bank was to infiltrate the Bub Gauweiler firm by having a bank mole hired as an intern at the Bub Gauweiler firm The plan was allegedly cancelled after the intern was hired but before she started work 125 Peter Gauweiler a principal at the targeted law firm was quoted as saying I expect the appropriate authorities including state prosecutors and the bank s oversight agencies will conduct a full investigation 125 Deutsche Bank s law firm Cleary Gottlieb Steen amp Hamilton in Frankfurt 126 published a report in July 2009 saying 127 it found no systemic misbehaviour and there was no indication that present members of the management board had been involved in any activity that raises legal issues or has had any knowledge of such activities 127 This was confirmed by the Public Prosecutor s Office in Frankfurt in October 2009 128 BaFin found deficiencies in operations within Deutsche Bank s security unit in Germany but no systemic misconduct 129 The bank said it took steps to strengthen controls for the mandating of external service providers by its Corporate Security Department 127 Deutsche Bank document release 2014 Edit On 26 January 2014 William S Broeksmit a risk specialist at Deutsche Bank who was very close to Anshu Jain and hired by Edson Mitchell to spearhead Deutsche Bank s foray into international investments and money management in the 1990s released numerous Deutsche Bank documents from the New York branch of the Deutsche Bank Trust Company Americas DBTCA which Broeksmit s adopted son Val Broeksmit who is a close friend of Moby later gave along with numerous emails to both Welt am Sonntag and ZDF which revealed numerous irregularities including both a 10 billion money laundering scheme spearheaded by the Russia branch of Deutsche Bank at Moscow which the New York State Department of Financial Services fined Deutsche Bank 425 million and derivatives improprieties 130 131 41 132 133 134 63 d Libor scandal 2015 Edit See also Libor scandal On 23 April 2015 Deutsche Bank agreed to a combined US 2 5 billion in fines a US 2 175 billion fine by American regulators and a 227 million penalty by British authorities for its involvement in the Libor scandal uncovered in June 2012 It was one of several banks colluding to fix interest rates used to price hundreds of trillions of dollars of loans and contracts worldwide including mortgages and student loans 136 137 Deutsche Bank also pleaded guilty to wire fraud acknowledging that at least 29 employees had engaged in illegal activity It was required to dismiss all employees who were involved with the fraudulent transactions 137 However no individuals were charged with criminal wrongdoing In a Libor first Deutsche Bank will be required to install an independent monitor 136 Commenting on the fine Britain s Financial Conduct Authority director Georgina Philippou said This case stands out for the seriousness and duration of the breaches One division at Deutsche Bank had a culture of generating profits without proper regard to the integrity of the market This wasn t limited to a few individuals but on certain desks it appeared deeply ingrained 137 The fine represented a record for interest rate related cases eclipsing a 1 5 billion Libor related fine to UBS and the then record 450 million fine assessed to Barclays earlier in the case 137 136 The size of the fine reflected the breadth of wrongdoing at Deutsche Bank the bank s poor oversight of traders and its failure to take action when it uncovered signs of abuse internally 136 U S sanctions violations 2015 Edit 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 Services NYDFS 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 transactions valued at more than US 10 86 billion 9 98 billion to help evade US sanctions between early 1999 until 2006 which were done on behalf of Iranian Libyan Syrian Burmese and Sudanese financial institutions and other entities subject to US sanctions including entities on the Specially Designated Nationals by the Office of Foreign Assets Control 138 139 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 install an independent monitor fire six employees who were involved in the incident and ban three other employees from any work involving the bank s US based operations 140 Tax evasion 2016 Edit In June 2016 six former employees in Germany were accused of being involved in a major tax fraud deal with CO2 emission certificates and most of them were subsequently convicted It was estimated that the sum of money in the tax evasion scandal might have been as high as 850 million Deutsche Bank itself was not convicted due to an absence of corporate liability laws in Germany 141 Dakota Access Pipeline 2016 Edit See also Dakota Access Pipeline protests Environmentalists criticize Deutsche Bank for co financing the controversial Dakota Access Pipeline which is planned to run close to an Indian reservation and is seen as a threat to their livelihood by its inhabitants 142 Deutsche Bank has issued a statement addressing the criticism it received from various environmental groups 143 Russian money laundering operations Edit In January 2017 the bank was fined 425 million by the New York State Department of Financial Services DFS 144 and 163 million by the UK Financial Conduct Authority 145 regarding accusations of laundering 10 billion out of Russia 146 147 148 In the decade preceding the Russian mirror trading scheme Deutsche Bank was informed of substantial and widespread compliance concerns The offsetting trades in this instance lacked economic purpose and could have been used to facilitate money laundering or other illegal activity 149 On January 30 2017 the NYSDFS New York State Department of Financial Services fined Deutsche Bank 425 million for violating New York s anti money laundering laws There was a mirror trading scheme involved Deutsche Bank s Moscow London and New York branches laundered 10 billion out of Russia 150 The Global Laundromat scandal revealed Deutsche Bank s involvement in a vast money laundering operation over the period 2010 2014 The operation may have involved as much as 80 billion In 2019 The Guardian reported that a confidential internal report at Deutsche Bank showed that the bank could face fines legal action and even possible prosecution of senior management over the bank s role in the money laundering 151 In 2020 it was reported that Deutsche Bank was pursuing an expansion of its Russia operations 152 In the wake of Russia s 2022 invasion of Ukraine Deutsche Bank refused to close down its Russia business At the same time other banks and major businesses were exiting Russia 153 Relationship with Donald Trump 1995 2021 Edit Further information Timeline of investigations into Trump and Russia January June 2017 Timeline of investigations into Trump and Russia July December 2017 Timeline of investigations into Trump and Russia 2019 and Wealth of Donald Trump Deutsche Bank is widely recognized as being the largest creditor to real estate mogul turned politician Donald Trump citation needed 45th President of the United States lending him and his company more than 2 billion over twenty years ending 2020 154 The bank held more than 360 million in outstanding loans to him prior to his 2016 election Although his 2019 final report never mentioned Deutsche Bank as of December 2017 Special Counsel Robert Mueller investigated Deutsche Bank s role in Trump and Russian parties allegedly cooperating to elect him 155 As of March 2019 update Deutsche Bank s relationship with Trump was also under investigation by two U S congressional committees and by the New York attorney general 156 157 158 In April 2019 House Democrats subpoenaed the Bank for Trump s personal and financial records 159 160 161 162 163 On 29 April 2019 U S President Donald Trump his business and his children Donald Trump Jr Eric Trump and Ivanka Trump sued Deutsche Bank and Capital One bank to block them from turning over financial records to congressional committees 164 On 22 May 2019 judge Edgardo Ramos of the federal District Court in Manhattan rejected the Trump suit against Deutsche Bank ruling the bank must comply with congressional subpoenas 165 Six days later Ramos granted Trump s attorneys their request for a stay so they could pursue an expedited appeal through the courts 166 In October 2019 a federal appeals court said the bank asserted it did not have Trump s tax returns 167 In December 2019 the Second Circuit Court of Appeals ruled that Deutsche Bank must release Trump s financial records with some exceptions to congressional committees Trump was given seven days to seek another stay pending a possible appeal to the Supreme Court 168 In May 2019 The New York Times reported that anti money laundering specialists in the bank detected what appeared to be suspicious transactions involving entities controlled by Trump and his son in law Jared Kushner for which they recommended filing suspicious activity reports with the Financial Crimes Enforcement Network of the Treasury Department but bank executives rejected the recommendations One specialist noted money moving from Kushner Companies to Russian individuals and flagged it in part because of the bank s previous involvement in a Russian money laundering scheme 169 170 On 19 November 2019 Thomas Bowers a former Deutsche Bank executive and head of the American wealth management division was reported to have committed suicide in his Malibu home 171 Bowers had been in charge of overseeing and personally signing over 360 million in high risk loans for Trump s National Doral Miami resort 172 The loans had been subject to a criminal investigation by special counsel Robert Mueller in his investigation of the president s 2016 campaign involvement in Russian election meddling Documents on those loans have also been subpoenaed from Deutsche Bank by the House Democrats together with the financial documents of the president A relationship between Bowers s responsibilities and apparent suicide has not been established the Los Angeles County Medical Examiner Coroner closed the case giving no indication to wrongdoing by third parties 173 In early 2021 Deutsche Bank elected to discontinue its relationship with Donald Trump following the January 6 United States Capitol attack 174 Fine for business with Jeffrey Epstein 2020 Edit Deutsche Bank lent money and traded currencies for the well known sex offender Jeffrey Epstein up to May 2019 long after Epstein s 2008 guilty plea in Florida to soliciting prostitution from underage girls according to news reports 175 150 176 Epstein and his businesses had dozens of accounts through the private banking division 177 178 From 2013 to 2018 Epstein his related entities and his associates had opened over forty accounts with Deutsche Bank 179 According to The New York Times Deutsche Bank managers overruled compliance officers who raised concerns about Epstein s reputation 150 The bank found suspicious transactions in which Epstein moved money out of the United States The Times reported 177 On 7 July 2020 the New York Department of Financial Services DFS imposed a 150 million penalty on Deutsche Bank in connection with Epstein The bank had ignored red flags on Epstein 179 180 On 24 November two unnamed women that accused Epstein of sexual abuse and sex trafficking also sued Deutsche Bank for its role in enabling Epstein to run his sex trafficking operations by ignoring red flags regarding his account and the withdrawal of suspiciously high sums of money 181 Involvement in Danske Bank money laundering scandal 2018 Edit On 19 November 2018 a whistleblower of the Danske Bank money laundering scandal stated that a large European bank was involved in helping Danske process 150 billion in suspect funds 182 Although the whistleblower Howard Wilkinson did not name Deutsche Bank directly another inside source claimed the institute in question was Deutsche Bank s U S unit 183 In 2020 it became known that the U S arm of Deutsche Bank processed more than 150 billion of the 230 billion dirty money through New York for which it was fined 150 million After a raid in 2019 Frankfurt based prosecutors imposed a fine of 15 8 million in 2020 for DB s failure on more than 600 occasions to promptly report suspicious transactions 184 Improper handling of ADRs 2018 Edit On 20 July 2018 Deutsche Bank agreed to pay nearly 75 million to settle charges of improper handling of pre released American depositary receipt ADRs under investigation of the U S Securities and Exchange Commission SEC Deutsche Bank didn t admit or deny the investigation findings but agreed to pay disgorgement of more than 44 4 million in ill gotten gains plus 6 6 million in prejudgment interest and a penalty of 22 2 million 185 186 Malaysian 1MDB fund Edit In July 2019 U S prosecutors investigated Deutsche Bank s role in a multibillion dollar fraud scandal involving the 1Malaysia Development Berhad or 1MDB 187 188 Deutsche Bank helped raise 1 2 billion for the 1MDB in 2014 188 As of May 2021 Malaysia sued Deutsche Bank to recover billions in alleged losses from a corruption scandal at the fund 189 Commodities trading bribery fine 2021 Edit In January 2021 Deutsche Bank agreed to pay a U S fine of more than 130 million for a scheme to conceal bribes to foreign officials in countries such as Saudi Arabia and China and the city of Abu Dhabi between 2008 and 2017 and a commodities case where it spoofed precious metals futures 190 191 192 Strip club scandal 2022 Edit In March 2022 Ben Darsney Ravi Raghunathan Brandon Sun and Daniel Gaona were exposed for trying to expense strip club nights out as legitimate business visits Brandon Sun attempted to cover up the incident but the bankers were let go for violating the Company Code of Conduct 193 194 Acquisitions EditDisconto Gesellschaft in Berlin 1929 Mendelssohn amp Co 1938 Morgan Grenfell amp Company 1990 Bankers Trust 30 November 1998 195 Scudder Investments 2001 RREEF 2002 196 197 Berkshire Mortgage Finance 22 October 2004 198 Chapel Funding now DB Home Lending 12 September 2006 199 Norisbank 2 November 2006 MortgageIT 3 January 2007 200 Hollandsche Bank Unie 2 July 2008 Sal Oppenheim 2010 Deutsche Postbank 2010 201 Park Plaza Mall enclosed shopping center in Little Rock Arkansas 2021 202 Notable employees EditHermann Josef Abs former chair 1957 1968 Paul Achleitner chairman of the supervisory board Josef Ackermann former CEO 2002 2012 Friedrich Wilhelm Christians former co head of Deutsche Bank Michael Cohrs former head of Global Banking 2002 2010 John Cryan former CEO 2015 2018 Sir John Craven financier in London Jurgen Fitschen former co chair David Folkerts Landau head of Research Katherine Garrett Cox chief executive officer Alfred Herrhausen former chair 1988 1989 Henry Jackson founder of OpCapita Anshu Jain former head of Corporate and Investment Banking Sajid Javid former Managing Director 2007 2009 Josh Frydenberg former director of global banking 2005 Otto Hermann Kahn philanthropist Karl Kimmich former chair 1942 1945 Hilmar Kopper former chairman of the board of Deutsche Bank 1989 1997 Philip May spouse of a former prime minister of the United Kingdom Steven Reich CEO of Deutsche Bank Trust Company Americas associate deputy attorney general 2011 2013 Georg von Siemens co founder and director 1870 1900 Georg Solmssen former chair short time 1933 Johannes Teyssen chair of the management board of E ON Ted Virtue citation needed executive board member Hermann Wallich co founder and director 1870 1893 Boaz Weinstein derivatives trader Chandra Wilson actressSee also Edit Banks portal Companies portalEuropean Financial Services Roundtable Cash Group List of largest banks List of corporate collapses and scandalsSources EditDavid Enrich Dark Towers Deutsche Bank Donald Trump and an Epic Trail of Destruction Custom House 2020 ISBN 978 0062878816 The story of Deutsche Bank 203 Notes Edit Andrey Kostin 1979 2011 a Russian banker and son of Andrey Kostin who is the president and chairman of the management board of VTB Bank graduated from the Russian Government Finance Academy in 2000 and began working with Deutsche Bank s London office in 2000 53 From 2002 to 2007 the younger Andrey Kostin worked in Deutsche Bank s Office of Interbank and Corporate Sales in the countries of Central and Eastern Europe the Middle East and Africa 53 In April 2007 Anshu Jain sent the younger Andrey Kostin to work at Deutsche Bank s Moscow office 51 53 While he was at Deutsche Bank s Moscow office the Moscow office began posting profits of 500 million to 1 billion a year 51 53 He served on its management board beginning July 2008 and was the deputy chairman of the management board from February 2011 53 On 2 July 2011 at 7 30 a m while he was at a vacation retreat reserved for FSB personnel he died when his Can Am Outlander 800 ATV crashed into a tree along a country road near Pereslavl Zalessky and the village of Los Russian Los in the Yaroslavl region of Russia 53 He was not wearing a helmet 54 Justin Kennedy son of Anthony Kennedy and others such as Jon Vaccaro Mike Offit Steve Stuart Eric Schwartz and Tobin Toby Cobb are central to Donald Trump s financial support at Deutsche Bank 58 Justin Kennedy worked for Deutsche Bank from 1997 to 2009 becoming the global head of real estate capital markets 49 59 60 Because of Deutsche Bank s global presence and strong support from attorneys in the United States and elsewhere the Fiduciary Services Division especially at the Singapore branch of Deutsche Bank and closely associated one stop service provider companies including Atlas Corporate Services Commonwealth Trust Limited CTL and the Portcullis TrustNet Group which was established in the 1980s gives support to private wealth management by establishing structures in critical places in the world such as trusts in Crown possessions including Guernsey Isle of Man Jersey limited liability companies LLC in United Kingdom Delaware etc foundations in Liechtenstein holding companies in Delaware Bahamas Cayman Islands British Virgin Islands Belize Nevis Seychelles Mauritius Hong Kong Malaysia Singapore New Zealand Cook Islands Samoa Marshall Islands Panama Ireland United Kingdom Luxembourg Monaco Cyprus Gibraltar etc discrete bank accounts in Panama Bahamas Switzerland Latvia Cyprus Beijing etc 38 64 65 66 67 68 69 70 71 72 73 Val Broeksmit b 1976 Ukraine emigrated to Chicago in 1979 with his parents Alexander and Alla Later after his mother divorced his father and married Bill Broeksmit he was adopted by Broeksmit when he was 9 Adam Schiff subpoenaed Val Broeksmit for the Broeksmit materials about Deutsche Bank to begin House of Representatives investigations into Trump and Deutsche Bank 134 135 References Edit Ewing Jack 8 April 2018 Deutsche Bank Replaces C E O Amid Losses and Lack of Direction The New York Times Retrieved 8 April 2018 a b Financial Data Supplement Q4 2021 PDF Cite error The named reference Financial Data Supplement Q4 2022 was invoked but never defined see the help page a b c Earnings Report as of September 30 2022 PDF Theo Balderston 1991 German Banking between the Wars The Crisis of the Credit Banks Business History Review Harvard College 65 3 554 605 Deutsche Bank Deutsche Bank Location Finder Deutsche Bank Archived from the original on 26 May 2018 Retrieved 26 May 2018 Top 50 Largest Banks in the World relbanks com 30 June 2017 Retrieved 26 May 2018 a b c d e The FinCEN Files Shed New Light on a Scandalous Episode at Deutsche Bank The New 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Dresdner Bank have agreed to have their payments processed by Postbank Preliminary agreements for this have now been signed by the three companies The three banks say they see this as an important step in implementing their strategic objectives Global Custodian website 1 October 2003 Retrieved 13 February 2021 a b McLannahan Ben Scannell Kara Silverman Gary 30 August 2017 Donald Trump s debt to Deutsche Bank Financial Times Archived from the original on 10 December 2022 Retrieved 29 June 2018 Haberman Maggie Liptak Adam 28 June 2018 Inside the White House s Quiet Campaign to Create a Supreme Court Opening The New York Times Retrieved 12 November 2018 Locke Benjamin 29 June 2018 A shocking report just revealed disturbing secret relationship between Trump and Justice Kennedy s son Washington Press Retrieved 12 November 2018 Harding Luke Kirchgaessner Stephanie Hopkins Nick Smith David 16 February 2017 Deutsche Bank examined Donald Trump s account for Russia links The Guardian Retrieved 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Template Cite news cite news a last has generic name help CS1 maint multiple names authors list link Deutsche Bank reports core capital ratio of 11 9 despite 2016 full year net loss of EUR 1 4 billion Newsroom www db com 2 February 2017 Retrieved 12 October 2021 When Deutsche Bank sneaks out its results on a Sunday night they can t be good Quartz 19 January 2014 Deutsche Bank Plans to Eliminate Dividend for Two Years in Overhaul Bloomberg News 29 October 2015 Deutsche Bank cutting 15 000 jobs as new CEO sets out strategy plan Reuters 29 October 2015 Deutsche Bank appoints John Cryan to succeed Jurgen Fitschen and Anshu Jain Deutsche Bank Archived from the original on 22 June 2015 Retrieved 7 June 2015 Jain Era Ending as Deutsche Bank Appoints Cryan for Top Job Bloomberg com Bloomberg 7 June 2015 Retrieved 28 March 2017 Deutsche Bank reports preliminary full year and fourth quarter 2015 results Newsroom db com a b Can Cryan halt Deutsche Bank s decline Euromoney March 2016 HNA Group Secretive Chinese Conglomerate Takes Top Stake in Deutsche Bank The New York Times 3 May 2017 Correction HNA cuts Deutsche Bank stake again MarketWatch 16 February 2018 Retrieved 10 February 2022 Harding Luke 29 November 2018 Deutsche Bank offices raided in connection with Panama Papers The Guardian Retrieved 29 November 2018 Storbeck Olaf 22 June 2020 Auto1 battles with fintech partner Financial Times Archived from the original on 10 December 2022 HNA cuts stake in Deutsche Bank to 6 3 percent SEC filing Reuters 16 February 2019 Retrieved 10 February 2022 Deutsche Bank Aufsichtsrat kauft Anteile HNA aus China ist draussen DER AKTIONAR in German 13 December 2019 Retrieved 10 February 2022 Deutsche Bank CEO Signals More Cuts to Investment Bank The Wall Street Journal 23 May 2019 Retrieved 2 July 2019 tough cutbacks at the troubled lender s investment bank his strongest public admission yet that the business needs a dramatic overhaul Deutsche Bank in a Last Ditch Effort to Stop Its Spiral Could Lay Off 20 000 The New York Times 28 June 2019 Retrieved 2 July 2019 Other investment banking divisions also could be slashed including the bond trading business and teams that specialize in selling and trading various types of derivatives Deutsche Bank Plans to Cut as Many as 20 000 Jobs in Revamp Bloomberg 30 June 2019 Retrieved 2 July 2019 The bank expects to make a formal announcement no later than July 8 one person said The Wall Street Journal first reported on the plan to cut as many as 20 000 jobs Deutsche Bank Discusses Lower Capital Buffer With Regulators Bloomberg 1 July 2019 Retrieved 2 July 2019 including the loss of as many as 20 000 jobs over the coming years The cost could run into the billions of euros analysts estimate Deutsche Bank starts cull of 18 000 jobs Financial Times 8 July 2019 Archived from the original on 10 December 2022 Retrieved 8 July 2019 German lender begins its most radical strategic overhaul in two decades Farrell Sean Kollewe Julia Helmore Edward 8 July 2019 Deutsche Bank starts cutting London jobs with 18 000 at risk worldwide The Guardian Deutsche Bank Cuts Investment Bank Bonuses About 30 Bloomberg 17 January 2020 Hanna Ziady 4 February 2021 Deutsche Bank just posted its first profit in years CNN Retrieved 12 February 2021 Storbeck Olaf 4 February 2021 Trading boom propels Deutsche Bank to first profit in 6 years Financial Times Archived from the original on 10 December 2022 a b Deutsche Bank got itself out of Archegos mess with quick sale Fortune Retrieved 2 April 2021 Deutsche Bank Annual Report Archived from the original on 4 March 2016 Retrieved 19 November 2015 Neue Fuhrung Christian Sewing wird Chef der Deutschen Bank Spiegel Online 8 April 2018 Retrieved 9 April 2018 a b Bray Chad 19 May 2016 Jurgen Fitschen to Stay With Deutsche Bank in New Role The New York Times ISSN 0362 4331 Retrieved 8 April 2018 Dakers Marion 2017 Former Deutsche Bank boss Anshu Jain takes up new role at Cantor Fitzgerald The 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Clients Business To Abanca Reuters 27 March 2018 Retrieved 29 April 2018 The Financial 28 May 2018 Germany s biggest Private amp Commercial Bank is launched finchannel com Retrieved 29 May 2018 Wealth Management Locations Deutsche Bank Retrieved 29 April 2018 Deutsche Bank Neuer Skandal Borse Aktuell Boerse ARD de Archived from the original on 4 April 2017 Retrieved 28 March 2017 Freifeld Karen 23 December 2016 Deutsche Bank agrees to 7 2 billion mortgage settlement with U S Reuters Retrieved 13 January 2017 a b c d e f Crawford David Karnitschnig Matthew 3 August 2009 Bank Spy Scandal Widens The Wall Street Journal Retrieved 27 January 2010 Deutsche Bank undertakes independent investigation Press release deutsche bank de 22 May 2009 Archived from the original on 1 June 2010 Retrieved 28 January 2010 a b c Deutsche Bank gives update on inquiries Press release deutsche bank de 22 July 2009 Archived from the original on 1 June 2010 Retrieved 27 January 2010 Press release Public Prosecutor s Office in Frankfurt Press release sta frankfurt justiz hessen de 8 October 2009 Archived from the original on 19 July 2011 Retrieved 14 October 2010 Deutsche Bank Probe Finds Individual Misconduct The Wall Street Journal 18 December 2009 Retrieved 14 October 2010 Was suicide of Deutsche Bank executive linked to Trump and Russia money laundering 14 May 2017 Retrieved 12 October 2021 Was suicide of Deutsche Bank executive linked to Trump and Russia money laundering Laabs Dirk 14 May 2017 Deutsche Bank Freitod offenbart System des verdrangten Risikos DIE WELT in German Retrieved 12 October 2021 Um seine Leiche herum lagen interne Dokumente der Deutschen Bank Ian Spiegelman 27 November 2019 Former Deutsche Bank Exec Connected to Trump Loans Dies by Suicide in Malibu Former Deutsche Bank Exec Connected to Trump Loans Dies by Suicide in Malibu Stuart Gwynedd 2 October 2019 How Moby Reportedly Played a Role in an Unfolding Trump Whistleblower Story Retrieved 12 October 2021 How Moby Reportedly Played a Role in an Unfolding Trump Whistleblower Story a b Enrich David 1 October 2019 Me and My Whistle Blower The New York Times ISSN 0362 4331 Retrieved 12 October 2021 Me and My Whistle Blower Flitter Emily Enrich David 15 April 2019 Deutsche Bank Is Subpoenaed for Trump Records by House Democrats The New York Times ISSN 0362 4331 Retrieved 12 October 2021 Deutsche Bank Is Subpoenaed for Trump Records by House Democrats a b c d 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 a b c d Deutsche Bank fined record 2 5 billion in rate rigging inquiry Reuters 23 April 2015 Retrieved 23 April 2015 Deutsche Bank to pay US 258m for violating US sanctions Channel NewsAsia Archived from the original on 6 January 2016 Retrieved 5 November 2015 NYDFS Announces Deutsche Bank to Pay 258 Million Install Independent Monitor Terminate Employees for Transactions on Behalf of Iran Syria Sudan Other Sanctioned Entities New York State Department of Financial Services Archived from the original on 7 November 2015 Retrieved 5 November 2015 Deutsche Bank fined 258m for violating US sanctions The Guardian Agence France Presse 4 November 2015 Retrieved 5 November 2015 Steuerbetrug Sechs Ex Mitarbeiter der Deutschen Bank verurteilt Die Zeit 13 June 2016 Retrieved 28 March 2017 Tabuchi Hiroko 7 November 2016 Environmentalists Target Bankers Behind Pipeline The New York Times ISSN 0362 4331 Retrieved 5 March 2019 Preservation of sensitive protected sites db com Archived from the original on 30 June 2017 Retrieved 5 March 2019 DFS Fines Deutsche Bank 425 Million for Russian Mirror Trading Scheme Dfs ny gov 30 January 2017 Archived from the original on 16 February 2017 Retrieved 28 March 2017 Jill Treanor Deutsche Bank fined 630m over Russia money laundering claims Business The Guardian Retrieved 28 March 2017 Thomas Landon Jr 30 January 2017 Deutsche Bank Fined for Helping Russians Launder 10 Billion The New York Times Retrieved 30 January 2017 Wang Christine 30 January 2017 Deutsche Bank to pay 425 million fine over Russian money laundering scheme New York regulator CNBC Retrieved 30 January 2017 Deutsche Bank Ends N Y Mirror Trade Probe for 425 Million Bloomberg L P 30 January 2017 Retrieved 30 January 2017 CONSENT ORDER UNDER NEW YORK BANKING LAW 39 44 and 44 a PDF NEW YORK STATE DEPARTMENT OF FINANCIAL SERVICES 2017 Archived from the original PDF on 19 August 2021 a b c Stewart James B Goldstein Matthew Kelly Kate Enrich David 10 July 2019 Jeffrey Epstein s Infinite Means May Be a Mirage The New York Times ISSN 0362 4331 Retrieved 11 July 2019 Deutsche Bank faces action over 20bn Russian money laundering scheme The Guardian 17 April 2019 Retrieved 2 March 2022 Strasburg Patricia Kowsmann and Jenny 26 November 2020 Outside Monitors Urge Deutsche Bank to Quit Russia The Wall Street Journal ISSN 0099 9660 Retrieved 2 March 2022 Gilchrist Karen 10 March 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Reuters Retrieved 24 February 2021 Deutsche Bank Agrees to Pay over 130 Million to Resolve Foreign Corrupt Practices Act and Fraud Case www justice gov 8 January 2021 Retrieved 24 February 2021 Welle www dw com Deutsche Welle 8 January 2021 Deutsche Bank handed 124 million in bribery fines by US court Deutsche Welle Retrieved 24 February 2021 Deutsche Bank Fired Senior Bankers over Strip Club Bill Bloomberg com 25 March 2022 Deutsche Bank executives fired after charging strip club visit to company 25 March 2022 Acquisition of Bankers Trust Successfully Closed Deutsche bank de Retrieved 17 August 2011 Deutsche Asset amp Wealth Management Real Estate Investment Management rreef com 16 January 2015 Archived from the original on 30 October 2005 Retrieved 27 November 2013 Deutsche Bank to acquire RREEF for 490 million nreionline com Archived from the original on 27 August 2010 interstitials Business solutions from AllBusiness com Retrieved 17 August 2011 Acquisition of Chapel Funding Deutsche bank de 12 September 2006 Archived from the original on 19 July 2011 Retrieved 17 August 2011 Acquisition of MortgageIT Holdings Deutsche bank de 28 July 2011 Retrieved 17 August 2011 Deutsche Bank wins control of Postbank Financial Times London Archived from the original on 10 December 2022 Park Plaza Mall sold to Deutsche Bank for 100k thv11 com 28 October 2021 Retrieved 20 March 2023 Enrich David 2020 Dark Towers Deutsche Bank Donald Trump and an Epic Trail of Destruction New York Custom House ISBN 978 0062878816 External links Edit Wikimedia Commons has media related to Deutsche Bank Business data for Deutsche Bank BloombergGoogleReutersSEC filingsYahoo Official website Documents and clippings about Deutsche Bank in the 20th Century Press Archives of the ZBW Historical Association of Deutsche Bank Deutsche Bank in the Federal Financial Supervisory Authority BaFin database Literature by and about Deutsche Bank in the German National Library Retrieved from https en wikipedia org w index php title Deutsche Bank amp oldid 1145756529, wikipedia, wiki, book, books, library,

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