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Deutsche Bank

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Deutsche Bank AG
Company typePublic (Template:Frankfurt SE DBK)
IndustryFinance and Insurance
PredecessorDeutsche Unionbank
Flick Concern
Handel-Maatschappij H. Albert de Bary & Co
Banco Transatlántico
Norddeutsche Bank Edit this on Wikidata
Founded1870
HeadquartersFrankfurt am Main, Germany
Key people
Dr. Josef Ackermann, Chief Executive Officer and Chairman of the Management Board
Dr. Clemens Börsig, Chairman of the Supervisory Board
ProductsCommercial Banking, Investment Banking, Private Banking, Asset Management
RevenueIncrease 41.708 billion € (2005)
3,390,000,000 Euro (2021) Edit this on Wikidata
4,772,000,000 Euro (2023) Edit this on Wikidata
Total assets1,312,331,000,000 Euro (2023) Edit this on Wikidata
Number of employees
75,140
Websitewww.db.com

Deutsche Bank AG (ISIN: DE0005140008, NYSE: DB) (Template:Lang-en) is a bank operating worldwide and employing more than 75,000 people (June, 2007). Its headquarters, the Deutsche Bank Twin Towers, are located in Frankfurt, Germany. Dr. Josef Ackermann is its CEO and Chairman of the Group Executive Committee), Dr. Clemens Börsig is the Chairman of the Supervisory Board. Deutsche Bank, ranked by revenues and profits, is one of the largest investment banks in the world.

History

Deutsche Bank was founded in Germany on January 22, 1870 as a specialist bank for foreign trade in Berlin by the private banker Adelbert Delbruck and the politician Ludwig Bamberger. Its first branches outside Germany were opened in Shanghai, Yokohama (1872) and London (1873). The first directors were Wilhelm Platenius, Georg von Siemens, and Hermann Wallich. Deutsche Bank acquired the banks Berliner Bank-Verein and Deutsche Union-Bank in 1876 and became then the largest bank in Germany, surpassing the Disconto-Gesellschaft.

Major projects in its first decades included the Northern Pacific Railroad in the United States (1883) and the Baghdad Railway (1888). It also financed bond offerings of the steel concern Krupp (1885) and introduced the chemical company Bayer on the Berlin stock market.

Twentieth century

Headquarters of the Deutsche Bank in Frankfurt am Main

During the first three decades of the 20th century, it expanded quickly and merged with other local German banks, eventually merging with the Disconto-Gesellschaft in 1929.

The history of Deutsche Bank during the Second World War has been well documented by independent historians commissioned by the Bank. [1]

Following Germany's defeat in the war, Allied authorities ordered Deutsche's breakup into ten regional banks on April 1, 1948. These 10 regional banks were later consolidated into 3 major banks in 1952:

  • Norddeutsche Bank AG
  • Süddeutsche Bank AG
  • Rheinisch-Westfälische Bank AG

In 1957 these three banks merged and other takeovers followed, such as London investment bank Morgan Grenfell in 1989; Bankers Trust in New York in 1998, Crédit Lyonnais Belgium in Brussels in 1999, Moscow-based investment bank United Financial Group in Russia in 2006 and the German norisbank and Berliner Bank in 2007.

In 1995 Deutsche Bank began the transformation from a commercial bank to an investment bank and to provide expertise for investment banking products. By 2005 75% of the Bank's revenues came from investment banking, and the ROE went from 4% to 25%. Deutsche Bank is a world-class leader on the investment banking market, belonging to the so-called bulge bracket.

In 2006 the business in Germany became extended by the acquisition of the Berliner Bank and the Norisbank. Furthermore the Deutsche Bank started to offer financial services in Turkish language called 'Bankamiz' in its German branch banks in 2006.

Deutsche Bank is a member of the Global ATM Alliance, a joint venture of several major international banks that allows their customers to use their ATM card or check card at any other bank within the Global ATM Alliance at no fees. Members of the Global ATM Alliance are Barclays (United Kingdom), Bank of America (United States), BNP Paribas (France), China Construction Bank (China), Santander Serfin (Mexico), Scotiabank (Canada) and Westpac (Australia and New Zealand).[2]

September 11th attacks

On September 11, 2001, the Deutsche Bank Building, located at 130 Liberty Street in New York City and acquired two years earlier as part of the merger with Bankers Trust, was damaged beyond repair as a result of the 9/11 Terrorist Attack. Large pieces of debris from the Twin Towers hit the Deutsche Bank building, creating a large hole in its center and destroying its main entrance and lobby.

On August 18th, 2007 a seven alarm fire broke out around the 15th floor of the empty building. Subsequently, 2 NYFD firefighter died of smoke inhalation, 5 other firefighters were injured. No civilians have been reported injured. The building is in progress of being destructed due to the damage caused on 9/11.[3]

Deutsche Bank sued their insurance carriers to require them to pay out the claims, and in December 2004, Deutsche Bank settled with the insurance carriers and then sold the building to the Lower Manhattan Redevelopment Corporation.[4]

Deutsche Bank relocated most of its NYC Area units to 60 Wall Street - acquired earlier in 2001 and formerly occupied by J.P. Morgan Chase.

In July 1972, eight notable graphic artists were commissioned to create a new logo for Deutsche Bank. This logo should be able to unmistakably represent the company. From a choice of several brand designs, Deutsche Bank decided upon a symbol created by the now deceased painter and graphic artist from Stuttgart, Anton Stankowski: the “slash in a square”, as the construction was described. This logo fulfils all aspects required for a good brand:

  • With a simple yet striking form, the symbol has a high attention-provoking and recognition value.
  • The logo supports the identity of Deutsche Bank: the “slash” stands for consistent growth and dynamic development, the square-shaped frame can be interpreted as a sign of security and a controlled environment. In a nutshell, the logo stands for consistent growth in a secured environment.
  • It is striking, unmistakable and timeless
  • It can be used in all media.
  • The logo can be clearly recognised when reduced in size and at great distances.

The combination of the company name Deutsche Bank and the square-shaped logo constitute since 1974 the Deutsche Bank brand. [5]

Organization

Deutsche Bank is organized in three Group Divisions: Corporate and Investment Bank, Private Clients and Asset Management, and Corporate Investments.[6]

Management Board & Group Executive Committee

Group Executive Committee (As of Sept.21,2006)
Management Board (The Vorstand) Business Heads of Group Divisions
Name Since Position Name Since Position
Josef Ackermann 1998 Chairman of the executive committee & GEC Michael Cohrs 2002 Head of Global Banking
Hugo Bänziger 2006 Chief Risk Officer Jürgen Fitschen 2002 Head of Regional Management Anshu Jain 2003 Head of Global Markets
Anthony Di Iorio 2006 Chief Financial Officer Rainer Neske 2003 Head of Private & Business Clients
Hermann-Josef Lamberti 1999 Chief Operating Officer Kevin Parker 2002 Head of Asset Management
Pierre de Weck 2002 Head of Private Wealth Management

Acquisitions

Notable current and former employees

Public service

Awards

IFR, Review of the Year, December 2006

  • Derivatives House of the Year
  • Investment-Grade Corporate Bond
  • House of the Year
  • Covered Bond House of the Year

IFR Asia, Review of the Year, December 2006

  • Bond House of the Year
  • Derivatives House of the Year

Insurance Asset Manager, September 2006

  • DeAM ranked No.1 third-party insurance asset manager

Euromoney, Awards for Excellence, July 2006

  • Best Investment Grade Debt House
  • Best Risk Management House
  • Emerging Markets Best Debt House

EuroProperty/INREV, May 2006

  • RREEF Ranked No.1 Global Real Estate Fund Manager by AuM

Trade Finance, Awards for Excellence, June 2006

  • Best Trade Documentation Bank
  • Best Forfaiting Institution

Euromoney, FX Poll, May 2006

  • No.1 Provider of FX Services

Standard & Poor's Fund Awards, March 2006

  • Best performing mutual fund company — Large 5 & 10 years: DWS/Germany
  • Best performing mutual fund company — Large 10 years: DWS/Austria
  • Best performing mutual fund company — Large 10 years: DWS/Switzerland

See also

Main competitors

References

  1. ^ [1]
  2. ^ "Five big banks form Global ATM Alliance", ATMmarketplace.com. January 9, 2002. Accessed June 22, 2007.
  3. ^ http://www.cnn.com/2007/US/08/18/nyc.fire/index.html
  4. ^ [2]
  5. ^ Template:PDFlink
  6. ^ [3]
  7. ^ Acquisition of Bankers Trust Successfully Closed
  8. ^ Acquisition of Berkshire Mortgage Finance
  9. ^ Acquisition of Chapel Funding
  10. ^ Acquisition of MortgageIT Holdings
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