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Deutsche
Bank AG
Deutsche
Bank AG (literally "German Bank"; pronounced is a German global
banking and financial services company with its headquarters in the Deutsche Bank Twin Towers in Frankfurt,
Germany.
It employs more than 100,000 people in over 70 countries, and has a large
presence in Europe, the Americas, Asia-Pacific and the emerging
markets. In 2009, Deutsche Bank was the largest foreign exchange dealer in the world with
a market share of 21 percent.
Deutsche
Bank has offices in major financial
centres including London, New York City, Singapore,
Hong Kong,
Tokyo,
Paris,
Moscow,
Sydney,
Toronto,
Istanbul,
Madrid,
Dublin,
Amsterdam,
Warsaw,
Mumbai,
Kuala Lumpur,
São Paulo,
Dubai,
Riyadh,
Bangkok,
Karachi,
Belgrade,
Manila
and George Town (Cayman Islands).
The
bank offers financial products and services for corporate and institutional
clients along with private and business clients. Services include sales,
trading, research and origination of debt and equity; mergers and acquisitions (M&A); risk
management products, such as derivatives, corporate
finance, wealth management, retail
banking, fund management, and transaction banking.
On
26 July 2011, along with its second quarter earnings report, Deutsche Bank
reported that Anshu Jain, head of investment banking and Juergen
Fitschen, head of the German business, will replace Josef Ackermann
as co-CEOs starting in 2012. Fears that Deutsche Bank could neglect its German
roots and expand risk-taking activities prompted key members of the supervisory
board to opt for the dual CEO model. Deutsche Bank is listed on both the
Frankfurt (FWB) and New York stock exchanges (NYSE).
History
1870–1919
Deutsche
Bank was founded in Berlin
in 1870 as a specialist bank for foreign trade. 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.
Two
of the founders were G. Siemens whose father's
cousin had founded Siemens and Halske, and L. Bamberger.
Previous to the founding of Deutsche Bank, German importers and exporters were
dependent upon English 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 discount than
English or French bills.
The
bank's first domestic branches, inaugurated in 1871 and 1872, were opened in Bremen and
Hamburg.
Its first foray overseas came shortly afterwards, in Shanghai (1872) and London
(1873) followed sometime by South America (1874-1886). 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.
Major projects in the early years of
the bank included the Northern Pacific Railroad in the US and
the Baghdad Railway (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 entrée 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 dated from 1886 and the Munich branch
from 1892, while further branches were established in Dresden and Leipzig 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 in 1886 and the stake
taken in the newly established Deutsch-Asiatische Bank three years
later, but the success of those companies in showed that their existence made
sound commercial sense.
1919–1933
The
immediate postwar period was a time of liquidations. Having already lost most
of its foreign assets, Deutsche Bank was obliged to sell other holdings. A
great deal of energy went into shoring up what had been achieved. But there was
new business, too, some of which was to have an impact for a long time to come.
The bank played a significant role in the establishment of the film production
company, UFA, and the merger of Daimler and Benz.
The
bank merged with other local banks in 1929 to create Deutsche Bank und DiscontoGesellschaft,
at that point the biggest ever merger in German banking history. Increasing
costs were one reason for the merger. Another was the trend towards
concentration throughout the industry in the 1920s. The merger came at just the
right time to help counteract the emerging world economic and banking crisis.
In 1937, the company name changed back to Deutsche Bank.
The
crisis was, in terms of its political impact, the most disastrous economic
event of the century. The shortage of liquidity that paralyzed the banks was
fuelled by a combination of short-term foreign debt and borrowers no longer
able to pay their debts, while the inflexibility of the state exacerbated the
situation. For German banks, the crisis in the industry was a watershed. A return
to circumstances that might in some ways have been considered reminiscent of
the "golden age" before World War I was ruled out for many years.
1933–1945
After
Adolf Hitler
came to power, instituting the Third Reich,
Deutsche Bank dismissed its three Jewish board members in 1933. In subsequent years, Deutsche
Bank took part in the aryanization of Jewish-owned businesses;
according to its own historians, the bank was involved in 363 such
confiscations by November 1938. During the war, Deutsche Bank incorporated
other banks that fell into German hands during the occupation of Eastern
Europe. Deutsche provided banking facilities for the Gestapo
and loaned the funds used to build the Auschwitz
camp and the nearby IG Farben facilities. Deutsche Bank revealed
its involvement in Auschwitz in February 1999. 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. The
history of Deutsche Bank during the Second World
War has been documented by independent historians commissioned by
the Bank.
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 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 Commercial Romana in Bucharest. It also maintained a branch in Istanbul,
Turkey.
Post-WWII
Following
Germany's defeat in World War II, the Allied authorities, in 1948,
ordered Deutsche Bank's break-up into ten regional banks. These 10 regional
banks were later consolidated into three major banks in 1952: Norddeutsche Bank
AG; Süddeutsche Bank AG; and Rheinisch-Westfälische Bank AG. In 1957, these
three banks merged to form Deutsche Bank AG with its headquarters in Frankfurt.
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 US$603 million in 1986 to acquire the
Banca d’America e d’Italia, the Italian subsidiary that Bank of
America had established in 1922 when it acquired Banca dell'Italia
Meridionale. The acquisition represented the first time Deutsche Bank had
acquired a sizeable branch network in another European country.
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. By the mid-1990s, the build up of a capital-markets operation
had got under way with the arrival of a number of high-profile figures from
major competitors. Ten years after the acquisition of Morgan Grenfell, the U.S.
firm Bankers Trust
was added.
Deutsche
continued to build up its presence in Italy with the acquisition in 1993 of Banca Popolare di Lecco from Banca
Popolare di Novara for about US$476 million.
In
October 2001, Deutsche Bank was listed on the New York Stock Exchange. This was the
first NYSE listing after interruption due to September 11 attacks. The following year,
Deutsche Bank strengthened its U.S. presence when it purchased Scudder
Investments. Meanwhile, in Europe, Deutsche Bank increased its private-banking
business by acquiring Rued Blass & Cie (2002) and the Russian investment
bank United Financial Group (2006). 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.
The
company's headquarters, the Deutsche Bank Twin Towers building, was
extensively renovated beginning in 2007. The renovation took approximately
three years to complete. The renovated building was certified LEED Platinum and DGNB
Gold.
Spying
scandal
From
as late as 2001 to at least 2007, the Bank engaged in covert espionage on its
critics. The bank has admitted to episodes of spying in 2001 and 2007 directed
by its corporate security department, although characterizing them as
"isolated." According to the Wall Street Journal's page one report, Deutsche
Bank had prepared a list of names of 20 people who it wished investigated for
criticism of the bank, including Michael Bohndorf (an
activist investor in the bank) and Leo Kirch
(a former media executive in litigation with bank). Also targeted was the
Munich law firm of Bub Gauweiler
& Partner, which represents Kirch. According to the Wall Street
Journal, the bank's legal department was involved in the scheme along with its
corporate security department. The bank has since hired Cleary Gottlieb Steen & Hamilton,
a New York law firm, to investigate the incidents on its behalf. The Cleary
firm has concluded its investigation and submitted its report, which however
has not been made public. 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. 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."
In May 2009 Deutsche Bank informed the public
that the executive management learned about possible violations which occurred
in past years of the bank's internal procedures or legal requirements in connection
with activities involving the bank's corporate security department. Deutsche
Bank immediately retained the law firm Cleary Gottlieb Steen & Hamilton in
Frankfurt to conduct an independent investigationand informed the German Federal Financial Supervisory
Authority (BaFin). The principal findings by the law firm, published
in July 2009, are as follows: Four incidents that raise legal issues such as
data protection or privacy concerns have been identified. In all incidents, the
activities arose out of certain mandates performed by external service
providers on behalf of the Bank's Corporate Security Department. The incidents
were isolated and no systemic misbehaviour has been found. And there is no
indication that present members of the Management Board have been involved in
any activity that raise legal issues or have had any knowledge of such
activities. This has been confirmed by the Public Prosecutor’s Office in
Frankfurt in October 2009. Deutsche Bank has informed all persons affected by
the aforementioned activities and expressed its sincere regrets. BaFin found
deficiencies in operations within Deutsche Bank’s security unit in Germany but
found no systemic misconduct by the bank. The Bank has initiated steps to
strengthen controls for the mandating of external service providers by its
Corporate Security Department and their activities.
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