Deutsche Bank AG (ISIN: DE0005140008, NYSE: DB) (German: German Bank) is a multinational bank operating worldwide and employing more than 67,400 people (January, 2007). Its headquarters, the Deutsche Bank Twin Towers, are located in Frankfurt, Germany while its largest division, Corporate and Investment Banking ("CIB"), is headquartered in London. Dr. Josef Ackermann is its CEO and Chairman of the executive committee (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.
 | |
| Company type | Public (Template:Frankfurt SE DBK) |
|---|---|
| Industry | Finance and Insurance |
| Predecessor | Deutsche Unionbank Flick Concern Handel-Maatschappij H. Albert de Bary & Co Banco Transatlántico Norddeutsche Bank  |
| Founded | 1870 |
| Headquarters | Frankfurt 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 |
| Products | Commercial Banking, Investment Banking, Private Banking, Asset Management |
| Revenue |  41.708 billion € (2005) |
| 3,390,000,000 euro (2021) | |
| 4,772,000,000 euro (2023) | |
| Total assets | 1,312,331,000,000 euro (2023) |
Number of employees | 67,474 |
| Website | www.db.com |
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 London (1873), Shanghai (1872), and Yokohama (1872). The first directors were Wilhelm Platenius, Georg 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
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 indepedent 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 the GDR's state bank with German reunification in 1990; London investment bank Morgan Grenfell in 1989; Bankers Trust in New York, Crédit Lyonnais Belgium in Brussels in 1999 and a Moscow-based investment bank United Financial Group in Russia in 2006.
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.
Deutsche Bank is a member of the Global ATM Alliance, a joint venture of several major international banks that allows customers of the banks to use their ATM card or check card at another bank within the Global ATM Alliance with no fees when traveling internationally. Other participating banks 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 11 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.
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.[3]
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.
The Logo
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.
The Logo fulfils all aspects of the quality criteria 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 summary, the logo square stands for consistent growth in a secured environment.
- It is striking and unmistakable as well as timeless and thus free of any fashionable accent.
- It can be applied almost without restrictions and can be implemented 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 company logo as a whole constitute since 1974 the Deutsche Bank brand. [4]
Organization
Deutsche Bank is organized in three Group Divisions: Corporate and Investment Bank, Private Clients and Asset Management, and Corporate Investments.[5]
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 | 1996 | 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 |
| Tessen von Heydebreck | 1994 | Chief Administrative Officer | 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
- Bankers Trust (Successfully Closed) 30 November 1998.[6]
- Berkshire Mortgage Finance October 22, 2004.[7]
- Chapel Funding, now DB Home Lending September 12 2006[8]
- MortgageIT Holdings January 3, 2007[9]
Notable current and former employees
Business
*Matthew Redmond - Deutsche Bank Owner & C.E.O {2007-}
- Hermann Josef Abs - Deutsche Bank chairman (1957-67)
- Sir John Craven - Financier in London
- Michael Dobson - Head of Schroders
- Alfred Herrhausen - Deutsche Bank chairman (1971-89)
- Edson Mitchell - Head of Global Markets (1953-2000)
Public service
- Otto Hermann Kahn - Philanthropist
Other
- Simon Murray - Author
- Albrecht von Goertz - Automobile designer
- Masum Ahmed - Economist
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
External links
- Deutsche Bank Corporate Website
- Yahoo! Finance- Deutsche Bank AG Company Profile
- Deutsche Bank AG historical chart