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EMPLOY

PROFILE
VAULT EMPLOYER PROFILE:

DEUTSCHE
BANK

BY THE STAFF OF VAULT

© 2002 Vault Inc.


Copyright © 2002 by Vault Inc. All rights reserved.

All information in this book is subject to change without notice. Vault makes no claims as to
the accuracy and reliability of the information contained within and disclaims all warranties.
No part of this book may be reproduced or transmitted in any form or by any means,
electronic or mechanical, for any purpose, without the express written permission of Vault
Inc.

Vault, the Vault logo, and “the insider career networkTM” are trademarks of Vault Inc.

For information about permission to reproduce selections from this book, contact Vault Inc.,
150 W22nd Street, New York, New York 10011, (212) 366-4212.

Library of Congress CIP Data is available.

ISBN 1–58131–226-1

Printed in the United States of America


Deutsche Bank

INTRODUCTION 1

Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1
Deutsche Bank at a Glance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2

THE SCOOP 3

History . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3
League Tables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7
Compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21

ORGANIZATION 23

CEO’s Bio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .23


Business Units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .23
Locations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .26
Key Officers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .26
Ownership . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .26

VAULT NEWSWIRE 27

SELECT RECENT TRANSACTIONS 35

OUR SURVEY SAYS 39

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LIBRARY vii
GETTING HIRED 39

The Hiring Process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .39


Questions to Expect . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .40
Questions to Ask . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .42
To Apply . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .43

ON THE JOB 45

Job Descriptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .45


A Day in the Life . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .46

FINAL ANALYSIS 49

RECOMMENDED READING 51
Deutsche Bank

Introduction
Overview
A German giant with a Swiss leader, Deutsche Bank AG is the world’s second
largest financial institution in terms of total assets, and the world’s third
largest corporate and investment bank in terms of revenue (behind Citigroup
and J.P. Morgan Chase). In early 2001, the company initiated a
reorganization that established three distinct business groups: the Corporate
and Investment Bank Group (CIB), which includes corporate finance, sales
and trading, and transaction banking; the Private Clients and Asset
Management Group (PCAM); and Corporate Investments, which includes the
bank’s venture capital and private equity principal investments.

While Deutsche has enjoyed a stronghold atop the European investment-


banking league tables for several years, it has yet to solidify a top spot on the
U.S. charts. But Deutsche CEO Josef Ackermann wants to change that.
Ackermann, the first foreigner to head a German bank, became Deutsche’s
leader in May 2002. From 1996 until becoming the firm’s chief, the Swiss-
born Ackerman ran the corporate and investment-banking business for
Deutsche, moving the unit up the league tables. But while Deutsche Bank has
increased I-banking revenue, its costs have also gone up, thanks in part to a
few large acquisitions, including the 1999 Bankers Trust buy. As a result,
Deutsche recently announced plans to sell off four units deemed non-core,
and concentrate on high-margin investment-banking business. As of
September 2002, Deutsche has sold insurance operations in Western Europe
and tentatively agreed to deals to shed its U.S. leasing business and a
significant portion of its global securities services business.

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Deutsche Bank at a Glance

UPPERS
Headquarters
31 West 52nd Street • Major global presence
New York, NY 10019 • Relaxed culture
Phone: (212) 469-8000
www.db.com DOWNERS
• Bureaucratic due to mergers
DEPARTMENTS • Not a brand name in the U.S.
Corporate and Investment Banking
(Commodities, Corporate Finance, EMPLOYMENT CONTACT
Corporate Trust, Fixed Income,
Foreign Exchange, Global Cash Corporate Finance
Management, Global Equities, Nebal Fahed
Global Securities Services, Global Cfcampus.teamus@db.com
Trade Finance)
Sales, Trading and Research
Corporate Investments
Caryn Blumenfeld
Private Clients and Asset
Stcampus.teamus@db.com
Management
Global Technology and Operations
Jacqueline Murray
THE STATS
Gtopscampus.teamus@db.com
Chairman, Management Board and
Head of Corporate and Investment
Banking: Josef Ackermann
THE BUZZ
Employer Type: Public Company WHAT EMPLOYEES AT OTHER FIRMS ARE SAYING
Ticker Symbol: DB (NYSE)
2001 Revenue: $28.6 billion • “Pretty strong showing lately”
2001 Net Income: $167 million • “Second-tier bank trying to pretend
No. of Employees: 94,780 that it’s first tier”
No. of Offices: 2,300 • “Trying to fit into the U.S. – and
so far so good”
• “Disorganized leadership”
KEY COMPETITORS
• “Too German”
Citigroup • “Family-oriented”
Credit Suisse First Boston • “Ambitious and aggressive”
J.P. Morgan Chase • “Very smart people, impressive”
UBS Warburg

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Deutsche Bank

The Scoop
History

The West and the War


Founded in Berlin in 1870, Deutsche Bank initially expanded throughout
Germany and later throughout the rest of Europe. The company first made its
mark in the U.S. in the 1880s when it helped finance the construction of the
railroads that linked the East and West coasts. In the late 1800s, Deutsche
Bank grew in large part due to several mergers with, and acquisitions of,
European banking firms.

Like most German corporations, Deutsche Bank’s actions during World War
II are a sensitive subject. The company has admitted that it helped finance
the construction of the Auschwitz concentration camp. To its credit, the bank
participated in the $1.25 billion settlement fund offered by Swiss and German
companies to Holocaust victims. And Deutsche Bank mentions unseemly
events such as the 1933-1934 ouster of Jewish board members in the history
section of its corporate web site.

Purchasing power
The company’s growth continued after the war, but it wasn’t until the late
1990s that the firm made the move that placed it among the major
international players. In June 1999, Deutsche Bank acquired Bankers Trust
(BT) for approximately $9 billion. BT had purchased Alex. Brown & Co., a
U.S. investment bank with nearly 200 years of history, two years earlier,
giving Deutsche Bank significant corporate lending and underwriting
prowess. Although the combination initially faced skepticism, the doubting
subsided after Deutsche Bank integrated BT.

In September 2001, Deutsche Bank announced an agreement to buy Zurich


Scudder Investments from Zurich Financial Services in a deal valued at $2.5
billion. The announcement came after two disappointing years for Scudder,
ending speculation that its Swiss parent company would put it on the
chopping block. At the time of the deal, Zurich Scudder had $300 billion in
assets, bolstering Deutsche’s total assets under management to $900 billion.

Deutsche tried to become even more formidable in 2000. The firm


announced plans to merge with German competitor Dresdner Bank AG in
March. The deal fell apart one month later, reportedly over the fate of

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Deutsche Bank
The Scoop

Dresdner’s investment-banking unit, Dresdner Kleinwort Benson (now


Dresdner Kleinwort Wasserstein). Deutsche bank wanted Dresdner
Kleinwort Benson closed or sold; Dresdner’s people resisted, and the dispute
scuttled the deal.

Year of the ax
The year 2001 will go down as one of the most brutal years for global German
banks. Deutsche, like its fellow German über-banks, cut thousands of jobs.
In all, Deutsche announced 9,200 layoffs as a result of the worldwide
economic slowdown. Early in the year, the bank unveiled plans to cut 2,600
jobs as part of its company-wide restructuring. In November, the bank
announced plans to slash 3,300 positions in its private client and asset
management division, and another 1,200 in its technical support division. As
the year came to a close, the bank’s corporate and investment-banking
division took the hit, as 2,100 more layoffs were announced in December.
That same month, the bank revealed plans to sack 1,500 employees as a result
of the integration with Zurich Scudder.

Bringing out the bankers


Deutsche made several moves in 2001 to solidify its presence in the U.S. The
firm switched over to American accounting standards, and in October the
bank listed its shares on the New York Stock Exchange. Deutsche also
announced that it would turn retail banking into a core business and cut the
traditional German management board from eight members to four, in order
to simplify decision making at the highest level. Under the retail
restructuring, small and medium-size customers will be transferred from the
investment bank to a new division. While Deutsche’s investment bank would
focus on providing higher-margin advisory services and products to large
companies.

The downsizing of the board – which The Wall Street Journal has called the
“most exalted council in German finance” – signaled an important change
from a consensus-driven German management style, where the board
members take collective responsibility for decisions, to a more American
management style, with a strong chief executive. Newly appointed Chairman
Josef Ackermann, who succeeded Rolf Breuer in May, will oversee the board
and is expected to run the kingdom of Deutsche much like an American CEO
(German law doesn’t allow a corporation to have an actual CEO).
Ackermann’s takeover of the board, and of the bank itself, also signals a
monumental strategy shift for the world’s second largest bank. Unlike his

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Deutsche Bank
The Scoop

predecessor, Ackermann comes from an investment-banking background.


Before his retirement, Breuer oversaw the Private Clients and Asset
Management Group, while Ackermann ran the Corporate and Investment
Bank Group. Observers feel that the firm appointed an I-banker in order to
send the message that it intends to focus on strengthening its position in the
lucrative global investment-banking market.

On its way to the bigs


Under Ackermann’s leadership, Deutsche’s Corporate and Investment Bank
Group has gained ground on the big banks of the bulge bracket. In 2001
Deutsche Bank surpassed Goldman Sachs and Morgan Stanley in total
investment-banking revenues. According to Thomson Financial Securities
Data, in 2001 the bank ranked seventh in U.S. M&A and eighth in global
M&A, a decent jump from its respective 13th and 12th place rankings in
2000. The Wall Street Journal reported that Deutsche’s investment-banking
unit “continued to score unexpected victories [in 2001], winning high profile
advisory roles in competition with more-established firms.” The Journal
cited Deutsche’s advisory role on EchoStar’s $30 billion purchase of Hughes
Electronics, the second largest deal in 2001. The Journal also mentioned the
bank’s coup in gaining an advisory role with Electricite de France (EDF) on
its takeover of Montedison, despite Goldman Sach’s relationship with EDF.

Although Deutsche’s M&A unit ascended the charts in 2001, its underwriting
practice fell a few notches. In 2001 Deutsche slid a few places on several
important underwriting league tables, including global debt and equity
offerings (from 7th in 2000 to 9th 2001), global debt offerings (from 6th to
9th), and equity and equity-related issues (from 9th to 10th). However, for the
first half of 2002, Deutsche did rank 6th in both global debt and equity
offerings, and global equity and equity-related offerings.

Getting rid of non-essentials


Making good on its commitment to cut costs by shedding non-core assets,
Deutsche Bank agreed to sell the majority of its U.S. leasing business to a
division of General Electric. The $2.9 million deal ($450 million in cash plus
almost $2.5 million in assumed debt) was agreed to in September 2002 and is
expected to close in the fourth quarter 2002. St. Louis-based Deutsche
Financial Services, which provides commercial inventory financing for
manufacturers and dealers of industrial equipment, technology products and
recreational vehicles, will become a part of GE Commercial Finance.

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Deutsche Bank
The Scoop

In September 2002, Deutsche announced that it entered into exclusive


discussions to sell a significant portion of its Global Securities Services
business to State Street Corporation. Included in the proposed sale are
Deutsche’s Global Custody, Global Fund Services, Global Securities
Lending, Global Performance Measurement and Benefit Payments
businesses. The deal is expected to be finalized in the fourth quarter 2002.

Also in September, Deutsche unveiled plans to split-off its 900-employee


European IT operations. Deutsche announced it was in exclusive talks with
IBM to outsource its continental European computer operations in a deal
worth 2.5 billion euros ($2.46 billion) over 10 years. Deutsche Bank COO
Hermann-Josef Lamberti told Reuters that the move would save the bank
over 100 million euros a year. Lamberti also hinted that similar deals would
be forthcoming. “It is not a one-off,” Lamberti told Reuters. “Splitting off
business processes will be one of the central themes changing the banking
landscape over the next five years.”

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Deutsche Bank
The Scoop

League Tables

Global Debt & Equity Offerings:


Jan 1, 2001 – December 31, 2001

RANK ADVISER PROCEEDS MARKET # OF DISCLOSED


($BILLIONS) SHARE (%) ISSUES FEES ($MILLIONS)
1 Citigroup/Salomon SB 486.9 11.9 1,574 2,401.7
2 Merrill Lynch 432.7 10.6 2,012 1,940.9
3 CSFB 346.9 8.5 1,312 1,641.0
4 J.P. Morgan Chase 315.1 7.7 1,094 1,037.5
5 Goldman Sachs 302.5 7.4 795 2,111.1
6 Morgan Stanley 277.6 6.8 929 1,976.0
7 Lehman Brothers 260.6 6.4 861 972.7
8 UBS Warburg 252.8 6.2 949 888.2
9 Deutsche Bank 224.4 5.5 770 745.3

Source: Thomson Financial


10 BofA Securities 162.5 4.0 728 465.8
11 Bear Stearns 134.7 3.3 427 230.0
12 ABN Ambro 90.0 2.2 776 353.4
13 Barclays Capital 72.9 1.8 314 121.8
14 BNP Paribas 55.0 1.4 216 207.7
15 DK Wasserstein 53.1 1.3 272 251.2
INDUSTRY TOTAL 4,075.1 100.0 16,748 18,159.6

Global Debt & Equity Offerings:


Jan 1, 2002 – Jun 30, 2002

PROCEEDS MARKET # OF DISCLOSED


RANK ADVISER ($BILLIONS) SHARE (%) ISSUES FEES ($MILLIONS)
1 Citigroup/Salomon SB 244.8 11.1 797 1,346.3
2 Merrill Lynch 197.0 9.0 811 753.4
3 J.P. Morgan Chase 183.2 8.3 627 690.1
4 CSFB 175.4 8.0 656 811.4
5 Goldman Sachs 152.5 6.9 534 688.1
6 Deutsche Bank 143.4 6.5 588 501.5
7 Lehman Brothers 143.0 6.5 438 446.1
8 Goldman Sachs 135.1 6.1 372 647.3
9 UBS Warburg 132.2 6.0 507 364.8
Source: Thomson Financial

10 BofA Securities 97.3 4.4 529 292.1


11 Bear Stearns 69.8 3.2 236 150.9
12 Barclays Capital 50.8 2.3 211 147.9
13 ABN Amro 46.2 2.1 295 125.8
14 Royal Bank of Scotland 33.5 1.5 115 39.5
15 HBSC Holdings 32.9 1.5 204 91.3
INDUSTRY TOTAL 2,199.0 100.0 8,234 8,745.2

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Deutsche Bank
The Scoop

Global M&A Transactions (announced):


Jan 1, 2001 – December 31, 2001

RANK ADVISER RANK VALUE # OF DEALS


($BILLIONS)
1 Goldman Sachs 602.8 339
2 Merrill Lynch 477.0 255
3 Morgan Stanley 460.6 313
4 CSFB 395.3 455
5 J.P. Morgan Chase 388.4 403
6 Citigroup/Salomon SB 264.9 331
7 UBS Warburg 227.9 239
8 Deutsche Bank 224.1 253
9 Lehman Brothers 123.2 148

Source: Thomson Financial


10 Dresdner Kleinwort Wass. 120.7 89
11 Lazard 103.5 161
12 Rothschild 90.1 168
13 Bear Stearns 78.2 71
14 Quadrangle 72.5 2
15 CIBC World Markets 37.1 101
INDUSTRY TOTAL 1,751.9 28,885

Global M&A Transactions (announced):


Jan 1, 2002 – Jun 30, 2002

RANK ADVISER RANK VALUE # OF DEALS


($BILLIONS)
1 CSFB 124.5 191
2 Goldman Sachs 110.9 123
3 Citigroup/Salomon SB 108.3 117
4 Morgan Stanley 95.9 132
5 J.P. Morgan Chase 94.2 155
6 UBS Warburg 93.5 109
7 Merrill Lynch 90.8 102
8 Deutsche Bank 75.2 80
9 Lehman Brothers 69.7 84
Source: Thomson Financial

10 Rothschild 68.5 76
11 Lazard 42.0 87
12 BNP Paribas 23.1 40
13 Cazenove 18.9 4
14 Dresdner Kleinwort Wass. 18.2 43
15 RBC Capital Markets 16.5 34
INDUSTRY TOTAL 590.3 11,585

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Deutsche Bank
The Scoop

Global Equity & Equity-related Issues:


Jan 1, 2001 – December 31, 2001

RANK ADVISER PROCEEDS MARKET # OF DISCLOSED


($BILLIONS) SHARE (%) ISSUES FEES ($MILLIONS)
1 Merrill Lynch 61.3 14.4 206 1,219.9
2 Citigroup/Salomon SB 60.9 14.3 129 1,576.8
3 Goldman Sachs 48.8 11.5 1,482 1,026.1
4 Morgan Stanley 45.4 10.7 98 1,083.8
5 CSFB 42.2 9.9 161 934.7
6 UBS Warburg 29.7 7.0 160 469.0
7 Lehman Brothers 18.4 4.3 66 418.0
8 Deutsche Bank 16.9 4.0 81 276.2
9 J.P. Morgan Chase 14.6 3.4 60 281.0

Source: Thomson Financial


10 Societe Generale 7.6 1.8 27 146.0
11 Nomura 6.1 1.4 82 215.2
12 BofA Securities 5.7 1.3 26 163.4
13 ABN Amro 4.8 1.1 47 70.7
14 BNP Paribas 4.8 1.1 25 51.7
15 Credit Agr. Indo-Laz Frere 4.5 1.1 7 80.0
INDUSTRY TOTAL 425.7 100.0 2,472 8,926.8

Global Equity & Equity-related Issues:


Jan 1, 2002 – Jun 30, 2002

RANK ADVISER PROCEEDS MARKET # OF DISCLOSED


($BILLIONS) SHARE (%) ISSUES FEES ($MILLIONS)
1 Citigroup/Salomon SB 31.2 15.5 118 802.4
2 Goldman Sachs 27.5 13.7 57 473.9
3 Merrill Lynch 24.5 12.2 81 524.4
4 CSFB 16.6 8.2 84 489.6
5 Morgan Stanley 12.6 6.3 45 337.3
6 Deutsche Bank 12.2 6.0 50 147.5
7 J.P. Morgan Chase 11.2 5.6 48 221.6
8 UBS Warburg 9.0 4.5 72 151.3
9 Lehman Brothers 7.0 3.5 34 206.8
Source: Thomson Financial

10 Societe Generale 4.3 2.1 18 45.6


11 Cazenove 3.7 1.8 16 24.7
12 BofA Securities 3.3 1.6 18 82.1
13 BNP Paribas 3.2 1.6 12 26.2
14 Nomura 2.8 1.4 34 89.3
15 Bear Stearns 2.2 1.1 22 99.7
INDUSTRY TOTAL 201.1 100.0 1,180 4,218.2

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Deutsche Bank
The Scoop

Global Debt (Including MBS, ABS & Tax Munis):


Jan 1, 2001 – December 31, 2001

RANK ADVISER PROCEEDS MARKET # OF DISCLOSED


($BILLIONS) SHARE (%) ISSUES FEES ($MILLIONS)
1 Citigroup/Salomon SB 429.3 11.9 1,345 1,157.5
2 Merrill Lynch 367.4 10.2 1,778 640.5
3 CSFB 303.7 8.4 1,130 696.1
4 J.P. Morgan Chase 299.2 8.3 1,026 725.6
5 Goldman Sachs 238.7 6.6 649 445.4
6 Lehman Brothers 237.9 6.6 756 456.9
7 Morgan Stanley 255.7 7.1 796 730.4
8 UBS Warburg 220.8 6.1 773 372.0
9 Deutsche Bank 206.8 5.7 680 461.5

Source: Thomson Financial


10 BofA Securities 156.2 4.3 700 302.4
11 Bear Stearns 130.7 3.6 402 116.4
12 ABN Ambro 83.0 2.3 723 240.2
13 Barclays Capital 72.3 2.0 312 206.1
14 BNP Paribas 49.8 1.4 189 149.4
15 DK Wasserstein 49.2 1.4 259 168.9
INDUSTRY TOTAL 3,609.7 100.0 14,033 8,372.6

Global Debt (Including MBS, ABS & Tax Munis):


Jan 1, 2002 – Jun 30, 2002

RANK ADVISER PROCEEDS MARKET # OF DISCLOSED


($BILLIONS) SHARE (%) ISSUES FEES ($MILLIONS)
1 Citigroup/Salomon SB 213.6 10.7 679 543.9
2 Merrill Lynch 172.5 8.6 730 228.9
3 J.P. Morgan Chase 172.1 8.6 579 468.5
4 CSFB 158.8 8.0 572 321.7
5 Goldman Sachs 139.9 7.0 489 350.7
6 Lehman Brothers 136.0 6.8 404 239.3
7 Deutsche Bank 131.2 6.6 538 354.0
8 UBS Warburg 123.3 6.2 435 213.5
9 Goldman Sachs 107.6 5.4 315 173.5
Source: Thomson Financial

10 BofA Securities 93.9 4.7 511 210.0


11 Bear Stearns 67.6 3.4 214 51.2
12 Barclays Capital 50.8 2.5 211 147.9
13 ABN Amro 44.7 2.2 279 120.6
14 Royal Bank of Scotland 33.5 1.7 115 39.5
15 HBSC Holdings 31.2 1.6 196 72.0
INDUSTRY TOTAL 1,997.9 100.0 7,054 4,536.0

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Deutsche Bank
The Scoop

U.S. Debt & Equity Offerings:


Jan 1, 2001 – December 31, 2001

RANK ADVISER PROCEEDS MARKET # OF DISCLOSED


($BILLIONS) SHARE (%) ISSUES FEES ($MILLIONS)
1 Citigroup/Salomon SB 394.5 13.7 1,277 1,807.4
2 Merrill Lynch 350.0 12.2 1,741 1,399.8
3 CSFB 278.7 9.7 1,029 1,178.1
4 J.P. Morgan Chase 248.0 8.6 869 782.1
5 Goldman Sachs 244.1 8.5 624 1,737.2
6 Lehman Brothers 232.0 8.1 758 809.5
7 Morgan Stanley 189.7 6.6 644 1,463.1
8 UBS Warburg 180.8 6.3 595 462.8
9 BofA Securities 160.2 5.6 715 458.4

Source: Thomson Financial


10 Deutsche Bank 133.4 4.6 404
11 Bear Stearns 132.3 4.6 420 219.2
12 ABN Ambro 38.5 1.3 539 104.7
13 Royal Bank of Scotland 36.0 1.2 116 9.3
14 Countrywide Securities 26.0 0.9 457 40.6
15 Wachovia 23.8 0.8 161 31.1
INDUSTRY TOTAL 2,880.1 100.0 12,269 11,437.2

U.S. Debt & Equity Offerings:


Jan 1, 2002 – Jun 30, 2002

RANK ADVISER PROCEEDS MARKET # OF DISCLOSED


($BILLIONS) SHARE (%) ISSUES FEES ($MILLIONS)
1 Citigroup/Salomon SB 195.8 12.7 635 1,042.0
2 Merrill Lynch 169.1 11.0 706 6,006.3
3 J.P. Morgan Chase 148.5 9.7 504 536.1
4 CSFB 145.0 9.4 513 605.8
5 Lehman Brothers 126.8 8.3 368 396.1
6 Morgan Stanley 118.6 7.7 397 574.0
7 Goldman Sachs 103.9 6.8 288 504.0
8 UBS Warburg 94.5 6.1 343 221.6
9 BofA Securities 93.9 6.1 518 279.9
Source: Thomson Financial

10 Deutsche Bank 82.7 5.4 308 283.4


11 Bear Stearns 69.2 4.5 234 145.9
12 Royal Bank of Scotland 25.8 1.7 85 6.1
13 Countrywide Securities 18.1 1.2 198 6.3
14 Bank One 16.8 1.1 93 36.1
15 Wachovia 15.0 1.0 119 26.3
INDUSTRY TOTAL 1,537.4 100.0 5,796 5,720.4

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Deutsche Bank
The Scoop

U.S. M&A Transactions (announced with U.S. targets):


Jan 1, 2001 – December 31, 2001

RANK ADVISER RANK VALUE # OF DEALS


($BILLIONS)
1 Goldman Sachs 410.3 167
2 Merrill Lynch 289.2 112
3 Morgan Stanley 285.0 138
4 CSFB 272.6 199
5 J.P. Morgan Chase 234.1 149
6 Citigroup/Salomon SB 144.2 112
7 Deutsche Bank 118.4 62
8 Lehman Brothers 87.3 86
9 UBS Warburg 81.3 66

Source: Thomson Financial


10 Bear Stearns 75.3 60
11 Quadrangle 72.5 2
12 Lazard 32.0 37
13 Dresdner Kleinwort Wass. 24.5 30
14 BofA Securities 23.5 57
15 Greenhill 20.4 11
INDUSTRY TOTAL 825.7 7,533

U.S. M&A Transactions (announced with U.S. targets):


Jan 1, 2002 – Jun 30, 2002

RANK ADVISER RANK VALUE # OF DEALS


($BILLIONS)
1 CSFB 56.9 105
2 Goldman Sachs 52.9 47
3 Citigroup/Salomon SB 44.3 39
4 J.P. Morgan Chase 39.6 49
5 Morgan Stanley 39.3 50
6 UBS Warburg 32.7 42
7 Merrill Lynch 19.7 42
8 Lehman Brothers 18.2 35
9 Deutsche Bank 15.1 26
Source: Thomson Financial

10 BofA Securities 13.6 37


11 Lazard 9.0 23
12 Bear Stearns 8.0 16
13 Dresdner Kleinwort Wass. 7.3 11
14 Rothschild 6.4 9
15 ABN Amro 5.5 4
INDUSTRY TOTAL 206.5 3,242

CAREER
12 LIBRARY © 2002 Vault Inc.
Deutsche Bank
The Scoop

U.S. Equity & Equity-related Issues:


Jan 1, 2001 – December 31, 2001

RANK ADVISER PROCEEDS MARKET # OF DISCLOSED


($BILLIONS) SHARE (%) ISSUES FEES ($MILLIONS)
1 Goldman Sachs 43.6 19.1 94 1,331.4
2 Merrill Lynch 39.9 17.4 157 863.1
3 Citigroup/Salomon SB 31.3 13.7 108 668.4
4 CSFB 29.7 13.0 120 724.6
5 Morgan Stanley 28.7 12.5 70 791.8
6 Lehman Brothers 13.7 6.0 51 333.0
7 UBS Warburg 10.4 4.5 63 273.7
8 J.P. Morgan Chase 9.6 4.2 42 206.1
9 BofA Securities 5.7 2.5 25 162.5

Source: Thomson Financial


10 Deutsche Bank 4.6 2.0 36 100.2
11 Bear Stearns 2.7 1.2 17 94.0
12 FleetBoston Financial 1.0 0.4 8 20.0
13 CIBC World Markets 1.4 0.6 12 39.4
14 ABN Amro 0.9 0.4 6 23.0
15 Friedman Billings Group 0.7 0.3 14 38.8
INDUSTRY TOTAL 228.9 100.0 769 5,893.9

U.S. Equity & Equity-related Issues:


Jan 1, 2002 – Jun 30, 2002

RANK ADVISER PROCEEDS MARKET # OF DISCLOSED


($BILLIONS) SHARE (%) ISSUES FEES ($MILLIONS)
1 Citigroup/Salomon SB 21.1 18.7 73 611.3
2 Merrill Lynch 20.2 17.9 66 435.3
3 Goldman Sachs 16.2 14.3 39 381.2
4 CSFB 13.4 11.9 68 432.8
5 Morgan Stanley 9.4 8.4 31 287.7
6 J.P. Morgan Chase 7.7 6.8 36 162.3
7 Lehman Brothers 5.5 4.8 32 190.8
8 UBS Warburg 3.6 3.2 46 120.0
9 Deutsche Bank 3.4 3.0 25 96.1
Source: Thomson Financial

10 BofA Securities 3.3 2.9 18 81.8


11 Bear Stearns 2.2 2.0 22 99.1
12 Friedman Billings Group 1.0 0.9 13 51.5
13 CIBC World Markets 0.5 0.4 9 19.7
14 RBC Capital Markets 0.5 0.4 2 17.6
15 Thomas Weisel 0.5 0.4 4 23.5
INDUSTRY TOTAL 112.8 100.0 460 3,183.6

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LIBRARY 13
Deutsche Bank
The Scoop

U.S. Initial Public Offerings 2001:


Jan 1, 2001 – December 31, 2001

RANK ADVISER PROCEEDS MARKET # OF DISCLOSED


($BILLIONS) SHARE (%) ISSUES FEES ($MILLIONS)
1 Goldman Sachs 11,915.6 32.1 18 517.4
2 Merrill Lynch 8,511.8 22.9 12 333.1
3 Citigroup/Salomon SB 5,510.3 14.9 15 197.3
4 CSFB 4,457.1 12.0 8 140.9
5 Morgan Stanley 1,470.1 4.0 10 83.3
6 Lehman Brothers 1,427.0 3.8 14 67.3
7 UBS Warburg 695.2 1.9 7 30.8
8 J.P. Morgan Chase 561.2 1.5 4 33.1
9 BofA Securities 529.1 1.4 8 29.9

Source: Thomson Financial


10 Deutsche Bank 426.2 1.1 4 27.8
11 Bear Stearns 332.0 0.9 3 21.4
12 FleetBoston Financial 179.4 0.5 1 10.9
13 CIBC World Markets 162.3 0.4 2 10.9
14 ABN Amro 135.7 0.4 1 4.1
15 Friedman Billings Group 124.0 0.3 2 8.1
INDUSTRY TOTAL 37,095.4 100.0 106 1,556.8

U.S. Initial Public Offerings:


Jan 1, 2002 – Jun 30, 2002

RANK ADVISER PROCEEDS MARKET # OF DISCLOSED


($BILLIONS) SHARE (%) ISSUES FEES ($MILLIONS)
1 Citigroup/Salomon SB 5,979.6 37.5 7 244.8
2 CSFB 2,508.9 15.7 11 119.6
3 Merrill Lynch 2,238.6 14.0 8 99.8
4 Morgan Stanley 1,497.4 9.4 5 76.6
5 Deutsche Bank 693.1 4.3 4 33.5
6 Goldman Sachs 691.9 4.3 4 45.6
7 UBS Warburg 554.7 3.5 5 34.7
8 Lehman Brothers 537.8 3.4 6 33.4
9 Bear Stearns 384.2 2.4 4 24.1
Source: Thomson Financial

10 Cazenove 121.5 0.8 2 3.7


11 Jefferies 115.2 0.7 1 8.1
12 US Bancorp 103.5 0.6 1 6.3
13 J.P. Morga Chase 85.5 0.5 1 2.6
14 Legg Mason 85.0 0.5 1 6.0
15 ING 78.6 0.5 1 3.4
INDUSTRY TOTAL 15,954.6 100.0 55 756.4

CAREER
14 LIBRARY © 2002 Vault Inc.
Deutsche Bank
The Scoop

U.S. Debt (Including MBS, ABS & Tax Munis):


Jan 1, 2001 – December 31, 2001

RANK ADVISER PROCEEDS MARKET # OF DISCLOSED


($BILLIONS) SHARE (%) ISSUES FEES ($MILLIONS)
1 Citigroup/Salomon SB 355.1 13.6 1,124 926.9
2 Merrill Lynch 306.4 11.7 1,558 462.8
3 CSFB 248.4 9.5 888 446.9
4 J.P. Morgan Chase 238.0 9.1 822 565.1
5 Lehman Brothers 214.6 8.2 669 381.1
6 Goldman Sachs 198.1 7.6 513 330.4
7 UBS Warburg 168.3 6.4 516 142.4
8 Morgan Stanley 154.6 5.9 539 509.6
9 BofA Securities 153.9 5.9 688 295.8

Source: Thomson Financial


10 Deutsche Bank 128.6 4.9 363 213.3
11 Bear Stearns 128.5 4.9 396 111.2
12 ABN Amro 37.8 1.4 533 81.7
13 Royal Bank of Scotland 36.0 1.4 116 9.3
14 Countrywide Securities 26.0 1.0 457 40.6
15 Wachovia 23.0 0.9 150 16.6
INDUSTRY TOTAL 2,618.0 100.0 11,271 4,801.7

U.S. Debt (Including MBS, ABS & Tax Munis):


Jan 1, 2002 – Jun 30, 2002

RANK ADVISER PROCEEDS MARKET # OF DISCLOSED


($BILLIONS) SHARE (%) ISSUES FEES ($MILLIONS)
1 Citigroup/Salomon SB 174.7 12.3 561 430.7
2 Merrill Lynch 148.8 10.4 640 171.0
3 J.P. Morgan Chase 140.8 9.9 468 373.8
4 CSFB 131.6 9.2 445 172.9
5 Lehman Brothers 121.4 8.5 336 205.3
6 Morgan Stanley 109.1 7.7 366 286.3
7 UBS Warburg 90.9 6.4 296 101.6
8 BofA Securities 90.5 6.4 500 198.2
9 Goldman Sachs 87.7 6.2 249 123.0
Source: Thomson Financial

10 Deutsche Bank 79.3 5.6 283 187.3


11 Bear Stearns 67.0 4.7 212 46.9
12 Royal Bank of Scotland 25.8 1.8 85 6.1
13 Countrywide Securities 18.1 1.3 198 6.3
14 Bank One 16.8 1.2 93 36.1
15 Wachovia 14.7 1.0 113 13.9
INDUSTRY TOTAL 1,424.6 100.0 5,335 2,536.8

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LIBRARY 15
Deutsche Bank
The Scoop

U.S. High Yield Debt:


Jan 1, 2001 – December 31, 2001

RANK ADVISER PROCEEDS MARKET # OF DISCLOSED


($BILLIONS) SHARE (%) ISSUES FEES ($MILLIONS)
1 CSFB 12,811.7 386,103.9 60 62.3
2 Citigroup/Salomon SB 9,664.7 291,263.3 39 86.4
3 Goldman Sachs 9,312.8 280,658.2 36 34.6
4 J.P. Morgan Chase 8,069.9 243,201.1 48 23.6
5 BofA Securities 7,363.0 221,897.4 345 43.9
6 Morgan Stanley 6,014.6 181,260.9 18 63.5
7 Deutsche Bank 5,394.6 162,576.1 31 14.1
8 Lehman Brothers 5,097.5 153,622.4 25 22.7
9 Merrill Lynch 4,753.2 143,246.3 22 38.6

Source: Thomson Financial


10 UBS Warburg 2,902.4 87,469.1 18 8.4
11 Bear Stearns 2,646.4 79,754.1 17 10.7
12 Jeffereies 661.8 19,944.5 5 0.0
13 Wachovia 476.6 14,363.2 4 0.0
14 TD Securities 348.0 10,487.6 3 0.0
15 CIBC World Markets 332.5 10,020.5 3 5.3
INDUSTRY TOTAL 76,319.2 100.0 261 414.7

U.S. High Yield Debt:


Jan 1, 2002 – Jun 30, 2002

RANK ADVISER PROCEEDS MARKET # OF DISCLOSED


($BILLIONS) SHARE (%) ISSUES FEES ($MILLIONS)
1 CSFB 7,003.7 18.1 46 15.5
2 Citigroup/Salomon SB 4,342.3 11.2 26 29.7
3 BofA Securities 3,767.7 9.8 26 2.9
4 Deutsche Bank 3,609.3 9.3 22 8.3
5 Lehman Brothers 3,523.1 9.1 18 41.3
6 J.P. Morgan Chase 3,507.4 9.1 24 17.9
7 Goldman Sachs 3,158.9 8.2 9 17.5
8 UBS Warburg 2,400.7 6.2 14 2.5
9 Morgan Stanaley 2,297.0 5.9 12 5.4
Source: Thomson Financial

10 Merrill Lynch 986.4 2.6 6 0.0


11 Bear Stearns 887.0 2.3 9 4.3
12 CIBC World Markets 531.4 1.4 6 2.0
13 Dresdner KW 519.8 1.3 4 2.1
14 Wachovia 505.6 1.3 6 0.0
15 Jefferies 335.3 0.9 2 0.4
INDUSTRY TOTAL 38,641.4 100 164 163.5

CAREER
16 LIBRARY © 2002 Vault Inc.
Deutsche Bank
The Scoop

U.S. Investment Grade Debt:


Jan 1, 2001 – December 31, 2001

RANK ADVISER PROCEEDS MARKET # OF DISCLOSED


($BILLIONS) SHARE (%) ISSUES FEES ($MILLIONS)
1 Citigroup/Salomon SB 140.1 21.9 321 657.8
2 J.P. Morgan Chase 94.2 14.8 286 383.9
3 Lehman Brothers 66.0 10.3 164 219.2
4 Merrill Lynch 59.6 9.3 206 287.9
5 Morgan Stanley 5.8 0.9 129 297.3
6 CSFB 51.1 8.0 138 255.3
7 Goldman Sachs 46.6 7.3 111 212.7
8 BofA Securities 43.6 6.8 148 199.6
9 UBS Warburg 20.1 3.1 66 82.4

Source: Thomson Financial


10 Deutsche Bank 16.3 2.6 50 64.4
11 Bear Stearns 12.2 1.9 35 50.3
12 Bnak One 7.0 1.1 36 23.8
13 Barclays Capital 5.5 0.9 21 21.3
14 ABN Amro 3.6 0.6 23 12.5
15 BNP Paribas 3.0 0.5 6 13.9
INDUSTRY TOTAL 638.5 100.0 1,189 2,825.1

U.S. Investment Grade Debt:


Jan 1, 2002 – Jun 30, 2002

RANK ADVISER PROCEEDS MARKET # OF DISCLOSED


($BILLIONS) SHARE (%) ISSUES FEES ($MILLIONS)
1 Citigroup/Salomon SB 78.4 21.9 242 323.6
2 J.P. Morgan Chase 59.9 16.7 227 252.4
3 Lehman Brothers 39.5 11.0 97 118.6
4 BofA Securities 32.1 9.0 292 168.9
5 Morgan Stanley 31.4 8.8 73 183.3
6 Merril Lynch 25.9 7.2 112 99.7
7 CSFB 23.5 6.6 80 104.7
8 Deutsche Bank 20.3 5.7 70 73.5
9 Goldman Sachs 11.6 3.2 44 47.3
Source: Thomson Financial

10 UBS Warburg 9.7 2.7 38 62.7


11 Bank One 5.2 1.4 28 20.6
12 Barclays Capital 4.0 1.1 21 18.8
13 Wachovia 3.6 1.0 23 9.8
14 Bear Stearns 3.1 0.9 11 9.7
15 In Capital 1.9 0.5 182 26.4
INDUSTRY TOTAL 357.7 100.0 1,059 1,552.3

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CAREER
LIBRARY 17
Deutsche Bank
The Scoop

All Municipal Bond Issues:


Jan 1, 2001 – December 31, 2001

RANK ADVISER PROCEEDS MARKET # OF ISSUES


($BILLIONS) SHARE (%)
1 Salomon Smith Barney 39.6 14.0 111
2 UBS PaineWebber 33.6 11.8 62
3 Merrill Lynch 19.6 6.9 108
4 Morgan Stanley 19.1 6.8 119
5 Bear Stearns 17.5 6.2 107
6 Goldman Sachs 16.5 5.8 73
7 Lehman Brothers 16.3 5.7 67
8 J.P. Morgan Securities 10.0 3.5 44
9 BofA Securities 6.4 2.3 54

Source: Thomson Financial


10 Piper Jaffray 6.3 2.2 47
11 A.G. Edwards 6.2 2.2 36
12 RBC Dain Rauscher 5.7 2.0 22
13 Morgan Keenan 5.1 1.8 18
14 George K. Baum 4.4 1.5 8
15 Bank One 3.4 1.2 11
INDUSTRY TOTAL 283.5 100.0 13,235

All Municipal Bond Issues:


Jan 1, 2002 – Jun 30, 2002

RANK ADVISER PROCEEDS MARKET # OF ISSUES


($BILLIONS) SHARE (%)
1 Salomon Smith Barney 23.5 14.6 330
2 UBS PaineWebber 23.5 14.6 446
3 Bear Stearns 11.6 7.2 85
4 Lehman Brothers 11.5 7.2 133
5 Merrill Lynch 11.5 7.2 136
6 Goldman Sachs 9.4 5.8 91
7 Morgan Stanley 8.4 5.2 184
8 J.P. Morgan Securities 5.5 3.4 85
9 RBC Dain Rauscher 4.3 2.7 276
Source: Thomson Financial

10 BofA Securities 3.3 2.0 147


11 Piper Jaffray 3.1 2.0 272
12 RBC Dain Rauscher 3.0 1.9 143
13 Morgan Keenan 2.9 1.8 68
14 George K. Baum 2.7 1.7 228
15 Bank One 1.8 1.1 69
INDUSTRY TOTAL 160.8 100.0 6,555

CAREER
18 LIBRARY © 2002 Vault Inc.
Deutsche Bank
The Scoop

U.S. Asset-Backed Securities:


Jan 1, 2001 – December 31, 2001

RANK ADVISER PROCEEDS MARKET # OF DISCLOSED


($BILLIONS) SHARE (%) ISSUES FEES ($MILLIONS)
1 Citigroup/Salomon SB 49.2 1,440.6 88 91.2
2 CSFB 48.8 1,427.8 130 72.7
3 J.P. Morgan Chase 43.4 1,270.6 70 64.0
4 Deutsche Bank 34.6 1,013.0 77 78.7
5 Lehman Brothers 30.7 897.2 82 60.9
6 BofA Securities 23.5 687.6 59 44.5
7 Bear Stearns 20.5 599.9 55 8.5
8 Morgan Stanley 17.8 521.9 48 35.2
9 Merill Lynch 15.4 451.7 46 19.0

Source: Thomson Financial


10 Wachovia 13.2 387.6 37 5.1
11 Royal Bank of Scotland 12.1 355.1 30 5.0
12 Bnak One 10.2 297.5 25 17.5
13 Countrywide Securities 8.6 252.2 19 9.6
14 Goldman Sachs 6.9 202.6 23 6.4
15 UBS Warburg 3.3 97.1 19 2.8
INDUSTRY TOTAL 349.1 100.0 785 529.6

U.S. Asset-Backed Securities:


Jan 1, 2002 – Jun 30, 2002

RANK ADVISER PROCEEDS MARKET # OF DISCLOSED


($BILLIONS) SHARE (%) ISSUES FEES ($MILLIONS)
1 J.P. Morgan Chase 27.6 12.4 41 37.9
2 CSFB 25.3 11.3 76 23.0
3 BofA Securities 24.6 11.0 49 24.0
4 Deutsche Bank 24.0 10.7 47 55.5
5 Citigroup/Salomon SB 23.7 10.6 46 26.6
6 Morgan Stanley 16.3 7.3 38 6.4
7 Lehman Brothers 16.0 7.2 54 23.7
8 Bear Stearns 10.6 4.7 34 4.9
9 Merill Lynch 8.9 4.0 13 15.2
Source: Thomson Financial

10 Wachovia 8.8 4.0 23 15.0


11 Royal Bank of Scotland 8.7 3.9 16 14.5
12 Bnak One 7.9 3.6 17 1.8
13 Countrywide Securities 6.0 2.7 21 3.0
14 Goldman Sachs 4.7 2.1 12 1.7
15 UBS Warburg 3.1 1.4 5 3.4
INDUSTRY TOTAL 223.1 100.0 453 260.7

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CAREER
LIBRARY 19
Deutsche Bank
The Scoop

U.S. Mortgage-Backed Securities:


Jan 1, 2001 – December 31, 2001

RANK ADVISER PROCEEDS MARKET # OF DISCLOSED


($BILLIONS) SHARE (%) ISSUES FEES ($MILLIONS)
1 UBS Warburg 86.1 14.7 111 0.0
2 Goldman Sachs 82.3 14.0 62 0.0
3 Bear Stearns 72.5 12.4 108 1.3
4 CSFB 67.1 11.4 119 0.0
5 Lehman Brothers 61.5 10.5 107 1.5
6 Citigroup/Salomon SB 58.1 9.9 73 0.0
7 BofA Securities 36.7 6.3 67 0.9
8 Royal Bank of Scotland 21.7 3.7 44 1.8
9 J.P. Morgan Chase 20.8 3.6 54 0.0

Source: Thomson Financial


10 Merrill Lynch 19.6 3.3 47 0.5
11 Countrywide Securities 8.7 1.5 36 0.6
12 Morgan Stanley 8.0 1.4 22 3.2
13 Deutsche Bank 6.2 1.1 18 11.8
14 Securities Sales & Trading 5.3 0.9 8 0.0
15 Wachovia 3.4 0.6 11 0.0
INDUSTRY TOTAL 586.1 100.0 838 21.5

U.S. Mortgage-Backed Securities:


Jan 1, 2002 – Jun 30, 2002

RANK ADVISER PROCEEDS MARKET # OF DISCLOSED


($BILLIONS) SHARE (%) ISSUES FEES ($MILLIONS)
1 UBS Warburg 52.4 15.9 47 0.0
2 CSFB 45.7 13.8 62 0.0
3 Bear Stearns 39.6 12.0 66 0.0
4 Lehman Brothers 38.3 11.6 70 0.0
5 Goldman Sachs 36.1 10.9 39 0.0
6 Citigroup/Salomon SB 25.5 7.7 31 0.0
7 BofA Securities 19.0 5.8 37 0.5
8 Royal Bank of Scotland 18.6 5.6 28 0.5
9 Merrill Lynch 15.0 4.5 28 0.0
Source: Thomson Financial

10 J.P. Morgan Chase 13.6 4.1 26 0.0


11 Countrywide Securities 6.5 2.0 35 0.0
12 Securities Sales & Trading 4.1 1.3 5 0.0
13 Morgan Stanley 3.1 0.9 9 0.0
14 Nomura 2.7 0.8 8 0.0
15 Deutsche Bank 2.4 0.7 9 0.0
INDUSTRY TOTAL 330.2 100.0 470 1.6

CAREER
20 LIBRARY © 2002 Vault Inc.
Deutsche Bank
The Scoop

Compensation

Pay
Analyst: 1st year: $55,000 per year (salary) + $25,000 bonus
Associate: 1st year: $85,000 per year (salary) + $25,000 signing bonus +
$30,000 year-end bonus

Perks
• Tickets to shows or sports events to entertain clients
• Free passes to museums and cultural events
• Stock options
• Dinner allowance after 8 p.m. and on weekends
• Car service after 9 p.m. and on weekends

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LIBRARY 21
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(Time to New Job)

Use the Internet’s most targeted

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professionals.

Vault Finance Job Board


The most comprehensive and convenient job board for finance
professionals. Target your search by area of finance, function,
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and customize your search by area of finance, experience and
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and e-mail them directly to your inbox.
Deutsche Bank

Organization
CEO’s Bio

Landing on his feet


If you fall down, get right back up – and go to Germany. That’s what
Deutsche CEO Josef Ackermann did. In 1996 Ackermann, then the chief
executive of Credit Suisse, was ousted from the giant Swiss bank in a massive
reorganization. Soon after, Ackermann crossed the Swiss border and entered
Germany, determined to regain a chief executive spot at a world banking
power. In Germany he received and accepted an offer from Deutsche Bank
to run its ailing corporate and investment-banking business. Under
Ackermann, the unit prospered. In five years, Ackermann turned the
struggling unit into an I-banking force deserving of respect. According to
Fortune magazine, Ackermann “transformed Deutsche’s ailing investment
unit into a star performer.” In 2001, as a result of his efforts, Ackermann was
tapped to succeed Deutsche CEO Rolf Breuer, whose five-year contract was
ending the following year. Ackermann officially became Deutsche’s CEO on
May 23, 2002.

Ackermann began his banking career 25 years before landing atop Deutsche’s
org chart. Ackermann joined Credit Suisse in 1977 after receiving a doctorate
in social sciences and economics and, like all Swiss men, serving time in the
Swiss army. He worked his way up through Credit Suisse’s ranks and served
as chief executive from 1993 until forced out in 1996. Aside from his talent
of getting up after he’s been knocked down, Ackermann was a champion
javelinist in his youth and is a talented pianist and skier – he’s not only the
chairman of Deutsche’s ski club, he’s also a member.

Business Units

Corporate and Investment Banking


This unit consists of the following groups: Commodities, Corporate Finance,
Corporate Trust, Fixed Income, Foreign Exchange, Global Cash
Management, Global Equities, Global Securities Services, Global Trade
Finance.

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LIBRARY 23
Deutsche Bank
Organization

Commodities
Manages risk and funds business growth for banks, governments, hedge
funds and commodity producers and consumers. In addition, Deutsche
provides research on commodities.

Corporate Finance
Advises companies on mergers, acquisitions, divestitures and traditional
loans, and supports other groups in equity and debt offerings. Groups within
corporate finance include Mergers & Acquisitions, Project Finance, Financial
Sponsors, Restructuring Advisory and Structured Finance.

Corporate Trust
Provides trust, agency, depositary and custody services to financial
institutions, corporations, governments and agencies. Corporate Trust is
subdivided into four groups: Equities, Debt Instruments, Structured
Financings and Tax-neutral and Tax-advantaged Structures.

Fixed Income
Provides financing alternatives such as corporate bonds, structured credit
instruments, securitized products, OTC derivatives, and commodities. Fixed
income is subdivided into Money Markets, Debt Capital Markets,
Governments/Agencies, High Grade Credit, High Yield, Futures & Options,
Interest Rate Swaps & Options, Credit Derivatives, Asset Securitization,
Emerging Markets, Convertible Bonds and Research.

Foreign Exchange
Provides clients with liquidity in the spot, forward, and options, and FX
markets. Foreign Exchange consists of the following sub-sectors: Spot,
Forward, Options, Global Liquidity Services and Research.

Global Cash Management


Assists corporate clients in managing their customer access, payment and
collection services, liquidity management, information and account services
and electronic bill presentment and payment solutions.

CAREER
24 LIBRARY © 2002 Vault Inc.
Deutsche Bank
Organization

Global Equities
Offers sales and trading services with a focus on providing liquidity to clients.
This group includes Cash Equities, Convertible Bonds, Research, Program
Trading, Derivatives, Equity Prime Services and Research.

Global Security Services


Provides custodial services, fund administration and trustee services and
securities lending services (when assets that are held in custody Deutsche
Bank or with a third party are lent out to clients). The three subgroups are
Custody, Fund Services and Securities Lending.

Global Trade Finance


Combines trade finance and risk advisory product groups with processing
technology. Operating in 65 locations in more than 40 countries, this group’s
subsections include: Structured Trade & Export Finance, Trade & Risk
Services and Tariff for Banks.

Private Clients and Asset Management


PCAM consists of the following three major groups:

Private and Business Clients


Provides brokerage services primarily to approximately 12 million retail and
small business clients in Europe.

Private Wealth Management


Provides brokerage services for very wealthy persons and families.

Asset Management
Provides equity, bond and real estate investment services to institutional
clients and private investors through a network of over 600 professionals.
Specific products include: commingled funds, sub-advised portfolios, master-
feeder portfolios, variable insurance trusts, common trust funds, mutual
funds, hedge funds, and fund of funds

Corporate Investments
Operating under the name DB Capital Partners, Corporate Investments
oversees Deutsche’s private equity and real estate portfolio investments, as
well as the bank’s industrial shareholdings and other investments. The unit is

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LIBRARY 25
Deutsche Bank
Organization

broken down into four groups: Private Equity, Mezzanine, Venture Capital,
and Fund Investing.

Locations
Frankfurt: Worldwide headquarters

London: Investment-banking headquarters

New York: North American headquarters

Singapore: Asian headquarters

Deutsche operates in more than 75 countries worldwide.

Key Officers
Spokesman of the Board of Managing Directors and Chairman of the
Group Executive Committee: Josef Ackermann
Global Head of Corporate Finance: Michael Cohrs
Chief Administrative Officer: Tessen von Heydebreck
Global Head of Global Markets: Anshu Jain
Global Head of Global Equities: Kevin Parker
Global Head of Private and Business Clients: Herbert Walter
Global Head of Private Wealth Management: Pierre de Weck
Chief Operating Officer: Hermann-Josef Lamberti
Global Head of Asset Management: Tom Hughes
Chief Financial Officer: Clemens Börsig
Global Head of Global Transaction: Jürgen Fitschen
Chairman: Rolf E. Breuer

Ownership
Deutsche Bank’s common stock is traded on the New York Stock Exchange
under the symbol DB.

CAREER
26 LIBRARY © 2002 Vault Inc.
Deutsche Bank

Vault Newswire
October 2002: Deutsche takes M&A bronze
Deutsche Bank ranked third in announced European mergers and acquisitions
for the nine months ended September 30, 2002. Advising on 76 deals worth
$72 billion, Deutsche trailed only J.P. Morgan and Morgan Stanley. This was
a decent jump for the German bank: During the same period in the previous
year, Deutsche ranked seventh in announced M&A activity.

September 2002: Deutsche dumps index


business
Deutsche agreed to sell its index-based asset management business to
Chicago-based Northern Trust for $260 billion. The sale of the low-fee
generating index-based business is a part of Deutsche’s overall plan to shed
non-core assets and concentrate on higher fee businesses such as investment
banking. “This will enable us to provide more focused products and services
to our clients,” said Tom Hughes, Deutsche’s global head of asset
management, in a statement.

September 2002: Deutsche working on getting


rid of another unit
Deutsche said it entered into exclusive discussions to sell a significant portion
of its Global Securities Services business to State Street Corporation. A deal,
for about $1 billion, should be finalized in the fourth quarter 2002.

September 2002: Losing leases


Deutsche agreed to sell the majority of its U.S. leasing business to a division
of General Electric for $2.9 million ($450 million in cash plus almost $2.5
million in assumed debt). The deal is expected to close in the fourth quarter
2002.

September 2002: Usin’ it


In a survey conducted by Global Investor magazine, 137 fund mangers said
Deutsche Bank doled out the most useful equity research. It was the second
year in a row that the firm ranked the highest in usefulness. Reporting the
results of the survey, The Wall Street Journal said Deutsche’s equity research

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LIBRARY 27
Deutsche Bank
Vault Newswire

unit also “once again ranked second for independence, although the votes it
received there were less than half of those it received for usefulness.”

August 2002: Dressing back up


Deutsche announced that beginning September 2002 its global trading
operations staff in London will be returning to formal business attire from
Monday through Thursday. A memo to employees read, “We feel there has
been a significant shift in sentiment over the past 18 months among our
clients regarding dress code.” The move away from a casual-attired
workplace follows on the heels of Lehman Brothers return to the suit in
March 2002. Deutsche employees will still be allowed to dress casual on
Fridays.

July 2002: Best of the west


In Euromoney’s annual awards for excellence, Deutsche was awarded four
out of seven awards for the Western Europe region. Deutsche was named best
bank, best debt house, best at risk management and treasury and best at cash
management. According to Euromoney, Deutsche “has the distinction of
being the only European bank to have pushed its way into the ranks of the
global players with operations in 70 countries.” Although Deutsche didn’t
pick up one of the awards for the North American region, the publication did
admit, “If the [best at risk management and treasury] award were simply for
risk management, Deutsche would have won.”

May 2002: Meet Jo Ackermann


On May 23, 2002, Josef Ackermann officially became the CEO of Deutsche
Bank, succeeding Rolf Breuer, whose five-year contract ran out. Ackermann
was previously the head of Deutsche’s head corporate and investment
banking business.

January 2002: The big deal of the year


EchoStar’s acquisition of Hughes Electronics earned several 2001 “deal of
the year” honors, including Investment Dealers’ Digest’s media/telecom
breakthrough deal of the year and an Institutional Investor M&A deal of the
year award. Deutsche advised EchoStar on the nearly $30 billion purchase of
the DirectTV parent.

CAREER
28 LIBRARY © 2002 Vault Inc.
Deutsche Bank
Vault Newswire

December 2001: Deutsche sacks a load


As part of its restructuring, Deutsche Bank announced plans to cut 2,400 jobs
in its corporate and investment banking and private clients and asset
management groups. According to the firm, 900 positions would be
eliminated in the U.S., 350 in the U.K., 900 in continental Europe and 250 in
Asia.

October 2001: Opening day


Deutsche Bank began trading on the NYSE under the symbol “DB.”

September 2001: Scoring Scudder


Deutsche agreed to buy Zurich Scudder Investments from Zurich Financial
Services for $2.5 billion. Zurich Scudder has $300 billion in assets, which
would bolster Deutsche’s total assets under management.

July 2001: Deutsche logs off


Deutsche entered into an agreement to sell the online operations of subsidiary
National Discount Brokers Group to Ameritrade for $154 million in stock.

May 2001: Big sale in Germany


Deutsche said it plans to sell its stakes in all non-banking companies,
including Daimler-Chrylser AG and insurance giant Alliance AG. Deutsche
chairman and CEO Rolf Breuer said the divestitures would begin in January
2001, when the tax on share-holding capital gains is eliminated. In total, the
stakes represent over $15 billion.

February 2001: Jobs and costs: reduced


Deutsche announced that its business unit reorganization would result in the
loss of 2,600 jobs. Additionally, the shuffling is expected to save the bank
$1.5 billion and add 15 percent to its annual earnings per through 2003.

January 2001: The Frankfurt shuffle


Deutsche unveiled a reorganization that established three groups: the
Corporate and Investment Bank Group (CIB), the Private Clients and Asset
Management Group (PCAM); and Corporate Investments.

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Deutsche Bank
Vault Newswire

December 2000: Deutsche buys online


Deutsche completed the acquisition of National Discount Brokers Group, an
Internet brokerage and financial services company.

April 2000: Dresdner says no to Deutsche


The previously announced merger between Deutsche and fellow German
banking giant Dresdner was called off by Dresdner’s board because of
differences of opinion on the integration of the investment banking business.

CAREER
30 LIBRARY © 2002 Vault Inc.
Deutsche Bank

Select Recent Transactions


September 2002
• Deutsche Bank lead managed Health Care REIT’s $150 million bond
offering.

• Deutsche Bank, with HSBC and J.P. Morgan, lead managed European
Investment Bank’s five billion euro debt offering.

• Deutsche Bank and Credit Suisse First Boston lead managed a $500 million
debt deal for Coca-Cola Enterprises.

• Deutsche Bank, with J.P. Morgan Chase, lead managed $400 million bond
offering for Pitney Bowes.

August 2002
• Deutsche Bank and Salomon Brothers lead managed Asian Development
Bank’s $500 million bond offering.

• Deutsche Bank along with CSFB and Dresdner, lead managed Viacom’s
$600 million note offering.

• Deutsche Bank, with Merrill Lynch, lead managed a $150 million debt
offering for Duke Realty.

• Deutsche Bank co-lead managed, along with CSFB, a $175 million bond
offering for Manitowoc, a manufacturer of cranes and related equipment.

July 2002
• Deutsche Bank, along with BofA Securities, co-lead managed a $480
million bond offerings for Safeway.

• Deutsche Bank lead managed a $151 million bond offerings for Linde
Finance BV.

• Deutsche Bank, along with ABN Ambro and Lehman Brothers, co-lead
managed Countrywide Home Loans’ $750 million bond offering.

• Deutsche Bank advised Genie Holdings, manufacturer of aerial work


platforms, on its $265 million sale to Terex.

• Deutsche Bank lead managed a $64.5 million bond offerings for American
Honda Finance.

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LIBRARY 31
Deutsche Bank
Select Recent Transactions

• Deutsche Bank, with J.P. Morgan Chase, co-lead managed a $200 million
bond offering for Emirates Bank International.

June 2002
• Deutsche Bank, with Merrill Lynch and Lehman Brothers, advised
Railtrack on its $11.5 billion sale to Network Rail.

• Deutsche Bank co-lead managed, along with Morgan Stanley, a $628


million secondary offering for Hellenic Telecommunications.

• Deutsche Bank co-lead managed, along with BofA Securities and Salomon
Smith Barney, a $600 million bond offering for Verizon Global Funding.

• Deutsche Bank co-lead managed, along with Societe General and BNP
Paribas, a $1.4 billion secondary offering for Vivendi Environment.

• Deutsche Bank, along with BofA Securities and J.P. Morgan Chase, co-lead
managed $1 billion and $500 million bond offerings for Hewlett-Packard.

• Deutsche Bank, along with HSBC Investment Bank, co-lead managed a


$580 million secondary offerings for Enterprise Inns.

• Deutsche Bank, along with Lehman Brothers, co-lead managed a $155


million secondary offerings for Fleming Companies, a consumer goods
distributor.

• Deutsche Bank, with UBS Warburg, co-lead managed a $155 million bond
offerings for Dave and Buster’s.

• Deutsche Bank lead managed a $53.5 million secondary offerings for


Glimcher Realty Trust.

May 2002
• Deutsche Bank lead managed Lin TV Corp.’s $374 million IPO.

• Deutsche Bank, along with BofA Securities and UBS Warburg, co-lead
managed HealthSouth’s $1 billion bond offering.

• Deutsche Bank lead managed Cumulus Media’s $197.5 billion bond


offering.

• Deutsche Bank advised Macerich on its $1.5 billion acquisition of Westcor


Realty.

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32 LIBRARY © 2002 Vault Inc.
Deutsche Bank
Select Recent Transactions

April 2002
• Deutsche Bank, along with Salomon Smith Barney, co-lead managed
Baxter International’s $500 million bond offering. Baxter International
provides medical products and services that primarily treat people with life-
threatening conditions.

• Deutsche Bank, with Salomon Smith Barney, advised Ameritrade Holding


on its $1.4 billion acquisition of Datek Online Holdings.

• Deutsche Bank co-lead managed, along with Lehman Brothers, the $148
million IPO for Medical Staffing Network, a nurse staffing services
provider.

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Deutsche Bank

Our Survey Says


Good times, bad times
Insiders describe Deutsche Bank’s culture as “easy-going” and “generally
more relaxed than U.S. investment banks.” One banker says it’s
“professional and efficient, yet has a sense of humor.” Another calls it “more
entrepreneurial and less campy than most banks.” A research associate says
Deutsche’s “culture is still developing because there’s so many silos: [the
bank] hired full groups from places such as Bear and Salomon.” A trader
believes Deutsche’s culture has become more defined. He says, Deutsche
“was formerly a hybrid of many other firms’ cultures. Now, [though], it’s
coming into its own.” He explains, “The atmosphere is academic but very
commercial. Innovation is formally rewarded. Client skills are especially
well-regarded.” And, says another contact, “junior employees are given
much more latitude to take initiative and grow.” Recent layoffs have hurt
morale, of course. “The culture’s weird now,” says one analyst who didn’t
survive the purge. He concedes that Deutsche is “better at firing people – in
terms of how many – than other banks,” but adds that the “people who are
still there are happy to have a job.” Another employee offers, “When
Ackerman took over the reins, he cleaned a little bit of house. Now, though,
the cuts will be more selective, rather than widespread.”

Although given the opportunity to grow, junior employees aren’t necessarily


given an easy time. While some insiders describe the relationship with their
superiors as “great” and “more relaxed and congenial than that at U.S.
banks,” other employees use less amiable words to explain their experiences
with the higher-ups. One Baltimore-based banker says, “There are great
bosses in this firm, but there are even more lousy ones. If you’re lucky, you
stick with the good ones. But sometimes, you get stuck with the lousy ones,
who make life seem like an eternal punishment.” Another banker says
managers provide “no training, no guidance,” and adds, “no one cares.” In
research, though, at least one contact provides a different angle. “The beauty
about Deutsche is once you gain your boss’s trust, you can pretty much do
what you want,” the New York-based associate offers. “If you have an idea,
they’ll let you run with it.”

Come together
The 1999 merger of Deutsche and Bankers Trust (which owned Alex. Brown
at the time) plays a significant role in explaining the firm’s current work
environment. A Deutsche insider and former employee of Alex. Brown

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CAREER
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Deutsche Bank
Our Survey Says

speaks favorably of the merger. “Things have moved very smoothly. The
merger wasn’t 100 percent seamless, but it was a fluid transition.” Another
insider agrees, saying “the merger played out well.” That source, however,
also notes that the firm has become “more bureaucratic since the merger,
which was expected, but not necessarily welcome.” However, a former
Deutsche insider and, prior to that, Bankers Trust employee, says the merger
for Bankers Trust “wasn’t smooth, because BT employees remained
relatively independent” from Deutsche. He adds that Alex. Brown “merged
more successfully because it was put in charge of the investment-banking
operations” at Deutsche. The contact goes on to say, “Although they wanted
to make it seem like a merger, it wasn’t. It was an acquisition. They lost a
lot of talent that they couldn’t replace, and they’re still reorganizing.”
Another source agrees that the BT/Alex. Brown coupling was – and still is, to
some extent – an issue. “BT had more of a cowboy culture, while Alex.
Brown was a white-shoe firm,” reports that insider, who adds that the
Deutsche acquisition of Alex. Brown was flawed in its own way. “Deutsche
paid $2 billion for Alex. Brown, then killed its name. So [the deal] was worth
zero in the end.”

You can’t always get what you want – but if


you try sometimes…
Insiders generally agree that Deutsche Bank “pays according to the industry’s
prevailing standards.” According to one source, “High achievers are
compensated far in excess of the average.” Another contact admits that while
the bank normally pays on par with the industry, for 2001 “bonuses are going
to stink due to the economy.” At least one employee says the firm “is still
trying to find its way” with respect to compensation. He explains, “A big part
of 2000 bonuses were paid out in options, which are now well underwater. As
a result of their decline in value, the options were re-priced this year for
certain high-level executives.” The contact adds, “In 2001 bonuses were
focused more on cash, albeit at a level lower than 2000.”

Deutsche bankers report working an average of 60 to 70 hours a week, with


100-hour workweeks possible, but not frequent, during peak periods. Some
employees say they commonly make weekend office visits, while others say
they rarely have to come in on a Saturday or Sunday. One investment-
banking analyst in Baltimore who rarely works weekends says, “There’s not
much work to do, yet people still stick around the office, putting in face
time.” Another Baltimore banker remarks, “Hours in 2001 have been much
lower than hours in 2000.” If this trend continues, it should give the bank’s
Oriole fans a chance to catch more games at Camden Yards. Deutsche gives

CAREER
36 LIBRARY © 2002 Vault Inc.
Deutsche Bank
Our Survey Says

its employees “discounts to museums and ball games,” says one Baltimore-
based insider.

“Deutsche’s a big patron of the arts,” says one New York-based insider.
Deutsche gives employees a “culture card,” which gets you free admission to
most museums. “We’re like a platinum member to all those places,” says a
Deutsche banker. Frequent-flier miles might be considered another perk.
“Deutsche’s very international – our corporate finance unit is based overseas
– so there’s tons of opportunity to travel,” says an insider. “In just eight
months, I’ve been to Australia, Japan, Hong Kong, Spain, Germany, Poland,
and London – a bunch of times.” He admits that traveling is “cool,” but adds
“After you know the drill, it gets a little old.”

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CAREER
38 LIBRARY © 2002 Vault Inc.
Deutsche Bank

Getting Hired
The Hiring Process

Pick your team


Both analysts and associates are recruited by, and hired directly into, specific
departments. Different departments and different offices have different
procedures. One Deutsche recruit had three rounds of interviews. The first
round interview was an on-campus one-on-one in which recruits “tell the
interviewer what group they want to join,” says that insider. During the
second round, held at the firm’s offices, the source says, “You meet a few
people from the groups you want to join.” And during the third, a Super
Saturday also held at the bank’s offices, “You meet everyone from the
specific group you want to join.” During the entire interview process, recruits
can expect to interview with a total of about 10 people, who, according to one
source, ask both “hard and soft questions.”

The firm says that it looks for candidates who demonstrate “initiative” and
“excellence” and who will work well in a team environment. One financial
analyst reports that the firm “looks for smart people and thinks that grades are
very important in determining mental horsepower. Also, the company looks
for a strong work ethic, and an outgoing and engaging personality, because
you have to get along with clients when away from the office and with peers
when working 100 hours a week.”

In addition to the usual top undergrad and MBA programs, the bank “hires
from other schools, but [those] candidates must be more proactive,”
according to one source. Another contact says getting hired is “becoming
much more demanding than it was even one or two years ago. It’s not only
due to the downturn in the market, but also the result of a more focused and
organized recruiting effort, resulting in tougher standards.” Another source
agrees: “One year ago it was tough. Now it’s impossible.”

The firm also offers summer analyst and associate positions. Summer
positions for investment banking are available in New York, Europe,
Singapore and Hong Kong, and last anywhere from six to 10 weeks between
June and September. A European-based trader says acceptance for summer
internships is based on two 30- to 45-minute “two-on-one” interviews.

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CAREER
LIBRARY 39
Deutsche Bank
Getting Hired

Back to school
Those who join the firm as full-time investment-banking analysts participate
in four to six weeks of training in New York. Those who sign on as
investment-banking associates attend a four-week training program in New
York. Analysts in sales, trading or research are in for eight to 12 weeks of
training in London; associates can expect either six to eight weeks in New
York or eight to 12 weeks in London, depending on the division. In addition
to the formal training, the firm offers continuing education classes. Deutsche
“is quite accommodating to employees who show a desire to attend one-, two-
and even three-day training courses,” says one employee.

Questions to Expect
1. Walk me through the three financial statements.
Accounting 101. Know the major line items on the Cash Flow Statement, the
Income Statement and Balance Sheet. For example, on the Cash Flow
Statement, be ready to answer with: First, the Beginning Cash Balance, then
Cash from Operations, then Cash from Investing Activities, then Cash from
Financing Activities, then the Ending Cash Balance. In addition, know how
the statements flow together. For example, the main link between the Income
Statement and Balance Sheet is profits generated in the Income Statement are
added to shareholder’s equity on the Balance Sheet as Retained Earnings.

2. What do you know about Deutsche?


You definitely want to show that you know about Deutsche’s current strategy.
A current Deutsche employee offers some advice for candidates who receive
this question. “Deutsche has a laser focus on breaking into the top five, on
being perceived as a being a bulge bracket bank,” he says, “so let them know
that you’re aware they’re really trying to grow and build share.”

3. What would your colleagues say is your worst quality?


An easy one: make a positive quality sound negative. “Oh, they would
probably say that I’m too involved in my work.”

4. Give me an example of your ability to work as part of a team.


Because teamwork is an essential element of an investment banker’s day,
have a story prepared describing how you worked as part of a team.

5. Can you pitch me a stock?


This question will most likely only be asked to those interviewing for equity
research positions. An insider, who interviews candidates in equity research,

CAREER
40 LIBRARY © 2002 Vault Inc.
Deutsche Bank
Getting Hired

says: “I want to hear someone who really knows a stock. Tell me the name
of the company, the ticker, what price it closed at yesterday, its 52-week
range, the market cap, the industry sector the firm is in, your estimated 12-
month target price and how you got to that price.”

6. Give me a typical day in your life.


To gauge commitment, an interviewer might ask students this question to see
what activities they participate in everyday. They want to see if a candidate
is willing to be busy all day, and then do it all again the next day. Basically,
do you have what it takes to put in long hours? This is also a chance to
highlight any extracurricular activities or interests that do not show up on
your resume.

7. What are the three valuation methods?


(1) Discounted cash flow analysis: See the answer to question four above. (2)
Company comparable analysis, commonly referred to as “public trading
comps”: By applying appropriate valuation multiples from a group of similar
public companies, you can arrive at a valuation. For example, say you want
to value a pharmaceutical company. First, you find several public
pharmaceutical companies similar to the one you want to value. Second, you
calculate various ratios (such as stock price to sales or stock price to earnings)
for each of the comparable companies based on their financial information.
Third, take the average, or a range, of the ratios and apply them to the
company you want to value. This will yield an estimated enterprise value.
(3) Transaction multiples: Looking at recent merger and acquisitions in a
given industry will provide you with a range of multiples, which can be used
to place a value on a company. This is similar to analyzing public trading
comps. For example, going back to the pharmaceutical company, you first
find several completed M&A deals (with disclosed data) in the
pharmaceutical industry. Based on the financial information of the deals,
calculate ratios such as deal value to sales of the seller, or deal value to
earnings of the seller. Average this data and apply it to your pharma
company; this will give you an estimated value. (It’s important to note that
each industry or sector uses valuation multiples that are most relevant to the
way in which the investors and acquirers of that industry evaluate
companies.)

8. Why are you interested in investment banking?


You are guaranteed to receive this question if you have no previous I-banking
experience. The purpose of this question is to weed out those who are
interested in banking solely for the money. Even if that is your primary
interest, you’d better have a better answer planned. Maybe discuss how you
have followed the markets for years and find them fascinating, or how you

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LIBRARY 41
Deutsche Bank
Getting Hired

wish to combine your love of numbers with your entrepreneurial drive in


order to win business for the firm.

9. What do you see yourself doing in 10 years?


You do not have to answer that you want to be working for Deutsche Bank
but you should be prepared to talk about the skills that you expect to learn
from working for the firm.

10. What have you read in the paper that interests you?
A chance to show you read more than the red and purple sections of the USA
Today.

Questions to Ask
1. How has your experience at Deutsche been?
This gets interviewers talking about themselves (always a good idea) and, in
doing so, you’ll learn more about the firm’s culture.

2. What deals have you worked on?

3. What exposure to senior management and to clients have you had?


You’d ask this question to associates, not to VPs and MDs. The question
conveys that you are looking to learn as much as you can. And the answer
should tell a lot about how a certain group works.

4. How has the recent hire of John Doe, new head of X unit, worked out?
Rather than ask a general question about the firm, employees like to get
questions that are very specific such a question inquiring about a recent senior
manager hire. That shows that you have a high level of interest – or, at least,
gives that impression.

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42 LIBRARY © 2002 Vault Inc.
Deutsche Bank
Getting Hired

To Apply

Employment Contact

Corporate Finance
Nebal Fahed
Cfcampus.teamus@db.com

Sales, Trading and Research


Caryn Blumenfeld
Stcampus.teamus@db.com

Global Technology and Operations


Jacqueline Murray
Gtopscampus.teamus@db.com

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LIBRARY 43
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Deutsche Bank

On the Job
Job Descriptions

Analyst, Investment Banking


Undergraduates join Deutsche as analysts and typically stay on for two years.
Exceptional analysts could be offered a third-year and, after that, a position
as an associate. Analysts support senior bankers, typically performing
company research and industry analyses, and assisting with the preparation of
“pitch” books – marketing presentations to clients. According to Deutsche,
“The close deal team structure allows [analysts] one on one interaction with
associates and senior bankers as well as direct exposure to clients.”

Associate, Investment Banking


Generally, MBA grads join Deutsche as associates. In addition to an MBA,
the firm says, “a minimum of three to five years work experience is also
required” and “financial services industry experience [is] preferred but not
required.” Investment banking associates assist senior bankers advise
corporations on financial strategies. Associates oversee analysts and
financial and industry analyses, create marketing materials, interact with
clients, give presentations and help execute capital raising deals or mergers
and acquisitions.

Analyst, Associate, Sales, Trading, and


Research
In sales, trading, and research, Deutsche typically hires undergrads and
MBAs as analysts and associates, respectively. In its Equities unit, the firm
hires sales and trading analysts into one of three major groups: Cash Sales,
Cash Trading or Derivatives. Research positions in equities, says Deutsche,
“are very limited for undergraduates, but groups with potential needs are:
pharmaceuticals, semiconductors, consumer products, oils exploration and
production, data networking/optics, gaming/lodging and leisure, health care,
metals and mining, beverages and enterprise hardware.” In fixed income,
sales and trading analysts can join Fixed Income Trading, Institutional Client
Group Sales (ICG), Integrated Credit Trading, OTC Derivatives, Credit
Derivatives, Foreign Exchange, Emerging Markets, Commodities or Money
Markets/Repo. Research positions are available in Credit, Foreign Exchange,
Emerging Markets and Derivatives.

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LIBRARY 45
Deutsche Bank
On the Job

Junior sales professionals help senior salespeople in advising and servicing


the investment objectives of clients. Associates and analysts gather and
assess findings and recommendations from researchers and help market
research and products to clients. Trading analysts and associates monitor
news, industry trends and interest rates, helping the firm to ensure that it’s
well positioned to take advantage of trading opportunities. They also give
their opinions on the pricing, timing and structuring of new issues to
professionals in other units, including investment banking. Junior research
professionals help senior analysts identify trends and transaction
opportunities, write research reports and make investment recommendations.
Researchers interact and help build relationships with corporate and
institutional clients, and often work alongside investment bankers,
salespeople and traders.

Deutsche offers summer internships in corporate finance, sales, trading,


operations, IT, and controlling and finance. For more information on these
positions, as well as information on full-time analyst and associate positions
in asset management, IT, operations, and controlling and finance, check out
the career section of Deutsche’s web site.

A Day in the Life

Associate, Research
6:00 a.m.: Wake up. (“Unfortunately, working in research, you have to get up
pretty early.”)

7:00 a.m.: Arrive at work. (“I live pretty close to work, so I walk. My office
is in midtown [Manhattan], so it’s walkable from the Upper West Side. I just
walk across the park.”). Check e-mail, and Reuters and Bloomberg for news
on the companies you cover.

8:00 a.m.: Meet with your group. (“I have an eight o’clock coffee break with
my boss and group to touch base. It’s a daily ritual.”)

9:00 a.m.: Sit in on an earnings call (an earnings call is when a company you
cover releases their quarterly earnings.)

10:30 a.m.: Q&A on the phone with company management about earnings
call.

11:00 a.m.: Field calls from Deutsche sales force inquiring about the earnings
call. (“Maybe make a few follow up calls to the company, too.”)

CAREER
46 LIBRARY © 2002 Vault Inc.
Deutsche Bank
On the Job

12:00 p.m.: Lunch at desk. (“I often go out to lunch, but during busy times –
earnings season – I’ll eat my desk.”)

12:30 p.m.: Begin writing the “first call note, (which typically takes the rest
of the day. First thing you do is drop in the new numbers to update the
financial model. Then, based on that, you look at broader macroeconomic
stuff, like commodity prices. [With the first call note,] there are two schools
of thought. The first one, and not the best in my opinion, but a lot [of banks]
do it, is to hit investors’ desks first – finish the report quickly so yours is the
first report out there. The second school, which is what we do, is to send out
a ‘value added’ report, where you think about, rather than just summarize, the
call. I think people appreciate that.”

3:00 p.m.: Meeting with a company out of the office. (“Because so many
companies are based in New York, you go to a lot of these. It’s usually you
[an associate] and a lead analyst who meet with the company’s senior
management, often including the CFO.” You have these meetings to get more
detailed and intimate details about a company you cover. And you’ll also get
some off-the-record stuff. These meetings usually last a couple of hours.)

5:30 p.m.: Return to office. Continue working on first call note.

8:00 p.m.: Complete and submit the first call note, (“which is reviewed by a
supervisory analyst and compliance, to make sure that you didn’t break any
rules – especially in this environment.”)

8:15 p.m.: Go home.

Visit the Vault Finance Career Channel at http://finance.vault.com — with


insider firm profiles, message boards, the Vault Finance Job Board and more.
CAREER
LIBRARY 47
Competition on the Street – and beyond – is heating up. With
the finance job market tightening, you need to be your best.

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experts that know the finance environment
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the boost you need to snare the financial – W.B., Associate, Investment
position you deserve. Banking, NY

“Having an experienced pair of


Finance Resume Writing and eyes looking at the resume
Resume Reviews made more of a difference
than I thought.”
• Have your resume reviewed by a practicing
– R.T., Managing Director, SF
finance professional.
• For resume writing, start with an e-mailed “I found the coaching so helpful
I made three appointments!”
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Finance Career Coaching


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need Vault’s expert advice with? We’ve
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• Trying to get into investment banking


from business school or other careers?
• Switching from one finance sector to
another – for example, from commercial
banking to investment banking?
• Trying to figure out the cultural
fit of the finance firm you
should work for?
Deutsche Bank

Final Analysis
The 1999 acquisition of Bankers Trust marked Deutsche’s run towards its
goal of scoring a spot among the bulge bracket firms in the U.S. Three years
later, Deutsche still has considerable ground to gain if it wants to be
considered equals to the likes of Goldman, Morgan Stanley, Merrill and
CSFB, but the German giant has steadily moved up the U.S. investment-
banking league tables. And with the recent promotion of Josef Ackermann to
CEO, the firm seems on its way to move up even further. Ackermann, the
previous head of investment banking at Deutsche, is leading a charge to focus
on investment banking at the expense of other lower margin businesses. If
Deutsche does continue to gain ground, its prestige, and thus the prestige of
a Deutsche job, will also certainly rise.

Visit the Vault Consulting Career Channel at http://consulting.vault.com — with


insider firm profiles, message boards, the Vault Consulting Job Board and more.
CAREER
LIBRARY 49
Do you have an interview coming
up with a financial institution?

Unsure how to handle


a finance Interview?

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Investment Sales & Trading


Banking/Corporate Interview Prep
Finance Interview Prep
This session prepares you for
This session preps you for questions about:
questions about:
• Capital markets
• Mergers & acquisitions • Macroeconomics, including impact
• Valuation models of different pieces of economic
• Accounting concepts data on securities prices

• Personality fit for investment • Trading strategies


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Deutsche Bank

Recommended Reading
The firm’s web site, www.db.com, gives a good overview of the company,
including recent press releases and annual reports. For historical perspective,
seek the hard-to-find The Deutsche Bank, 1870-1995, by Gerald D. Feldman
and Lothar Gall (Trafalgar Square Publishing, March 1996). We recommend
the following articles for more recent information on Deutsche Bank:

• “Deutsche Bank to Detail Plans To Reorganize Some Services,” The Wall


Street Journal, September 12, 2002.

• “A Swiss Boss Cracks the Whip,” Fortune, September 2, 2002.

• “Can This Man Crank Up Deutsche?” BusinessWeek Online, May 20, 2002.

• “Deutsche Finds It Must Shed Its German Past in Order to Grow,” The Wall
Street Journal, February 14, 2002.

• “Deutsche to Cut 20% of the Staff in Scudder Deal,” The Wall Street
Journal, December 5, 2001.

Visit the Vault Consulting Career Channel at http://consulting.vault.com — with


insider firm profiles, message boards, the Vault Consulting Job Board and more.
CAREER
LIBRARY 51
“For those hoping to climb the ladder of success, Vault’s
insights are priceless.” — Money

VAULT EMPLOYER PROFILE:


DEUTSCHE BANK
Vault Employer Profiles include: THE VAULT EDITORIAL PROCESS

Introduction: An overview of the Exclusive Surveys: Vault annually


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company
Our Survey Says: Employees speak
their minds on company culture, job VAULT FINANCE CAREER CHANNEL
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issues and more
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Getting Hired: The company's hiring • The Vault Finance Job Board
process, interview questions to expect • Advice on career-switching, job-
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On the Job: Typical days in the life, • Finance resume and cover letter
job descriptions, career paths reviews
Final Analysis: The final word on the HTTP://FINANCE.VAULT.COM
pros and cons of working for the
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VAULT CAREER LIBRARYTM is the world’s most comprehensive and up-to-date


collection of guidebooks on career subjects. Researched, written and published
by Vault, Inc., the Vault Career LibraryTM is comprised of more than 80 titles for
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ISBN 1-58131-226-1
ABOUT VAULT, INC.: The Insider Career NetworkTM is the
52495 leading media company for career information. Called "a killer
app" by the New York Times, Vault is headquartered in New
York City and was founded in 1997 by Hussam Hamadeh,
EAN

Samer Hamadeh and Mark Oldman.


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