Deutsche Bank

Deutsche Bank AG (German pronunciation: [ˈdɔʏtʃə ˈbaŋk

ʔaːˈɡeː] ⓘ ), sometimes referred to simply as Deutsche,
Deutsche Bank AG
is a German multinational investment bank and financial
services company headquartered in Frankfurt, Germany,
and dual-listed on the Frankfurt Stock Exchange and the
New York Stock Exchange. Founded in 1870, the bank
grew through multiple acquisitions, including Disconto-
Gesellschaft in 1929, as a consequence of which it was
known from 1929 to 1937 as Deutsche Bank und Disconto-
Gesellschaft or DeDi-Bank,[3]: 580 Bankers Trust in 1998,
and Deutsche Postbank in 2010.

As of 2018, the bank's network spanned 58 countries with a

large presence in Europe, the Americas, and Asia.[4] It is a
component of the DAX stock market index and is often
referred to as the largest German banking institution, even
though the Sparkassen-Finanzgruppe comes well ahead in
terms of combined assets.

Deutsche Bank has been designated a global systemically

important bank by the Financial Stability Board since 2011.
[5] It has been designated as a Significant Institution since
Deutsche Bank Twin Towers in Frankfurt,
the entry into force of European Banking Supervision in late
Germany
2014, and as a consequence is directly supervised by the
European Central Bank.[6][7] Type Public (Aktiengesellschaft)
Traded as FWB: DBK (https://www.b
According to the New Yorker, Deutsche Bank has long had
oerse-frankfurt.de/global-
an "abject" reputation among major banks, as it has been
search/DBK)
involved in major scandals across different issue areas.[5]
NYSE: DB (https://www.ny
se.com/quote/XNYS:DB)
History DAX Component
ISIN DE0005140008 (https://isi
n.toolforge.org/?language
1870–1919
=en&isin=DE0005140008)

Deutsche Bank was founded on 1870 in Berlin as a Industry Banking

specialist bank for financing foreign trade and promoting Financial services
German exports.[8][9] It subsequently played a large part in Predecessor Banco Alemán
developing Germany's financial services industry, as its Transatlántico
business model focused on providing finance to industrial Deutsche Unionbank
customers.[9] The bank's statute was adopted on 22 January Flick Concern
1870, and on 10 March 1870 the Prussian government Handel-Maatschappij H.
granted it a banking license. The statute laid great stress on Albert de Bary & Co
foreign business: Norddeutsche Bank
 Founded 10 March 1870
The object of the company is to transact
banking business of all kinds, in particular, to Headquarters Deutsche Bank Twin
promote and facilitate trade relations between Towers
Frankfurt, Germany
Germany, other European countries and
overseas markets.[10] Key people Christian Sewing
(CEO)[1]

Three of the founders were Georg Siemens, whose father's Services Investment banking
cousin had founded Siemens and Halske; Adelbert Corporate banking
Delbrück and Ludwig Bamberger.[11] Prior to the founding Asset management
of Deutsche Bank, German importers and exporters were
Commercial banking
dependent upon British and French banking institutions in
Private banking
the world markets—a serious handicap in that German bills
were almost unknown in international commerce, generally Revenue €27.2 billion (2022)[2]
disliked and subject to a higher rate of a discount than Operating €5.6 billion (2022)[2]
English or French bills.[12] income
Net income €5.7 billion (2022)[2]
Founding members AUM €821 billion (Q4
2022)[2]
Hermann Zwicker (Bankhaus Gebr. Schickler,
Berlin) Total assets €1.337 trillion (Q4
[2]
Anton Adelssen (Bankhaus Adelssen & Co., 2022)
Berlin) Total equity €62 billion (Q4 2022)[2]
Adelbert Delbrück (Bankhaus Delbrück, Leo & Number of 84,930 (Q4 2022)[2]
Co.) employees
Heinrich von Hardt (Hardt & Co., Berlin, New Website db.com (http://db.com)
York)
Ludwig Bamberger (politician, former chairman of Bischoffsheim, Goldschmidt & Co)
Victor Freiherr von Magnus (Bankhaus F. Mart Magnus)
Adolph vom Rath (Bankhaus Deichmann & Co., Cologne)
Gustav Kutter (Bankhaus Gebrüder Sulzbach, Frankfurt)
Gustav Müller (Württembergische Vereinsbank, Stuttgart)

First directors
Wilhelm Platenius, Georg Siemens and Hermann Wallich

The bank's first domestic branches, inaugurated in 1871 and 1872, were opened in Bremen[13] and
Hamburg.[14] Its first oversea-offices opened in Shanghai in 1872[15] and London in 1873[16] followed by
South American offices between 1874 and 1886.[11] 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.[12]

Major projects in the early years of the bank included the Northern Pacific Railroad in the US[17] and the
Baghdad Railway[18] (1888). In Germany, the bank was instrumental in the financing of bond offerings of
steel company Krupp (1879) and introduced the chemical company Bayer to the Berlin stock market.
The second half of the 1890s saw the beginning of a new period of
expansion at Deutsche Bank. The bank formed alliances with large
regional banks, giving itself an entry into Germany's main industrial
regions. Joint ventures were symptomatic of the concentration then under
way in the German banking industry. For Deutsche Bank, domestic
branches of its own were still something of a rarity at the time; the
Frankfurt branch[19] dated from 1886 and the Munich branch from 1892,
while further branches were established in Dresden and Leipzig[20] 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[21] in 1886 and the stake taken in the newly established Deutsch-
Asiatische Bank[22] three years later, but the success of those companies
showed that their existence made sound commercial sense.

1919–1933

In 1919, the bank purchased the state's share of Universum Film

Aktiengesellschaft (Ufa).[23] In 1926, the bank assisted in the merger of
Daimler and Benz.[23][24]

The bank merged with other local banks in 1929 to create Deutsche Bank Deutsche Bank, Sydney
and Disconto-Gesellschaft.[25] In 1937, the company name changed back
to Deutsche Bank.[26]

1933–1945

After Adolf Hitler came to power, instituting the Third Reich,

Deutsche Bank dismissed its three Jewish board members in
1933.[27] In subsequent years, Deutsche Bank took part in the
aryanization of Jewish-owned businesses, provided the owners of
"aryanized" businesses were in the know about their Jewish status
beforehand; according to its own historians, the bank was involved Share of the Deutsche Bank, issued
in 363 such confiscations by November 1938.[27][28] In 1938, 2nd November 1881
German bank Mendelssohn & Co. was acquired.[29][30] During the
war, Deutsche Bank incorporated other banks that fell into German
hands during the occupation of Eastern Europe. Deutsche Bank
provided banking facilities for the Gestapo and loaned the funds
used to build the Auschwitz camp and the nearby IG Farben
facilities.[31]

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 in the present day is divided into two financial corporations, Share of the Deutsche Bank und
one in Serbia and one in Croatia after the breakup of Yugoslavia), Disconto-Gesellschaft, issued March
the Albert de Barry Bank in Amsterdam, the National Bank of 1932
Greece in Athens, the Creditanstalt-Bankverein in Austria and
Hungary, the Deutsch-Bulgarische Kreditbank in Bulgaria, and
Banca Comercială Română (The Romanian Commercial Bank) in
Bucharest. It also maintained a branch in Istanbul, Turkey.

In 1999, Deutsche Bank confirmed officially that it had been

involved in the Auschwitz camp.[31] 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;[32][33] U.S. officials had threatened to block Former Deutsche Bank building
Deutsche Bank's $10 billion purchase of Bankers Trust, a major complex, corner of Französische
American bank, if it did not contribute to the fund.[34] The history Strasse and Glinkastrasse in Berlin
of Deutsche Bank during the Second World War has since been
documented by independent historians commissioned by the
Bank.[28]

Post-World War II

Following Germany's defeat in World War II, the Allied authorities,

in 1948, ordered Deutsche Bank's break-up into regional banks.[35]
These regional banks were later consolidated into three major
banks in 1952: Norddeutsche Bank AG; Süddeutsche Bank AG;
and Rheinisch-Westfälische Bank AG.[35] In 1957, these three
banks merged to form Deutsche Bank AG with its headquarters in
Frankfurt.[35]

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, Highrise of the Deutsche Bank in
this continued when the bank paid U$603 million in 1986 to Berlin, designed by Friedrich Koch
acquire Banca d'America e d'Italia.[36] and Günter Hönow, 1966-1968

In 1972, the bank established its Fiduciary Services Division which

provides support to its private wealth division.[37]

At 8:30 am on 30 November 1989, Alfred Herrhausen, chairman of Deutsche Bank, was killed when a car
that he was in exploded while he was traveling in the Frankfurt suburb of Bad Homburg. The Red Army
Faction claimed responsibility for the blast.[38][39]

In 1989, the first steps towards creating a significant investment-banking presence were taken with the
acquisition of Morgan, Grenfell & Co., a UK-based investment bank which was renamed Deutsche
Morgan Grenfell in 1994. In 1995 to greatly expand into international investments and money
management, Deutsche Bank hired Edson Mitchell, a risk specialist from Merrill Lynch, who hired two
other former Merrill Lynch risk specialists Anshu Jain and William S. Broeksmit.[40] By the mid-1990s, the
buildup of a capital-markets operation had got underway with the arrival of a number of high-profile figures
from major competitors. Ten years after the acquisition of Morgan Grenfell, the US firm Bankers Trust was
added. Bankers Trust suffered losses during the 1998 Russian financial crisis since it had a large position in
Russian government bonds,[41] but avoided financial collapse by being acquired by Deutsche Bank for $10
billion in November 1998.[42] On 4 June 1999, Deutsche Bank merged its Deutsche Morgan Grenfell and
Bankers Trust to became Deutsche Asset Management (DAM) with Robert Smith as the CEO.[43] This
made Deutsche Bank the fourth-largest money management firm in the world after UBS, Fidelity
Investments, and the Japanese post office's life insurance fund.[42] At the time, Deutsche Bank owned a
12% stake in DaimlerChrysler but United States banking laws prohibit banks from owning industrial
companies, so Deutsche Bank received an exception to this prohibition through 1978 legislation from
Congress.[42]

Deutsche continued to build up its presence in Italy with the acquisition in 1993 of Banca Popolare di
Lecco from Banca Popolare di Novara for about $476 million.[44] In 1999, it acquired a minority interest in
Cassa di Risparmio di Asti.

21st century

In the 11 September 2001 terrorist attacks the Deutsche Bank Building in Lower Manhattan, formerly
Bankers Trust Plaza, was heavily damaged by the collapse of the South Tower of the World Trade
Center.[45] Demolition work on the 39-story building continued for nearly a decade, and was completed in
early 2011.[46]

In October 2001, Deutsche Bank was listed on the New York Stock Exchange. This was the first NYSE
listing after interruption due to 11 September attacks. The following year, Josef Ackermann became CEO
of Deutsche Bank and served as CEO until 2012 when he became involved with the Bank of
Cyprus.[47][48] Then, beginning in 2002, Deutsche Bank strengthened its U.S. presence when it purchased
Scudder Investments.[49] Meanwhile, in Europe, Deutsche Bank increased its private-banking business by
acquiring Rued Blass & Cie (2002) and the Russian investment bank United Financial Group (2005)
founded by the United States banker Charles Ryan and the Russian official Boris Fyodorov which
followed Anshu Jain's aggressive expansion to gain strong relationships with state partners in
Russia.[50][51] Jain persuaded Ryan to remain with Deutsche Bank at its new Russian offices and later, in
April 2007, sent the president and chairman of the management board of VTB Bank Andrey Kostin's son
Andrey to Deutsche Bank's Moscow office.[50][52][a] Later, in 2008, to establish VTB Capital, numerous
bankers from Deutsche Bank's Moscow office were hired by VTB Capital.[48][54][55] 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.

On 1 October 2003, Deutsche Bank and Dresdner Bank entered into a payment transaction agreement with
Postbank to have Postbank process payments as the clearing center for the three banks.[56]

Since the mid-1990s Deutsche Bank commercial real estate division offered Donald Trump financial
backing, even though in the early 1990s Citibank, Manufacturers Hanover, Chemical, Bankers Trust, and
68 other entities refused to financially support him.[50][51][57][b]

In 2008, Trump sued Deutsche Bank for $3 billion and a few years later, he shifted his financial portfolio
from the investment banking division to Deutsche Bank private wealth division with Rosemary Vrablic,
formerly of Citigroup, Bank of America, and Merrill Lynch, becoming Trump's new personal banker at
Deutsche Bank.[48][59][60][61][c]

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

In 2010, the bank developed and owned the Cosmopolitan of Las Vegas, after the casino's original
developer defaulted on its borrowings. Deutsche Bank ran it at a loss until its sale in May 2014. The bank's
exposure at the time of sale was more than $4 billion, and sold the property to Blackstone Group for
$1.73 billion.[72]

Great Recession and European debt crisis (2007–2012)

Housing credit bubble and CDO market

On 3 January 2014, it was reported that Deutsche Bank would settle a lawsuit brought by US shareholders,
who had accused the bank of bundling and selling bad real estate loans before the 2008 downturn. This
settlement came subsequent and in addition to Deutsche's $1.93 billion settlement with the US Housing
Finance Agency over similar litigation related to the sale of mortgage-backed securities to Fannie Mae and
Freddie Mac.[73]

Leveraged super-senior trades

Former employees including Eric Ben-Artzi and Matthew Simpson have claimed that, during the crisis,
Deutsche failed to recognize up to $12 billion of paper losses on its $130 billion portfolio of leveraged
super senior trades, although the bank rejects the claims.[74] A company document of May 2009 described
the trades as "the largest risk in the trading book",[75] and the whistleblowers allege that had the bank
accounted properly for its positions its capital would have fallen to the extent that it might have needed a
government bailout.[74] One of them claims that "If Lehman Brothers didn't have to mark its books for six
months it might still be in business, and if Deutsche had marked its books it might have been in the same
position as Lehman."[75]

Deutsche had become the biggest operator in this market, which were a form of credit derivative designed
to behave like the most senior tranche of a CDO.[75] Deutsche bought insurance against default by blue-
chip companies from investors, mostly Canadian pension funds, who received a stream of insurance
premiums as income in return for posting a small amount of collateral.[75] The bank then sold protection to
US investors via the CDX credit index, the spread between the two was tiny but was worth $270m over
the 7 years of the trade.[75] It was considered very unlikely that many blue chips would have problems at
the same time, so Deutsche required collateral of just 10% of the contract value.

The risk of Deutsche taking large losses if the collateral was wiped out in a crisis was called the gap
option.[75] Ben-Artzi claims that after modeling came up with "economically unfeasible" results, Deutsche
accounted for the gap option first with a simple 15% "haircut" on the trades (described as inadequate by
another employee in 2006) and then in 2008 by a $1–2bn reserve for the credit correlation desk designed to
cover all risks, not just the gap option.[75] In October 2008, it stopped modeling the gap option and just
bought S&P put options to guard against further market disruption, but one of the whistleblowers has
described this as an inappropriate hedge.[75] A model from Ben-Artzi's previous job at Goldman Sachs
suggested that the gap option was worth about 8% of the value of the trades, worth $10.4bn. Simpson
claims that traders were not simply understating the gap option but actively mismarking the value of their
trades.[75]

European debt crisis, 2009–today

In 2008, Deutsche Bank reported its first annual loss in five decades,[76] despite receiving billions of dollars
from its insurance arrangements with AIG, including US$11.8 billion from funds provided by US taxpayers
to bail out AIG.[77]
Based on a preliminary estimation from the European Banking Authority (EBA), in late 2011, Deutsche
Bank AG needed to raise capital of about €3.2 billion as part of a required 9% core Tier 1 ratio after
sovereign debt write-down starting in mid-2012.[78]

As of 2012, Deutsche Bank had negligible exposure to Greece, but Spain and Italy accounted for a tenth of
its European private and corporate banking business with credit risks of about €18 billion in Italy and
€12 billion in Spain.[79]

In 2017, Deutsche Bank needed to get its common equity tier-1 capital ratio up to 12.5% in 2018 to be
marginally above the 12.25% required by regulators.[80]

Since 2012

In January 2014, Deutsche Bank reported a €1.2 billion ($1.6 billion) pre-tax loss for the fourth quarter of
2013. This came after analysts had predicted a profit of nearly €600 million, according to FactSet estimates.
Revenues slipped by 16% versus the prior year.[81]

Deutsche Bank's Capital Ratio Tier-1 (CET1) was reported in 2015 to be only 11.4%, lower than the 12%
median CET1 ratio of Europe's 24 biggest publicly traded banks, so there would be no dividend for 2015
and 2016.[82] Furthermore, 15,000 jobs were to be cut.[83]

In June 2015, the then co-CEOs, Jürgen Fitschen and Anshu Jain, both offered their resignations[84] to the
bank's supervisory board, which were accepted. Jain's resignation took effect in June 2015, but he provided
consultancy to the bank until January 2016. Fitschen continued as joint CEO until May 2016. The
appointment of John Cryan as joint CEO was announced, effective July 2016; he became sole CEO at the
end of Fitschen's term.[85]

In January 2016, Deutsche Bank pre-announced a 2015 loss before income taxes of approximately
€6.1 billion and a net loss of approximately €6.7 billion.[86] Following this announcement, a bank analyst
at Citi declared: "We believe a capital increase now looks inevitable and see an equity shortfall of up to €7
billion, on the basis that Deutsche may be forced to book another €3 billion to €4 billion of litigation
charges in 2016."[87]

May 2017, Chinese conglomerate HNA Group became its biggest shareholder, owning 9.90% of its
shares.[88] However, HNA Group's stake reduced to 8.8% as of February 16, 2018.[89]

In November 2018, the bank's Frankfurt offices were raided by police in connection with investigations
around the Panama papers and money laundering. Deutsche Bank released a statement confirming it would
"cooperate closely with prosecutors".[90]

AUTO1 FinTech is a joint venture of AUTO1 Group, Allianz, SoftBank and Deutsche Bank.[91]

In February 2019, HNA Group announced cutting stake in Deutsche Bank to 6.3 percent.[92] It was further
reduced to 0.19 percent as at March 2019.[93]

During the Annual General Meeting in May 2019, CEO Christian Sewing said he was expecting a "deluge
of criticism" about the bank's performance and announced that he was ready to make "tough cutbacks"[94]
after the failure of merger negotiations with Commerzbank AG and weak profitability. According to The
New York Times, "its finances and strategy [are] in disarray and 95 percent of its market value [has been]
erased".[95] News headlines in late June 2019 claimed that the bank would cut 20,000 jobs, over 20% of its
staff, in a restructuring plan.[96][97] On 8 July 2019, the bank began to cut 18,000 jobs, including entire
teams of equity traders in Europe, the US, and Asia. On the previous day, Sewing had laid blame on
unnamed predecessors who created a "culture of poor capital allocation" and chasing revenue for the sake
of revenue, according to a Financial Times report, and promised that going forward, the bank "will only
operate where we are competitive".[98][99]

In January 2020, Deutsche Bank had decided to cut the bonus pool at its investment branch by 30%
following restructuring efforts.[100]

In February 2021, it was reported that Deutsche Bank made a profit of €113 million ($135.6 million) for
2020, the first annual net profit it had posted since 2014.[101][102]

In March 2021, Deutsche Bank sold about $4 billion of holdings seized in the implosion of Archegos
Capital Management in a private deal.[103] The move helped Deutsche Bank emerge unscathed after
Archegos defaulted on margin loans used to build up highly leveraged bets on stocks.[103]

Leadership history

When Deutsche Bank was first organized in 1870 there was no CEO. Instead the board was represented by
a speaker of the board. Beginning in February 2012, the bank has been led by two co-CEOs; in July 2015
it announced it would be led by one CEO beginning in 2016.[104] The management bodies are the annual
general meeting, supervisory board and management board.

Begin End CEO/Speaker Notes

2018 Christian Sewing [105]

2015 2018 John Cryan co-CEO with Fitschen until 2016[106]

2012 2016 Jürgen Fitschen co-CEO[106]

2012 2015 Anshu Jain co-CEO with Fitschen[107]

2002 2012 Josef Ackermann CEO position created 2006[108]

1997 2002 Rolf-Ernst Breuer

1989 1997 Hilmar Kopper

1985 1989 Alfred Herrhausen assassinated

1976 1988 Friedrich Wilhelm Christians

1976 1985 Wilfried Guth

1967 1976 Franz Heinrich Ulrich co-speaker[109]

1967 1969 Karl Klasen co-speaker

1957 1967 Hermann Josef Abs

Logotype
In 1972, the bank created the world-known blue logo "Slash in a Square" – designed by Anton Stankowski
and intended to represent growth within a risk-controlled framework.[110]

Corporate governance
Supervisory Board
Name Position

Dr. Paul Achleitner Chairman of the supervisory board of Deutsche Bank AG

Detlef Polaschek Deputy chairman of the supervisory board of Deutsche Bank AG

Ludwig Blomeyer-
Spokesperson of the management and head of the Market Region Bremen
Bartenstein

Frank Bsirske German trade unionist and politician

Mayree Carroll Clark Founder and managing partner of Eachwin Capital

Jan Duscheck Head of national working group Banking, trade union ver.di

Gerhard Eschelbeck Google's former Chief Information Security Officer

Katherine Garrett-Cox Managing director and chief executive officer, Gulf International Bank (UK) Ltd.
Timo Heider Deputy Chairman of the Group Staff Council of Deutsche Bank AG

Martina Klee Deputy Chairperson of the Staff Council PWCC Center Frankfurt of Deutsche Bank
Henriette Mark Chairperson of the Combined Staff Council Southern Bavaria of Deutsche Bank

Gabriele Platscher Chairperson of the Staff Council Niedersachsen Ost of Deutsche Bank

Bernd Rose Member of the Group Staff Council and European Staff Council of Deutsche Bank
Gerd Alexander Schütz Founder and member of the management board, C-QUADRAT

Stephan Szukalski Federal Chairman of the German Association of Bank Employees

John Thain
Michelle Trogni

Dr. Dagmar Valcarel

Prof. Dr. Norbert

Self-employed corporate consultant, Norbert Winkeljohann Advisory & Investments
Winkeljohann
Group CEO and chairman of the group executive committee,

Jürg Zeltner Member of the board of directors, KBL European Private Bankers,
Luxembourg
 Management Board
Name Position

Christian Sewing Chief Executive Officer

Stefan Simon Chief Executive Officer Americas

Alexander von zur Muehlen Chief Executive Officer APAC, Europe, EMEA, Germany

Karl von Rohr Deputy Chairman (President)

Stuart Lewis Chief Risk Officer

Fabrizio Campelli Corporate & Investment Bank

Bernd Leukert Chief Technology Data & Innovation Officer

Rebecca Short Chief Transformation Officer

Stefan Simon Chief Transformation Officer

James von Moltke Chief Financial Officer

Shareholders
Deutsche Bank is one of the leading listed companies in German post-war history. Its shares are traded on
the Frankfurt Stock Exchange and, since 2001, also on the New York Stock Exchange and are included in
various indices, including the DAX and the Euro Stoxx 50. As the share had lost value since mid-2015 and
market capitalization had shrunk to around €18 billion, it temporarily withdrew from the Euro Stoxx 50 on
8 August 2016.[111] With a 0.73% stake, it is currently the company with the lowest index weighting.[112]

In 2001, Deutsche Bank merged its mortgage banking business with that of Dresdner Bank and
Commerzbank to form Eurohypo AG. In 2005, Deutsche Bank sold its stake in the joint company to
Commerzbank.[113]

Large shareholders[114]
Share Shareholder Date of latest disclosure

5.38% BlackRock March 31, 2023

4.54% Paramount Services Holdings Ltd. January 25, 2023

3.18% Douglas L. Braunstein November 20, 2020

3.05% Supreme Universal Holdings Ltd. August 20, 2015

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

Corporate & Investment Bank (CIB)

The Corporate & Investment Bank (CIB) is Deutsche Bank's capital markets business. The CIB comprises
the below six units.[115]

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

Private & Commercial Bank

Private & Commercial Clients Germany / International is the retail bank of Deutsche
Bank. In Germany, it operates under two brands – Deutsche Bank and Postbank.
Additionally, it has operations in Belgium, Italy, Spain and India. The businesses in Poland
and Portugal are in the process of being sold.[116][117][118]
Wealth Management functions as the bank's private banking arm, serving high-net-worth
individuals and families worldwide. The division has a presence in the world's private
banking hotspots, including Switzerland, Luxembourg, the Channel Islands, the Cayman
Islands and Dubai.[119]

Deutsche Asset Management (DWS)

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

Controversies
Deutsche Bank in general as well as specific employees have frequently figured in controversies and
allegations of deceitful behavior or illegal transactions. As of 2016, the bank was involved in some 7,800
legal disputes and calculated €5.4 billion as litigation reserves,[120] with a further €2.2 billion held against
other contingent liabilities.[87] According to the New Yorker, Deutsche Bank has long had an "abject"
reputation.[5] Between 2008 and 2016, Deutsche Bank paid around nine billion dollars in fines and
settlements related to wrongdoings across different issue areas.[5] The FinCEN file leaks documented
around $1.3 trillion of suspicious transactions through Deutsche Bank between 1999 and 2017.[5] More
than half of all suspicious transactions involving major banks in the FinCEN files leaks involved Deutsche
Bank.[5]

Role in financial crisis of 2007–2008

In January 2017, Deutsche Bank agreed to a $7.2 billion settlement with the United States Department of
Justice over its sale and pooling of toxic mortgage securities in the years leading up to the Financial crisis of
2007–2008. As part of the agreement, Deutsche Bank was required to pay a civil monetary penalty of
$3.1 billion and provide $4.1 billion in consumer relief, such as loan forgiveness. At the time of the
agreement, Deutsche Bank was still facing investigations into the alleged manipulation of foreign exchange
rates, suspicious equities trades in Russia, as well as alleged violations of United States sanctions against
Iran and other countries. Since 2012, Deutsche Bank had paid more than €12 billion for litigation,
including a deal with U.S. mortgage-finance giants Fannie Mae and Freddie Mac.[121]

Espionage scandal, 2009

In 2009, the bank admitted it engaged in covert espionage on its critics from 2001 to 2007 directed by its
corporate security department, although it characterized the incidents as "isolated".[122] According to The
Wall Street Journal, Deutsche Bank had prepared a list of names of people who it wanted investigated for
criticism of the bank, including Michael Bohndorf (an activist investor in the bank), Leo Kirch (a former
media executive in litigation with the bank), and the Munich law firm of Bub Gauweiler & Partner, which
represented Kirch.[122] According to the Wall Street Journal, the bank's legal department was involved in
the scheme along with its corporate security department.[122] The bank hired Cleary Gottlieb Steen &
Hamilton to investigate the incidents on its behalf. The Cleary firm submitted its report, which however
was not made public.[122] 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.[122] 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."[122]

Deutsche Bank's law firm Cleary Gottlieb Steen & Hamilton in Frankfurt[123] published a report in July
2009 saying,[124] it found no systemic misbehaviour and there was no indication that present members of
the management board had been involved in any activity that raises legal issues or has had any knowledge
of such activities.[124] This was confirmed by the Public Prosecutor's Office in Frankfurt in October
2009.[125] BaFin found deficiencies in operations within Deutsche Bank's security unit in Germany but no
systemic misconduct.[126] The bank said it took steps to strengthen controls for the mandating of external
service providers by its Corporate Security Department.[124]

Deutsche Bank document release, 2014

On 26 January 2014, William S. Broeksmit, a risk specialist at Deutsche Bank who was very close to
Anshu Jain and hired by Edson Mitchell to spearhead Deutsche Bank's foray into international investments
and money management in the 1990s, released numerous Deutsche Bank documents from the New York
branch of the Deutsche Bank Trust Company Americas (DBTCA), which Broeksmit's adopted son Val
Broeksmit, who is a close friend of Moby, later gave, along with numerous emails, to both Welt am
Sonntag and ZDF, which revealed numerous irregularities including both a $10 billion money laundering
scheme spearheaded by the Russia branch of Deutsche Bank at Moscow, which the New York State
Department of Financial Services fined Deutsche Bank $425 million, and derivatives
improprieties.[127][128][40][129][130][131][61][d]

Libor scandal, 2015

On 23 April 2015, Deutsche Bank agreed to a combined US$2.5 billion in fines – a US$2.175 billion fine
by American regulators, and a €227 million penalty by British authorities – for its involvement in the Libor
scandal uncovered in June 2012. It was one of several banks colluding to fix interest rates used to price
hundreds of trillions of dollars of loans and contracts worldwide, including mortgages and student
loans.[133][134] Deutsche Bank also pleaded guilty to wire fraud, acknowledging that at least 29 employees
had engaged in illegal activity. It was required to dismiss all employees who were involved with the
fraudulent transactions.[134] However, no individuals were charged with criminal wrongdoing. In a Libor
first, Deutsche Bank will be required to install an independent monitor.[133] Commenting on the fine,
Britain's Financial Conduct Authority director Georgina Philippou said "This case stands out for the
seriousness and duration of the breaches ... One division at Deutsche Bank had a culture of generating
profits without proper regard to the integrity of the market. This wasn't limited to a few individuals but, on
certain desks, it appeared deeply ingrained."[134] The fine represented a record for interest rate related
cases, eclipsing a $1.5 billion Libor related fine to UBS, and the then-record $450 million fine assessed to
Barclays earlier in the case.[134][133] The size of the fine reflected the breadth of wrongdoing at Deutsche
Bank, the bank's poor oversight of traders, and its failure to take action when it uncovered signs of abuse
internally.[133]

U.S. sanctions violations, 2015

On 5 November 2015, Deutsche Bank was ordered to pay US$258 million (€237.2 million) in penalties
imposed by the New York State Department of Financial Services (NYDFS) and the United States Federal
Reserve Bank after the bank was caught doing business with Burma, Libya, Sudan, Iran, and Syria, which
were under US sanctions at the time. According to the US federal authorities, Deutsche Bank handled
27,200 US dollar clearing transactions valued at more than US$10.86 billion (€9.98 billion) to help evade
US sanctions between early 1999 until 2006 which were done on behalf of Iranian, Libyan, Syrian,
Burmese, and Sudanese financial institutions and other entities subject to US sanctions, including entities
on the Specially Designated Nationals by the Office of Foreign Assets Control.[135][136]

In response to the penalties, the bank will pay US$200 million (€184 million) to the NYDFS while the rest
(US$58 million; €53.3 million) will go to the Federal Reserve. In addition to the payment, the bank will
install an independent monitor, fire six employees who were involved in the incident, and ban three other
employees from any work involving the bank's US-based operations.[137]

Tax evasion, 2016

In June 2016 six former employees in Germany were accused of being involved in a major tax fraud deal
with CO2 emission certificates, and most of them were subsequently convicted. It was estimated that the
sum of money in the tax evasion scandal might have been as high as €850 million. Deutsche Bank itself
was not convicted due to an absence of corporate liability laws in Germany.[138]

Dakota Access Pipeline, 2016

Environmentalists criticize Deutsche Bank for co-financing the controversial Dakota Access Pipeline,
which is planned to run close to an Indian reservation and is seen as a threat to their livelihood by its
inhabitants.[139]

Deutsche Bank has issued a statement addressing the criticism it received from various environmental
groups.[140]

Russian money-laundering operations

In January 2017, the bank was fined $425 million by the New York State Department of Financial Services
(DFS)[141] and £163 million by the UK Financial Conduct Authority[142] regarding accusations of
laundering $10 billion out of Russia.[143][144][145]

In the decade preceding the Russian mirror-trading scheme, Deutsche Bank was informed of substantial
and widespread compliance concerns. The offsetting trades in this instance lacked economic purpose and
could have been used to facilitate money laundering or other illegal activity.[146] On January 30, 2017, the
NYSDFS (New York State Department of Financial Services) fined Deutsche Bank $425 million for
violating New York's anti-money laundering laws. There was a "mirror trading" scheme involved.
Deutsche Bank's Moscow, London, and New York branches laundered $10 billion out of Russia.[147]

The Global Laundromat scandal revealed Deutsche Bank's involvement in a vast money-laundering
operation over the period 2010–2014. The operation may have involved as much as $80 billion. In 2019,
The Guardian reported that a confidential internal report at Deutsche Bank showed that the bank could face
fines, legal action, and even possible prosecution of senior management over the bank's role in the money
laundering.[148]

In 2020, it was reported that Deutsche Bank was pursuing an expansion of its Russia operations.[149]

In the wake of Russia's 2022 invasion of Ukraine, Deutsche Bank refused to close down its Russia
business. At the same time, other banks and major businesses were exiting Russia.[150]

In June 2023, the bank notified customers that it could no longer guarantee them access to the shares they
hold on the basis of depositary receipts issued prior to February 2022. He explained this by the shortage of
shares in the Russian depository. The bank also warned that it would be able to return the funds for the
share significantly below the market price.[151]

Relationship with Donald Trump, 1995–2021

Deutsche Bank is widely recognized as being the largest creditor to real-estate mogul and politician Donald
Trump,[152][153][154] 45th President of the United States, lending him and his company more than $2
billion over twenty years ending 2020.[155] The bank held more than $360 million in outstanding loans to
him prior to his 2016 election. Although his 2019 final report never mentioned Deutsche Bank, as of
December 2017, Special Counsel Robert Mueller investigated Deutsche Bank's role in Trump and Russian
parties allegedly cooperating to elect him.[156] As of March 2019, Deutsche Bank's relationship with
Trump was also under investigation by two U.S. congressional committees and by the New York attorney
general.[157][158][159]

In April 2019, House Democrats subpoenaed the Bank for Trump's personal and financial
records.[160][161][162][163][164] On 29 April 2019, U.S. President Donald Trump, his business, and his
children Donald Trump Jr., Eric Trump, and Ivanka Trump sued Deutsche Bank and Capital One bank to
block them from turning over financial records to congressional committees.[165] On 22 May 2019, judge
Edgardo Ramos of the federal District Court in Manhattan rejected the Trump suit against Deutsche Bank,
ruling the bank must comply with congressional subpoenas.[166] Six days later, Ramos granted Trump's
attorneys their request for a stay so they could pursue an expedited appeal through the courts.[167] In
October 2019, a federal appeals court said the bank asserted it did not have Trump's tax returns.[168] In
December 2019, the Second Circuit Court of Appeals ruled that Deutsche Bank must release Trump's
financial records, with some exceptions, to congressional committees; Trump was given seven days to seek
another stay pending a possible appeal to the Supreme Court.[169]
In May 2019, The New York Times reported that anti-money laundering specialists in the bank detected
what appeared to be suspicious transactions involving entities controlled by Trump and his son-in-law Jared
Kushner, for which they recommended filing suspicious activity reports with the Financial Crimes
Enforcement Network of the Treasury Department, but bank executives rejected the recommendations. One
specialist noted money moving from Kushner Companies to Russian individuals and flagged it in part
because of the bank's previous involvement in a Russian money-laundering scheme.[170][171]

On 19 November 2019, Thomas Bowers, a former Deutsche Bank executive and head of the American
wealth management division, was reported to have committed suicide in his Malibu home.[172] Bowers had
been in charge of overseeing and personally signing over $360 million in high-risk loans for Trump's
National Doral Miami resort.[173] The loans had been subject to a criminal investigation by special counsel
Robert Mueller in his investigation of the president's 2016 campaign involvement in Russian election
meddling. Documents on those loans have also been subpoenaed from Deutsche Bank by the House
Democrats together with the financial documents of the president. A relationship between Bowers's
responsibilities and apparent suicide has not been established; the Los Angeles County Medical Examiner –
Coroner closed the case, giving no indication to wrongdoing by third parties.[174]

In early 2021, Deutsche Bank elected to discontinue its relationship with Donald Trump following the
January 6 United States Capitol attack.[175]

Fine for business with Jeffrey Epstein, 2020

Deutsche Bank lent money and traded currencies for the well-known sex offender Jeffrey Epstein up to
May 2019, long after Epstein's 2008 guilty plea in Florida to soliciting prostitution from underage girls,
according to news reports.[176][147][177] Epstein and his businesses had dozens of accounts through the
private-banking division.[178][179] From 2013 to 2018, "Epstein, his related entities and his associates" had
opened over forty accounts with Deutsche Bank.[180]

According to The New York Times, Deutsche Bank managers overruled compliance officers who raised
concerns about Epstein's reputation.[147]

The bank found suspicious transactions in which Epstein moved money out of the United States, The Times
reported.[178]

On 7 July 2020, the New York Department of Financial Services (DFS) imposed a $150 million penalty on
Deutsche Bank, in connection with Epstein. The bank had "ignored red flags on Epstein".[180][181]

On 24 November, two unnamed women that accused Epstein of sexual abuse and sex trafficking also sued
Deutsche Bank for its role in enabling Epstein to run his sex-trafficking operations by ignoring red flags
regarding his account and the withdrawal of suspiciously high sums of money.[182]

Involvement in Danske Bank money-laundering scandal, 2018

On 19 November 2018, a whistleblower of the Danske Bank money laundering scandal stated that a large
European bank was involved in helping Danske process $150 billion in suspect funds.[183] Although the
whistleblower, Howard Wilkinson, did not name Deutsche Bank directly, another inside source claimed the
institute in question was Deutsche Bank's U.S. unit.[184] In 2020 it became known that the U.S. arm of
Deutsche Bank processed more than $150 billion of the $230 billion dirty money through New York, for
which it was fined 150 million $. After a raid in 2019, Frankfurt-based prosecutors imposed a fine of $15.8
million in 2020 for DB's failure on more than 600 occasions to promptly report suspicious transactions.[185]

Improper handling of ADRs, 2018

On 20 July 2018, Deutsche Bank agreed to pay nearly $75 million to settle charges of improper handling of
"pre-released" American depositary receipt (ADRs) under investigation of the U.S. Securities and
Exchange Commission (SEC). Deutsche Bank didn't admit or deny the investigation findings but agreed to
pay disgorgement of more than $44.4 million in ill-gotten gains plus $6.6 million in prejudgment interest
and a penalty of $22.2 million.[186][187]

Malaysian 1MDB fund

In July 2019, U.S. prosecutors investigated Deutsche Bank's role in a multibillion-dollar fraud scandal
involving the 1Malaysia Development Berhad, or 1MDB.[188][189] Deutsche Bank helped raise $1.2
billion for the 1MDB in 2014.[189] As of May 2021 Malaysia sued Deutsche Bank to recover billions in
alleged losses from a corruption scandal at the fund.[190]

Commodities trading, bribery fine, 2021

In January 2021, Deutsche Bank agreed to pay a U.S. fine of more than $130 million for a scheme to
conceal bribes to foreign officials in countries such as Saudi Arabia and China, and the city of Abu Dhabi,
between 2008 and 2017 and a commodities case where it spoofed precious metals futures.[191][192][193]

Strip club scandal, 2022

In March 2022, Ben Darsney, Ravi Raghunathan, Brandon Sun, and Daniel Gaona were exposed for
trying to expense strip club nights out as legitimate business visits. Brandon Sun attempted to cover up the
incident, but the bankers were let go for violating the Company Code of Conduct.[194][195]

Acquisitions
Disconto-Gesellschaft in Berlin, 1929
Mendelssohn & Co. 1938
Morgan, Grenfell & Company, 1990
Bankers Trust, 30 November 1998[196]
Scudder Investments, 2001
RREEF, 2002[197][198]
Berkshire Mortgage Finance, 22 October 2004[199]
Chapel Funding (now DB Home Lending), 12 September 2006[200]
Norisbank, 2 November 2006
MortgageIT, 3 January 2007[201]
Hollandsche Bank-Unie, 2 July 2008
Sal. Oppenheim, 2010
 Deutsche Postbank, 2010[202]
Park Plaza Mall (enclosed shopping center in Little Rock, Arkansas), 2021[203]
Numis, 2023 (announced).[204]

Notable employees
Hermann Josef Abs, former chair (1957–1968)
Paul Achleitner, chairman of the supervisory board
Josef Ackermann, former CEO (2002–2012)
Friedrich Wilhelm Christians, former co-head of Deutsche Bank
Michael Cohrs, former head of Global Banking (2002–2010)
John Cryan, former CEO (2015–2018)
Sir John Craven – financier in London
Jürgen Fitschen, former co-chair
David Folkerts-Landau, head of Research
Katherine Garrett-Cox, chief executive officer
Alfred Herrhausen, former chair (1988–1989)
Henry Jackson – founder of OpCapita
Anshu Jain, former head of corporate and investment banking
Sajid Javid, former managing-director (2007–2009)
Josh Frydenberg, former director of global banking (2005)
Otto Hermann Kahn – philanthropist
Karl Kimmich, former chair (1942–1945)
Hilmar Kopper, former chairman of the board of Deutsche Bank (1989–1997)
Philip May, spouse of a former prime minister of the United Kingdom
Steven Reich – CEO of Deutsche Bank Trust Company Americas, associate deputy attorney
general (2011–2013)
Georg von Siemens, co-founder and director (1870–1900)
Georg Solmssen, former chair (short time 1933)
Johannes Teyssen, (chair of the management board of E.ON)
Ted Virtue – executive board member
Hermann Wallich, co-founder and director (1870–1893)
Boaz Weinstein – derivatives trader
Chandra Wilson – actress

See also
Banks portal

Companies portal

European Financial Services Roundtable

Cash Group
List of largest banks
 List of corporate collapses and scandals

Sources
David Enrich, Dark Towers: Deutsche Bank, Donald Trump, and an Epic Trail of Destruction,
Custom House (2020) ISBN 978-0-06-287881-6 - The story of Deutsche Bank.[205]

Notes
a. Andrey Kostin (1979–2011), a Russian banker and son of Andrey Kostin who is the
president and chairman of the management board of VTB Bank, graduated from the Russian
Government Finance Academy in 2000 and began working with Deutsche Bank's London
office in 2000.[52] From 2002 to 2007, the younger Andrey Kostin worked in Deutsche Bank's
Office of Interbank and Corporate Sales in the countries of Central and Eastern Europe, the
Middle East and Africa.[52] In April 2007, Anshu Jain sent the younger Andrey Kostin to work
at Deutsche Bank's Moscow office.[50][52] While he was at Deutsche Bank's Moscow office,
the Moscow office began posting profits of $500 million to $1 billion a year.[50][52] He served
on its management board beginning July 2008 and was the deputy chairman of the
management board from February 2011.[52] On 2 July 2011, at 7:30 a.m., while he was at a
vacation retreat reserved for FSB personnel, he died when his Can-Am Outlander-800 ATV
crashed into a tree along a country road near Pereslavl-Zalessky and the village of Los
(Russian: Лось) in the Yaroslavl region of Russia.[52] He was not wearing a helmet.[53]
b. Justin Kennedy, son of Anthony Kennedy, and others such as Jon Vaccaro, Mike Offit, Steve
Stuart, Eric Schwartz, and Tobin "Toby" Cobb are central to Donald Trump's financial
support at Deutsche Bank.[57] Justin Kennedy worked for Deutsche Bank from 1997 to 2009
becoming the global head of real estate capital markets.[48][58]
c. Because of Deutsche Bank's global presence and strong support from attorneys in the
United States and elsewhere, the Fiduciary Services Division, especially at the Singapore
branch of Deutsche Bank, and closely associated one stop service provider companies
including Atlas Corporate Services, Commonwealth Trust Limited (CTL), and the Portcullis
TrustNet Group which was established in the 1980s gives support to private wealth
management by establishing structures in critical places in the world such as trusts in Crown
possessions including Guernsey, Isle of Man, Jersey; limited liability companies (LLC) in
United Kingdom, Delaware, etc.; foundations in Liechtenstein; holding companies in
Delaware, Bahamas, Cayman Islands, British Virgin Islands, Belize, Nevis, Seychelles,
Mauritius, Hong Kong, Malaysia, Singapore, New Zealand, Cook Islands, Samoa, Marshall
Islands, Panama, Ireland, United Kingdom, Luxembourg, Monaco, Cyprus, Gibraltar, etc.;
discrete bank accounts in Panama, Bahamas, Switzerland, Latvia, Cyprus, Beijing,
etc.[37][62][63][64][65][66][67][68][69][70][71]
d. Val Broeksmit (b. 1976, Ukraine) emigrated to Chicago in 1979 with his parents Alexander
and Alla. Later, after his mother divorced his father and married Bill Broeksmit, he was
adopted by Broeksmit when he was 9. Adam Schiff subpoenaed Val Broeksmit for the
Broeksmit materials about Deutsche Bank to begin House of Representatives investigations
into Trump and Deutsche Bank.[131][132]

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External links
Media related to Deutsche Bank at Wikimedia Commons

Business data for Deutsche Bank: Bloomberg (https://www.bloomberg.com/quote/DB:US) ·

Google (https://www.google.com/finance?q=NYSE:DB) · Reuters (https://www.reuters.com/m
arkets/companies/DB) · SEC filings (https://www.sec.gov/cgi-bin/browse-edgar?action=getc
ompany&CIK=DB) · Yahoo! (https://finance.yahoo.com/quote/DB)
Official website (https://www.db.com)
Documents and clippings about Deutsche Bank (http://purl.org/pressemappe20/folder/co/04
2092) in the 20th Century Press Archives of the ZBW
Historical Association of Deutsche Bank (http://www.bankgeschichte.de/index_e.html)
Deutsche Bank (https://portal.mvp.bafin.de/database/InstInfo/institutDetails.do?cmd=loadInst
itutAction&institutId=100003&locale=en_GB) in the Federal Financial Supervisory Authority
(BaFin) database
Literature by and about Deutsche Bank (https://portal.dnb.de/opac.htm?method=showFullRe
cord&currentResultId=%22%5C%222002604-3%5C%22%22%26any&currentPosition=1) in
the German National Library

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