Deutsche Bank
Deutsche Bank
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Deutsche Bank
11389°N 8.66861°E / 50.11389; 8.66861 Deutsche Bank AG (literally "German Bank"; pronounced [ˈdɔʏ̯t͡ʃə ˈbaŋk ʔaːˈgeː]) ( listen (help·info)) is a German

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This article is in a list format that may be better presented using prose. You can help by converting this article to prose, if appropriate. Editing help is available. (January 2017) Not to be confused with Deutsche Bundesbank or Deutsche Postbank.

Coordinates: 50°6′50″N 8°40′7″E / 50.11389°N 8.66861°E / 50.11389; 8.66861

Deutsche Bank AG Deutsche Bank Twin Towers, the Headquarters of Deutsche Bank in Frankfurt, Germany Type Aktiengesellschaft Traded as FWB: DBK, NYSE: DB ISIN DE0005140008 Industry Banking
Financial services Founded 1870; 147 years ago (1870) Headquarters Deutsche Bank Twin Towers
Frankfurt, Germany Area served Worldwide Key people Paul Achleitner (chairman)
John Cryan (CEO) Products consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, private equity, savings, Securities, asset management, wealth management, Credit cards Revenue €30.014 billion (2016) Operating income −€0.810 billion (2016) Profit −€1.356 billion (2016) Total assets €1.591 trillion (2016) Total equity €60 billion (2016) Number of employees 99,744 (2016) Subsidiaries
  • Deutsche Bank (Italy)
Website www.db.com

Deutsche Bank AG (literally "German Bank"; pronounced ) ( listen (help·info)) is a German global banking and financial services company, with its headquarters in the Deutsche Bank Twin Towers in Frankfurt. It has more than 100,000 employees in over 70 countries, and has a large presence in Europe, the Americas, Asia-Pacific and the emerging markets. In 2009, Deutsche Bank was the largest foreign exchange dealer in the world with a market share of 21 percent. The company was a component of the STOXX Europe 50 stock market index until being replaced on that index on August 8, 2016.

The bank offers financial products and services for corporate and institutional clients along with private and business clients. Deutsche Bank’s core business is investment banking, which represents 50% of equity, 75% of leverage assets and 50% of profits. Services include sales, trading, research and origination of debt and equity; mergers and acquisitions (M&A); risk management products, such as derivatives, corporate finance, wealth management, retail banking, fund management, and transaction banking.

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.

On 7 June 2015, the then co-CEOs, Juergen Fitschen and Anshu Jain, both offered their resignations to the bank's supervisory board, which were accepted. Anshu Jain's resignation took effect on 30 June 2015, but he provided consultancy to the bank until January 2016. Juergen Fitschen temporarily continued as joint CEO until 19 May 2016. The appointment of John Cryan as joint CEO was announced, effective 1 July 2016; he became sole CEO at the end of Juergen Fitschen's term.

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. 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."

Since 2017, its biggest shareholder is Chinese conglomerate HNA Group, which owns 10.0% of its stakes.

Contents
  • 1 History
    • 1.1 1870–1919
      • 1.1.1 Founding members
      • 1.1.2 First directors
    • 1.2 1919–1933
    • 1.3 1933–1945
    • 1.4 Post-WWII
    • 1.5 Since 2000
      • 1.5.1 Housing credit bubble and CDO market
      • 1.5.2 Leveraged super-senior trades
      • 1.5.3 European financial crisis
      • 1.5.4 Consolidation
  • 2 Performance
    • 2.1 Awards and recognition
  • 3 Management structure
    • 3.1 The management bodies of Deutsche Bank
      • 3.1.1 Management Board
      • 3.1.2 Supervisory Board
      • 3.1.3 Group Executive Committee (GEC)
  • 4 Business Divisions
    • 4.1 Corporate & Investment Bank (CIB)
      • 4.1.1 Corporate Banking & Securities (CB&S)
        • 4.1.1.1 Markets
        • 4.1.1.2 Corporate Finance
      • 4.1.2 Global Transaction Banking
    • 4.2 PCAM
      • 4.2.1 Private Wealth Management
      • 4.2.2 Private & Business Clients
      • 4.2.3 Asset Management
    • 4.3 Communication
  • 5 Controversies
    • 5.1 Tax evasion
    • 5.2 Espionage scandal
    • 5.3 April 2015 Libor scandal
    • 5.4 Role in 2007/2008 financial crisis
    • 5.5 2015 sanctions violations
    • 5.6 2017 money laundering fine
  • 6 Acquisitions
  • 7 Notable current and former employees
    • 7.1 Public service
  • 8 Awards
  • 9 See also
  • 10 References
  • 11 External links

History Deutsche Bank, Sydney Share of the Deutsche Bank, issued 2. November 1881 1870–1919

Deutsche Bank was founded in Berlin in 1870 as a specialist bank for foreign trade. The bank's statute was adopted on 22 January 1870, and on 10 March 1870 the Prussian government granted it a banking licence. The statute laid great stress on foreign business:

The object of the company is to transact banking business of all kinds, in particular to promote and facilitate trade relations between Germany, other European countries and overseas markets.

Three of the founders were Georg Siemens whose father's cousin had founded Siemens and Halske, Adelbert Delbrück and L. Bamberger. Previous to the founding of Deutsche Bank, German importers and exporters were dependent upon English and French banking institutions in the world markets—a serious handicap in that German bills were almost unknown in international commerce, generally disliked and subject to a higher rate of discount than English or French bills.

Founding members
  • Hermann Zwicker (Bankhaus Gebr. Schickler, Berlin)
  • Anton Adelssen (Bankhaus Adelssen & Co., Berlin)
  • Adelbert Delbrück (Bankhaus Delbrück, Leo & Co.)
  • Heinrich von Hardt (Hardt & Co., Berlin, New York)
  • Ludwig Bamberger
  • Victor Freiherr von Magnus (Bankhaus F. Mart Magnus)
  • Adolph vom Rath (de) (Bankhaus Deichmann & Co., Cologne)
  • Gustav Kutter (Industrieller for 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 and Hamburg. Its first foray overseas came shortly afterwards, in Shanghai (1872) and London (1873) followed sometime by South America (1874–1886). The branch opening in London, after one failure and another partially successful attempt, was a prime necessity for the establishment of credit for the German trade in what was then the world's money centre.

Major projects in the early years of the bank included the Northern Pacific Railroad in the US and the Baghdad Railway (1888). In Germany, the bank was instrumental in the financing of bond offerings of steel company Krupp (1879) and introduced the chemical company Bayer to the Berlin stock market.

The second half of the 1890s saw the beginning of a new period of expansion at Deutsche Bank. The bank formed alliances with large regional banks, giving itself an entrée into Germany's main industrial regions. Joint ventures were symptomatic of the concentration then under way in the German banking industry. For Deutsche Bank, domestic branches of its own were still something of a rarity at the time; the Frankfurt branch dated from 1886 and the Munich branch from 1892, while further branches were established in Dresden and Leipzig in 1901.

In addition, the bank rapidly perceived the value of specialist institutions for the promotion of foreign business. Gentle pressure from the Foreign Ministry played a part in the establishment of Deutsche Ueberseeische Bank in 1886 and the stake taken in the newly established Deutsch-Asiatische Bank three years later, but the success of those companies in showed that their existence made sound commercial sense.

1919–1933

The immediate postwar period was a time of liquidations. Having already lost most of its foreign assets, Deutsche Bank was obliged to sell other holdings. A great deal of energy went into shoring up what had been achieved. But there was new business, too, some of which was to have an impact for a long time to come. The bank played a significant role in the establishment of the film production company, UFA, and the merger of Daimler and Benz.

The bank merged with other local banks in 1929 to create Deutsche Bank und DiscontoGesellschaft, at that point the biggest ever merger in German banking history. Increasing costs were one reason for the merger. Another was the trend towards concentration throughout the industry in the 1920s. The merger came at just the right time to help counteract the emerging world economic and banking crisis. In 1937, the company name changed back to Deutsche Bank.

The crisis was, in terms of its political impact, the most disastrous economic event of the century. The shortage of liquidity that paralyzed the banks was fuelled by a combination of short-term foreign debt and borrowers no longer able to pay their debts, while the inflexibility of the state exacerbated the situation. For German banks, the crisis in the industry was a watershed. A return to circumstances that might in some ways have been considered reminiscent of the "golden age" before World War I was ruled out for many years.

1933–1945

After Adolf Hitler came to power, instituting the Third Reich, Deutsche Bank dismissed its three Jewish board members in 1933. In subsequent years, Deutsche Bank took part in the aryanization of Jewish-owned businesses; according to its own historians, the bank was involved in 363 such confiscations by November 1938. During the war, Deutsche Bank incorporated other banks that fell into German hands during the occupation of Eastern Europe. Deutsche Bank provided banking facilities for the Gestapo and loaned the funds used to build the Auschwitz camp and the nearby IG Farben facilities.

During World War II, Deutsche Bank became responsible for managing the Bohemian Union Bank in Prague, with branches in the Protectorate and in Slovakia, the Bankverein in Yugoslavia (which has now been divided into two financial corporations, one in Serbia and one in Croatia), the Albert de Barry Bank in Amsterdam, the National Bank of Greece in Athens, the Creditanstalt-Bankverein in Austria and Hungary, the Deutsch-Bulgarische Kreditbank in Bulgaria, and Banca 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 Auschwitz. In December 1999 Deutsche, along with other major German companies, contributed to a US$5.2 billion compensation fund following lawsuits brought by Holocaust survivors. The history of Deutsche Bank during the Second World War has since been documented by independent historians commissioned by the Bank.

Post-WWII

Following Germany's defeat in World War II, the Allied authorities, in 1948, ordered Deutsche Bank's break-up into ten regional banks. These 10 regional banks were later consolidated into three major banks in 1952: Norddeutsche Bank AG; Süddeutsche Bank AG; and Rheinisch-Westfälische Bank AG. In 1957, these three banks merged to form Deutsche Bank AG with its headquarters in Frankfurt.

In 1959, the bank entered retail banking by introducing small personal loans. In the 1970s, the bank pushed ahead with international expansion, opening new offices in new locations, such as Milan (1977), Moscow, London, Paris and Tokyo. In the 1980s, this continued when the bank paid US$603 million in 1986 to acquire the Banca d'America e d'Italia, the Italian subsidiary that Bank of America had established in 1922 when it acquired Banca dell'Italia Meridionale. The acquisition represented the first time Deutsche Bank had acquired a sizeable branch network in another European country.

In 1989, the first steps towards creating a significant investment-banking presence were taken with the acquisition of Morgan, Grenfell & Co., a UK-based investment bank. By the mid-1990s, the buildup of a capital-markets operation had got under way with the arrival of a number of high-profile figures from major competitors. Ten years after the acquisition of Morgan Grenfell, the U.S. firm Bankers Trust was added.

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

Since 2000

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, Deutsche Bank strengthened its U.S. presence when it purchased Scudder Investments. Meanwhile, in Europe, Deutsche Bank increased its private-banking business by acquiring Rued Blass & Cie (2002) and the Russian investment bank United Financial Group (2006). In Germany, further acquisitions of Norisbank, Berliner Bank and Deutsche Postbank strengthened Deutsche Bank’s retail offering in its home market. This series of acquisitions was closely aligned with the bank’s strategy of bolt-on acquisitions in preference to so-called "transformational" mergers. These formed part of an overall growth strategy that also targeted a sustainable 25% return on equity, something the bank achieved in 2005.

The company's headquarters, the Deutsche Bank Twin Towers building, was extensively renovated beginning in 2007. The renovation took approximately three years to complete. The renovated building was certified LEED Platinum and DGNB Gold.

The bank developed, owned and operated the Cosmopolitan of Las Vegas, after the project's original developer defaulted on its borrowings. Deutsche Bank opened the casino in 2010 and 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, however it sold the property to Blackstone Group for $1.73 billion.

Housing credit bubble and CDO market Internal email from 2005 describing Deutsche CDO traders view of the bubble

Deutsche Bank was one of the major drivers of the collateralized debt obligation (CDO) market during the housing credit bubble from 2004 to 2008, creating about $32 billion worth. The 2011 US Senate Permanent Select Committee on Investigations report on Wall Street and the Financial Crisis analyzed Deutsche Bank as a 'case study' of investment banking involvement in the mortgage bubble, CDO market, credit crunch, and recession. It concluded that even as the market was collapsing in 2007, and its top global CDO trader was deriding the CDO market and betting against some of the mortgage bonds in its CDOs, Deutsche bank continued to churn out bad CDO products to investors.

The report focused on one CDO, Gemstone VII, made largely of mortgages from Long Beach, Fremont, and New Century, all notorious subprime lenders. Deutsche Bank put risky assets into the CDO, like ACE 2006-HE1 M10, which its own traders thought was a bad bond. It also put in some mortgage bonds that its own mortgage department had created but couldn't sell, from the DBALT 2006 series. The CDO was then aggressively marketed as a good product, with most of it being described as having A level ratings. By 2009 the entire CDO was almost worthless and the investors (including Deutsche Bank itself) had lost most of their money.

Greg Lippmann, head of global CDO trading, was betting against the CDO market, with approval of management, even as Deutsche was continuing to churn out product. He was a large character in Michael Lewis' book The Big Short, which detailed his efforts to find 'shorts' to buy Credit Default Swaps for the construction of Synthetic CDOs. He was one of the first traders to foresee the bubble in the CDO market as well as the tremendous potential that CDS offered in this. As portrayed in The Big Short, Lipmann in the middle of the CDO and MBS frenzy was orchestrating presentations to investors, demonstrating his bearish view of the market, offering them the idea to start buying CDS, especially to AIG in order to profit from the forthcoming collapse. As regards the Gemstone VII deal, even as Deutsche was creating and selling it to investors, Lippman emailed colleagues that it 'blew', and he called parts of it 'crap' and 'pigs' and advised some of his clients to bet against the mortgage securities it was made of. Lippman called the CDO market a 'ponzi scheme', but also tried to conceal some of his views from certain other parties because the bank was trying to sell the products he was calling 'crap'. Lippman's group made money off of these bets, even as Deutsche overall lost money on the CDO market.

Deutsche was also involved with Magnetar Capital in creating its first Orion CDO. Deutsche had its own group of bad CDOs called START. It worked with Elliot Advisers on one of them; Elliot bet against the CDO even as Deutsche sold parts of the CDO to investors as good investments. Deutsche also worked with John Paulson, of the Goldman Sachs Abacus CDO controversy, to create some START CDOs. Deutsche lost money on START, as it did on Gemstone.

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.

Leveraged super-senior trades

Former employees including Eric Ben-Artzi and Matthew Simpson have claimed that during the crisis Deutsche failed to recognise up to $12bn of paper losses on their $130bn portfolio of leveraged super senior trades, although the bank rejects the claims. A company document of May 2009 described the trades as "the largest risk in the trading book", 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. 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."

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. 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. 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. 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. Ben-Artzi claims that after modelling 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. In October 2008 they stopped modelling 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. 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.

European financial crisis Main article: European sovereign-debt crisis

Deutsche Bank has a negligible exposure to Greece. Spain and Italy however account for a tenth of its European private and corporate banking business. According to the bank's own statistics the credit risks in these countries are about €18 billion (Italy) and €12 billion (Spain).

For the 2008 financial year, Deutsche Bank reported its first annual loss in five decades, 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.

Based on a preliminary estimation from the European Banking Authority (EBA) in October 2011, Deutsche Bank AG needed to raise capital of about €1.2 billion (US$1.7 billion) as part of a required 9 percent core Tier 1 ratio after sovereign debt writedown starting in mid-2012.

It needs 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. As of March 2016 it stands at 11.1%, and it may be down to close to 10.5% by the time Deutsche Bank next reports first quarter 2016 earnings.

Consolidation

Due to Deutsche Bank Capital Ratio Tier-1 (CET1) is only 11.4 percent or lower than median of CET1 ratio of Europe's 24 biggest publicly traded banks with 12 percent, so there will be no dividend for 2015 and 2016, furthermore the bank cuts 15,000 jobs.

Performance Year 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 Net Income €1.7bn €0.7bn €0.3bn €4.3bn €2.3bn €5.0bn €−3.9bn €6.5bn €6.1bn €3.5bn €2.5bn €1.4bn Revenues €31.9bn €31.9bn €33.7bn €33.2bn €28.6bn €28.0bn €13.5bn €30.7bn €28.5bn €25.6bn €21.9bn €21.3bn Return on equity 5.1% 2.6% - - 5% 18% −29% 30% 26% 16% 1% 7% Dividend 0.75 - - - 0.75 0.75 0.5 4.5 4.0 2.5 1.7 1.5

Awards and recognition

The bank has been widely recognized for its transformation over the ten years between 2002 until 2012 for moving from a German-centric organization that was renowned for its retail and commercial presence to a global investment bank that is less reliant on its traditional markets for its profitability. Deutsche Bank was named International Financing Review's Bank of the Year twice in a three-year period, in 2003 and 2005. It also won the prize in 2010. In 2012, for the second time in three years, Deutsche Bank was named Best Global Investment Bank in the annual Euromoney Awards for Excellence.

In December 2012, International Financing Review (IFR) recognized Deutsche Bank as its Equity House of the Year and Bond House of the Year 2012. This is the first time the Bank has been named Equity House of the Year and the sixth time that it has won the top Bond award. Deutsche Bank is also the only European bank to have been awarded the top Equity and Bond awards in the same year. Highlighting the Bank's success in equities, IFR said: "Deutsche led major IPOs, took on tough risk positions (especially in Europe) and became one of the preferred banks of the US Treasury." IFR also praised the Bank’s "fortitude and skill" in bond markets, saying it combined "a steady hand with solid execution to get all kinds of deals done in just about every corner of the globe."

Deutsche Bank won a further seven IFR awards:

  • Commodity Derivatives House
  • EMEA Structured Equity House
  • EMEA Loan House
  • EMEA High-Yield Bond House
  • EMEA Liability Management House
  • SSAR Bond House
  • Sterling Bond House

In 2016, Standard Ethics Aei assigned a rating to Deutsche Bank in order to include it in its Standard Ethics German Index.

Management structure

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, and in July 2015 it announced it will be led by one CEO from 2016.

The management bodies of Deutsche Bank
  • Annual General Meeting
  • Management Board
  • Supervisory Board
  • Group Executive Committee
Management Board

Management Board members as of 12 February 2016:

  • John Cryan, Chairman and Chief Executive Officer (sole CEO effective 20 May 2016)
  • Juergen Fitschen, Co-Chairman, outgoing (departed 19 May 2016)
  • Stuart Lewis, Chief Risk Officer
  • Sylvie Matherat, Chief Regulatory Officer
  • Quintin Price, Head of Deutsche Asset Management
  • Garth Ritchie, Head of Global Markets
  • Karl von Rohr, Chief Administrative Officer
  • Dr. Marcus Schenck, Chief Financial Officer
  • Christian Sewing, Head of Private, Wealth & Commercial Clients
  • Jeffrey Urwin, Head of Corporate & Investment Banking
Supervisory Board

Supervisory Board member as of 1 January 2013:

  • Paul Achleitner, Chairperson
  • Karin Ruck, Deputy Chairperson, Senior Adviser Regional Transformation, Region Frankfurt/Hesse-East, Deutsche Bank AG, Member of the Combined Staff Council
  • Wolfgang Böhr, Chairman of the Combined Staff Council Düsseldorf, Member of the General Staff Council, Member of the Group Staff Council
  • Karl-Gerhard Eick (Management Consultant KGE Asset Management & Consulting Ltd.)
  • Katherine Garrett-Cox (Chief Executive Officer of Alliance Trust PLC)
  • Alfred Herling, Chairman of the Combined Staff Council Wuppertal/Sauerland, Chairman of the General Staff Council, Chairman of the Group Staff Council
  • Henning Kagermann (President of Acatech – German Academy of Science and Engineering)
  • Martina Klee, Chairperson of the Staff Council GTO Eschborn/Frankfurt, Member of the General Staff Council, Member of the Group Staff Council
  • Suzanne Labarge (Previously vice chairman & chief risk officer, Royal Bank of Canada in Toronto)
  • Peter Löscher (Chief Executive Officer of Renova Management AG)
  • Henriette Mark, Chairperson of the Combined Staff Council Munich and Southern Bavaria, Member of the General Staff Council, Member of the Group Staff Council, Chairperson of the European Staff Council
  • Gabriele Platscher, Chairperson of the Combined Staff Council Braunschweig/Hildesheim
  • Rudolf Stockem (Trade Union Secretary to Vereinte Dienstleistungsgewerkschaft and freelance organisation and communication advisor)
  • Johannes Teyssen (Chairman of the Management Board of E.ON)
  • Marlehn Thieme, Director Infrastructure/Regional Management Communications Corporate Citizenship
  • Tilman Todenhöfer (Managing Partner Robert Bosch Industrietreuhand KG)
  • Klaus Rüdiger Trützschler (Previously member of the Management Board of Franz Haniel & Cie. GmbH)
  • Stefan Viertel, Head of Cash Management Financial Institutions Austria and Hungary, Senior Sales Manager
  • Renate Voigt, Chairman of the Combined Staff Council Stuttgart/Esslingen/Heilbronn
  • Werner Wenning, (Chairman of the Supervisory Board of E.ON, Chairman of the Supervisory Board of Bayer AG)
Group Executive Committee (GEC)

The Group Executive Committee comprises the members of the Management Board and senior representatives from the business divisions within the client-facing group divisions and from the management of the regions appointed by the Management Board. The GEC serves as a tool to coordinate the businesses and regions. It has, as its prime tasks and responsibilities, the provision of ongoing information to the Management Board on business developments and particular transactions, regular review of business segments, consultation with and furnishing advice to the Management Board on strategic decisions and preparation of decisions to be made by the Management Board.

Committee members as of 1 January 2013:

  • Juergen Fitschen , Co-Chairman
  • Anshu Jain , Co-Chairman
  • Stefan Krause, Chief Financial Officer
  • Stephan Leithner, Chief Executive Officer Europe (except Germany and UK), Human Resources, Legal & Compliance, Government & Regulatory Affairs
  • Stuart Lewis, Chief Risk Officer
  • Rainer Neske, Head of Private & Business Clients
  • Henry Ritchotte, Chief Operating Officer
  • Melinda J. Hooker, Chief Executive Officer of North America
  • Gunit Chadha, Co-Chief Executive Officer of Asia/Pacific
  • Alan Cloete, Co-Chief Executive Officer of Asia/Pacific
  • Michele Faissola, Head of Asset & Wealth Management
  • Colin Fan, Co-Head of Corporate Banking & Securities and Head of Markets
  • David Folkerts-Landau, Head of Research
  • Colin Grassie, Chief Executive Officer of the UK
  • Robert Rankin, Co-Head of Corporate Banking & Securities and Head of Corporate Finance
  • Christian Ricken, Chief Operating Officer, Private & Business Clients
  • Werner Steinmüller, Head of Global Transaction Banking
  • Richard Walker, General Counsel
Business Divisions Corporate & Investment Bank (CIB) The New York Stock Exchange on 9 August 2011, when Deutsche Bank's db-X Group commenced trading on NYSE Arca.

Deutsche Bank is considered among the "Bulge bracket" of global investment banks due to its leading size and profitability. The bank's business model rests on two pillars: the Corporate & Investment Bank (CIB) and Private Clients & Asset Management (PCAM).

The Corporate & Investment Bank (CIB) is Deutsche Bank's capital markets business. CIB comprises two divisions, Corporate Banking & Securities and Global Transaction Banking.

Corporate Banking & Securities (CB&S)

Deutsche Bank's Corporate Banking & Securities division comprises Markets and Corporate Finance.

Markets

The Markets division is responsible for Deutsche Bank Group's sales and trading of securities. Markets Research provides analyses of financial products, markets and strategy.

Corporate Finance

The Corporate Finance division is responsible for advisory, debt and equity issuances and mergers & acquisitions (M&A).

Global Transaction Banking

Global Transaction Banking or GTB caters for corporates and financial institutions by providing commercial banking products including cross-border payments, risk mitigation and international trade finance.

PCAM

Private Clients & Asset Management (PCAM) is composed of Private Wealth Management, Private & Business Clients and Asset Management. This trio of business divisions include Deutsche Bank’s investment management business for private and institutional clients, together with retail banking activities for private clients and small and medium-sized businesses.

Private Wealth Management

Private Wealth Management functions as the bank’s private banking arm, serving high-net-worth individuals and families worldwide. The division has a strong presence in the world's private banking hotspots, including Switzerland, Luxembourg, the Channel Islands, the Caymans and Dubai.

Private & Business Clients

The Private & Business Clients (PBC) is the retail banking division of Deutsche Bank. Besides Germany, it has operations in seven other countries: Italy, Spain, Poland, Belgium, Portugal, India and China.

Asset Management

According to the Scorpio Partnership Global Private Banking Benchmark 2014 the company had US$384.1bn of assets under management, an increase of 13.7% on 2013.

Communication

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.

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 euros as litigation reserves, with a further €2.2 billion held against other contingent liabilities.

Tax evasion

Six former employees 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 Euros. Deutsche Bank itself was not convicted due to an absence of corporate liability laws in Germany.

Espionage scandal

From as late as 2001 to at least 2007, the bank engaged in covert espionage on its critics. The bank has admitted to episodes of spying in 2001 and 2007 directed by its corporate security department, although characterizing them as "isolated." According to the Wall Street Journal's page one report, Deutsche Bank had prepared a list of names of 20 people who it wished investigated for criticism of the bank, including Michael Bohndorf (an activist investor in the bank) and Leo Kirch (a former media executive in litigation with bank). Also targeted was the Munich law firm of Bub Gauweiler & Partner, which represents Kirch. According to the Wall Street Journal, the bank's legal department was involved in the scheme along with its corporate security department. The bank has since hired Cleary Gottlieb Steen & Hamilton, a New York law firm, to investigate the incidents on its behalf. The Cleary firm has concluded its investigation and submitted its report, which however has not been made public. According to the Wall Street Journal, the Cleary firm uncovered a plan by which Deutsche Bank was to infiltrate the Bub Gauweiler firm by having a bank "mole" hired as an intern at the Bub Gauweiler firm. The plan was allegedly cancelled after the intern was hired but before she started work. Peter Gauweiler, a principal at the targeted law firm, was quoted as saying "I expect the appropriate authorities including state prosecutors and the bank's oversight agencies will conduct a full investigation."

In May 2009, Deutsche Bank informed the public that the executive management had learned about possible violations which occurred in past years of the bank's internal procedures or legal requirements in connection with activities involving the bank's corporate security department. Deutsche Bank immediately retained the law firm Cleary Gottlieb Steen & Hamilton in Frankfurt to conduct an independent investigation and informed the German Federal Financial Supervisory Authority (BaFin). The principal findings by the law firm, published in July 2009, are as follows: Four incidents that raise legal issues such as data protection or privacy concerns have been identified. In all incidents, the activities arose out of certain mandates performed by external service providers on behalf of the Bank's Corporate Security Department. The incidents were isolated and no systemic misbehaviour has been found. And there is no indication that present members of the Management Board have been involved in any activity that raise legal issues or have had any knowledge of such activities. This has been confirmed by the Public Prosecutor’s Office in Frankfurt in October 2009. Deutsche Bank has informed all persons affected by the aforementioned activities and expressed its sincere regrets. BaFin found deficiencies in operations within Deutsche Bank’s security unit in Germany but found no systemic misconduct by the bank. The Bank has initiated steps to strengthen controls for the mandating of external service providers by its Corporate Security Department and their activities.

April 2015 Libor scandal See also: Libor scandal

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. The company also pleaded guilty to wire fraud, acknowledging that at least 29 employees had engaged in illegal activity. It will be required to dismiss all employees who were involved with the fraudulent transactions. However, no individuals will be charged with criminal wrongdoing. In a Libor first, Deutsche Bank will be required to install an independent monitor. 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." 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. 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.

Role in 2007/2008 financial crisis See also: Financial crisis of 2007–2008

In January 2017, Deutsche Bank agreed to a $7.2 billion settlement with the U.S. Department of Justice over its sale and pooling of toxic mortgage securities in the years leading up to the 2008 financial crisis. 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 U.S. sanctions on Iran and other countries. Since 2012, Deutsche Bank had paid more than 12 billion euros for litigation, including a deal with U.S. mortgage-finance giants Fannie Mae and Freddie Mac.

2015 sanctions violations

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 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 are 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.

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. The bank is still under investigation by the US Justice Department and NYDFS into possible sanctions violations relating to the 2014-15 Ukrainian crisis and its activities within Russia.

2017 money laundering fine

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

Acquisitions
  • Morgan, Grenfell & Company, 1990.
  • Bankers Trust, 30 November 1998.
  • Scudder Investments, 2001
  • RREEF (Rosenberg Real Estate Equities Fund, founded in 1975), 2002
  • Berkshire Mortgage Finance, 22 October 2004.
  • Chapel Funding (now DB Home Lending), 12 September 2006
  • MortgageIT, 3 January 2007
  • Hollandsche Bank-Unie – 2 July 2008: Fortis, ABN AMRO and Deutsche Bank announced that they have signed an agreement by which Deutsche Bank would acquire from ABN AMRO its Hollandsche Bank-Unie subsidiary which concentrated on commercial banking activities in the Netherlands. The deal was initially put on hold when the Dutch government bailed out and took control of Fortis Bank Nederland. However the deal was later cleared and the subsidiary was purchased by Deutsche Bank for EUR 709 million in 2010.
  • Sal. Oppenheim, 2010
  • Deutsche Postbank, 2010
Notable current and former employees
  • Hermann Josef Abs – Chairman (1957–1968)
  • Josef Ackermann – former CEO (2002–2012)
  • Michael Cohrs – Head of Global Banking (2002–2010)
  • Sir John Craven – financier in London
  • Alfred Herrhausen – Chairman (1988–1989)
  • Anshu Jain – Head of Corporate and Investment Banking
  • Henry Jackson — Founder of OpCapita
  • Karl Kimmich – Chairman (1942–1945)
  • Georg von Siemens – co-founder and director (1870–1900)
  • Ted Virtue – executive board member
  • Hermann Wallich – co-founder and director (1870–1893)
  • Greg Lippmann – trader
  • Boaz Weinstein – derivatives trader
  • Clive R. Holmes – Co-Founder, Co-Managing Partner and Chief Investment Officer of The Silverfern Group
Public service
  • Sajid Javid – former board member of Deutsche Bank International Limited (2007–2009)
  • Otto Hermann Kahn – philanthropist
Awards
  • Best Banking Performer, Germany in 2016 by Global Brands Magazine Award.
See also
  • Companies portal
  • European Financial Services Roundtable
  • Deutsche Bank Prize in Financial Economics
References
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External links Wikimedia Commons has media related to Deutsche Bank.
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  • Nordea Bank AB
United Kingdom
  • Bank of Tokyo-Mitsubishi UFJ Ltd.
  • Barclays Bank PLC
  • Citibank NA
  • DNB Bank (NOR)
  • HSBC Bank PLC
  • JPMorgan Chase Bank, N.A., London Branch
  • Kookmin Bank International Ltd.
  • Lloyds Bank PLC
  • MashreqBank psc (UAE)
  • Royal Bank of Scotland PLC
  • UBS AG
  • Wells Fargo Bank NA
Non-EU
  • Bank of China (CHN)
  • v
  • t
  • e
50 largest banks and bank holding companies in the United States
  • Ally
  • American Express
  • Bank of America
  • Bank of New York Mellon
  • Barclays*
  • BB&T
  • BBVA*
  • BMO*
  • BNP Paribas*
  • Capital One
  • Charles Schwab
  • CIT
  • Citigroup
  • Citizens
  • Comerica
  • Credit Suisse*
  • Deutsche Bank*
  • Discover
  • E-Trade
  • Fifth Third
  • Goldman Sachs
  • HSBC*
  • Huntington
  • JPMorgan Chase
  • KeyBank
  • M&T
  • Mizuho*
  • Morgan Stanley
  • MUFG Union Bank*
  • Mutual of Omaha
  • New York Community
  • Northern Trust
  • People's United
  • PNC
  • Popular
  • Royal Bank of Canada*
  • Regions
  • Banco Santander*
  • State Farm
  • State Street
  • SunTrust
  • SVB
  • Synchrony
  • Toronto Dominion*
  • TIAA
  • U.S. Bancorp
  • UBS*
  • USAA
  • Wells Fargo
  • Zions
  • * indicates the U.S. subsidiary of a non-U.S. bank. Inclusion on this list is based on U.S. assets only, and is current as of March 31, 2017.
Authority control
  • WorldCat Identities
  • VIAF: 130112035
  • LCCN: n50005103
  • ISNI: 0000 0001 2156 9691
  • GND: 2002604-3
  • SUDOC: 035089059
  • BNF: cb12520501f (data)


The Deutsche Bank, 1870-1995
The Deutsche Bank, 1870-1995
This work tells the story of the rise to fortune of one of the world's largest banks - from its foundations on 1870 and the early years, to the great expansion before World War I, the difficult war years, the great inflation and the tenuous stabilization of the late 1920s, the great Depression and banking crisis of the early 30s, the effects of Nazi rule and a new world war, through to a key role in the great achievements and growth of postwar Germany and the bank's rise to a global provider of financial services.

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$54.59



Banking on Global Markets: Deutsche Bank and the United States, 1870 to the Present (Cambridge Studies in the Emergence of Global Enterprise)
Banking on Global Markets: Deutsche Bank and the United States, 1870 to the Present (Cambridge Studies in the Emergence of Global Enterprise)
Banking on Global Markets uses the story of the U.S. business and political dealings of Germany's largest bank to illuminate important developments in the ongoing globalization of major financial institutions. Throughout its nearly 140-year-long history, Deutsche Bank served as one of Germany's principal vehicles for forging economic and other links with the rest of the world. Despite some early successes in the face of severe obstacles for Deutsche Bank, the U.S. market probably remained Deutsche Bank's highest foreign priority and its most frustrating challenge. As with many foreign investors, Deutsche Bank found its hopes of harnessing America's enticing opportunities often dashed by many regulatory and political barriers. Relying on primary-source material, Banking on Global Markets traces Deutsche Bank involvement with the United States in the context of a changing national and international regulatory and economic environment that set the stage for its strategies and activities in the United States, and, at times, even in its home country. It is the story of how international cooperation furthered and conflict hindered those endeavors, and how international banking evolved from a very personalized business between nations to one dominated by enormous transnational markets. It is a work designed for anyone interested in how cross-border flows of information and capital have affected history and how our modern form of globalization distinguishes itself from that of earlier periods. A professor of finance and writer of history, Christopher Kobrak weaves together how these financial, political, and institutional developments have helped shape the emerging new international order.

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$35.99



Deutsche Bank Must Be Saved for the Sake of World Peace: Executive Intelligence Review; Volume 43, Issue 29
Deutsche Bank Must Be Saved for the Sake of World Peace: Executive Intelligence Review; Volume 43, Issue 29
Deutsche Bank Must Be Saved, for the Sake of World Peace! Statement issued by Helga Zepp-LaRouche, Chairwoman of the German Civil Rights Movement Solidarity (BüSo), on July 12, 2016. The imminent threat of the bankruptcy of Deutsche Bank is certainly not the only potential trigger for a new systemic crisis of the trans-Atlantic banking system, which would be orders of magnitude more deadly than the 2008 crisis, but it does offer a unique lever to prevent a collapse into chaos. Behind the SOS launched by the chief economist of Deutsche Bank, David Folkerts-Landau, for an EU program of €150 billion to recapitalize the banks, lurks the danger openly discussed in international financial media, that the entire European banking system is de facto insolvent, and is sitting on a mountain of at least €2 trillion of non-performing loans. Deutsche Bank is the international bank which, with a total of €55 trillions of outstanding derivative contracts and a leverage factor of 40:1, even outdoes Lehman Brothers at the time of its collapse, and therefore represents the most dangerous Achilles heel of the system. Half of Deutsche Bank’s balance sheet, which has plummeted 48% in the past 12 months and is down to only 8% of its peak value, is made up of level-3 derivatives, i.e., derivatives amounting to circa €800 billion without a market valuation. It probably came as a surprise to many that Lyndon LaRouche called today for Deutsche Bank to be saved through a one-time increase in its capital base, because of the systemic implications of its threatened bankruptcy. Neither the German government with its GDP of €4 trillion, nor the EU with a GDP of €18 trillion, would be able to control the domino effect of a disorderly bankruptcy. The one-time capital injection, LaRouche explained, is only an emergency measure which needs to be followed by an immediate reorientation of the bank, back to its tradition which prevailed until 1989 under the leadership of Alfred Herrhausen. To actually oversee such an operation, a management committee must be set up to verify the legitimacy and the implications of the obligations, and finalize its work within a given timeframe. That committee should also draw up a new business plan, based on Herrhausen’s banking philosophy and exclusively oriented to the interests of the real economy of Germany. Alfred Herrhausen was the last actually creative, moral industrial banker of Germany. He defended, among other things, the cancellation of the unpayable debt of developing countries, as well as the long-term credit financing of well-defined development projects. In December 1989, he planned to present in New York a plan for the industrialization of Poland, which was consistent with the criteria used by the Kreditanstalt für Wiederaufbau (KfW) for the post-1945 reconstruction of Germany, and would have offered a completely different perspective than the so-called “reform policy,” or shock therapy, of Jeffrey Sachs. Herrhausen was assassinated on November 30, 1989 by the “Third Generation of the Red Army Fraction,” whose existence has yet to be proven to this day. It happened only two days after Chancellor Helmut Kohl, who counted Herrhausen among his closest advisors, had presented his ten-point program for gradually overcoming the division of Germany [between East and West]. The cui bono of the terrorist attack remains one of the most fateful issues in the modern history of Germany, and one which urgently needs to be clarified. The fact is that Herrhausen’s successors introduced a fundamental paradigm change in the bank’s philosophy, which brought Deutsche Bank into the wild world of profit maximization at all costs...

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$9.89
-$0.11(-1%)



Tower of Basel: The Shadowy History of the Secret Bank that Runs the World
Tower of Basel: The Shadowy History of the Secret Bank that Runs the World
Tower of Basel is the first investigative history of the world's most secretive global financial institution. Based on extensive archival research in Switzerland, Britain, and the United States, and in-depth interviews with key decision-makers—including Paul Volcker, the former chairman of the US Federal Reserve; Sir Mervyn King, governor of the Bank of England; and former senior Bank for International Settlements managers and officials—Tower of Basel tells the inside story of the Bank for International Settlements (BIS): the central bankers' own bank.Created by the governors of the Bank of England and the Reichsbank in 1930, and protected by an international treaty, the BIS and its assets are legally beyond the reach of any government or jurisdiction. The bank is untouchable. Swiss authorities have no jurisdiction over the bank or its premises. The BIS has just 140 customers but made tax-free profits of 1.17 billion in 2011–2012.Since its creation, the bank has been at the heart of global events but has often gone unnoticed. Under Thomas McKittrick, the bank's American president from 1940–1946, the BIS was open for business throughout the Second World War. The BIS accepted looted Nazi gold, conducted foreign exchange deals for the Reichsbank, and was used by both the Allies and the Axis powers as a secret contact point to keep the channels of international finance open.After 1945 the BIS—still behind the scenes—for decades provided the necessary technical and administrative support for the trans-European currency project, from the first attempts to harmonize exchange rates in the late 1940s to the launch of the Euro in 2002. It now stands at the center of efforts to build a new global financial and regulatory architecture, once again proving that it has the power to shape the financial rules of our world. Yet despite its pivotal role in the financial and political history of the last century and during the economic current crisis, the BIS has remained largely unknown—until now.

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$8.00
-$8.99(-53%)



Banking on Global Markets: Deutsche Bank and the United States, 1870 to the Present (Cambridge Studies in the Emergence of Global Enterprise)
Banking on Global Markets: Deutsche Bank and the United States, 1870 to the Present (Cambridge Studies in the Emergence of Global Enterprise)
Banking on Global Markets uses the story of the U.S. business and political dealings of Germany's largest bank to illuminate important developments in the ongoing globalization of major financial institutions. Throughout its nearly 140-year-long history, Deutsche Bank served as one of Germany's principal vehicles for forging economic and other links with the rest of the world. Despite some early successes in the face of severe obstacles for Deutsche Bank, the U.S. market probably remained Deutsche Bank's highest foreign priority and its most frustrating challenge. As with many foreign investors, Deutsche Bank found its hopes of harnessing America's enticing opportunities often dashed by many regulatory and political barriers. Relying on primary-source material, Banking on Global Markets traces Deutsche Bank involvement with the United States in the context of a changing national and international regulatory and economic environment that set the stage for its strategies and activities in the United States, and, at times, even in its home country. It is the story of how international cooperation furthered and conflict hindered those endeavors, and how international banking evolved from a very personalized business between nations to one dominated by enormous transnational markets. It is a work designed for anyone interested in how cross-border flows of information and capital have affected history and how our modern form of globalization distinguishes itself from that of earlier periods. A professor of finance and writer of history, Christopher Kobrak weaves together how these financial, political, and institutional developments have helped shape the emerging new international order.

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$8.75
-$73.25(-89%)



The Fix Is in: The Deutsche Bank Building Fire Conspiracy
The Fix Is in: The Deutsche Bank Building Fire Conspiracy
Finally, the truth is revealed about Manhattan's Deutsche Bank building fire. The devastating fire at 130 Liberty Street in the heart of Manhattan's financial center - a short distance from what was the World Trade Center - was one of the worst fires in New York City's history. Two firefighters were killed, and 105 were injured. One of the firefighters killed during the horrific fire was author Graffagnino's son, Joey. Graffagnino refused to believe what high-level government decision makers were telling the public - that the fire was an accident. After eight years of relentless research in pursuit of the truth - combing through public records and interviewing firefighters on the scene, government officials, informed observers, whistleblowers and eyewitnesses - Graffagnino uncovered the truth. The horrific seven-alarm Deutsche Bank building fire was no accident. And all efforts to quell the raging inferno were in vain. The Fix Is In is not based upon a conspiracy theory, opinion or undocumented rumors, but confirmed facts. Graffagnino places blame where it belongs and exposes the people who benefited from the catastrophe. Find out for yourself. Discover the disturbing truth about a calculated and complex conspiracy involving top governmental agencies, corporate leaders and organized crime figures. "The Deutsche Bank fire was preventable," said FDNY Captain Simon Ressner. "Preventive measures were deliberately sidestepped in the name of ambition and in the name of money."

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$20.51
-$11.48(-36%)



The Nazi Dictatorship and the Deutsche Bank
The Nazi Dictatorship and the Deutsche Bank
Examining the role of the Deutsche Bank, Germany's largest commercial bank, in the Nazi dictatorship, Harold James asks how the bank accommodated itself to a transition from democracy and a market economy to dictatorship and a planned economy. How did the new Zeitgeist influence the bank? What opportunities for profit did it see in the National Socialist route out of the Great Depression? What role did anti-Semitism play in the bank's business relations and its dealing with employees? How was the bank connected to Auschwitz?

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$49.88
-$63.12(-56%)



The Deutsche Bank and the Nazi Economic War against the Jews: The Expropriation of Jewish-Owned Property
The Deutsche Bank and the Nazi Economic War against the Jews: The Expropriation of Jewish-Owned Property
Deutsche Bank, Germany's largest financial institution, played an important role in the expropriation of Jewish-owned enterprises during the Nazi dictatorship, both in the existing territories of Germany, and in the areas seized by the German army during World War II, particularly Austria, Czechoslovakia, and Poland. Drawing on new and previously unavailable materials, including branch records, and many from the Bank's own archives, Harold James examines policies that led to the eventual Genocide of European Jews. How much did the realization of the Nazi ideology depend on the acquiescence, the complicity, and the cupidity of individuals and economic institutions? Contradicting the traditional view that businesses were motivated by profit to cooperate with the Nazi regime, James closely examines the behavior of the bank and its individuals to suggest other motivations. James' unparalleled access and unusual perspective distinguishes this work as the only book to examine one company's involvement in the economic persecution of the Jews in Nazi Germany. Harold James is Professor of History at Princeton University. He is a member of the Independent Commission of Experts investigating the political and economic links of Switzerland with Nazi Germany, and of commissions to examine the roles of Deutsche Bank and Dresdner Bank. He is the author of several books on Germany economy and society, including Germany: The German Slump (Oxford University Press, 1986), A Germany Identity 1770-1990 (Routledge, 1993), and International Monetary Cooperation Since 1945 (Oxford University Press, 1996). He co-edited several books, including The Role of Banks in the Interwar Economy (Cambridge, 1991). James was also co-author of an earlier history of the commercial bank Deutsche Bank (Deutsche Bank 1870-1995, Weidenfeld and Nicholson, 1995) which won the Financial Times Global Business Book Award in 1996. He lives in Princeton, New Jersey.

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$56.00
-$57.00(-50%)



Living in the Endless City: The Urban Age Project by the London School of Economics and Deutsche Bank's Alfred Herrhausen Society
Living in the Endless City: The Urban Age Project by the London School of Economics and Deutsche Bank's Alfred Herrhausen Society
The companion of Phaidon's popular The Endless City, Living in the Endless City will add the cities of Mumbai, Sao Paulo and Istanbul to the six cities of the first volume with the same mix of compelling photographs, in-depth and beautifully presented data, and smart writing by global thinkers. Each city is explored in a series of essays that address vital themes, from security to climate change, looking closely at the problems that face contemporary cities and examining a variety of solutions. Like the first book, the new one includes the best writing and information from the Urban Age project, a series of conferences held by the London School of Economics that explore vital field of urban development. Drawing on the work of scholars from all over the globe, this book will give the reader access to a wealth of ideas and data about Mumbai, Sao Paulo, Istanbul and, by extension, urban life across the globe. In addition to this close focus on each of the three cities, Living in the Endless City will feature analysis of surveys done in each city. Editors Deyan Sudjic of the Design Museum and Ricky Burdett of the LSE have also chosen the best contributors to both this book and The Endless City to write thematic essays that discuss the ideas and the lessons they have drawn across all nine cities.

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$38.20
-$31.75(-45%)



Deutsche Bank, Credit Derivatives On and Off the Balance Sheet: A 20-Minute Primer
Deutsche Bank, Credit Derivatives On and Off the Balance Sheet: A 20-Minute Primer
An analysis of Deutsche Bank's 2013 exposure to credit derivatives, both on and off the balance sheet

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