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Deutsche Bank

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Deutsche Bank AG () (literal translation - German Bank) is a bank operating worldwide and employing more than 75,000 people (June, 2007). Its headquarters, the Deutsche Bank Twin Towers, are located in Frankfurt, Germany. Dr. Josef Ackermann is its CEO and Chairman of the Group Executive Committee), Dr. Clemens Börsig is the Chairman of the Supervisory Board. Deutsche Bank, ranked by revenues and profits, is one of the largest investment banks in the world.

Financial Data

 Financial data in millions of EUR
Year 2002 2003 2004 2005 2006
Revenuenet of interest 24 456 21 490 21 546 26 640 28 008
EBITDA 3 611 3 098 4 038 7 032 9 682
Net Results 397 1 365 2 472 3 529 5 986
Staff 77 442 67 682 65 417 63 427 68 849
''Source :' OpesC

History

Deutsche Bank was founded in Germany on January 22, 1870 as a specialist bank for foreign trade in Berlin by the private banker Adelbert Delbruck and the politician Ludwig Bamberger. Its first branches outside Germany were opened in Shanghai, Yokohama (1872) and London (1873). The first directors were Wilhelm Platenius, Georg von Siemens, and Hermann Wallich. Deutsche Bank acquired the banks Berliner Bank-Verein and Deutsche Union-Bank in 1876 and became then the largest bank in Germany, surpassing the Disconto-Gesellschaft.

Major projects in its first decades included the Northern Pacific Railroad in the United States (1883) and the Baghdad Railway (1888). It also financed bond offerings of the steel concern Krupp (1885) and introduced the chemical company Bayer on the Berlin stock market.

Twentieth century

During the first three decades of the 20th century, it expanded quickly and merged with other local German banks, eventually merging with the Disconto-Gesellschaft in 1929.

After Adolf Hitler came to power, instituting the Third Reich, Deutsche Bank dismissed its three Jewish board members in 1933. In subsequent years Deutsche Bank took part in the aryanization of Jewish-owned businesses: according to its own historians, the bank was involved in 363 such confiscations by November 1938. During the war, Deutsche Bank incorporated other banks that fell into German hands during the occupation of Eastern Europe. Deutsche provided banking facilities for the Gestapo and loaned the funds used to build the Auschwitz camp and the nearby IG Farben facilities. Deutsche Bank revealed its involvement in Auschwitz in February 1999. In December 1999 Deutsche, along with other major German companies, contributed to a $5.2 billion compensation fund following lawsuits brought by Holocaust survivors. The history of Deutsche Bank during the Second World War has been documented by independent historians commissioned by the Bank.

Following Germany's defeat in the war, Allied authorities ordered Deutsche's breakup into ten regional banks on April 1, 1948. These 10 regional banks were later consolidated into 3 major banks in 1952:

  • Norddeutsche Bank AG
  • Süddeutsche Bank AG
  • Rheinisch-Westfälische Bank AG

In 1957 these three banks merged and other takeovers followed, such as London investment bank Morgan Grenfell in 1989; Bankers Trust in New York in 1998, Crédit Lyonnais Belgium in Brussels in 1999, Moscow-based investment bank United Financial Group in Russia in 2006 and the German norisbank and Berliner Bank in 2007.

In 1995 Deutsche Bank began the transformation from a commercial bank to an investment bank and to provide expertise for investment banking products. By 2005 75% of the Bank's revenues came from investment banking, and the ROE went from 4% to 25%. Deutsche Bank belongs to the so-called bulge bracket.

In 2006 the Deutsche Bank bought the German banks Berliner Bank and the Norisbank.

Deutsche Bank is a member of the Global ATM Alliance, a joint venture of several major international banks that allows their customers to use their ATM card or check card at any other bank within the Global ATM Alliance at no fees. Members of the Global ATM Alliance are Barclays (United Kingdom), Bank of America (United States), BNP Paribas (France), China Construction Bank (China), Santander Serfin (Mexico), Scotiabank (Canada) and Westpac (Australia and New Zealand).

September 11 attacks

On September 11, 2001, the Deutsche Bank Building, located at 130 Liberty Street in New York City and acquired two years earlier as part of the merger with Bankers Trust, was damaged beyond repair as a result of the 9/11 Terrorist Attack. Large pieces of debris from the Twin Towers hit the Deutsche Bank building, creating a large hole in its center and destroying its main entrance and lobby.

Deutsche Bank sued their insurance carriers to require them to pay out the claims, and in December 2004, Deutsche Bank settled with the insurance carriers and then sold the building to the Lower Manhattan Redevelopment Corporation.

Deutsche Bank relocated most of its NYC Area units to 60 Wall Street - acquired earlier in 2001 and formerly occupied by J.P. Morgan Chase.

The skyscraper itself has been the subject of long court battles and concerns over toxic contamination. The ongoing discovery of remains of 2001 terror attack victims since it was damaged by the World Trade Center's south tower had stalled dismantling the building.

On August 18th, 2007 a seven alarm fire broke out around the 15th floor of the now-empty building on Liberty Street. Subsequently, 2 FDNY firefighters died of smoke inhalation, 5 other firefighters were injured. No civilians have been reported injured. The building is in the progress of being dismantled floor by floor due to the damage caused on 9/11. A large section of the standpipe was removed and the staircases were boarded up, leaving firefighters without water or a means of escape. Uniformed Firefighters Association President Steve Cassidy has called for the resignation of Fire Commissioner Nicholas Scoppetta as a result of the incident. The Manhattan District Attorney and the New York State Attorney General are investigating the case.

The Logo

In July 1972, eight notable graphic artists were commissioned to create a new logo for Deutsche Bank that would unmistakably represent the company. From a choice of several brand designs, Deutsche Bank decided upon a symbol created by the now deceased painter and graphic artist from Stuttgart, Anton Stankowski: the “slash in a square”, as the construction was described. This logo fulfils Deutsche Bank's criteria:

  • With a simple yet striking form, the symbol has a high attention-provoking and recognition value.
  • The logo supports the identity of Deutsche Bank: the “slash” stands for consistent growth and dynamic development, the square-shaped frame can be interpreted as a sign of security and a controlled environment. In a nutshell, the logo stands for consistent growth in a secured environment.
  • It is striking, unmistakable and timeless
  • It can be used in all media.
  • The logo can be clearly recognised when reduced in size and at great distances.

The combination of the company name Deutsche Bank and the square-shaped logo constitute since 1974 the Deutsche Bank brand.

Organization

Deutsche Bank is organized in three Group Divisions: Corporate and Investment Bank, Private Clients and Asset Management, and Corporate Investments.

Acquisitions

Notable current and former employees

Public service

See also

References

External links



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Last updated on Wednesday March 12, 2008 at 19:50:36 PDT (GMT -0700)
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