[69], 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. 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. Deutsche had its own group of bad CDOs called START. This wasn't limited to a few individuals but, on certain desks, it appeared deeply ingrained. [33], 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. In 2019, Deutsche Bank had 87,597 employees worldwide. Manfred Pohl / Angelika Raab-Rebentisch, Die Deutsche Bank in Bremen 1871–1996, Munich, Zurich (Piper) 1996. [32] These regional banks were later consolidated into three major banks in 1952: Norddeutsche Bank AG; Süddeutsche Bank AG; and Rheinisch-Westfälische Bank AG. [7] The bank's statute was adopted on 22 January 1870, and on 10 March 1870 the Prussian government granted it a banking licence. [58], For the 2008 financial year, Deutsche Bank reported its first annual loss in five decades,[59] 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. The two financial companies involved are Deutsche Bank and the insurance brokerage company, Aon. Please do not hesitate to contact me. Deutsche Bank proposes a 5% daily tax on U.S. employees working from home. In a Libor first, Deutsche Bank will be required to install an independent monitor. Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. [137], 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. 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. 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. 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. Russian criminals with links to the Kremlin, the … Deutsche Bank: 38.649 64 KBC Bank: 38.394 65 Danske Bank: 38.223 66 Ping An Bank: 37.993 67 Standard Chartered: 37.319 68 United Overseas Bank: 35.128 69 QNB Group: 33.560 70 Bank Rakyat: 33.081 Banks by country or territory. Deutsche also worked with John Paulson, of the Goldman Sachs Abacus CDO controversy, to create some START CDOs. [70], In November 2018, the bank had their Frankfurt offices raided by police in connection with ongoing investigations around the Panama papers and money laundering. Two Deutsche Bank employees were asked by prosecutors about how the bank makes lending decisions. [100] BaFin found deficiencies in operations within Deutsche Bank's security unit in Germany but found no systemic misconduct by the bank. [27][28] During the war, Deutsche Bank incorporated other banks that fell into German hands during the occupation of Eastern Europe. In, Deutsche Bank. It also maintained a branch in Istanbul, Turkey. [40][46][47] In Germany, further acquisitions of Norisbank, Berliner Bank and Deutsche Postbank strengthened Deutsche Bank's retail offering in its home market. ", "Imagining the Unthinkable. The risk of Deutsche taking large losses if the collateral was wiped out in a crisis was called the gap option. According to the bank's own statistics the credit risks in these countries are about €18 billion (Italy) and €12 billion (Spain). Member of the Board of Directors, KBL European Private Bankers, Luxembourg, Deutsche Bank is one of the leading listed companies in German post-war history. 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. Joint ventures were symptomatic of the concentration then under way in the German banking industry. Maximilian Müller-Jabusch, 50 Jahre Deutsch-Asiatische Bank 1890–1939, Berlin 1940. You need at least a Single Account to use this feature. [152], German banking and financial services company, Alleged involvement in Danske Bank money-laundering scandal, Andrey Kostin (1979–2011), a Russian banker and son of, For the history of Deutsche Bank, in general, see. [105][104] 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. Profit from additional features by authenticating your Admin account. [139], The bank found suspicious transactions in which Epstein moved money out of the United States, the Times reported. [97] 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. [110][111], Deutsche Bank has issued a statement addressing the criticism it received from various environmental groups. [73] News headlines in late June 2019 claimed that the bank would cut 20,000 jobs, over 20% of its staff, in a restructuring plan. In all incidents, the activities arose out of certain mandates performed by external service providers on behalf of the Bank's Corporate Security Department. Manfred Pohl / Angelika Raab-Rebentisch, Die Deutsche Bank in Hamburg 1872–1997, Munich, Zurich (Piper) 1997. The principal findings by the law firm, published in July 2009,[99] found four incidents that raised legal issues, such as data protection or privacy concerns. 554 reviews from Deutsche Bank employees about Deutsche Bank culture, salaries, benefits, work-life balance, management, job security, and more. unit. Revenues slipped by 16% versus the prior year. [147] 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. [5] As the largest German banking institution, it is a component of the DAX stock market index. By the end of 2022, the bank plans to reduce the number of full-time jobs by around 18,000 employees, to 74,000 worldwide. Please create an employee account to be able to mark statistics as favorites. The CIB comprises the below six units.[89]. 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. [24], After Adolf Hitler came to power, instituting the Third Reich, Deutsche Bank dismissed its three Jewish board members in 1933. [132], The New York Times reported in May 2019 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. [149][150], U.S. prosecutors are investigating Deutsche Bank's role in a multibillion-dollar fraud scandal involving the 1Malaysia Development Berhad, or 1MDB, according to news reports in July 2019. Statut der Deutschen Bank Aktien-Gesellschaft, Berlin 1870, pp. 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. As a Premium user you get access to the detailed source references and background information about this statistic. [25][26] In 1938, German bank Mendelssohn & Co. was acquired. 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. As the share had lost value since mid-2015 and market capitalization had shrunk to around EUR 18 billion, it temporarily withdrew from the Euro Stoxx 50 on 8 August 2016. 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. [104][105] Deutsche Bank also pleaded guilty to wire fraud, acknowledging that at least 29 employees had engaged in illegal activity. Available to download in PNG, PDF, XLS format, Access to this and all other statistics on 80,000 topics from, Largest European banks in 2019, by assets, Largest banks globally 2019, by revenue from investment banking, Leading financial advisors to global M&A 2019, by deal value. [68] 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. [63], 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. Christopher Kobrak, Banking on Global Markets. [135] Bowers had been in charge of overseeing and personally signing over $360 million in high-risk loans for Trump's National Doral Miami resort. When Deutsche Bank was first organized in 1870 there was no CEO. In the 1980s, this continued when the bank paid U$603 million in 1986 to acquire Banca d'America e d'Italia. [138][139][140] Epstein and his businesses had dozens of accounts through the private-banking division. In addition, the bank rapidly perceived the value of specialist institutions for the promotion of foreign business. Credit: AP/Mark Lennihan 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. Corporate solution including all features. You can only download this statistic as a Premium user. As of 2016, the bank was involved in some 7,800 legal disputes and calculated €5.4 billion as litigation reserves,[95] with a further €2.2 billion held against other contingent liabilities. One of our Born to Be highlights in the US is our long-standing partnership with StreetWise, where Deutsche Bank employees provide volunteer leadership and mentorship to CUNY community college students. ... Country/Territory Germany. [131] 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. New, Figures and insights about the advertising and media world, Industry Outlook The incidents were isolated, no systemic misbehaviour was found 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. [53], 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. Ten years after the acquisition of Morgan Grenfell, the US firm Bankers Trust was added. [57] 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. [141][142] According to The New York Times, Deutsche Bank managers overruled compliance officers who raised concerns about Epstein's reputation. 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. [32], In 1959, the bank entered retail banking by introducing small personal loans. Its investment banking operations often command substantial deal flow. This was the first NYSE listing after interruption due to 11 September attacks. [101] The bank initiated steps to strengthen controls for the mandating of external service providers by its Corporate Security Department and their activities. In 2005, Deutsche Bank sold its stake in the joint company to Commerzbank.[87]. [120][121][122], In April 2019, House Democrats subpoenaed the Bank for Trump's personal and financial records. A leader in Germany and Europe, the Bank is continuously growing in North America, Asia and key emerging markets. German Federal Financial Supervisory Authority (BaFin), New York State Department of Financial Services, Timeline of investigations into Trump and Russia (January–June 2017), Timeline of investigations into Trump and Russia (July–December 2017), Timeline of investigations into Trump and Russia (2019), Australian Competition and Consumer Commission, Commonwealth Director of Public Prosecutions, U.S. Securities and Exchange Commission (SEC), "Deutsche Bank Replaces C.E.O. 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. A bad bond ] as of September 2017 it stands at 11.9 % reviews submitted by Deutsche Bank in,... Submitted its report, which however has not been made public authenticating Admin! Bank with a strong and profitable private clients franchise 64 ] Furthermore, 15,000 were! 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