Дойче Банк Форекс Уфа

German banking and financial services company

Not to be confused with Deutsche Bundesbank, Deutsche Postbank, or Deutsche Bahn.

Deutsche Bank AG (German pronunciation:[ˈdɔʏtʃəˈbaŋkʔaːˈɡeː]^ⓘ), sometimes referred to simply as Deutsche, or internally as DB, 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.

Deutsche Bank was founded in in Berlin. From to , following its merger with Disconto-Gesellschaft, it was known as Deutsche Bank und Disconto-Gesellschaft or DeDi-Bank.^[3]:&#;&#; Other transformative acquisitions have included those of Mendelssohn & Co. in , Morgan Grenfell in , Bankers Trust in ,^[4] and Deutsche Postbank in

As of , the bank's network spanned 58 countries with a large presence in Europe, the Americas, and Asia.^[5] It is a component of the DAX stock market index and is often referred to as the largest German banking institution, with Deutsche Bank holding the majority stake in DWS Group for combined assets of trillion euros, rivaling even Sparkassen-Finanzgruppe in terms of combined assets.

Deutsche Bank has been designated a global systemically important bank by the Financial Stability Board since ^[6] It has been designated as a Significant Institution since the entry into force of European Banking Supervision in late , and as a consequence is directly supervised by the European Central Bank.^[7][8]

According to a article in the New Yorker, Deutsche Bank had long had an "abject" reputation among major banks, as it has been involved in major scandals across various issue areas.^[6]

History[edit]

Adelbert Delbrück (left) and Ludwig Bamberger (right) are often referred to as the key founders of Deutsche Bank^[9]:&#;2&#;

–[edit]

Deutsche Bank was founded on in Berlin as a specialist bank for financing foreign trade and promoting German exports.^[10] It subsequently played a large part in developing Germany's financial services industry, as its business model focused on providing finance to industrial customers.^[10] The bank's statute was adopted on 22 January , and on 10 March the Prussian government granted it a banking license. 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.^[11]

Prior to the founding of Deutsche Bank, German importers and exporters were dependent upon British 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 a discount than English or French bills.^[12]

The founding members were: 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 (politician, former chairman of Bischoffsheim, Goldschmidt & Co); Victor Freiherr von Magnus (Bankhaus F. Mart Magnus); Adolph vom Rath&#;[de] (Bankhaus Deichmann & Co., Cologne); Gustav Kutter (Bankhaus Gebrüder Sulzbach, Frankfurt); and Gustav Müller (Württembergische Vereinsbank, Stuttgart). The First directors were Wilhelm Platenius, Georg Siemens, and Hermann Wallich.^{[citation needed]} Georg Siemens was a son of a cousin of Werner von Siemens.^[13] The bank initially operated from the first floor of a building at 21 Französische Strasse, then in moved to premises near the Berlin Stock Exchange, and in started building its massive head office complex on Mauerstrasse.^[9]:&#;3&#;

The bank's first domestic branches, inaugurated in and , were opened in Bremen^[14] and Hamburg.^[15] Its first overseas offices opened in Shanghai and Yokohama in , and London in ,^[9]:&#;2&#; followed by South American offices between and ^[13] 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] Deutsche Bank also took advantage of the Panic of by taking over a number of banks in liquidation, including the Berlin-based Deutsche Union which had itself consolidated a number of failed banks in the early s.^{[16]:&#;18&#;}

Major projects in the early years of the bank included the Northern Pacific Railroad in the US^[17] and the Baghdad Railway ().^{[18]:&#;21–27&#;} In Germany, the bank was instrumental in the financing of bond offerings of steel company Krupp () and introduced the chemical company Bayer to the Berlin stock market.

The second half of the s 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. It thus formed community-of-interests partnerships with Bergisch-Märkische Bank&#;[de] in Elberfeld and Schlesischer Bankverein&#;[de] in Breslau, linked to the fast-growing industrial economies of the Rhineland and Silesia respectively;^[19]:&#;&#; it eventually acquired the two banks in and respectively.^[9]:&#;4&#; 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^[20] dated from and the Munich branch from , while further branches were established in Dresden and Leipzig^[21] in

In , Deutsche Bank participated in the creation of the Deutsch-Asiatische Bank in Shanghai, in , of the Banca Commerciale Italiana in Milan, and in , of the Banque Internationale de Bruxelles.^[19]:&#;&#;

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^[22] in and the stake taken in the newly established Deutsch-Asiatische Bank^[23] three years later, but the success of those companies showed that their existence made sound commercial sense. By end, Deutsche was by far the largest German joint-stock bank by total deposits, with a total of million Marks ahead of Dresdner Bank ( million), Disconto-Gesellschaft ( million), Darmstädter Bank ( million) and A. Schaaffhausen'scher Bankverein (72 million).^[19]:&#;&#; At that time, Deutsche Bank was referred to as one of the four "D-Banks" (all of which had names starting with a D) that dominated German commercial banking, together with Darmstädter Bank, Disconto-Gesellschaft, and Dresdner Bank.^{[24]:&#;13&#;}

During World War I and in its immediate aftermath, the operations of Deutsche Bank in Brussels, London, Tokyo and Yokohama were expropriated; conversely, its activity in the Ottoman Empire expanded considerably,^{[citation needed]} and it greatly expanded its footprint in Germany.^[9]:&#;5&#; In , the bank purchased the state's share of Universum Film Aktiengesellschaft (UFA).^[26] In , the bank assisted in the merger of Daimler and Benz.^[26][27]

The bank merged with Disconto-Gesellschaft in and rebranded itself Deutsche Bank und Disconto-Gesellschaft, sometimes referred to as DeDi-Bank.^[28] By , Deutsche Bank & Disconto-Gesellschaft maintained a similar dominant position as before World War I, with billion Reichsmarks in total deposits ahead of Danat-Bank ( billion), Dresdner Bank ( billion), Commerz- und Privatbank ( billion), Reichs-Kredit-Gesellschaft ( million), and Berliner Handels-Gesellschaft ( million).^[16]:&#;&#;

In the crisis summer of the Deutsche Golddiskontbank, a subsidiary of the Reichsbank, acquired 35 percent of DeDi-Bank's equity as part of a sector-wide rescue,^[3]:&#;&#; bringing total government ownership of the bank to percent. This did not, however, result in significant government interference in the management of the company, unlike at Dresdner Bank whose capital was near-completely nationalized.^[29]:&#;7&#;

[edit]

After Adolf Hitler became leader of Germany, Deutsche Bank increasingly became integrated into the Nazi power structures, and fully implemented the Nazi policy of aryanization. In it dismissed its three Jewish management board members, Oscar Wassermann, Theodor Frank, and Georg Solmssen; in it dismissed its last Jewish supervisory board member. By the end of , it had been involved as an intermediary and lender in at least cases of expropriation of Jewish-owned businesses.^[9]:&#;6&#; In , it acquired Jewish-controlled German bank Mendelssohn & Co. under duress.^[30][31] Meanwhile, the Nazi government fully re-privatized Deutsche Bank in , largely out of budgetary considerations.^[29]:&#;7&#; Its name changed back to Deutsche Bank in ^[32]

While the Nazi policies of financial repression were largely unhelpful to the domestic business of Deutsche and other German commercial banks, its expansionary behavior created opportunities that Deutsche Bank pursued. In following Hitler's Anschluss of Austria, Deutsche Bank gradually took control of Creditanstalt-Bankverein, the former country's leading bank. On 26 March the latter was coerced to enter a "friendship agreement" with Deutsche Bank, by which the latter secured a presence in its board of directors.^[33] Creditanstalt executive Louis de Rothschild was immediately arrested and imprisoned, deprived of his position and property, then released upon payment of $21,,, believed to have been the largest bail bond in history for any individual,^[34] and migrated to the U.S. in after more than one year in custody. Later in , Creditanstalt was jointly taken over, without compensation, by German government holding VIAG&#;[de], Deutsche Bank,^[35] and the Reichsbank, which held respectively 51 percent, 25 percent, and 12 percent of its capital.^{[36]:&#;5&#;[33]} In April , Deutsche Bank raised its ownership to 51 percent by acquiring a block of shares from VIAG.^[33] During wartime, the Creditanstalt expanded its operations into Nazi-occupied Czechoslovakia, Poland, Yugoslavia,^[37] and in Nazi-allied Bulgaria.^[36]:&#;5&#;

In September , following the Munich Agreement, Deutsche Bank took over the branches of Prague-based Böhmische Union Bank&#;[de] (BUB) in the Sudetenland. In March , it forcibly took over control of the BUB itself, in which it built a majority stake complemented with prior shareholding of Creditanstalt. It also took over management control of the National Bank of Greece during the Axis occupation of Greece, without however acquiring ownership out of consideration for Italian sensitivities.^[38] Through the Creditanstalt-Bankverein, Deutsche Bank also became a major shareholder of the Allgemeiner Jugoslawischer Bankverein (AJB), which had been formed in from the two former branches of the Wiener Bankverein in Belgrade and Zagreb, and of the Landesbank für Bosnien und Herzegowina in Sarajevo, together with the Société Générale de Belgique and its affiliate Banque Belge pour l'Étranger.^{[39]:&#;49&#;} In , following the German invasion of Belgium, Deutsche Bank bought out the Belgian stake under duress and became the AJB's dominant shareholder, with 88 percent held either directly or through Creditanstalt.^[40]:&#;&#; Deutsche Bank simultaneously took control of the Landesbank in Sarajevo.^{[39]:&#;49&#;} Following the German invasion of Yugoslavia, the AJB was divided into two separate institutions, respectively the Bankverein AG Belgrad in occupied Serbia,^{[39]:&#;xiii&#;} and the Bankverein für Kroatien AG in the Independent State of Croatia.^[40]:&#;&#; Both these banks' assets were eventually confiscated by the newly established Communist authorities in October , and they were subsequently liquidated.^[40]:&#;&#;

During the war, Deutsche Bank provided banking facilities for the Gestapo and, through its branch in Katowice, loaned the funds used to build the Auschwitz camp and the nearby IG Farben facilities. Deutsche Bank publicly acknowledged its involvement at Auschwitz in ^[41] It also was a principal participant in the Nazi regime's gold transactions. Between and , Deutsche Bank purchased 4, kg of gold from the Reichsbank, of which kg came from Holocaust victims.^[9]:&#;7&#;

In an effort to come to terms with its past during the Nazi era, Deutsche Bank in published a history volume that detailed its entanglement with the dictatorship.^[42] In December , along with other major German companies, Deutsche Bank contributed to a US$&#;billion compensation fund following lawsuits brought by Holocaust survivors;^[43][44] U.S. officials had reportedly threatened to block Deutsche Bank's $10&#;billion purchase of Bankers Trust if it did not contribute to the fund.^[45]

[edit]

Following Germany's defeat in World War II, the Allied authorities, in , ordered Deutsche Bank's break-up into regional banks.^[46] These regional banks were later consolidated into three major banks in Norddeutsche Bank AG; Süddeutsche Bank AG; and Rheinisch-Westfälische Bank AG.^[46] In , these three banks merged to form Deutsche Bank AG with its headquarters in Frankfurt.^[46]

In , the bank entered retail banking by introducing small personal loans. In the s, the bank pushed ahead with international expansion, opening new offices in new locations, such as Milan (), Moscow, London, Paris, and Tokyo. In the s, this continued when the bank paid U$&#;million in to acquire Banca d'America e d'Italia.^[47]

In , the bank established its Fiduciary Services Division which provides support to its private wealth division.^[48]

At am on 30 November , 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.^[49][50]

In , 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 In 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.^[51] By the mids, 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 Russian financial crisis since it had a large position in Russian government bonds,^[52] but avoided financial collapse by being acquired by Deutsche Bank for $10&#;billion in November ^[53] On 4 June , Deutsche Bank merged its Deutsche Morgan Grenfell and Bankers Trust to became Deutsche Asset Management (DAM) with Robert Smith as the CEO.^[54] 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.^[53] 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 legislation from Congress.^[53]

Deutsche continued to build up its presence in Italy with the acquisition in of Banca Popolare di Lecco from Banca Popolare di Novara for about $&#;million.^[55] In , it acquired a minority interest in Cassa di Risparmio di Asti.

21st century[edit]

In the 11 September 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.^[56] Demolition work on the story building continued for nearly a decade, and was completed in early ^[57]

In October , 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 when he became involved with the Bank of Cyprus.^[58][59] Then, beginning in , Deutsche Bank strengthened its U.S. presence when it purchased Scudder Investments.^[60] Meanwhile, in Europe, Deutsche Bank increased its private-banking business by acquiring Rued Blass & Cie () and the Russian investment bank United Financial Group () 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.^[61][62] Jain persuaded Ryan to remain with Deutsche Bank at its new Russian offices and later, in April , sent the president and chairman of the management board of VTB BankAndrey Kostin's son Andrey to Deutsche Bank's Moscow office.^[61][63][a] Later, in , to establish VTB Capital, numerous bankers from Deutsche Bank's Moscow office were hired by VTB Capital.^[59][65][66] 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 ^{[citation needed]}

On 1 October , 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.^[67]

Since the mids Deutsche Bank commercial real estate division offered Donald Trump financial backing, even though in the early s Citibank, Manufacturers Hanover, Chemical, Bankers Trust, and 68 other entities refused to financially support him.^{[61][62][68][b]}

In , 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.^{[59][70][71][72][c]}

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

In , 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 The bank's exposure at the time of sale was more than $4&#;billion, and sold the property to Blackstone Group for $&#;billion.^[83]

Housing credit bubble and CDO market[edit]

On 3 January , 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 downturn. This settlement came subsequent and in addition to Deutsche's $&#;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.^[84]

Leveraged super-senior trades[edit]

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 $ billion portfolio of leveraged super senior trades, although the bank rejects the claims.^[85] A company document of May described the trades as "the largest risk in the trading book",^[86] 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.^[85] 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."^[86]

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.^[86] 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.^[86] The bank then sold protection to US investors via the CDX credit index, the spread between the two was tiny but was worth $m over the 7 years of the trade.^[86] 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.^[86] 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 ) and then in by a $1–2bn reserve for the credit correlation desk designed to cover all risks, not just the gap option.^[86] In October , 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.^[86] 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 $bn. Simpson claims that traders were not simply understating the gap option but actively mismarking the value of their trades.^[86]

European debt crisis, –today[edit]

Main article: European debt crisis

In , Deutsche Bank reported its first annual loss in five decades,^[87] despite receiving billions of dollars from its insurance arrangements with AIG, including US$&#;billion from funds provided by US taxpayers to bail out AIG.^[88]

Based on a preliminary estimation from the European Banking Authority (EBA), in late , Deutsche Bank AG needed to raise capital of about €&#;billion as part of a required 9% core Tier 1 ratio after sovereign debt write-down starting in mid^[89]

As of , 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.^[90]

In , Deutsche Bank needed to get its common equity tier-1 capital ratio up to % in to be marginally above the % required by regulators.^[91]

Since [edit]

In January , Deutsche Bank reported a €&#;billion ($&#;billion) pre-tax loss for the fourth quarter of This came after analysts had predicted a profit of nearly €&#;million, according to FactSet estimates. Revenues slipped by 16% versus the prior year.^[92]

Deutsche Bank's Capital Ratio Tier-1 (CET1) was reported in to be only %, lower than the 12% median CET1 ratio of Europe's 24 biggest publicly traded banks, so there would be no dividend for and ^[93] Furthermore, 15, jobs were to be cut.^[94]

In June , the then co-CEOs, Jürgen Fitschen and Anshu Jain, both offered their resignations^[95] to the bank's supervisory board, which were accepted. Jain's resignation took effect in June , but he provided consultancy to the bank until January Fitschen continued as joint CEO until May The appointment of John Cryan as joint CEO was announced, effective July ; he became sole CEO at the end of Fitschen's term.^[96]

In January , Deutsche Bank pre-announced a loss before income taxes of approximately €&#;billion and a net loss of approximately €&#;billion.^[97] 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 "^[98]

May , Chinese conglomerateHNA Group became its biggest shareholder, owning % of its shares.^[99] However, HNA Group's stake reduced to % as of 16 February ^[]

In November , 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".^[]

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

In February , HNA Group announced cutting stake in Deutsche Bank to percent.^[] It was further reduced to percent as at March ^[]

During the Annual General Meeting in May , 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"^[] 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".^[] News headlines in late June claimed that the bank would cut 20, jobs, over 20% of its staff, in a restructuring plan.^[][] On 8 July , the bank began to cut 18, 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".^[][]

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

In February , it was reported that Deutsche Bank made a profit of €&#;million ($&#;million) for , the first annual net profit it had posted since ^[][]

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

21st-century acquisitions[edit]

• Scudder Investments,
• RREEF, ^[][]
• Berkshire Mortgage Finance, 22 October ^[]
• Chapel Funding (now DB Home Lending), 12 September ^[]
• Norisbank, 2 November
• MortgageIT, 3 January ^[]
• Hollandsche Bank-Unie, 2 July
• Sal. Oppenheim,
• Deutsche Postbank, ^[]
• Park Plaza Mall (enclosed shopping center in Little Rock, Arkansas), ^[]
• Numis, (announced).^[]

Shareholders[edit]

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 , also on the New York Stock Exchange and are included in various indices, including the DAX and the Euro Stoxx As the share had lost value since mid and market capitalization had shrunk to around €18&#;billion, it temporarily withdrew from the Euro Stoxx 50 on 8 August ^[] With a % stake, it is currently the company with the lowest index weighting.^[]

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

Logotype[edit]

In , 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.^[]

Business divisions[edit]

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

Corporate and Investment Bank (CIB)[edit]

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

• 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.
• Deutsche Bank Research provides analysis of products, markets, and trading strategies.

Private and Commercial Bank[edit]

• 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.^{[][][][needs update]}
• 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.^[]

Deutsche Asset Management (DWS)[edit]

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

Controversies[edit]

Deutsche Bank in general as well as specific employees have frequently figured in controversies and allegations of deceitful behavior or illegal transactions. As of , the bank was involved in some 7, legal disputes and calculated €&#;billion as litigation reserves,^[] with a further €&#;billion held against other contingent liabilities.^[98] According to the New Yorker, Deutsche Bank has long had an "abject" reputation.^[6] Between and , Deutsche Bank paid around nine billion dollars in fines and settlements related to wrongdoings across different issue areas.^[6] The FinCEN file leaks documented around $&#;trillion of suspicious transactions through Deutsche Bank between and ^[6] More than half of all suspicious transactions involving major banks in the FinCEN files leaks involved Deutsche Bank.^[6]

Role in financial crisis of –[edit]

See also: Financial crisis of –

In January , Deutsche Bank agreed to a $&#;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 – As part of the agreement, Deutsche Bank was required to pay a civil monetary penalty of $&#;billion and provide $&#;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 , Deutsche Bank had paid more than €12&#;billion for litigation, including a deal with U.S. mortgage-finance giants Fannie Mae and Freddie Mac.^[]

Espionage scandal, [edit]

In , the bank admitted it engaged in covert espionage on its critics from to directed by its corporate security department, although it characterized the incidents as "isolated".^[] 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.^[] According to the Wall Street Journal, the bank's legal department was involved in the scheme along with its corporate security department.^[] 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.^[] 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."^[]

Deutsche Bank's law firm Cleary Gottlieb Steen & Hamilton in Frankfurt^[] published a report in July saying,^[] 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.^[] This was confirmed by the Public Prosecutor's Office in Frankfurt in October ^[] BaFin found deficiencies in operations within Deutsche Bank's security unit in Germany but no systemic misconduct.^[] The bank said it took steps to strengthen controls for the mandating of external service providers by its Corporate Security Department.^[]

Deutsche Bank document release, [edit]

On 26 January , 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 s, 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 $&#;million, and derivatives improprieties.^{[][][51][][][][72][d]}

Libor scandal, [edit]

See also: Libor scandal

On 23 April , Deutsche Bank agreed to a combined US$&#;billion in fines – a US$&#;billion fine by American regulators, and a €&#;million penalty by British authorities – for its involvement in the Libor scandal uncovered in June 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.^[][] 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.^[] However, no individuals were 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 $&#;billion Libor related fine to UBS, and the then-record $&#;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.^[]

U.S. sanctions violations, [edit]

On 5 November , Deutsche Bank was ordered to pay US$&#;million (€&#;million) in penalties imposed by the New York State Department of Financial Services (NYDFS) and the United States Federal Reserve Bank after the bank was caught doing business with Burma, Libya, Sudan, Iran, and Syria, which were under US sanctions at the time. According to the US federal authorities, Deutsche Bank handled 27, US dollar clearing transactions valued at more than US$&#;billion (€&#;billion) to help evade US sanctions between early until 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.^[][]

In response to the penalties, the bank will pay US$&#;million (€&#;million) to the NYDFS while the rest (US$58&#;million; €&#;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.^[]

Tax evasion, [edit]

In June 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 €&#;million. Deutsche Bank itself was not convicted due to an absence of corporate liability laws in Germany.^[]

Dakota Access Pipeline, [edit]

See also: Dakota Access Pipeline protests

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.^[]

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

Russian money-laundering operations[edit]

In January , the bank was fined $&#;million by the New York State Department of Financial Services (DFS)^[] and £&#;million by the UK Financial Conduct Authority^[] regarding accusations of laundering $10&#;billion out of Russia.^[][][]

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.^[] On 30 January , the NYSDFS (New York State Department of Financial Services) fined Deutsche Bank $&#;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.^[]

The Global Laundromat scandal revealed Deutsche Bank's involvement in a vast money-laundering operation over the period – The operation may have involved as much as $80&#;billion. In , 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.^[]

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

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

In June , 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 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.^[]

Relationship with Donald Trump, –[edit]

Further information: Timeline of investigations into Trump and Russia (January–June ), Timeline of investigations into Trump and Russia (July–December ), Timeline of investigations into Trump and Russia (), and Wealth of Donald Trump

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

In April , HouseDemocrats subpoenaed the Bank for Trump's personal and financial records.^[][][][][] On 29 April , 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.^[] On 22 May , 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.^[] Six days later, Ramos granted Trump's attorneys their request for a stay so they could pursue an expedited appeal through the courts.^[] In October , a federal appeals court said the bank asserted it did not have Trump's tax returns.^[] In December , 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.^[]

In May , 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.^[][]

On 19 November , 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.^[] Bowers had been in charge of overseeing and personally signing over $ million in high-risk loans for Trump's National Doral Miami resort.^[] The loans had been subject to a criminal investigation by special counsel Robert Mueller in his investigation of the president's 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.^[]

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

Fine for business with Jeffrey Epstein, [edit]

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

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

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

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

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.^[]

Involvement in Danske Bank money-laundering scandal, [edit]

On 19 November , a whistleblower of the Danske Bank money laundering scandal stated that a large European bank was involved in helping Danske process $&#;billion in suspect funds.^[] 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.^[] In it became known that the U.S. arm of Deutsche Bank processed more than $&#;billion of the $&#;billion dirty money through New York, for which it was fined million $. After a raid in , Frankfurt-based prosecutors imposed a fine of $&#;million in for DB's failure on more than occasions to promptly report suspicious transactions.^[]

Improper handling of ADRs, [edit]

On 20 July , Deutsche Bank agreed to pay nearly $75&#;million to settle charges of improper handling of "pre-released" American depositary receipt