[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. [136] The loans had been subject to a criminal investigation by special counsel Robert Mueller in his investigation of the president's 2016 campaign involvement in Russian election meddling. Investigating Deutsche Bank's Dealings With Malaysian Fund 1MDB", "Deutsche Bank Caught Up in Scandal Over Malaysian 1MDB Fund", "Acquisition of Bankers Trust Successfully Closed", "Deutsche Asset & Wealth Management – Real Estate Investment Management", "Deutsche Bank to acquire RREEF for $490 million", "interstitials | Business solutions from", Documents and clippings about Deutsche Bank, BNP Paribas Corporate & Institutional Banking, Crédit Agricole Corporate & Investment Bank, The Bank of New York Mellon, Frankfurt Branch, https://en.wikipedia.org/w/index.php?title=Deutsche_Bank&oldid=995620180, Companies listed on the New York Stock Exchange, Companies listed on the Frankfurt Stock Exchange, Financial services companies established in 1870, Investment management companies of Germany, Systemically important financial institutions, Banks under direct supervision of the European Central Bank, Multinational companies headquartered in Germany, Articles containing Russian-language text, Wikipedia articles incorporating a citation from the Encyclopedia Americana with a Wikisource reference, Wikipedia articles incorporating text from Encyclopedia Americana, Short description is different from Wikidata, Articles containing potentially dated statements from 2017, All articles containing potentially dated statements, Articles with unsourced statements from November 2019, Articles with unsourced statements from August 2015, Articles with unsourced statements from December 2020, Articles containing potentially dated statements from December 2017, Articles containing potentially dated statements from March 2019, Articles with unsourced statements from February 2020, Wikipedia articles with SUDOC identifiers, Wikipedia articles with Trove identifiers, Wikipedia articles with WORLDCATID identifiers, Creative Commons Attribution-ShareAlike License, Chairman of the Supervisory Board of Deutsche Bank AG, Deputy Chairman of the Supervisory Board of Deutsche Bank AG, Spokesperson of the Management and Head of the Market Region Bremen, Founder and Managing Partner of Eachwin Capital, Head of national working group Banking, trade union ver.di. We are determined to align employee attitudes and aspirations with the needs of clients and the wider economy. [79] The management bodies are the annual general meeting, supervisory board and management board. Deutsche Bank and the United States, 1870 to the Present, New York (Cambridge University Press) 2008. This statistic is not included in your account. ... Country/Territory Germany. As a Premium user you get access to background information and details about the release of this statistic. [129] Six days later, Ramos granted Trump's attorneys their request for a stay so they could pursue an expedited appeal through the courts. [86], In 2001, Deutsche Bank merged its mortgage banking business with that of Dresdner Bank and Commerzbank to form Eurohypo AG. Lippman's group made money off of these bets, even as Deutsche overall lost money on the CDO market. [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. ", "Imagining the Unthinkable. Number of employees at Deutsche Bank worldwide from 2006 to 2019 [Graph]. [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. 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. Deutsche Bank proposes a 5% daily tax on U.S. employees working from home. According to the US federal authorities, Deutsche Bank handled 27,200 US dollar clearing transactions valued at more than US$10.86 billion (€9.98 billion) to help evade US sanctions between early 1999 until 2006 which were done on behalf of Iranian, Libyan, Syrian, Burmese, and Sudanese financial institutions and other entities subject to US sanctions, including entities on the Specially Designated Nationals by the Office of Foreign Assets Control. [145][146], On 19 November 2018, a whistleblower on alleged money-laundering activities undertaken by Danske Bank stated that a large European bank was involved in helping Danske process $150 billion in suspect funds. Its shares are traded on the Frankfurt Stock Exchange and, since 2001, also on the New York Stock Exchange and are included in various indices, including the DAX and the Euro Stoxx 50. According to the New York Times, "its finances and strategy [are] in disarray and 95 percent of its market value [has been] erased". 20, 2008", "Bank of Cyprus Funded and Controlled by Ex-KGB, Billionaires and Controversial Former Financiers", "Big German Bank, Key to Trump's Finances, Faces New Scrutiny", "Scudder PIC joins Deutsche Bank's private banking", "Is Donald Trump's Dark Russian Secret Hiding in Deutsche Bank's Vaults? Its investment banking operations often command substantial deal flow. [85] With a 0.73% stake, it is currently the company with the lowest index weighting. The bank already has staff in America which are based outside of New York, including around 2,000 employees in areas such as human resources, compliance and risk in Jacksonville, Florida. [23] In 1937, the company name changed back to Deutsche Bank. By the mid-1990s, the buildup of a capital-markets operation had got underway with the arrival of a number of high-profile figures from major competitors. [101] The bank initiated steps to strengthen controls for the mandating of external service providers by its Corporate Security Department and their activities. Manfred Pohl / Angelika Raab-Rebentisch, Die Deutsche Bank in Bremen 1871–1996, Munich, Zurich (Piper) 1996. [148], On 20 July 2018, Deutsche Bank agreed to pay nearly $75 million to settle charges of improper handling of "pre-released" American depositary receipts (ADRs) under investigation of the U.S. Securities and Exchange Commission (SEC). Deutsche Bank. The CIB comprises the below six units.[89]. [21] In 1926, the bank assisted in the merger of Daimler and Benz. The bank's business model rests on three pillars – the Corporate & Investment Bank (CIB), the Private & Commercial Bank and Asset Management (DWS). The company is a universal bank with three major divisions: the Private & Commercial Bank, the Corporate & Investment Bank (CIB), and Asset Management (DWS). You only have access to basic statistics. Corporate & Investment Bank (+122; +0.7 %) driven by CIB related infrastructure functions partly related to insourcing of business critical external roles;Private & Commercial Bank (−1,584; −3.5 %) driven by reductions primarily in Germany and in western European countries;Deutsche Asset Management (−86; −2.2 %) particularly a result of the divestment of Sal Oppenheim in Luxembourg; [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. New, Everything you need to know about the industry development, Find studies from all around the internet. Deutsche also has 600 workers in a technology hub in Cary, North Carolina. In a Libor first, Deutsche Bank will be required to install an independent monitor. 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. Russian criminals with links to the Kremlin, the … Rosemary Vrablic, a managing director and senior banker in Deutsche Bank's wealth management division, has resigned, effective Dec. 31, Vrablic and Deutsche Bank said Tuesday. [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. [138][139][140] Epstein and his businesses had dozens of accounts through the private-banking division. [96], From as late as 2001 to at least 2007, the bank engaged in covert espionage on its critics. 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. [104][105] Deutsche Bank also pleaded guilty to wire fraud, acknowledging that at least 29 employees had engaged in illegal activity. Revenues slipped by 16% versus the prior year. "[97], In May 2009, Deutsche Bank informed the public that the executive management had learned about possible violations that occurred in past years of the bank's internal procedures or legal requirements in connection with activities involving the bank's corporate security department. Corporate solution including all features. [4] As of 2017–2018, Deutsche Bank was the 21st largest bank in the world by total assets. [9] 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.[10]. Deutsche Bank | 1,269,925 followers on LinkedIn. Register in seconds and access exclusive features. This wasn't limited to a few individuals but, on certain desks, it appeared deeply ingrained. 3–4. The Cleary firm has concluded its investigation and submitted its report, which however has not been made public. [107][108], 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. The appointment of John Cryan as joint CEO was announced, effective July 2016; he became sole CEO at the end of Fitschen's term. [105] However, no individuals will be charged with criminal wrongdoing. Deutsche Bank employees had devised strategies to get around the sanctions and carry out transactions worth roughly $10.9 billion. 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. [42][43] Jain persuaded Ryan to remain with Deutsche Bank at its new Russian offices and later, in April 2007, sent the President and Chairman of the Management Board of VTB Bank Andrey Kostin's son Andrey to Deutsche Bank's Moscow office. Deutsche also worked with John Paulson, of the Goldman Sachs Abacus CDO controversy, to create some START CDOs. Two Deutsche Bank employees were asked by prosecutors about how the bank makes lending decisions. Statista. This was the first NYSE listing after interruption due to 11 September attacks. 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. [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. Manfred Pohl / Angelika Raab-Rebentisch, Die Deutsche Bank in Hamburg 1872–1997, Munich, Zurich (Piper) 1997. [97] The bank has since hired Cleary Gottlieb Steen & Hamilton, a New York law firm, to investigate the incidents on its behalf. #PositiveImpact | At Deutsche Bank, we give original thinkers the space and support they need to shine. In 1999, Deutsche Bank confirmed officially that it had been involved in Auschwitz. [76][77], It was reported in January 2020 that Deutsche Bank had decided to cut the bonus pool at its investment branch by 30% following restructuring efforts.[78]. ", "Former MI6 chief Richard Dearlove says Donald Trump borrowed money from Russia during 2008 financial crisis: Days before taking office, Mr Trump said Russia had never had any 'levarage' over him", "Сын главы ВТБ Андрей Костин разбился на квадроцикле: 32-летний банкир погиб на отдыхе в Ярославской области", "Погиб на трезвую голову: В ДТП погиб сын президента ВТБ Андрей Костин", "Putin Pushing Russian Banks Points 'Two Tanks' at Western Firms", "Inside the White House's Quiet Campaign to Create a Supreme Court Opening", "A shocking report just revealed disturbing secret relationship between Trump and Justice Kennedy's son", "Deutsche Bank examined Donald Trump's account for Russia links", "Deutsche Bank's Rosemary Vrablic and Private Banking's Link to CRE Finance", "Unprofitable Vegas casino sold by Deutsche Bank for $1.73 billion", "Levin–Coburn report on Wall Street and the Financial Crisis", "Deutsche Bank Settles with US Shareholders", "Deutsche hid up to $12bn losses, say staff", "Deutsche Bank: Show of strength or a fiction? Manhattan prosecutors’ investigation into President Donald Trump has intensified in recent weeks with District Attorney Cyrus Vance‘s office interviewing employees of Trump’s bank and insurance broker, according to a New York Times report. [57] 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 two financial companies involved are Deutsche Bank and the insurance brokerage company, Aon. Major projects in the early years of the bank included the Northern Pacific Railroad in the US[15] and the Baghdad Railway[16] (1888). [67], 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. 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. [54], 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. For Deutsche Bank, domestic branches of its own were still something of a rarity at the time; the Frankfurt branch[17] dated from 1886 and the Munich branch from 1892, while further branches were established in Dresden and Leipzig[18] in 1901. [141][142] According to The New York Times, Deutsche Bank managers overruled compliance officers who raised concerns about Epstein's reputation. As soon as this statistic is updated, you will immediately be notified via e-mail. Deutsche Bank AG told its New York City employees that they can continue working from home until mid-2021, in contrast to rival banks that are seeking to return staffers to offices. 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 in the September 11, 2001, terrorist attacks. [94], Deutsche Bank in general as well as specific employees have frequently figured in controversies and allegations of deceitful behavior or illegal transactions. 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. [133][134], On 19 November 2019, Thomas Bowers, a former Deutsche Bank executive and head of the American wealth management division, was reported to have committed suicide in his Malibu home. [143][144] From 2013 to 2018, "Epstein, his related entities and his associates" had opened over forty accounts with Deutsche Bank. In 2015, Deutsche Bank agreed to pay fines worth $258 million for doing business with U.S.-sanctioned countries including Iran, Syria, Libya, Sudan and Myanmar, according to DW. In, Deutsche Bank. It also maintained a branch in Istanbul, Turkey. The following year, Josef Ackermann became CEO of Deutsche Bank and served as CEO until 2012 when he became involved with the Bank of Cyprus. [130] In October 2019, a federal appeals court said the bank asserted it did not have Trump's tax returns. Bankers Trust suffered major losses in the summer of 1998 due to the bank having a large position in Russian government bonds,[34] but avoided financial collapse by being acquired by Deutsche Bank for $10 billion in November 1998. As of September 2017 it stands at 11.9%. [102][103], 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. Deutsche Bank released a statement confirming it would "cooperate closely with prosecutors". [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. It was one of several banks described as colluding to fix interest rates used to price hundreds of trillions of dollars of loans and contracts worldwide, including mortgages and student loans. In all incidents, the activities arose out of certain mandates performed by external service providers on behalf of the Bank's Corporate Security Department. 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'. Jain's resignation took effect in June 2015, but he provided consultancy to the bank until January 2016. ), Die Deutsche Bank in Frankfurt am Main, Munich, Zurich (Piper) 2005. Deutsche Bank didn't admit or deny the investigation findings but agreed to pay disgorgement of more than $44.4 million in ill-gotten gains plus $6.6 million in prejudgment interest and a penalty of $22.2 million. "Deutsche Bank Is Subpoenaed for Trump Records by House Democrats". [27][28] During the war, Deutsche Bank incorporated other banks that fell into German hands during the occupation of Eastern Europe. [42][43][48][b] A few years after Trump sued Deutsche Bank for $3 billion in 2008, Trump shifted his financial portfolio from the investment banking division to the private wealth division with Rosemary Vrablic, formerly of Citigroup, Bank of America, and Merrill Lynch, becoming Trump's new and as of 2017[update] current personal banker at Deutsche Bank.[40][51][52]. [10], The bank's first domestic branches, inaugurated in 1871 and 1872, were opened in Bremen[11] and Hamburg. [61], 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. Deutsche Bank said during an investor day earlier this month that it was on target to gather €9.2bn in revenues across its investment banking division this year — a 31% increase on 2019 — as fixed-income trading revenue and investment banking advisory work has grown significantly during the … [25] 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. Two Deutsche Bank employees responsible for lending to President Donald Trump and his son-in-law, Jared Kushner, have resigned. Facebook: number of monthly active users worldwide 2008-2020, Smartphone market share worldwide by vendor 2009-2020, Number of apps available in leading app stores 2020, Profit from additional features with an Employee Account. The plan was allegedly cancelled after the intern was hired but before she started work. 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. The second half of the 1890s saw the beginning of a new period of expansion at Deutsche Bank. [citation needed], 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. [57] 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. [37] Demolition work on the 39-story building continued for nearly a decade, and was completed in early 2011.[38]. The renovated building was certified LEED Platinum and DGNB Gold. The CDO was then aggressively marketed as a good product, with most of it being described as having A level ratings. Deutsche Bank was founded in Berlin in 1870 as a specialist bank for financing foreign trade and promoting German exports. Manfred Pohl, Deutsche Bank Buenos Aires 1887–1987, Mainz (v. Hase & Koehler) 1987. 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. In 2019, our Born to Be programs reached some 460,000 children and young people via 122 projects in 25 countries. March 20, 2020. The bank had "ignored red flags on Epstein". The bank has admitted to episodes of spying in 2001 and 2007 directed by its corporate security department, although characterizing them as "isolated". [32] In 1957, these three banks merged to form Deutsche Bank AG with its headquarters in Frankfurt. You can only download this statistic as a Premium user. It was required to dismiss all employees who were involved with the fraudulent transactions. 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