Deutsche Bank AG (l 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 is a component of the Euro Stoxx 50 stock market index.
the bank offers financial products and services for corporate and institutional clients along with private and business clients. 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.
On 26 July 2011, along with its second quarter earnings report, Deutsche Bank reported that Anshu Jain, head of investment banking and Juergen Fitschen, head of the German business, would replace Josef Ackermann as co-CEOs starting in 2012. Fears that Deutsche Bank could neglect its German roots and expand risk-taking activities prompted key members of the supervisory board to opt for the dual CEO model.Deutsche Bank is listed on both the Frankfurt (FWB) and New York stock exchanges (NYSE).
On 7 June 2015, the co-CEOs, Juergen Fitschen and Anshu Jain, both offered their resignations to the bank's supervisory board, which resignations were accepted. Anshu Jain's resignation took effect on 30 June 2015, but he provided consultancy to the bank until January 2016. Juergen Fitschen will temporarily continue as joint CEO until 19 May 2016. The appointment of John Cryan as joint CEO was announced, effective 1 July 2015; he will become sole CEO at the end of Juergen Fitschen's term.
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.
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 ~$32,000,000,000 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.
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."
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 2011.
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