Pennzoil Place is a set of two 36-story towers in Downtown Houston , United States . designed by Philip Johnson / John Burgee Architects from a concept by Eli Attia, a staff architect with the firm. Completed in 1976, it is Houston's most award-winning skyscraper and is widely known for its innovative design.
110-627: In May 1976 Deutsche Bank and other partners in a West German investment group bought a 90 percent interest in the Pennzoil Place building for $ 100 million. As of 2002 Arthur Andersen was vacating about 300,000 square feet (28,000 m) of space in Pennzoil Place. Pennzoil Place, developed and managed by Gerald D. Hines Interests, consists of two 495 ft (151 m) trapezoidal towers placed ten feet apart and sheathed in dark bronze glass and aluminum. The buildings are mirror images of each other. The entire street-level plaza joining
220-765: A 2016 terrorist attack linked to ISIL , a truck was deliberately driven into a Christmas market next to the Kaiser Wilhelm Memorial Church , leaving 13 people dead and 55 others injured. In 2018, more than 200,000 protestors took to the streets in Berlin with demonstrations of solidarity against racism, in response to the emergence of far-right politics in Germany . Berlin Brandenburg Airport (BER) opened in 2020, nine years later than planned, with Terminal 1 coming into service at
330-501: A Slavic-derived name: Pankow , Steglitz-Zehlendorf , Marzahn-Hellersdorf , Treptow-Köpenick , and Spandau . Of Berlin's ninety-six neighborhoods, twenty-two bear a Slavic-derived name: Altglienicke , Alt-Treptow , Britz , Buch , Buckow , Gatow , Karow , Kladow , Köpenick , Lankwitz , Lübars , Malchow , Marzahn , Pankow , Prenzlauer Berg , Rudow , Schmöckwitz , Spandau , Stadtrandsiedlung Malchow , Steglitz , Tegel and Zehlendorf . The earliest human settlements in
440-481: A camp for Sinti and Romani people (see Romani Holocaust ), and the Stalag III-D prisoner-of-war camp for Allied POWs of various nationalities. During World War II, large parts of Berlin were destroyed during 1943–45 Allied air raids and the 1945 Battle of Berlin . The Allies dropped 67,607 tons of bombs on the city, destroying 6,427 acres of the built-up area. Around 125,000 civilians were killed. After
550-691: A center of the Enlightenment , but also, was briefly occupied during the Seven Years' War by the Russian army. Following France's victory in the War of the Fourth Coalition , Napoleon Bonaparte marched into Berlin in 1806 , but granted self-government to the city. In 1815, the city became part of the new Province of Brandenburg . The Industrial Revolution transformed Berlin during
660-782: A city district separate from Brandenburg. In the early 20th century, Berlin had become a fertile ground for the German Expressionist movement. In fields such as architecture, painting and cinema new forms of artistic styles were invented. At the end of the First World War in 1918, a republic was proclaimed by Philipp Scheidemann at the Reichstag building . In 1920, the Greater Berlin Act incorporated dozens of suburban cities, villages, and estates around Berlin into an expanded city. The act increased
770-517: A combined state of Berlin and Brandenburg is different from other state fusion proposals. Normally, Article 29 of the Basic Law stipulates that a state fusion requires a federal law. However, a clause added to the Basic Law in 1994, Article 118a, allows Berlin and Brandenburg to unify without federal approval, requiring a referendum and a ratification by both state parliaments. In 1996, there
880-519: A continental hub for air and rail traffic and has a complex public transportation network . Tourism in Berlin makes the city a popular global destination. Significant industries include information technology, the healthcare industry , biomedical engineering , biotechnology , the automotive industry , and electronics . Berlin is home to several universities such as the Humboldt University of Berlin , Technische Universität Berlin ,
990-707: A global systemically important bank by the Financial Stability Board since 2011. It has been designated as a Significant Institution since the entry into force of European Banking Supervision in late 2014, and as a consequence is directly supervised by the European Central Bank . According to a 2020 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. Deutsche Bank
1100-516: A government bailout. 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." 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. Deutsche bought insurance against default by blue-chip companies from investors, mostly Canadian pension funds, who received
1210-744: A higher rate of a discount than English or French bills. 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 . Georg Siemens
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#17327987196941320-417: A microclimate, with heat stored by the city's buildings and pavement . Temperatures can be 4 °C (7 °F) higher in the city than in the surrounding areas. Annual precipitation is 570 millimeters (22 in) with moderate rainfall throughout the year. Snowfall mainly occurs from December through March. The hottest month in Berlin was July 1834, with a mean temperature of 23.0 °C (73.4 °F) and
1430-424: A monumental ensemble. The National Socialist regime embarked on monumental construction projects in Berlin as a way to express their power and authority through architecture . Adolf Hitler and Albert Speer developed architectural concepts for the conversion of the city into World Capital Germania ; these were never implemented. NSDAP rule diminished Berlin's Jewish community from 160,000 (one-third of all Jews in
1540-558: A required 9% core Tier 1 ratio after sovereign debt write-down starting in mid-2012. As of 2012, 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. In 2017, Deutsche Bank needed to get its common equity tier-1 capital ratio up to 12.5% in 2018 to be marginally above
1650-466: A risk specialist from Merrill Lynch , who hired two other former Merrill Lynch risk specialists Anshu Jain and William S. Broeksmit. 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. Ten years after the acquisition of Morgan Grenfell, the US firm Bankers Trust was added. Bankers Trust suffered losses during
1760-615: A scientific, artistic, and philosophical hub during the Age of Enlightenment , Neoclassicism , and the German revolutions of 1848–1849 . During the Gründerzeit , an industrialization-induced economic boom triggered a rapid population increase in Berlin. 1920s Berlin was the third-largest city in the world by population. After World War II and following Berlin's occupation, the city was split into West Berlin and East Berlin , divided by
1870-413: A small margin, largely based on support in former West Berlin , Brandenburg voters disapproved of the fusion by a large margin. It failed largely due to Brandenburg voters not wanting to take on Berlin's large and growing public debt and fearing losing identity and influence to the capital. Berlin is in northeastern Germany, in an area of low-lying marshy woodlands with a mainly flat topography , part of
1980-508: A stream of insurance premiums as income in return for posting a small amount of collateral. 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. 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
2090-629: Is Germany's second-largest metropolitan region after the Rhine-Ruhr region, and the fifth-biggest metropolitan region by GDP in the European Union . Berlin was built along the banks of the Spree river, which flows into the Havel in the western borough of Spandau . The city incorporates lakes in the western and southeastern boroughs, the largest of which is Müggelsee . About one-third of
2200-468: Is an iconic landmark of Berlin and Germany; it stands as a symbol of eventful European history and of unity and peace. The Reichstag building is the traditional seat of the German Parliament. It was remodeled by British architect Norman Foster in the 1990s and features a glass dome over the session area, which allows free public access to the parliamentary proceedings and magnificent views of
2310-671: The Forum Fridericianum along with, the Berlin State Opera , Charlottenburg Palace , Gendarmenmarkt , Alte Kommandantur , as well as the City Palace . The tallest buildings in Berlin are spread across the urban area, with clusters at Potsdamer Platz , City West , and Alexanderplatz . Over one-third of the city's area consists of green and open-space, with the Großer Tiergarten , one of
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#17327987196942420-531: The 1998 Russian financial crisis since it had a large position in Russian government bonds, but avoided financial collapse by being acquired by Deutsche Bank for $ 10 billion in November 1998. On 4 June 1999, Deutsche Bank merged its Deutsche Morgan Grenfell and Bankers Trust to became Deutsche Asset Management (DAM) with Robert Smith as the CEO. This made Deutsche Bank the fourth-largest money management firm in
2530-892: The Berlin University of the Arts and the Free University of Berlin . The Berlin Zoological Garden is the most visited zoo in Europe. Babelsberg Studio is the world's first large-scale movie studio complex and the list of films set in Berlin is long. Berlin is also home to three World Heritage Sites : Museum Island , the Palaces and Parks of Potsdam and Berlin , and the Berlin Modernism Housing Estates . Other landmarks include
2640-576: The Berlin Wall around West Berlin, and events escalated to a tank standoff at Checkpoint Charlie . West Berlin was now de facto a part of West Germany with a unique legal status, while East Berlin was de facto a part of East Germany. John F. Kennedy gave his " Ich bin ein Berliner " speech on 26 June 1963, in front of the Schöneberg city hall, located in the city's western part, underlining
2750-585: The Berlin Wall . East Berlin was declared the capital of East Germany, while Bonn became the West German capital. Following German reunification in 1990, Berlin once again became the capital of all of Germany. Due to its geographic location and history, Berlin has been called "the heart of Europe". The economy of Berlin is based on high tech and the service sector , encompassing a diverse range of creative industries , startup companies , research facilities, and media corporations. Berlin serves as
2860-1084: The Brandenburg Gate , the Reichstag building , Potsdamer Platz , the Memorial to the Murdered Jews of Europe , and the Berlin Wall Memorial . Berlin has numerous museums , galleries, and libraries. [REDACTED] Margraviate of Brandenburg 1237–1618 [REDACTED] Brandenburg-Prussia 1618–1701 [REDACTED] Kingdom of Prussia 1701–1867 [REDACTED] North German Confederation 1867–1871 [REDACTED] German Empire 1871–1918 [REDACTED] Weimar Republic 1918–1933 [REDACTED] Nazi Germany 1933–1945 [REDACTED] Allied-occupied Germany 1945–1949 [REDACTED] West Germany 1949–1990 [REDACTED] East Germany 1949–1990 [REDACTED] Germany 1990–present Berlin lies in northeastern Germany. Most of
2970-698: The Burgundians followed. In the 7th century Slavic tribes, the later known Hevelli and Sprevane , reached the region. In the 12th century the region came under German rule as part of the Margraviate of Brandenburg , founded by Albert the Bear in 1157. Early evidence of middle age settlements in the area of today's Berlin are remnants of a house foundation dated 1270 to 1290, found in excavations in Berlin Mitte . The first written records of towns in
3080-439: The European Union . The city is also one of the states of Germany , and is the third smallest state in the country in terms of area. Berlin is surrounded by the state of Brandenburg , and Brandenburg's capital Potsdam is nearby. The urban area of Berlin has a population of over 4.5 million and is therefore the most populous urban area in Germany. The Berlin-Brandenburg capital region has around 6.2 million inhabitants and
3190-653: The Frankfurt Stock Exchange and the New York Stock Exchange . Deutsche Bank was founded in 1870 in Berlin . From 1929 to 1937, following its merger with Disconto-Gesellschaft , it was known as Deutsche Bank und Disconto-Gesellschaft or DeDi-Bank. Other transformative acquisitions have included those of Mendelssohn & Co. in 1938, Morgan Grenfell in 1990, Bankers Trust in 1998, and Deutsche Postbank in 2010. As of 2018,
3300-750: The Karl-Marx-Allee heads east, an avenue lined by monumental residential buildings, designed in the Socialist Classicism style. Adjacent to this area is the Rotes Rathaus (City Hall), with its distinctive red-brick architecture. In front of it is the Neptunbrunnen , a fountain featuring a mythological group of Tritons , personifications of the four main Prussian rivers, and Neptune on top of it. The Brandenburg Gate
3410-705: The Landesbank für Bosnien und Herzegowina in Sarajevo , together with the Société Générale de Belgique and its affiliate Banque Belge pour l'Étranger . In 1940, 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. Deutsche Bank simultaneously took control of
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3520-816: The National Bank of Greece during the Axis occupation of Greece , without however acquiring ownership out of consideration for Italian sensitivities. Through the Creditanstalt-Bankverein, Deutsche Bank also became a major shareholder of the Allgemeiner Jugoslawischer Bankverein (AJB), which had been formed in 1928 from the two former branches of the Wiener Bankverein in Belgrade and Zagreb, and of
3630-914: The Northern Pacific Railroad in the US and the Baghdad Railway (1888). 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. The second half of the 1890s 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
3740-543: The Panama papers and money laundering . Deutsche Bank released a statement confirming it would "cooperate closely with prosecutors". Berlin Berlin ( / b ɜːr ˈ l ɪ n / bur- LIN , German: [bɛʁˈliːn] ) is Germany 's capital and largest city by area and by population . With over 3.85 million inhabitants, it has more population within in its city limits than any other city in
3850-667: The Wayback Machine and still impacts urban planning decisions. Walter Momper, the mayor of West Berlin, became the first mayor of the reunified city in the interim. City-wide elections in December 1990 resulted in the first "all Berlin" mayor being elected to take office in January 1991, with the separate offices of mayors in East and West Berlin expiring by that time, and Eberhard Diepgen (a former mayor of West Berlin) became
3960-431: The clearing center for the three banks. Since the mid-1990s Deutsche Bank commercial real estate division offered Donald Trump financial backing, even though in the early 1990s Citibank , Manufacturers Hanover , Chemical , Bankers Trust , and 68 other entities refused to financially support him. In 2008, Trump sued Deutsche Bank for $ 3 billion and a few years later, he shifted his financial portfolio from
4070-644: The crisis summer of 1931 the Deutsche Golddiskontbank , a subsidiary of the Reichsbank , acquired 35 percent of DeDi-Bank's equity as part of a sector-wide rescue, bringing total government ownership of the bank to 38.5 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. When Adolf Hitler became leader of Germany, Deutsche Bank increasingly became integrated into
4180-832: The end of World War II in Europe in May 1945, Berlin received large numbers of refugees from the Eastern provinces. The victorious powers divided the city into four sectors, analogous to Allied-occupied Germany the sectors of the Allies of World War II (the United States, the United Kingdom, and France) formed West Berlin , while the Soviet Union formed East Berlin . All four Allies of World War II shared administrative responsibilities for Berlin. However, in 1948, when
4290-567: The 12% median CET1 ratio of Europe's 24 biggest publicly traded banks, so there would be no dividend for 2015 and 2016. Furthermore, 15,000 jobs were to be cut. In June 2015, the then co-CEOs, Jürgen Fitschen and Anshu Jain, both offered their resignations to the bank's supervisory board, which were accepted. Jain's resignation took effect in June 2015, but he provided consultancy to the bank until January 2016. Fitschen continued as joint CEO until May 2016. The appointment of John Cryan as joint CEO
4400-415: The 12.25% required by regulators. 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's Capital Ratio Tier-1 (CET1) was reported in 2015 to be only 11.4%, lower than
4510-423: The 19th century; the city's economy and population expanded dramatically, and it became the main railway hub and economic center of Germany. Additional suburbs soon developed and increased the area and population of Berlin. In 1861, neighboring suburbs including Wedding , Moabit and several others were incorporated into Berlin. In 1871, Berlin became capital of the newly founded German Empire . In 1881, it became
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4620-502: The 20th century. 17% of Berlin's buildings are Gründerzeit or earlier and nearly 25% are of the 1920s and 1930s, when Berlin played a part in the origin of modern architecture . Devastated by the bombing of Berlin in World War II many of the buildings that had survived in both East and West were demolished during the postwar period. After the reunification, many important heritage structures have been reconstructed , including
4730-672: The 39-story building continued for nearly a decade, and was completed in early 2011. In October 2001, 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 2012 when he became involved with the Bank of Cyprus . Then, beginning in 2002, Deutsche Bank strengthened its U.S. presence when it purchased Scudder Investments. Meanwhile, in Europe, Deutsche Bank increased its private-banking business by acquiring Rued Blass & Cie (2002) and
4840-790: The Creditanstalt expanded its operations into Nazi-occupied Czechoslovakia, Poland, Yugoslavia, and in Nazi-allied Bulgaria. In September 1938, following the Munich Agreement , Deutsche Bank took over the branches of Prague-based Böhmische Union Bank (BUB) in the Sudetenland . In March 1939, 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
4950-467: The Federal Republic of Germany was founded in West Germany and eventually included all of the American, British and French zones, excluding those three countries' zones in Berlin, while the Marxist–Leninist German Democratic Republic was proclaimed in East Germany . West Berlin officially remained an occupied city, but it politically was aligned with the Federal Republic of Germany despite West Berlin's geographic isolation. Airline service to West Berlin
5060-426: The Huguenot immigration. Many other immigrants came from Bohemia , Poland , and Salzburg . Since 1618, the Margraviate of Brandenburg had been in personal union with the Duchy of Prussia . In 1701, the dual state formed the Kingdom of Prussia , as Frederick III, Elector of Brandenburg , crowned himself as king Frederick I in Prussia . Berlin became the capital of the new Kingdom, replacing Königsberg . This
5170-444: The Landesbank in Sarajevo. Following the German invasion of Yugoslavia , the AJB was divided into two separate institutions, respectively the Bankverein AG Belgrad in occupied Serbia , and the Bankverein für Kroatien AG in the Independent State of Croatia . Both these banks' assets were eventually confiscated by the newly established Communist authorities in October 1944, and they were subsequently liquidated. During
5280-481: The Museumsinsel U-Bahn station opened in 2021, which completed all new works on the U5. A partial opening by the end of 2020 of the Humboldt Forum museum, housed in the reconstructed Berlin Palace , was postponed until March 2021. On 16 September 2022, the opening of the eastern wing, the last section of the Humboldt Forum museum, meant the Humboldt Forum museum was finally completed. It became Germany's currently most expensive cultural project. The legal basis for
5390-503: The Nazi government fully re-privatized Deutsche Bank in 1935–1937, largely out of budgetary considerations. Its name changed back to Deutsche Bank in 1937. 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 1938 following Hitler's Anschluss of Austria , Deutsche Bank gradually took control of Creditanstalt-Bankverein ,
5500-511: The Nazi power structures, and fully implemented the Nazi policy of aryanization . In 1934 it dismissed its three Jewish management board members, Oscar Wassermann , Theodor Frank, and Georg Solmssen ; in 1938 it dismissed its last Jewish supervisory board member. By the end of 1938, it had been involved as an intermediary and lender in at least 363 cases of expropriation of Jewish-owned businesses. In 1938, it acquired Jewish-controlled German bank Mendelssohn & Co. under duress. Meanwhile,
5610-558: The Reichsbank, of which 744 kg came from Holocaust victims. In an effort to come to terms with its past during the Nazi era, Deutsche Bank in 1995 published a history volume that detailed its entanglement with the dictatorship. In December 1999, along with other major German companies, Deutsche Bank contributed to a US$ 5.2 billion compensation fund following lawsuits brought by Holocaust survivors; U.S. officials had reportedly threatened to block Deutsche Bank's $ 10 billion purchase of Bankers Trust if it did not contribute to
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#17327987196945720-805: The Russian investment bank United Financial Group (2005) 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. 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. Later, in 2008, to establish VTB Capital , numerous bankers from Deutsche Bank's Moscow office were hired by VTB Capital. 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
5830-430: The U.S. in 1939 after more than one year in custody. Later in 1938, Creditanstalt was jointly taken over, without compensation, by German government holding VIAG [ de ] , Deutsche Bank, and the Reichsbank , which held respectively 51 percent, 25 percent, and 12 percent of its capital. In April 1942, Deutsche Bank raised its ownership to 51 percent by acquiring a block of shares from VIAG. During wartime,
5940-410: The US support for West Berlin. Berlin was completely divided. Although it was possible for Westerners to pass to the other side through strictly controlled checkpoints, for most Easterners, travel to West Berlin or West Germany was prohibited by the government of East Germany. In 1971, a Four-Power Agreement guaranteed access to and from West Berlin by car or train through East Germany. In 1989, with
6050-440: The Western Allies extended the currency reform in the Western zones of Germany to the three western sectors of Berlin, the Soviet Union imposed the Berlin Blockade on the access routes to and from West Berlin, which lay entirely inside Soviet-controlled territory. The Berlin airlift , conducted by the three western Allies, overcame this blockade by supplying food and other supplies to the city from June 1948 to May 1949. In 1949,
6160-418: The acquisition in 1993 of Banca Popolare di Lecco from Banca Popolare di Novara for about $ 476 million. In 1999, it acquired a minority interest in Cassa di Risparmio di Asti . In the 11 September 2001 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. Demolition work on
6270-436: The area of Berlin from 66 to 883 km (25 to 341 sq mi). The population almost doubled, and Berlin had a population of around four million. During the Weimar era , Berlin underwent political unrest due to economic uncertainties but also became a renowned center of the Roaring Twenties . The metropolis experienced its heyday as a major world capital and was known for its leadership roles in science, technology, arts,
6380-403: The area of modern Berlin are dated around 60,000 BC. A deer mask, dated to 9,000 BC, is attributed to the Maglemosian culture . In 2,000 BC dense human settlements along the Spree and Havel rivers gave rise to the Lusatian culture . Starting around 500 BC Germanic tribes settled in a number of villages in the higher situated areas of today's Berlin. After the Semnones left around 200 AD,
6490-419: The area of present-day Berlin date from the late 12th century. Spandau is first mentioned in 1197 and Köpenick in 1209. 1237 is considered the founding date of the city. The two towns over time formed close economic and social ties, and profited from the staple right on the two important trade routes , one was known as Via Imperii , and the other trade route reached from Bruges to Novgorod . In 1307
6600-450: 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 2014. The bank's exposure at the time of sale was more than $ 4 billion, and sold the property to Blackstone Group for $ 1.73 billion. On 3 January 2014, it was reported that Deutsche Bank would settle a lawsuit brought by US shareholders, who had accused
6710-561: The bank entered retail banking by introducing small personal loans. 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 . In the 1980s, this continued when the bank paid U$ 603 million in 1986 to acquire Banca d'America e d'Italia . In 1972, the bank established its Fiduciary Services Division which provides support to its private wealth division . At 8:30 am on 30 November 1989, Alfred Herrhausen , chairman of Deutsche Bank,
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#17327987196946820-407: The bank of bundling and selling bad real estate loans before the 2008 downturn. 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 . Former employees including Eric Ben-Artzi and Matthew Simpson have claimed that, during
6930-672: The bank purchased the state's share of Universum Film Aktiengesellschaft ( UFA ). In 1926, the bank assisted in the merger of Daimler and Benz. The bank merged with Disconto-Gesellschaft in 1929 and rebranded itself Deutsche Bank und Disconto-Gesellschaft , sometimes referred to as DeDi-Bank. By 1930, Deutsche Bank & Disconto-Gesellschaft maintained a similar dominant position as before World War I, with 4.8 billion Reichsmarks in total deposits ahead of Danat-Bank (2.4 billion), Dresdner Bank (2.3 billion), Commerz- und Privatbank (1.5 billion), Reichs-Kredit-Gesellschaft (619 million), and Berliner Handels-Gesellschaft (412 million). In
7040-426: The bank's network spanned 58 countries with a large presence in Europe, the Americas, and Asia. 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 2.2 trillion euros, rivaling even Sparkassen-Finanzgruppe in terms of combined assets. Deutsche Bank has been designated
7150-399: The basis that Deutsche may be forced to book another €3 billion to €4 billion of litigation charges in 2016." May 2017, Chinese conglomerate HNA Group became its biggest shareholder, owning 9.90% of its shares. However, HNA Group's stake reduced to 8.8% as of 16 February 2018. In November 2018, the bank's Frankfurt offices were raided by police in connection with investigations around
7260-448: The cities and villages in northeastern Germany bear Slavic languages -derived names. Typical Germanization for place name suffixes of Slavic origin are -ow, -itz, -vitz, -witz, -itzsch and -in , prefixes are Windisch and Wendisch . The name Berlin has its roots in the language of the West Slavs , and may be related to the Old Polabian stem berl-/birl- ("swamp"). Of Berlin's twelve boroughs , five bear
7370-403: The city lost half of its population. Frederick William , known as the "Great Elector", who had succeeded his father George William as ruler in 1640, initiated a policy of promoting immigration and religious tolerance. With the Edict of Potsdam in 1685, Frederick William offered asylum to the French Huguenots . By 1700, approximately 30 percent of Berlin's residents were French, because of
7480-417: The city's area is composed of forests, parks and gardens , rivers, canals, and lakes. First documented in the 13th century and at the crossing of two important historic trade routes , Berlin was designated the capital of the Margraviate of Brandenburg (1417–1701), Kingdom of Prussia (1701–1918), German Empire (1871–1918), Weimar Republic (1919–1933), and Nazi Germany (1933–1945). Berlin served as
7590-512: The coldest was January 1709 , with a mean temperature of −13.2 °C (8.2 °F). The wettest month on record was July 1907, with 230 millimeters (9.1 in) of rainfall, whereas the driest were October 1866, November 1902, October 1908 and September 1928, all with 1 millimeter (0.039 in) of rainfall. Berlin's history has left the city with a polycentric metropolitan area and an eclectic mix of architecture. The city's appearance today has been predominantly shaped by German history during
7700-400: The collateral was wiped out in a crisis was called the gap option. 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 2006) and then in 2008 by a $ 1–2bn reserve for the credit correlation desk designed to cover all risks, not just
7810-456: 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. 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
7920-463: The country) to about 80,000 due to emigration between 1933 and 1939. After Kristallnacht in 1938, thousands of the city's Jews were imprisoned in the nearby Sachsenhausen concentration camp . Starting in early 1943, many were deported to ghettos like Łódź , and to concentration and extermination camps such as Auschwitz . Berlin hosted the 1936 Summer Olympics for which the Olympic stadium
8030-816: The creation of the Deutsch-Asiatische Bank in Shanghai , in 1894, of the Banca Commerciale Italiana in Milan , and in 1898, of the Banque Internationale de Bruxelles . 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 Überseeische Bank in 1886 and
8140-430: The crisis, Deutsche failed to recognize up to $ 12 billion of paper losses on its $ 130 billion portfolio of leveraged super senior trades, although the bank rejects the claims. A company document of May 2009 described the trades as "the largest risk in the trading book", 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
8250-537: The end of October, and flights to and from Tegel Airport ending in November. Due to the fall in passenger numbers resulting from the COVID-19 pandemic , plans were announced to close BER's Terminal 5, the former Schönefeld Airport , beginning in March 2021. The connecting link of U-Bahn line U5 from Alexanderplatz to Hauptbahnhof, along with the new stations Rotes Rathaus and Unter den Linden, opened on 4 December 2020,
8360-784: The end of the Cold War and pressure from the East German population, the Berlin Wall fell on 9 November and was subsequently mostly demolished. Today, the East Side Gallery preserves a large portion of the wall. On 3 October 1990, the two parts of Germany were reunified as the Federal Republic of Germany, and Berlin again became a reunified city. After the fall of the Berlin Wall, the city experienced significant urban development Archived 16 December 2023 at
8470-639: The era of postmodernism . The buildings combined contain 1,400,000 square feet (130,000 m) of leasable space. The interior offices were designed by M. Arthur Gensler Jr. & Associates , the San Francisco-based interior architecture firm. Architect Philip Johnson was awarded the 1978 AIA Gold Medal and became the first laureate of the Pritzker Prize in Architecture in 1979 for his work on Pennzoil Place. Pennzoil Place
8580-809: The fast-growing industrial economies of the Rhineland and Silesia respectively; it eventually acquired the two banks in 1914 and 1917 respectively. 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 dated from 1886 and the Munich branch from 1892, while further branches were established in Dresden and Leipzig in 1901. In 1889, Deutsche Bank participated in
8690-499: The first elected mayor of a reunited Berlin. On 18 June 1994, soldiers from the United States, France and Britain marched in a parade which was part of the ceremonies to mark the withdrawal of allied occupation troops allowing a reunified Berlin (the last Russian troops departed on 31 August, while the final departure of Western Allies forces was on 8 September 1994). On 20 June 1991, the Bundestag (German Parliament) voted to move
8800-456: The former country's leading bank. On 26 March 1938 the latter was coerced to enter a "friendship agreement" with Deutsche Bank, by which the latter secured a presence in its board of directors. Creditanstalt executive Louis de Rothschild was immediately arrested and imprisoned, deprived of his position and property, then released upon payment of $ 21,000,000, believed to have been the largest bail bond in history for any individual, and migrated to
8910-523: The fund. Following Germany's defeat in World War II , the Allied authorities, in 1948, ordered Deutsche Bank's break-up into regional banks. These regional banks were later consolidated into three major banks in 1952: Norddeutsche Bank AG; Süddeutsche Bank AG; and Rheinisch-Westfälische Bank AG. In 1957, these three banks merged to form Deutsche Bank AG with its headquarters in Frankfurt. In 1959,
9020-564: The gap option but actively mismarking the value of their trades. In 2008, Deutsche Bank reported its first annual loss in five decades, 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. Based on a preliminary estimation from the European Banking Authority (EBA), in late 2011, Deutsche Bank AG needed to raise capital of about €3.2 billion as part of
9130-429: The gap option. In October 2008, 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. 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. Simpson claims that traders were not simply understating
9240-577: The humanities, city planning, film, higher education, government, and industries. Albert Einstein rose to public prominence during his years in Berlin, being awarded the Nobel Prize for Physics in 1921. In 1933, Adolf Hitler and the Nazi Party came to power . Hitler was inspired by the architecture he had experienced in Vienna , and he wished for a German Empire with a capital city that had
9350-478: 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. In 2007, the company's headquarters, the Deutsche Bank Twin Towers building, was extensively renovated for three years, certified LEED Platinum and DGNB Gold. In 2010,
9460-518: The largest and most popular parks in Berlin, located in the centre of the city. The Fernsehturm (TV tower) at Alexanderplatz in Mitte is among the tallest structures in the European Union at 368 m (1,207 ft). Built in 1969, it is visible throughout most of the central districts of Berlin. The city can be viewed from its 204-meter-high (669 ft) observation floor. Starting here,
9570-726: The low plateaus on both sides of the Spree Valley. Large parts of the boroughs Reinickendorf and Pankow lie on the Barnim Plateau, while most of the boroughs of Charlottenburg-Wilmersdorf , Steglitz-Zehlendorf , Tempelhof-Schöneberg , and Neukölln lie on the Teltow Plateau. The borough of Spandau lies partly within the Berlin Glacial Valley and partly on the Nauen Plain, which stretches to
9680-921: The lowest is the Spektesee in Spandau, at 28.1 meters (92 ft) elevation. Berlin has an oceanic climate ( Köppen : Cfb ) bordering on a humid continental climate ( Dfb ). This type of climate features mild to very warm summer temperatures and cold, though not very severe, winters. Annual precipitation is modest. Frosts are common in winter, and there are larger temperature differences between seasons than typical for many oceanic climates . Summers are warm and sometimes humid with average high temperatures of 22–25 °C (72–77 °F) and lows of 12–14 °C (54–57 °F). Winters are cold with average high temperatures of 3 °C (37 °F) and lows of −2 to 0 °C (28 to 32 °F). Spring and autumn are generally chilly to mild. Berlin's built-up area creates
9790-531: The seat of the German capital from Bonn to Berlin, which was completed in 1999, during the chancellorship of Gerhard Schröder . Berlin's 2001 administrative reform merged several boroughs, reducing their number from 23 to 12. In 2006, the FIFA World Cup Final was held in Berlin. Construction of the "Berlin Wall Trail" (Berliner Mauerweg) began in 2002 and was completed in 2006. In
9900-496: The stake taken in the newly established Deutsch-Asiatische Bank three years later, but the success of those companies showed that their existence made sound commercial sense. By end-1908, Deutsche was by far the largest German joint-stock bank by total deposits, with a total of 489 million Marks ahead of Dresdner Bank (225 million), Disconto-Gesellschaft (219 million), Darmstädter Bank (109 million) and A. Schaaffhausen'scher Bankverein (72 million). At that time, Deutsche Bank
10010-783: The town citizens against the building culminated in 1448, in the "Berlin Indignation" ("Berliner Unwille"). Officially, the Berlin-Cölln palace became permanent residence of the Brandenburg electors of the Hohenzollerns from 1486, when John Cicero came to power. Berlin-Cölln, however, had to give up its status as a free Hanseatic League city. In 1539, the electors and the city officially became Lutheran . The Thirty Years' War between 1618 and 1648 devastated Berlin. One third of its houses were damaged or destroyed, and
10120-421: The two structures is enclosed in a 115-foot (35 m) glass pyramid-shaped atrium. Deliberately designed as an optical illusion , Pennzoil Place's appearance will vary depending on the different locations from where it is viewed. Pennzoil Place is considered significant in architectural circles for breaking the modernist glass box design made popular by followers of Ludwig Mies van der Rohe and for introducing
10230-474: The two towns formed an alliance with a common external policy, their internal administrations still being separated. Members of the Hohenzollern family ruled in Berlin until 1918, first as electors of Brandenburg, then as kings of Prussia , and eventually as German emperors . In 1443, Frederick II Irontooth started the construction of a new royal palace in the twin city Berlin-Cölln. The protests of
10340-455: The vast Northern European Plain which stretches all the way from northern France to western Russia. The Berliner Urstromtal (an ice age glacial valley ), between the low Barnim Plateau to the north and the Teltow plateau to the south, was formed by meltwater flowing from ice sheets at the end of the last Weichselian glaciation . The Spree follows this valley now. In Spandau, a borough in
10450-639: 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 1999. It also was a principal participant in the Nazi regime's gold transactions. Between 1942 and 1944, Deutsche Bank purchased 4,446 kg of gold from
10560-693: The west of Berlin, the Spree empties into the river Havel , which flows from north to south through western Berlin. The course of the Havel is more like a chain of lakes, the largest being the Tegeler See and the Großer Wannsee . A series of lakes also feeds into the upper Spree, which flows through the Großer Müggelsee in eastern Berlin. Substantial parts of present-day Berlin extend onto
10670-590: The west of Berlin. Since 2015, the Arkenberge hills in Pankow at 122 meters (400 ft) elevation, have been the highest point in Berlin. Through the disposal of construction debris they surpassed Teufelsberg (120.1 m or 394 ft), which itself was made up of rubble from the ruins of the Second World War. The Müggelberge at 114.7 meters (376 ft) elevation is the highest natural point and
10780-525: The world after UBS , Fidelity Investments , and the Japanese post office's life insurance fund. 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 1978 legislation from Congress. Deutsche continued to build up its presence in Italy with
10890-537: Was a prime necessity for the establishment of credit for the German trade in what was then the world's money center. Deutsche Bank also took advantage of the Panic of 1873 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 1870s. Major projects in the early years of the bank included
11000-813: Was a son of a cousin of Werner von Siemens . The bank initially operated from the first floor of a building at 21 Französische Strasse, then in 1871 moved to premises near the Berlin Stock Exchange , and in 1876 started building its massive head office complex on Mauerstrasse. The bank's first domestic branches, inaugurated in 1871 and 1872, were opened in Bremen and Hamburg . Its first overseas offices opened in Shanghai and Yokohama in 1872, and London in 1873, followed by South American offices between 1874 and 1886. The branch opening in London, after one failure and another partially successful attempt,
11110-477: Was a successful attempt to centralise the capital in the very far-flung state, and it was the first time the city began to grow. In 1709, Berlin merged with the four cities of Cölln, Friedrichswerder, Friedrichstadt and Dorotheenstadt under the name Berlin, "Haupt- und Residenzstadt Berlin". In 1740, Frederick II, known as Frederick the Great (1740–1786), came to power. Under the rule of Frederick II, Berlin became
11220-411: Was an unsuccessful attempt of unifying the states of Berlin and Brandenburg. Both share a common history, dialect and culture and in 2020, there are over 225,000 residents of Brandenburg that commute to Berlin. The fusion had the near-unanimous support by a broad coalition of both state governments, political parties, media, business associations, trade unions and churches. Though Berlin voted in favor by
11330-420: Was announced, effective July 2015; he became sole CEO at the end of Fitschen's term. 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. 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
11440-487: Was built. During World War II , Berlin was the location of multiple Nazi prisons, forced labour camps, 17 subcamps of the Sachsenhausen concentration camp for men and women, including teenagers, of various nationalities, including Polish, Jewish, French, Belgian, Czechoslovak, Russian, Ukrainian, Romani, Dutch, Greek, Norwegian, Spanish, Luxembourgish, German, Austrian, Italian, Yugoslavian, Bulgarian, Hungarian,
11550-419: 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 2005. On 1 October 2003, Deutsche Bank and Dresdner Bank entered into a payment transaction agreement with Postbank to have Postbank process payments as
11660-528: Was founded in 1870 in Berlin as a specialist bank for financing foreign trade and promoting German exports. It subsequently played a large part in developing Germany's financial services industry, as its business model focused on providing finance to industrial customers. The bank's statute was adopted on 22 January 1870, and on 10 March 1870 the Prussian government granted it a banking license. The statute laid great stress on foreign business: The object of
11770-490: Was granted only to American, British and French airlines. The founding of the two German states increased Cold War tensions. West Berlin was surrounded by East German territory, and East Germany proclaimed the Eastern part as its capital, a move the western powers did not recognize. East Berlin included most of the city's historic center. The West German government established itself in Bonn . In 1961, East Germany began to build
11880-576: 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. 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 which was renamed Deutsche Morgan Grenfell in 1994. In 1995 to greatly expand into international investments and money management, Deutsche Bank hired Edson Mitchell,
11990-544: Was named "Building of the Decade" in 1975 by The New York Times architecture critic Ada Louise Huxtable because of the dramatic silhouette it added to the Houston skyline. Deutsche Bank Deutsche Bank AG ( German pronunciation: [ˈdɔʏtʃə ˈbaŋk ʔaːˈɡeː] ) is a German multinational investment bank and financial services company headquartered in Frankfurt , Germany, and dual-listed on
12100-604: 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. 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, and it greatly expanded its footprint in Germany. In 1919,
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