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132-671: 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 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

264-432: A feature that Bremen shares with most of Germany and its neighbouring countries, though. Precipitation is distributed fairly even around the year with a small peak in summer mainly due to convective precipitation, i.e. showers and thunderstorms. Snowfall and the period of snow cover are variable; whereas in some years, hardly any snow accumulation occurs, there has recently been a series of unusually snowy winters, peaking in

396-513: 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

528-566: A hub of European M&A activity, often facilitating the most capital movement and corporate restructuring in the area. Meanwhile, Asian cities are receiving a growing share of M&A activity. According to estimates published by the International Financial Services London , for the decade prior to the financial crisis in 2008, M&A was a primary source of investment banking revenue, often accounting for 40% of such revenue, but dropped during and after

660-720: A key part of capital market transactions, involving debt structuring , exit financing, loan amendment, project finance , leveraged buy-outs , and sometimes portfolio hedging. The "Market Risk Team" provides services to investors via derivative solutions, portfolio management , portfolio consulting, and risk advisory. Well-known "Risk Groups" are at JPMorgan Chase , Morgan Stanley , Goldman Sachs and Barclays . J.P. Morgan IB Risk works with investment banking to execute transactions and advise investors, although its Finance & Operation risk groups focus on middle office functions involving internal, non-revenue generating, operational risk controls. The credit default swap , for instance,

792-456: A key service in terms of advisory and strategy. While the research division may or may not generate revenue (based on the specific compliance policies at different banks), its resources are used to assist traders in trading, the sales force in suggesting ideas to customers, and investment bankers by covering their clients. Research also serves outside clients with investment advice (such as institutional investors and high-net-worth individuals) in

924-582: 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 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

1056-556: 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

1188-516: A result of selling complex derivatives contracts to local municipalities in Europe and the US. Strategists advise external as well as internal clients on the strategies that can be adopted in various markets. Ranging from derivatives to specific industries, strategists place companies and industries in a quantitative framework with full consideration of the macroeconomic scene. This strategy often affects

1320-417: 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

1452-417: A statement confirming it would "cooperate closely with prosecutors". Investment banking Unlike commercial banks and retail banks , investment banks do not take deposits . The revenue model of an investment bank comes mostly from the collection of fees for advising on a transaction, contrary to a commercial or retail bank. From the passage of Glass–Steagall Act in 1933 until its repeal in 1999 by

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1584-506: 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

1716-566: A third from 2009, as companies pursued less deals and traded less. Differences in total revenue are likely due to different ways of classifying investment banking revenue, such as subtracting proprietary trading revenue. In terms of total revenue, SEC filings of the major independent investment banks in the United States show that investment banking (defined as M&A advisory services and security underwriting) made up only about 15–20% of total revenue for these banks from 1996 to 2006, with

1848-486: A third of the total population, could be classified as having non-German origin/ethnicity. Number of minorities in Bremen by nationality as of 31 December 2022: The recent influx has somewhat moderated the tendency toward an accelerated ageing of the population. As it is, more than half the population of the state of Bremen are over 50, and more than a quarter are over 60. The Stadtbürgerschaft (municipal assembly)

1980-1318: A trader after he buys or sells a product to a client and does not hedge his total exposure. Here, and in general, banks seek to maximize profitability for a given amount of risk on their balance sheet. Note here that the FRTB framework has underscored the distinction between the " Trading book " and the " Banking book " - i.e. assets intended for active trading, as opposed to assets expected to be held to maturity - and market risk capital requirements will differ accordingly. The necessity for numerical ability in sales and trading has created jobs for physics , computer science , mathematics , and engineering PhDs who act as "front office" quantitative analysts . The securities research division reviews companies and writes reports about their prospects, often with "buy", "hold", or "sell" ratings. Investment banks typically have sell-side analysts which cover various industries. Their sponsored funds or proprietary trading offices will also have buy-side research. Research also covers credit risk , fixed income , macroeconomics , and quantitative analysis , all of which are used internally and externally to advise clients; alongside "Equity", these may be separate "groups". The research group(s) typically provide

2112-530: A worldwide operating company for manufacturing wool and trading in wool and similar products, is headquartered in Bremen. Gleistein is a German cordage factory with head office in Bremen. Bremen has an international airport situated 3 km (2 mi) south of the city centre. Trams in Bremen and local bus services are offered by the Bremer Straßenbahn AG (translates from German as Bremen Tramways Corporation ), often abbreviated BSAG,

2244-498: Is a commodity business, but structuring and trading derivatives have higher margins because each over-the-counter contract has to be uniquely structured and could involve complex pay-off and risk profiles. One growth area is private investment in public equity (PIPEs, otherwise known as Regulation D or Regulation S). Such transactions are privately negotiated between companies and accredited investors . Banks also earned revenue by securitizing debt, particularly mortgage debt prior to

2376-685: Is a famous credit risk hedging solution for clients invented by J.P. Morgan's Blythe Masters during the 1990s. The Loan Risk Solutions group within Barclays' investment banking division and Risk Management and Financing group housed in Goldman Sach's securities division are client-driven franchises. Risk management groups such as credit risk, operational risk, internal risk control, and legal risk are restrained to internal business functions — including firm balance-sheet risk analysis and assigning

2508-409: Is a plant of EADS Astrium and the headquarters of OHB-System , respectively the first and the third space companies of European Union. There is also a Mercedes-Benz factory in Bremen, building the C , CLK , SL , SLK , and GLK series of cars. Beck & Co 's headlining brew Beck's and St Pauli Girl beers are brewed in Bremen. In past centuries when Bremen's port was the "key to Europe",

2640-526: Is a statue dedicated to it in front of the city hall. Bremen has a reputation as a working-class city. The city is home to many multinationals and manufacturing companies headquartered in Bremen include Hachez chocolate and Vector Foiltec . Bundesliga club SV Werder Bremen play in the Weserstadion on the bank of the Weser. For most of its 1,200 year history, Bremen was an independent city within

2772-578: Is buying and selling products. Sales is the term for the investment bank's sales force, whose primary job is to call on institutional and high-net-worth investors to suggest trading ideas (on a caveat emptor basis) and take orders. Sales desks then communicate their clients' orders to the appropriate trading rooms , which can price and execute trades, or structure new products that fit a specific need. Sales make deals tailored to their corporate customers' needs, that is, their terms are often specific. Focusing on their customer relationship, they may deal on

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2904-444: Is classed as either "sell side" or "buy side". The " sell side " involves trading securities for cash or for other securities (e.g. facilitating transactions, market-making), or the promotion of securities (e.g. underwriting, research, etc.). The " buy side " involves the provision of advice to institutions that buy investment services. Private equity funds, mutual funds , life insurance companies, unit trusts , and hedge funds are

3036-603: Is currently made up of 72 of the 87 legislators of the state legislature, the Bremische Bürgerschaft who reside in the city of Bremen. The legislature is elected by the citizens of Bremen every four years. Bremen has a reputation as a left-wing city. The port, shipyards and related industries sustained a large and unionised working class. This translated into support for the Social Democrats , considered Bremen's natural governing party. However, in

3168-869: Is home to dozens of historical galleries and museums, ranging from historical sculptures to major art museums, such as the Bremen Overseas Museum ( Übersee-Museum Bremen ) or the Weserburg . The Bremen City Hall and the Bremen Roland form the UNESCO World Heritage Site "Town Hall and Roland on the Marketplace of Bremen". Bremen is well-known through the Brothers Grimm's fairy tale " Town Musicians of Bremen " ( Die Bremer Stadtmusikanten ), and there

3300-486: Is not a comprehensive summary of all middle-office functions within an investment bank, as specific desks within front and back offices may participate in internal functions. The back office data-checks trades that have been conducted, ensuring that they are not wrong, and transacts the required transfers. Many banks have outsourced operations. It is, however, a critical part of the bank. Every major investment bank has considerable amounts of in-house software , created by

3432-552: 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 a global systemically important bank by the Financial Stability Board since 2011. It has been designated as a Significant Institution since

3564-408: Is raised for the corporation include those listed aside. This work may involve, i.a., subscribing investors to a security issuance, coordinating with bidders, or negotiating with a merger target. A pitch book , also called a confidential information memorandum (CIM), is a document that highlights the relevant financial information, past transaction experience, and background of the deal team to market

3696-688: Is the Weserstadion , a pure football stadium, almost completely surrounded by solar cells. It is one of the biggest buildings in Europe delivering renewable energy. With 18,000 students, the University of Bremen is the largest university in Bremen, and is also home to the international Goethe-Institut and the Fallturm Bremen . Additionally, Bremen has a University of the Arts and the Bremen University of Applied Sciences . In 2001,

3828-646: Is the control function for the Markets' business and conducts review of sales and trading activities utilizing the VaR model . Other Middle office "Risk Groups" include country risk, operational risk, and counterparty risks which may or may not exist on a bank to bank basis. Front office risk teams, on the other hand, engage in revenue-generating activities involving debt structuring, restructuring, syndicated loans , and securitization for clients such as corporates, governments, and hedge funds. Here "Credit Risk Solutions", are

3960-583: 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

4092-646: The City Municipality of Bremen ( German : Stadtgemeinde Bremen , IPA: [ˈʃtatɡəˌmaɪndə ˈbʁeːmən] ), is the capital of the German state of the Free Hanseatic City of Bremen ( Freie Hansestadt Bremen ), a two-city-state consisting of the cities of Bremen and Bremerhaven . With about 577,000 inhabitants, the Hanseatic city is the 11th-largest city of Germany and

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4224-529: 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

4356-677: The Elbe-Weser Triangle . The Lesum , and its tributaries, the Wümme and Hamme , the Schönebecker Aue and Blumenthaler Aue , are the downstream tributaries of the Weser. The city's municipal area is about 38 kilometres (24 miles) long and 16 kilometres (10 miles) wide. In terms of area, Bremen is the eleventh largest city in Germany; and in terms of population the second largest city in northwest Germany after Hamburg and

4488-573: The European Union , and after 2015 with the settlement of refugees from Syria and other war-torn regions. Today Bremen has a population of 567,000 and is the 11th largest city in Germany and 5th largest city by area with area of 318.21 km (122.86 sq mi), which makes this city area bigger than Munich . By the second decade of the century out of a population (including Bremerhaven ) of approximately 680,000, over 115,000 had foreign citizenship, and nearly twice that number, almost

4620-748: The Gramm–Leach–Bliley Act , the United States maintained a separation between investment banking and commercial banks. Other industrialized countries, including G7 countries, have historically not maintained such a separation. As part of the Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 ( Dodd–Frank Act of 2010 ), the Volcker Rule asserts some institutional separation of investment banking services from commercial banking. All investment banking activity

4752-701: 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

4884-562: The Low German dialect area after Hamburg, Dortmund and Essen . Bremen's port , together with the port of Bremerhaven at the mouth of the Weser, is the second-largest port in Germany after the Port of Hamburg . The airport of Bremen ( Flughafen Bremen " Hans Koschnick " ) lies in the southern borough of Neustadt-Neuenland and is Germany's 12th-busiest airport . Bremen is a major cultural and economic hub of Northern Germany. The city

5016-815: 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

5148-695: The North Sea and its transition to the Outer Weser by Bremerhaven. Opposite Bremen's Altstadt is the point where the "Middle Weser" becomes the "Lower Weser" and, from the area of Bremen's port, the river has been made navigable to ocean-going vessels. The region on the left bank of the Lower Weser, through which the Ochtum flows, is the Weser Marshes, the landscape on its right bank is part of

5280-964: 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

5412-603: The Securities Association of China is a self-regulatory organization whose members are largely investment banks. Global investment banking revenue increased for the fifth year running in 2007, to a record US$ 84 billion, which was up 22% on the previous year and more than double the level in 2003. Subsequent to their exposure to United States sub-prime securities investments, many investment banks have experienced losses. As of late 2012, global revenues for investment banks were estimated at $ 240 billion, down about

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5544-734: The Troubled Asset Relief Program (TARP). Surviving U.S. investment banks such as Goldman Sachs and Morgan Stanley converted to traditional bank holding companies to accept TARP relief. Similar situations have occurred across the globe with countries rescuing their banking industry. Initially, banks received part of a $ 700 billion TARP intended to stabilize the economy and thaw the frozen credit markets. Eventually, taxpayer assistance to banks reached nearly $ 13 trillion—most without much scrutiny— lending did not increase, and credit markets remained frozen. Bremen Bremen ( Low German also: Breem or Bräm ), officially

5676-426: 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

5808-640: 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

5940-634: The financial crisis of 2007–08 and the subsequent passage of the Dodd-Frank Act of 2010 , regulations have limited certain investment banking operations, notably with the Volcker Rule's restrictions on proprietary trading. The traditional service of underwriting security issues has declined as a percentage of revenue. As far back as 1960, 70% of Merrill Lynch 's revenue was derived from transaction commissions while "traditional investment banking" services accounted for 5%. However, Merrill Lynch

6072-613: The public transport provider for Bremen. The Bremen S-Bahn covers the Bremen/Oldenburg Metropolitan Region , from Bremerhaven in the north to Twistringen in the south and from Oldenburg in the west, centred on Bremen Central Station . It has been in operation since 2010. This network unified existing regional transport in Bremen as well as surrounding cities, including Bremerhaven , Delmenhorst , Twistringen , Nordenham , Oldenburg , and Verden an der Aller . The network lies completely within

6204-564: 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

6336-413: 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

6468-535: The 1980s mechanization of the port and closure of the city's leading shipbuilder induced an employment crisis and shook the confidence of the party's traditional voter base. The SPD, which had still polled 51% in 1987, lost its effective majority. The once dominant left-liberal vote split, and coalition government became the norm. The state today is governed by a coalition of the Social Democratic Party, The Greens and The Left . In November 2019

6600-668: 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

6732-710: The BIW did not reach the threshold in Bremen (and will only receive one seat in Bremerhaven, none in Bremen). Neustadt, Südervorstadt and Gartenstadt Süd between Alte Neustadt and the airport city More contemporary tourist attractions include: The Freie Waldorfschule in Bremen-Sebaldsbrück was Germany's first school built to the Passivhaus low-energy building standard. According to data from

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6864-603: The City of Bremen. The inner city lies on a Weser dune, which reaches a natural height of 10.5 metres (34 feet, 6 inches) above sea level at Bremen Cathedral ; its highest point, though, is 14.4 metres (47 feet, 3 inches) above sea level and lies to the east at the Polizeihaus , Am Wall 196. The highest natural feature in the city of Bremen is 32.5 metres (107 feet) above sea level and lies in Friedehorst Park in

6996-787: 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

7128-436: 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

7260-429: The National Investment Banking Association (NIBA). In Europe, the European Forum of Securities Associations was formed in 2007 by various European trade associations. Several European trade associations (principally the London Investment Banking Association and the European SIFMA affiliate) combined in November 2009 to form the Association for Financial Markets in Europe (AFME). In the securities industry in China ,

7392-500: 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 ,

7524-507: 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,

7656-404: The Organization of Economic Cooperation and Development, Bremen had a GDP per capita of $ 53,379 in 2013, higher than the average for Germany as a whole. For comparison, in 2013, the World Bank reported Germany had a GDP per capita of $ 46,268, and the EU overall had a GDP per capita of $ 35,408 in the same year. Bremen is the second development centre of the region, after Hamburg . It forms part of

7788-553: 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

7920-797: 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

8052-425: 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,

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8184-462: The United States must be a licensed broker-dealer and subject to U.S. Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA) regulation. The Dutch East India Company was the first company to issue bonds and shares of stock to the general public. It was also the first publicly traded company , being the first company to be listed on an official stock exchange . Investment banking has changed over

8316-558: The United States, commercial banking and investment banking were separated by the Glass–Steagall Act , which was repealed in 1999. The repeal led to more " universal banks " offering an even greater range of services. Many large commercial banks have therefore developed investment banking divisions through acquisitions and hiring. Notable full-service investment banks with a significant investment banking division (IBD) include JPMorgan Chase , Bank of America , Citigroup , Deutsche Bank , UBS (Acquired Credit Suisse ), and Barclays . After

8448-416: 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

8580-559: The aforementioned institutes, especially within the MARUM a center for marine environmental sciences, affiliated to the University of Bremen. Furthermore, The Fraunhofer Society is present in Bremen with centers for applied material research (IFAM ) and medical image computing (MEVIS ). The Centre for Economics Education in the Unterwesergebiet (BWU) is a vocational education and training institution based in Bremen. It specializes in providing business-related education and professional development programs for individuals and businesses. Bremen

8712-449: The area of the Bremen-Lower Saxony Transport Association , whose tariff structure applies. Bremen is home to the football team Werder Bremen , who won the German Football Championship for the fourth time and the German Football Cup for the fifth time in 2004, making them only the fourth team in German football history to win the double; the club won the German Football Cup for the sixth time in 2009. The home stadium of SV Werder Bremen

8844-490: The astronomer Heinrich Wilhelm Matthias Olbers reported to have measured −27.3 °C on 23 January 1823. Being at some distance from the main North Sea, Bremen still has a somewhat wider temperature range than Bremerhaven that is located on the mouth of Weser. Average temperatures have risen continually over the last decades, leading to a 0.6 °C (1.1 °F) rise in the mean annual temperature between 1961–90 and 1981–2010 reference periods. As in most parts of Germany,

8976-559: 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,

9108-406: 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

9240-666: 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

9372-407: The bank to a potential M&A client; if the pitch is successful, the bank arranges the deal for the client. Recent legal and regulatory developments in the U.S. will likely alter the makeup of the group of arrangers and financiers willing to arrange and provide financing for certain highly leveraged transactions. On behalf of the bank and its clients, a large investment bank's primary function

9504-444: The bank's profitability. See also Chinese wall § Finance . This area of the bank includes treasury management , internal controls (such as Risk), and internal corporate strategy. Corporate treasury is responsible for an investment bank's funding, capital structure management, and liquidity risk monitoring; it is (co)responsible for the bank's funds transfer pricing (FTP) framework. Internal control tracks and analyzes

9636-515: 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 the Panama papers and money laundering . Deutsche Bank released

9768-413: The capital flows of the firm, the finance division is the principal adviser to senior management on essential areas such as controlling the firm's global risk exposure and the profitability and structure of the firm's various businesses via dedicated trading desk product control teams. In the United States and United Kingdom, a comptroller (or financial controller) is a senior position, often reporting to

9900-512: The chief financial officer. Risk management involves analyzing the market and credit risk that an investment bank or its clients take onto their balance sheet during transactions or trades. Middle office "Credit Risk" focuses around capital markets activities, such as syndicated loans , bond issuance, restructuring , and leveraged finance. These are not considered "front office" as they tend not to be client-facing and rather 'control' banking functions from taking too much risk. "Market Risk"

10032-467: The cities of Oldenburg and Bremerhaven, and has a population of around 2.8 million people. Bremen is contiguous with the Lower Saxon towns of Delmenhorst , Stuhr , Achim , Weyhe , Schwanewede and Lilienthal . There is an exclave of Bremen in Bremerhaven, the "Citybremian Overseas Port Area Bremerhaven" ( Stadtbremisches Überseehafengebiet Bremerhaven ). Bremen is the fourth-largest city in

10164-974: The city also had a large number of wine importers, but the number is down to a precious few. Apart from that there is another link between Bremen and wine: about 800 years ago, quality wines were produced here. Bremen is not the place where the largest wine cellar in the world is located although it was once said to hold over 1 million bottles, but during WWII was raided by occupying forces. A large number of food producing or trading companies are located in Bremen with their German or European headquarters: Anheuser-Busch InBev (Beck's Brewery), Kellogg's , Kraft Foods (Kraft, Jacobs Coffee, Milka Chocolate, Milram, Miràcoli), Frosta (frosted food), Nordsee (chain of sea fast food), Melitta Kaffee, Eduscho Kaffee, Azul Kaffee, Vitakraft (pet articles and food for cats, dogs, birds, fish, rodents and other pets), Atlanta AG (Chiquita banana), chocolatier Hachez (fine chocolate and confiserie), feodora chocolatier. Bremer Woll-Kämmerei (BWK),

10296-431: The collapse of several notable investment banks, such as the bankruptcy of Lehman Brothers (one of the largest investment banks in the world) and the hurried fire sale of Merrill Lynch and the much smaller Bear Stearns to much larger banks, which effectively rescued them from bankruptcy. The entire financial services industry, including numerous investment banks, was bailed out by government taxpayer funded loans through

10428-399: 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

10560-704: The confederal jurisdiction of the Holy Roman Empire . Its governing merchants and guilds were at the centre of the Hanseatic League that sought to monopolise the North Sea and Baltic Sea trade. To enlarge and confirm its independence, the city had, until the Reformation , to contend with the temporal power of the Church , and after the Thirty Years' War with Sweden , the masters of

10692-813: 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

10824-428: 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

10956-422: The eleventh largest in the whole of Germany (see: List of cities in Germany ) . Bremen lies about 50 kilometres (31 miles) east of the city of Oldenburg , 110 kilometres (68 miles) southwest of Hamburg , 120 kilometres (75 miles) northwest of Hanover , 100 kilometres (62 miles) north of Minden and 105 kilometres (65 miles) northeast of Osnabrück . Part of Bremerhaven 's port territory forms an exclave of

11088-615: 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 was founded in 1870 in Berlin as a specialist bank for financing foreign trade and promoting German exports. It subsequently played

11220-803: 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

11352-399: The financial crisis. Equity underwriting revenue ranged from 30% to 38%, and fixed-income underwriting accounted for the remaining revenue. Revenues have been affected by the introduction of new products with higher margins ; however, these innovations are often copied quickly by competing banks, pushing down trading margins. For example, brokerages commissions for bond and equity trading

11484-495: The financial crisis. Investment banks have become concerned that lenders are securitizing in-house, driving the investment banks to pursue vertical integration by becoming lenders, which has been allowed in the United States since the repeal of the Glass–Steagall Act in 1999. According to The Wall Street Journal , in terms of total M&A advisory fees for the whole of 2020, the top ten investment banks were as listed in

11616-454: 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

11748-1008: 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. 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

11880-519: 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,

12012-520: The fuselage section (excluding the cockpit) of the A400M military transport aircraft takes place before delivery on to Spain. More than 3,100 persons are employed at Airbus Bremen, the second largest Airbus site in Germany. As part of the Centre of Excellence – Wing/Pylon, Bremen is responsible for the design and manufacture of high-lift systems for the wings of Airbus aircraft. The entire process chain for

12144-561: 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

12276-427: 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

12408-443: The high-lift elements is established here, including the project office, technology engineering, flight physics, system engineering, structure development, verification tests, structural assembly, wing equipping and ultimate delivery to the final assembly line. In addition, Bremen manufactures sheet metal parts like clips and thrust crests for all Airbus aircraft as part of the Centre of Excellence – Fuselage and Cabin. In Bremen there

12540-416: The hopes that these clients will execute suggested trade ideas through the sales and trading division of the bank, and thereby generate revenue for the firm. With MiFID II requiring sell-side research teams in banks to charge for research, the business model for research is increasingly becoming revenue-generating. External rankings of researchers are becoming increasingly important, and banks have started

12672-502: 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, the bank developed and owned

12804-400: The majority of revenue (60+% in some years) brought in by "trading" which includes brokerage commissions and proprietary trading; the proprietary trading is estimated to provide a significant portion of this revenue. The United States generated 46% of global revenue in 2009, down from 56% in 1999. Europe (with Middle East and Africa ) generated about a third, while Asian countries generated

12936-430: The most common types of buy-side entities . An investment bank can also be split into private and public functions with a screen separating the two to prevent information from crossing. The private areas of the bank deal with private insider information that may not be publicly disclosed, while the public areas, such as stock analysis, deal with public information. An advisor who provides investment banking services in

13068-558: The northwestern borough of Burglesum. As a result, Bremen has the lowest high point of all the German states . Bremen has a moderate oceanic climate ( Köppen climate classification Cfb ) due to its proximity to the North Sea coast and temperate maritime air masses that move in with the predominantly westerly winds from the Atlantic Ocean. However, periods in which continental air masses predominate may occur at any time of

13200-611: The open market, a highly regulated process by the SEC to ensure transparency is provided to investors. Therefore, investment bankers play a very important role in issuing new security offerings. Front office is generally described as a revenue -generating role. There are two main areas within front office: investment banking and markets. Corporate finance is the aspect of investment banks which involves helping customers raise funds in capital markets and giving advice on mergers and acquisitions (M&A); transactions in which capital

13332-750: The private Jacobs University Bremen was founded. All major German research foundations maintain institutes in Bremen, with a focus on marine sciences: The Max Planck Society with the Max Planck Institute for Marine Microbiology , and the Gottfried Wilhelm Leibniz Scientific Community with the Center for Tropical Marine Ecology (zmt). The Bremerhaven-based Alfred-Wegener-Institute of the Helmholtz Association closely cooperates with

13464-477: The process of monetizing research publications, client interaction times, meetings with clients etc. There is a potential conflict of interest between the investment bank and its analysis, in that published analysis can impact the performance of a security (in the secondary markets or an initial public offering) or influence the relationship between the banker and its corporate clients, and vice versa regarding material non-public information (MNPI), thereby affecting

13596-408: The production network of Airbus SAS and this is where equipping of the wing units for all widebody Airbus aircraft and the manufacture of small sheet metal parts takes place. Structural assembly, including that of metal landing flaps, is another focal point. Within the framework of Airbus A380 production, assembly of the landing flaps (high lift systems) is carried out here. The pre-final assembly of

13728-606: The record year 2010 counting 84 days with a snow cover. Nevertheless, snow accumulation of more than 20 centimetres (8 in) remains exceptional, the record being 68 centimetres (26.8 in) of snow on 18 February 1979. The warmest months in Bremen are June, July, and August, with average high temperatures of 20.2 to 22.6 °C (68.4 to 72.7 °F). The coldest are December, January, and February, with average low temperatures of −1.1 to 0.3 °C (30.0 to 32.5 °F). Typical of its maritime location, autumn tends to remain mild well into October, while spring arrives later than in

13860-419: The reference periods of 1961–90 and 1991–2020. This trend has continued over the last 10 years (2011–2020), which average 1680 hours of sunshine, almost 200 hours more than in the international reference period of 1961–90. Nevertheless, especially the winters remain extremely gloomy by international standards with December averaging hardly more than one hour of sunshine (out of 7 astronomically possible) per day,

13992-498: The remaining 21%. The industry is heavily concentrated in a small number of major financial centers, including New York City , City of London , Frankfurt , Hong Kong , Singapore , and Tokyo . The majority of the world's largest Bulge Bracket investment banks and their investment managers are headquartered in New York and are also important participants in other financial centers. The city of London has historically served as

14124-512: The right-wing group Phalanx 18 was banned by the city-state of Bremen. One of the two mayors ( Bürgermeister ) is elected President of the Senate ( Präsident des Senats ) and serves as head of the city and the state. The current mayor is Andreas Bovenschulte . Provisional results; the AfD did not reach the 5% threshold in Bremerhaven (and will hence only receive seats for votes from Bremen),

14256-611: The second-largest city in Northern Germany after Hamburg . Bremen is the largest city on the River Weser , the longest river flowing entirely in Germany, lying some 60 km (37 mi) upstream from its mouth into the North Sea at Bremerhaven , and is completely surrounded by the state of Lower Saxony . Bremen is the centre of the Northwest Metropolitan Region , which also includes

14388-509: The southwestern parts of the country. Bremen's economy boomed in line with the West German Wirtschaftswunder of the 1950s and 60s. This saw the growth, and permanent settlement, of a large migrant worker population, drawn largely from Turkey and southern Europe. A new wave immigration occurred after the turn of new century, following the entry of Poland , Bulgaria and other former East Bloc countries into

14520-493: 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

14652-568: The surrounding Duchy of Bremen-Verden . George 1 Louis , the Elector of Hannover (and from 1714, King of Great Britain and Ireland ) who in 1715 acquired Bremen-Verden, recognized Bremen as a free city in 1720. The city was captured in 1806 and then annexed by France in 1810, before it regained independence in 1815. In 1871, Bremen was drawn by Prussia into the German Empire . With its new sea anchorage and wharves at Bremerhaven, it

14784-708: The table below. Many of these firms belong either to the Bulge Bracket (upper tier), Middle Market (mid-level businesses), or are elite boutique investment banks (independent advisory investment banks). The above list is just a ranking of the advisory arm (M&A advisory, syndicated loans, equity capital markets, and debt capital markets) of each bank and does not include the generally much larger portion of revenues from sales & trading and asset management . Mergers and acquisitions and capital markets are also often covered by The Wall Street Journal and Bloomberg . The financial crisis of 2007–2008 led to

14916-614: The technology team, who are also responsible for technical support . Technology has changed considerably in the last few years as more sales and trading desks are using electronic processing. Some trades are initiated by complex algorithms for hedging purposes. Firms are responsible for compliance with local and foreign government regulations and internal regulations. The investment banking industry can be broken up into Bulge Bracket (upper tier), Middle Market (mid-level businesses), and boutique market (specialized businesses) categories. There are various trade associations throughout

15048-465: The trading cap — that are independent of client needs, even though these groups may be responsible for deal approval that directly affects capital market activities. Similarly, the Internal corporate strategy group, tackling firm management and profit strategy, unlike corporate strategy groups that advise clients, is non-revenue regenerating yet a key functional role within investment banks. This list

15180-638: 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

15312-408: The way the firm will operate in the market, the direction it would like to take in terms of its proprietary and flow positions, the suggestions salespersons give to clients, as well as the way structurers create new products. Banks also undertake risk through proprietary trading , performed by a special set of traders who do not interface with clients and through "principal risk"—risk undertaken by

15444-605: The whole range of asset types. (In distinction, trades negotiated by market-makers usually bear standard terms; in market making , traders will buy and sell financial products with the goal of making money on each trade. See under trading desk .) Structuring has been a relatively recent activity as derivatives have come into play, with highly technical and numerate employees working on creating complex structured products which typically offer much greater margins and returns than underlying cash securities, so-called "yield enhancement". In 2010, investment banks came under pressure as

15576-523: 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

15708-689: The world which represent the industry in lobbying , facilitate industry standards, and publish statistics. The International Council of Securities Associations (ICSA) is a global group of trade associations. In the United States, the Securities Industry and Financial Markets Association (SIFMA) is likely the most significant; however, several of the large investment banks are members of the American Bankers Association Securities Association (ABASA), while small investment banks are members of

15840-429: The year 2014 has been the warmest year on record averaging 11.1 °C (52.0 °F), making Bremen the second-warmest German state after Berlin in 2014. While Bremen is located in the comparatively cloudy northwestern part of Germany, there has been a significant increase in average sunshine hours over the last decades, especially in the months of April, May, and July, causing the annual mean to rise by 121 hours between

15972-555: The year and can lead to heat waves in the summer and prolonged periods of frost in the winter. In general though, extremes are rare in Bremen and temperatures below −15 °C (5.0 °F) and above 35 °C (95.0 °F) occur only once every couple of years. The record high temperature was 37.6 °C (99.7 °F) on 9 August 1992, while the official record low temperature was −23.6 °C (−10.5 °F) on 13 February 1940. On 13 October 2018, Bremen recorded its warmest October day on record with 28.6 °C (83.4 °F). However,

16104-489: The years, beginning as a partnership firm focused on underwriting security issuance, i.e. initial public offerings (IPOs) and secondary market offerings , brokerage , and mergers and acquisitions, and evolving into a "full-service" range including securities research , proprietary trading , and investment management . In the 21st century, the SEC filings of the major independent investment banks such as Goldman Sachs and Morgan Stanley reflect three product segments: In

16236-534: 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

16368-837: Was a relatively "retail-focused" firm with a large brokerage network. Investment banking is split into front office , middle office , and back office activities. While large service investment banks offer all lines of business, both "sell side" and "buy side", smaller sell-side advisory firms such as boutique investment banks and small broker-dealers focus on niche segments within investment banking and sales/trading/research, respectively. For example, Evercore (NYSE:EVR) acquired ISI International Strategy & Investment (ISI) in 2014 to expand their revenue into research-driven equity sales and trading. Investment banks offer services to both corporations issuing securities and investors buying securities. For corporations, investment bankers offer information on when and how to place their securities on

16500-805: 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,

16632-418: 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

16764-418: 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

16896-518: 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,

17028-514: 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, 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

17160-599: 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,

17292-584: Was the location of nine subcamps of the Neuengamme concentration camp , mostly for French, Polish, Soviet and Jewish men and Jewish women. After the war, in which almost two thirds of the city's fabric was destroyed, the autonomy was restored. Bremen became one of the founding Bundesländer (or states) of the Federal Republic (West Germany) . Bremen lies on both sides of the River Weser , about 60 kilometres (37 miles) upstream of its estuary on

17424-483: Was the principal port of embarkation for German and central European emigrants to the Americas, and an entrepôt for Germany's late developing colonial trade. The Norddeutscher Lloyd (NDL), founded in Bremen in 1857, became one of the world's leading shipping companies. In the twentieth century, Bremen, a broadly liberal and social-democratic city, lost its autonomy under the Hitler regime . During World War II , it

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