Deutsche Bank

Deutsche Bank AG (German pronunciation:[: [d:tκικιεːkεaκ]e・] (hearing)literally “German Bank”; DB) is a global banking and financial services company based in the twin towers of the Deutsche Bank in the city of Frankfurt del Meno. It has more than 100,000 employees in more than 70 countries and has a large presence in Europe, America, Asia-Pacific and emerging markets. In 2009, the Deutsche Bank was the world's largest currency dealer with a market share of 21%. The company was a component of the STOXX Europe 50 index until it was replaced on August 8, 2016.

The bank offers financial products and services for corporate and institutional clients along with private and business clients. Deutsche Bank's core business is investment banking, representing 50% of equity, 75% of leveraged assets and 50% of profits. Services include sales, trading, debt research and origination and heritage; mergers and acquisitions (M & A); risk management products, such as derivatives, corporate finance, wealth management, retail banking, fund management and transaction banking.

In January 2014, Deutsche Bank reported a pre-tax loss of 1.2 billion euros ($1.6 billion) for the fourth quarter of 2013. This came after analysts had predicted a profit of almost 600 million euros, according to FactSet estimates. Revenue fell 16% from the prior year.

On June 7, 2015, the then co-CEOs Jürgen Fitschen and Anshu Jain offered their resignations from the bank's supervisory board, which were accepted. Anshu Jain's resignation took effect on June 30, 2015, but he consulted the bank until January 2016. Jürgen Fitschen temporarily continued as Joint CEO until May 19, 2016. The appointment of John Cryan as Joint CEO was announced, effective July 1, 2016, and became sole CEO at the end of Jürgen Fitschen's term.

In January 2016, Deutsche Bank announced a 2015 loss before income tax of approximately €6.1 million and a net loss of approximately €6.7 million. Citi stated: "We believe a capital raise now seems inevitable and will experience a capital shortfall of up to €7bn, based on Deutsche Bank being forced to book between €3bn and €4bn of charges. of litigation in 2016. "

History

Deutsche Bank, Sydney.

1870–1919

Deutsche Bank was founded in Berlin in 1870 as a bank specializing in foreign trade. The bank's charter was adopted on January 22, 1870, and on March 10, 1870, the Prussian government granted it a banking license. The statute placed great emphasis on foreign business:

The aim of the company is to process banking businesses of all kinds, in particular to promote and facilitate trade relations between Germany, other European countries and foreign markets.

Three of the founders were Georg Siemens, whose father's cousin had founded Siemens and Halske, Adelbert Delbrück and L. Bamberger. Before the founding of Deutsche Bank, German importers and exporters were dependent on English and French banking institutions on world markets—a serious handicap from the fact that German invoices were almost unknown in international trade, generally displeased, and subject to a higher discount rate than English or French ones.

Founding members

• 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
• Victor Freiherr von Magnus (Bankhaus F. Mart Magnus)
• Adolph vom Rath (Bankhaus Deichmann " Co., Cologne)
• Gustav Kutter (Industrieller for Bankhaus Gebrüder Sulzbach, Frankfurt)
• Gustav Müller (Württembergische Vereinsbank, Stuttgart)
• Georg Siemens (his father's cousin created Siemens)

First directors

Land view of the headquarters in Frankfurt del Meno.

• Wilhelm Platenius, Georg Siemens and Hermann Wallich

The bank's first domestic branches were inaugurated in 1871 and 1872, opening in Bremen and Hamburg. Its first forays abroad came soon after, in Shanghai (1872) and London (1873), followed in sometime in South America (1874-1886). The opening of the London branch, after one failed and another partly successful attempt, was a prime necessity for the establishment of credit for German trade in what was then the monetary center of the world.

Major projects in the bank's early years included the Northern Pacific Railroad in the US and the Baghdad Railroad (1888). In Germany, the bank was instrumental in financing the bond offerings of the Krupp steel company (1879) and introduced the Bayer chemical company 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 the main industrial regions of Germany. The joint ventures were symptomatic of the then ongoing concentration in the German banking industry. For Deutsche Bank, domestic branches were still somewhat rare at the time; the Frankfurt branch from 1886 and the Munich branch from 1892, while other branches were established in Dresden and Leipzig in 1901.

In addition, the bank quickly perceived the value of specialized institutions for the promotion of foreign trade. Gentle pressure from the chancellery played a role in the founding of the Deutsche Ueberseeische Bank in 1886 and the stake taken in the newly created Deutsch-Asiatische Bank three years later, but the success of those ventures showed that their existence had resonance in a business sense.

1919–1933

View of the facade of the headquarters in Madrid.

The period immediately after World War I was a time of liquidations. Having already lost most of its foreign assets, Deutsche Bank was forced to sell other assets. A great deal of energy was devoted to shoring up what had been achieved. But there were also new businesses, some of which would have an impact for a long time. The bank played an important role in the establishment of the UFA film production company and the merger of Daimler and Benz.

The bank merged with other local banks in 1929 to create Deutsche Bank und DiscontoGesellschaft, at the time the largest merger in German banking history. Rising costs were one of the reasons for the merger. Another was the industry-wide concentration trend in the 1920s. The merger came at just the right time to help counter the emerging global economic and banking crisis. In 1937, the company's name changed back to Deutsche Bank.

The crisis was, in terms of political impact, the most disastrous economic event of the century. The liquidity shortage that paralyzed the banks was fueled by a combination of short-term external debt and borrowers who could no longer pay their debts, while the inflexibility of the state exacerbated the situation. For German banks, the crisis in the industry was a hole. The return to circumstances, which in some way could be considered as a reminiscence of the "golden age" before World War I, it was discarded for many years.

1933–1945

After Adolf Hitler came to power, instituting the Third Reich, Deutsche Bank removed its three Jewish board members in 1933. In subsequent years, Deutsche Bank participated in the Aryanization of Jewish businesses; according to its own historians, the bank was involved in 363 seizures in November 1938. During the war, Deutsche Bank incorporated other banks that fell into German hands during the occupation of Eastern Europe. Deutsche Bank provided banking facilities for the Gestapo and lent the funds used to build the Auschwitz camp and nearby IG Farben facilities.

During World War II, Deutsche Bank was responsible for managing the Bohemian Union Bank in Prague, with branches in the Protectorate and in Slovakia, the Bankverein in Yugoslavia (which has now split into two financial companies, one in Serbia and another in Croatia), the Albert de Barry Bank in Amsterdam, the National Bank of Greece in Athens, the Creditanstalt-Bankverein in Austria and Hungary, the Deutsche Bulgarische Kreditbank in Bulgaria and Banca Comercial Română (The Romanian Commercial Bank) in Bucharest. It also maintained a branch in Istanbul, Turkey.

In 1999, Deutsche Bank officially confirmed that he had been involved in Auschwitz. In December 1999, Deutsche Bank, along with other large German companies, contributed to a $5.2 billion compensation fund following claims by survivors of the Holocaust. The history of Deutsche Bank during World War II has since been documented by independent historians commissioned by the Bank.

After World War II

After the defeat of Germany in World War II, the Allied authorities in 1948 ordered the partition of Deutsche Bank into ten regional banks. These regional banks were later consolidated into three large 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, the bank entered retail banking by introducing small personal loans. In the 1970s, the bank moved forward with international expansion, opening new offices in new locations, including Milan (1977), Moscow, London, Paris, and Tokyo. In the 1980s, this continued when the bank paid $603 million in 1986 to acquire the Banca d'Amérique e d'Italia, the Italian subsidiary that Bank of America had established in 1922 when it acquired the Banca dell' 39; Southern Italy. The acquisition represented the first time that Deutsche Bank had acquired a major branch network in another European country.

In 1989, the first steps toward creating a significant investment banking presence were taken with the acquisition of Morgan, Grenfell & Co., a UK-based investment bank. By the mid-1990s, the buildup of a capital markets operation had begun with the arrival of a number of leading figures from major competitors. Ten years after the acquisition of Morgan Grenfell, the US firm Bankers Trust was added.

Deutsche Bank continued to consolidate its presence in Italy with the 1993 acquisition of Banca Popolare di Lecco from Banca Popolare di Novara for some $476 million. In 1999 it acquired a minority stake in Cassa di Risparmio di Asti.

Since 2000

In October 2001, Deutsche Bank was listed on the New York Stock Exchange. This was the first NYSE listing after the disruption due to the 9/11 attacks. The following year, Deutsche Bank strengthened its presence in the United States when it bought Scudder Investments. Meanwhile, in Europe, Deutsche Bank increased its private banking business by acquiring Rued Blass & Cie (2002) and the Russian investment bank United Financial Group (2006). In Germany, additional acquisitions of Norisbank, Berliner Bank and Deutsche Postbank strengthened Deutsche Bank's retail offering in its home market. This series of acquisitions closely aligned with the bank's strategy of bolt-on acquisitions in preference to so-called "transformational" mergers. These were part of an overall growth strategy that also targeted a sustainable 25% return on equity, something the bank achieved in 2005.

The company's headquarters, the Deutsche Bank Twin Towers building, underwent extensive renovation beginning in 2007. The renovation took approximately three years to complete. The renovated building was certified LEED Platinum and DGNB Gold.

The bank developed, owned and operated the Las Vegas Cosmopolitan after the original developer of the project defaulted on its loans. Deutsche Bank opened the casino in 2010 and ran it at a loss until its sale in May 2014. The bank's exposure at the time of the sale was over $4 billion, however it sold the property to Blackstone Group for $ 1.73 billion.

Real estate credit bubble and CDO market

Deutsche Bank was a major driver of the collateralized debt obligation (CDO) market during the 2004-2008 housing credit bubble, creating around $32 billion.

The report by the Standing Committee on Investigations of Wall Street and the Financial Crisis analyzed Deutsche Bank as a "case study" of investment banking's involvement in the mortgage bubble, the CDO market, the credit crunch and the recession. It concluded that even as the market was crashing in 2007, and its top global CDO dealer was ridiculing the CDO market and betting against some of the mortgage bonds in its CDOs, Deutsche Bank continued to sell bad CDO products to investors.

The report focused on one CDO, Gemstone VII, made up largely of mortgages from Long Beach, Fremont and New Century, all subprime lenders. Deutsche Bank placed risky assets on the CDO, such as ACE 2006-HE1 M10, which its own traders thought was a bad peg. He also put into some mortgage bonds that his own mortgage department had created but was unable to sell, from the 2006 DBALT series. The CDO was then aggressively marketed as a good product, with an A-level rating. useless and investors (including Deutsche Bank itself) had lost most of their money.

Gregg Lippman, director of global CDO operations, bet against the CDO market, with the approval of managers, even though Deutsche Bank continued to produce products. He was a main character in Michael Lewis's book The Big Short, which detailed his efforts to find 'shorts' in his pocket. to purchase Credit Default Swaps for the construction of Synthetic CDOs. He was one of the first traders to foresee the bubble in the CDO market, as well as the tremendous potential that CDS offers in it. As shown in The Big Short, Lipmann in the midst of the CDO and MBS frenzy was orchestrating presentations to investors, demonstrating his bearish view of the market, offering them the idea to start buying CDS, especially AIG to take advantage of the upcoming crisis.

As for the Gemstone VII business, even as Deutsche was creating it and selling it to investors, Lippman emailed his "pigs" and advised some of his clients to bet against mortgage securities. Lippman called the CDO market a "ponzi scheme," but also tried to hide some of his views because he was criticizing his own company. Lippman's group made money from these bets, including when Deutsche lost money in the CDO market.

Deutsche also participated with Magnetar Capital in the creation of its first CDO Orion. Deutsche had its own group of bad CDOs called START. He worked with Elliot Advisers on one of them; Elliot bet against the CDO even as Deutsche was selling parts of the CDO to investors as good investments. Deutsche Bank also worked with John Paulson, on the Goldman Sachs Abacus CDO controversy, to create START CDOs. Deutsche lost money on START, as it did on Gemstone.

On January 3, 2014, it was reported that Deutsche Bank would settle a lawsuit brought by US shareholders, who had accused the bank of packaging and selling bad real estate loans before the 2008 recession. This settlement followed and was separate from the 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.

Overvalued derivative structures (Leveraged super-senior trades)

Former employees, including Eric Ben-Artzi and Matthew Simpson, have said Deutsche failed to recognize paper losses of more than $12 billion in its $130 billion portfolio during the crisis, though the bank denies the claims. A May 2009 company document described the trades as "the highest risk in the trading book," and the complainants allege that if the bank adequately represented its positions, its capital would have fallen into extent to which it might have needed a government bailout. could have been in the same position as Lehman".

Deutsche Bank had become the largest player in this market, which was a form of credit derivative designed to behave like the top tranche of a CDO. Deutsche bought blue-chip insurance against corporate default investors, mostly Canadian pension funds, who received a stream of insurance premiums as income in exchange for a small amount as collateral. The bank then sold protection to US investors through the index CDX credit, the spread between the two was very small, but it was worth $270 million in the 7 years of trading. It was considered highly unlikely that many blue chips would have problems at the same time, so Deutsche required a CDX guarantee. only 10% of the contract value.

The risk that Deutsche would take large losses if the collateral was wiped out in a crisis was called the gap option.

Ben-Artzi says that after the modeling had "economically unviable" results, Deutsche first counted the gap option with a simple "haircut" of 15% in operations (described as inadequate by another employee in 2006) and then in 2008 for a $1-2 billion reserve for the credit correlation desk designed to cover all risks, not just the option of gap. In October 2008 they stopped modeling the split option and only bought S & P to protect against market disruption, but one of the complainants had described this as inadequate coverage.

A model from Ben-Artzi's earlier work at Goldman Sachs suggested that the gap option would be worth about 8% of the value of the trades, worth $10.4 billion. Simpson claims that the traders were not simply underpricing the gap option but actively mismarking the value of their shares.

European financial crisis

Deutsche Bank has negligible exposure to Greece. Spain and Italy, however, account for a tenth of its European private and corporate banking business. According to the bank's statistics, the credit risks in these countries are about 18 billion euros (Italy) and 12 billion euros (Spain).

For the 2008 financial year, Deutsche Bank reported its first annual loss in five decades. Despite receiving billions of dollars from its insurance settlements with AIG, including US$11.8 billion of funds provided by US taxpayers to bail out AIG.

Based on a preliminary estimate from the European Banking Authority (EBA) in October 2011, Deutsche Bank AG needed to raise capital of approximately 1.2 billion euros (US$1.7 billion) as part of a 9 percent requirement Tier 1 basic ratio in mid-2012.

You need to get your tier-1 common equity up to 12.5% in 2018 to be slightly above the 12.25% required by regulators. As of March 2016 it stands at 11.1%, and may be as high as 10.5% by the time Deutsche Bank releases its first quarter 2016 earnings reports.

Consolidation

Because the Deutsche Bank Capital Ratio Tier-1 (CET1) is only 11.4 percent or lower than the median CET1 ratio of Europe's 24 largest listed banks at 12 percent, there will be no dividend for 2015 and 2016, the bank also cut 15,000 jobs.

Performance

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Administrative structure

When Deutsche Bank was first organized in 1870 there was no CEO. Instead, the board of directors was represented by a board speaker. As of February 2012, the bank has been led by two co-CEOs, and in July 2015 it announced that it will be led by a CEO starting in 2016.

The management bodies of Deutsche Bank

• Annual general meeting
• Administrative Committee
• Supervision Council
• Executive Committee of the Panel

Administrative Committee

Members of the Board of Directors as of February 12, 2016:

• John Cryan, President and CEO (CEO from May 20, 2016)
• Juergen Fitschen, co-chair, left (19 May 2016)
• Stuart Lewis, Risk Director
• Sylvie Matherat, Regulatory Chief
• Quintin Price, head of Deutsche Asset Management
• Garth Ritchie, Director of Global Markets
• Karl von Rohr, Chief Administrative Officer
• Dr. Marcus Schenck, financial director
• Christian Sewing, Director of Private and Commercial Customers
• Jeffrey Urwin, director of Corporate Banking and Investment

Supervisory Board

Members of the Supervisory Board as of January 1, 2013:

• Paul Achleitner, President
• Karin Ruck, Vice President, Senior Regional Transformation Advisor, Region Frankfurt / Hesse-Este, Deutsche Bank AG, member of the Combined Staff Council
• Wolfgang Böhr, President of the Combined Staff Council Düsseldorf, member of the Staff Council of the Group
• Karl-Gerhard Eick (KGE Asset Management Consultant Ltd.)
• Katherine Garrett-Cox (Council of Alliance Trust PLC)
• Alfred Herling, President of the Wuppertal/ Sauerland Combined Staff Council, President of the Staff Council
• Henning Kagermann (Acatech President - German Academy of Science and Engineering)
• Martina Klee, President of the Staff Council GTO Eschborn / Frankfurt, member of the General Staff Council, member of the Group Staff Council
• Suzanne Labarge (formerly vice president and risk chief, Royal Bank of Canada in Toronto)
• Peter Löscher (Renova Management AG CEO)
• Henriette Mark, President of the Joint Staff Council of Munich and Southern Bavaria, member of the Staff Council, member of the Group Staff Council, President of the European Staff Council
• Gabriele Platscher, President of the Braunschweig Combined Staff Council / Hildesheim
• Rudolf Stockem (Dienstleistungsgewerkschaft Trade Union Secretary and independent organizational and communication adviser)
• Johannes Teyssen (President of the E.ON Board of Directors)
• Marlehn Thieme, Infrastructure Director / Regional Communications Corporate Citizenship
• Tilman Todenhöfer (Managing Partner Robert Bosch Industrietreuhand KG)
• Klaus Rüdiger Trützschler (formerly a member of the Board of Directors of Franz Haniel & Cie. GmbH)
• Stefan Viertel, Head of Cash Management and Financial Institutions Austria and Hungary, Sales Manager
• Renate Voigt, President of the Combined Staff Council Stuttgart / Esslingen / Heilbronn
• Werner Wenning (President of the E.ON Supervision Council, Chairman of the Bayer AG Supervision Council)

Group Executive Committee (GEC)

The Executive Committee of the Group is made up of the members of the Board of Directors and by the senior managers of the customer-oriented business divisions and of the management of the regions designated by the Board of Directors. The GEC serves as a tool to coordinate businesses and regions. Its main tasks and responsibilities are to provide updated information to the Board of Directors on the evolution of the businesses and specific transactions, the periodic review of the business segments, consultation and advice to the Board of Directors on strategic decisions and the preparation of the decisions to be adopted by the Board of Directors.

Committee members as of January 1, 2013:

• Juergen Fitschen, co-chair
• Anshu Jain co-chair
• Stefan Krause, financial director
• Stephan Leithner, Director General of Europe (except Germany and United Kingdom), Human, Legal and Compliance, Government and Regulatory Affairs
• Stuart Lewis, risk director
• Rainer Neske, Director of Private and Business Customers
• Henry Ritchotte, Operations Director
• Melinda J. Hooker, Director General of North America
• Gunit Chadha, co-director of Asia and the Pacific
• Alan Cloete, co-director of Asia and the Pacific
• Michele Faissola, head of Asset and Heritage Management
• Colin Fan, co-chair of Corporate Banking and Values and Head of Markets
• David Folkerts-Landau, head of investigation
• Colin Grassie, Executive Director of the United Kingdom
• Robert Rankin, Co-Chair of Corporate Banking and Values and Head of Corporate Finance
• Christian Ricken, Director of Operations, Private and Business Customers
• Werner Steinmüller, director of Global Transaction Banking
• Richard Walker, general adviser

Business Divisions

Corporate and Investment Bank (CIB)

The New York Stock Exchange on August 9, 2011, when the Deutsche Bank db-X Group began to quote at NYSE Arca.

Deutsche Bank is considered within the "Bulge bracket" of global investment banks due to its large size and profitability. The bank's business model is based on two pillars: the Corporate and Investment Bank (CIB) and the Private Clients and Asset Management (PCAM).

Corporate and Investment Bank (CIB) is the capital markets business of Deutsche Bank. The CIB comprises two divisions, Corporate Banking & Securities and Global Banking Operations.

Corporate Banking and Securities (CB&S)

Deutsche Bank's Corporate Banking and Securities division comprises Markets and Corporate Finance. additional

Markets

The Markets division is responsible for the sales and trading of securities of the Deutsche Bank Group. Market research provides analysis of financial products, markets, and strategies.

Corporate Finance

The Corporate Finance division is responsible for advisory, Debt & Actions and Mergers & acquisitions (M & A).

Global banking operations

Global Banking Operations or GTB serves corporations and financial institutions by providing commercial banking products including cross-border payments, risk mitigation and international trade financing.

Asset Management

According to the Scorpio Partnership Global Private Banking Benchmark 2014 the company had $384.1 billion of assets under management, an increase of 13.7% on 2013.

Private and Business Clients

Private and Business Clients (PBC) is the retail banking division of Deutsche Bank. In addition to Germany, it operates in seven other countries: Italy, Spain, Poland, Belgium, Portugal, India and China.

PCAM

Private Clients and Asset Management (PCAM) is made up of Private Wealth Management, Private and Business Clients and Asset Management. This trio of business divisions includes Deutsche Bank's investment management business for private and institutional clients, along with retail banking activities for private clients and small and medium-sized businesses.

Private wealth management

Private Wealth Management functions as the private banking arm of the bank, serving high net worth individuals and families around the world. The division has a strong presence in the world's private banking hotspots, including Switzerland, Luxembourg, the Channel Islands, the Cayman Islands and Dubai.

Communication

In 1972 the bank created the world famous blue logo "Slash in a Square" - designed by Anton Stankowski and intended to represent growth within a framework controlling risk.

Disputes

Deutsche Bank in general as well as some specific employees have often been involved in controversies and allegations of deceptive behavior or illegal transactions. As of 2016, the bank was involved in some 7,800 legal disputes and calculated €5.4 billion as litigation reserves, with another €2.2 billion held against other contingent liabilities.

Tax evasion

Six former employees were accused of being involved in significant tax fraud regarding CO2 emission certificates, and most of them were subsequently convicted. It was estimated that the sum of money in the tax evasion scandal could have been as much as 850 million euros. Deutsche Bank was not convicted due to the absence of corporate responsibility laws in Germany.

Espionage scandal

From 2001 to at least 2007, the bank engaged in covert spying on its critics. The bank has admitted to spying in 2001 and 2007 led by its corporate security department, though it characterizes them as " isolated events".

According to the Wall Street Journal report, Deutsche Bank had prepared a list of names of 20 people they wanted to investigate for criticism of the bank, including Michael Bohndorf (an activist investor in the bank) and Leo Kirch (a former media executive at communication, in dispute with the bank). Also on the list was the Munich law firm Bub Gauweiler & Partner, who represents Kirch. According to the Wall Street Journal, the bank's legal department was involved in the scheme along with its corporate security department. The bank has since hired Cleary Gottlieb Steen & Hamilton, a New York law firm, to investigate the incidents on his behalf. The Cleary firm has completed its investigation and submitted its report, which however has not been made public. According to the Wall Street Journal, the Cleary firm uncovered a plan whereby Deutsche Bank would infiltrate the Bub Gauweiler company by having a bench "mole" hired as an intern at the firm of Bub Gauweiler. The plan was reportedly canceled after Cleary was hired. Peter Gauweiler, director of the law firm, said: "I expect the proper authorities, including state prosecutors and bank supervisory agencies, to carry out a full investigation".

In May 2009, Deutsche Bank informed the public that executive management had become aware of possible violations in recent years of the bank's internal procedures or legal requirements related to activities related to the corporate security department from the bank. Deutsche Bank immediately retained the law firm Cleary Gottlieb Steen & Hamilton in Frankfurt to carry out an independent investigation and informed the German Federal Financial Supervisory Authority (BaFin). The main findings of the law firm, published in July 2009, are as follows: Four incidents have been identified that raise legal issues such as data protection or privacy concerns. In all of the incidents, the activities arose from certain mandates made by external service providers on behalf of the Bank's Corporate Security Department. The incidents were isolated and no systemic misbehavior has been found. And there is no indication that the current members of the Board of Directors have been involved in activities that raise legal issues or have been aware of such activities. This has been confirmed by the Frankfurt Public Prosecutor's Office in October 2009. Deutsche Bank has informed all the people affected by the aforementioned activities and has expressed its sincere apologies. BaFin found deficiencies in operations within Deutsche Bank's security unit in Germany, but did not find any systemic misconduct by the bank. The Bank has initiated measures to strengthen controls for the mandate of external service providers by of its Corporate Security Department and its activities.

Libor scandal of April 2015

On April 23, 2015, Deutsche Bank agreed to fines of $2.5 billion - a $2.175 billion fine by US regulators and a €227 million penalty by UK authorities - for its involvement in the Libor scandal uncovered in June 2012. The company also pleaded guilty to wire fraud, acknowledging that at least 29 employees had engaged in illegal activities. All employees who were involved in the fraudulent transactions would be required to be fired. However, no one would be charged with a criminal offense. On Libor first, Deutsche Bank would have to install an independent monitor. Commenting on the fine, Britain's Financial Conduct Authority director Georgina Philippou said: "This case stands out for the severity and duration of the breaches... A division at Deutsche Bank had a culture of making profits without regard to the integrity of the market. This was not limited to a few individuals, but on some desks it seemed deeply entrenched." The fine represented a record for interest rate-related cases, eclipsing a Libor-related fine of $1.5 billion a year. UBS, and the then-collected $450 million fine assessed on Barclays earlier in the case. The size of the fine reflected the breadth of wrongdoing at Deutsche Bank, the bank's poor oversight of merchants, and its lack of action when he discovered signs of abuse internally.

Role in the 2007/2008 financial crisis

In January 2017, Deutsche Bank agreed to a $7.2 billion settlement with the US Department of Justice over its sale and pooling of toxic mortgage securities in the years leading up to the 2008 financial crisis. Under the settlement, Deutsche Bank was required to pay a $3.1 billion civil penalty and provide $4.1 billion in consumer relief, such as loan forgiveness. At the time of the deal, Deutsche Bank was still facing investigations into alleged exchange rate manipulation, suspicious stock trading in Russia, and alleged violations of US sanctions against Iran and other countries. Since 2012, Deutsche Bank had paid out more than €12 billion in litigation, including a settlement with US mortgage finance giants Fannie Mae and Freddie Mac.

2015 Sanctions Violations

On November 5, 2015, Deutsche Bank was ordered to pay $258 million (237.2 million euros) in fines imposed by the New York State Department of Financial Services and the United States Federal Reserve Bank United States after the bank was caught doing business with Burma, Sudan, Iran and Syria which were under US sanctions at the time. According to US federal authorities, Deutsche Bank handled 27,200 US dollar clearing transactions worth more than $10.86 billion to help evade US sanctions between early 1999 and 2006, which were made on behalf of the Iranian, Libyan, Syrian and Burmese and Sudanese financial institutions and other entities subject to US sanctions, including entities of nationals specially designated by the Office of Foreign Assets Control.

In response to the sanctions, the bank has to pay 200 million dollars (184 million euros) to the NYDFS while the rest (58 million dollars, 53.3 million euros) will go to the Federal Reserve. In addition to the payment, the bank will install an independent monitor, fire six employees involved in the incident, and bar three other employees from any work involving the bank's U.S. operations. The bank remains under investigation by the Department of Justice of the US and NYDFS on possible sanctions violations related to the 2014-15 Ukraine crisis and their activities inside Russia.

2017 Money Laundering Fine

In January 2017, the bank was fined $425 million and £163 million by the New York Department of Financial Services (DFS) to the UK Financial Conduct Authority amid allegations of money laundering ten billion dollars out of Russia.

2020 FinCEN Files Most Reports

In the FinCEN Files investigation, the International Consortium of Investigative Journalists determined that Deutsche Bank had a total of 982 reports of suspicious activity linked to the Financial Crimes Enforcement Network, making it the bank that generated the most reports.

2022 CNMV fine

The National Securities Market Commission (CNMV) fined Deutsche Bank three million euros for committing a "very serious" in the repurchase of structured bonds from its clients.

Acquisitions

• Morgan, Grenfell & Company, 1990.
• Bankers Trust, 30 November 1998.
• Scudder Investments, 2001
• RREEF (Rosenberg Real Estate Equities Fund, founded in 1975), 2002
• Berkshire Mortgage Finance, 22 October 2004.
• Chapel Funding (now DB Home Lending), September 12, 2006
• MortgageIT, 3 January 2007
• Hollandsche Bank-Unie – July 2, 2008: Fortis, ABN AMRO and Deutsche Bank announced that they signed an agreement in which Deutsche Bank would acquire from ABN AMRO their Hollandsche Bank-Unie, a subsidiary that concentrated commercial activities in the Netherlands. The agreement was initially suspended when the Dutch government rescued and took control of Fortis Bank Nederland. However, the agreement was liquidated later and the subsidiary was purchased by Deutsche Bank for 709 million euros in 2010.
• Get out. Oppenheim, 2010
• Deutsche Postbank, 2010

Current and notorious employees

• Hermann Josef Abs - President (1957-1968)
• Josef Ackermann - former executive director (2002-2012)
• Michael Cohrs - Head of Global Banking (2002-2010)
• Sir John Craven - financial in London
• Alfred Herrhausen - President (1988-1989)
• Anshu Jain - Director of Corporate Banking and Investment
• Karl Kimmich - President (1942-1945)
• Georg von Siemens - co-founder and director (1870-1900)
• Ted Virtue - Executive Board member
• Hermann Wallich - co-founder and director (1870-1893)
• Boaz Weinstein - derivative operator

Public Service

• Sajid Javid – former member of the board of directors of Deutsche Bank International Limited (2007-2009)
• Otto Hermann Kahn – philanthropist

Awards

• Best Banking Performer, Germany in 2016 by Global Brands Magazine Award.