Company Overview
Highlights
The bank’s three main divisions are Corporate and Investment Banking, Private Clients and Asset Management, and Corporate Investment. In 2006, entered China’s real estate industry, joining four coinvestors in a mass residence project. One of Fortune magazine’s “100 Top MBA Employers” in 2006. Deutsche recruiters look for a strong academic background and a facility with numbers; though candidates don’t need a financial background, business knowledge is expected, as is a clear set of goals.
Deutsche Bank is a global banking behemoth, serving more than 12 million customers in 75 countries. The Frankfurt-based company's two main areas of business are private clients and asset management and corporate and investment banking. The bank first moved into the United States in 1971 when it opened an investment banking office in New York. Deutsche Bank was first traded on the New York Stock Exchange in 2001. Following the trend of European-backed banks such as Credit Suisse and UBS, Deutsche Bank rapidly built a global platform in the 1990s, through swift acquisitions. Deutsche Bank acquired Alex. Brown, the San Francisco boutique technology investment house (as part of buying Bankers Trust) in 1999, to expand its investment banking unit. The integration of Deutsche Bank and Alex. Brown went more smoothly than other industry mergers (e.g., that of Bank of America and Montgomery Securities) possibly because Alex. Brown was essentially swallowed whole by the big German finance house. Today DB Securities offers clients investment banking, sales and trading, brokerage, financial advisory, and investment products. Deutsche Bank AG has struggled to generate profits from its vast operations. Among the world's largest financial institutions, the company has yet to establish a strong U.S. brand. It took significant steps to cut costs recently, including stock buybacks, the sale of peripheral operations, and layoffs, particularly in the technology sector.
Recently, Deutsche Bank has been busy acquiring other companies. In 2007, it bought Mortgage IT, a real estate investment firm, but in the end the subsidiary suffered a major loss, and was a victim of the US subprime mortgage crisis. Later that year, Deutsche Bank acquired Abbey Life from Lloyds TSB. In 2008, the company will acquire some of the commercial banking businesses of ABN AMRO which is a move is part of Deutsche Bank's strategy to grow its more stable operations.
Looking internationally, the company founded Deutsche Bank (China) Co. in 2008, hoping to take advantage of the giant country's growing economy. It is also planning to buy a 5% share in India's Delhi Stock Exchange.