Deutsche Bank AG (literally "German Bank"; is an international Universal bank with its headquarters in Frankfurt, Germany. The bank employs more than 81,000 people in 76 countries, and has a large presence in Europe, theAmericas, Asia Pacific and the emerging markets.
Deutsche Bank has offices in major financial centers, such as London, Moscow, Toronto, New York, São Paulo, Singapore, Sydney, Hong Kong and Tokyo. Furthermore, the bank is investing in expanding markets, such as the Middle East, Latin America, Central & Eastern Europe and Asia Pacific.
The bank offers financial products and services for corporate and institutional clients along with private and business clients. Services include sales, trading, and origination of debt and equity;mergers and acquisitions (M&A); risk management products, such as derivatives, corporate finance, wealth management, retail banking, fund management, and transaction banking.
Deutsche Bank’s Chief Executive Officer and Chairman of the Group Executive Committee, since 2002, is Josef Ackermann. Deutsche Bank is listed on both the Frankfurt (FWB) and New York stock exchanges (NYSE).
| Founded | 1870 |
|---|---|
| Headquarters |  Frankfurt am Main,Germany |
Performance
| Year | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 |
|---|---|---|---|---|---|---|
| Net Income | €-3.9bn | €6.5bn | €6.1bn | €3.5bn | €2.5bn | €1.4bn |
| Revenues | €13.5bn | €30.7bn | €28.5bn | €25.6bn | €21.9bn | €21.3bn |
| Return on Equity | -29% | 29% | 30% | 26% | 16% | 1% |
| Dividend | 0.5 | 4.5 | 4.0 | 2.5 | 1.7 | 1.5 |
Business Structure
Deutsche Bank’s mission statement is: “We compete to be the leading global provider of financial solutions for demanding clients creating exceptional value for our shareholders and people.” The bank’s business model rests on two pillars: the Corporate & Investment Bank (CIB) and Private Clients & Asset Management.
Deutsche Bank owns Abbey Life, a large UK pension and assurance company. The company acquired this closed life book in June 2007. Abbey Life has no functioning website, and its purported website www.abbeylife.co.uk has not functioned for many months. Abbey Life's internet activities can be confused with www.abbey.com, an unrelated functioning website owned by Abbey, a UK banking subsidiary of Banco di Santander. Abbey Life pension fund holders have little of the up to date information on the funds and their management needed to protect their interests under current conditions. Abbey Life sold many pension policies in the 1980s, but are now closed to new business. Firms such as Standard Life and Norwich Union scrapped exit penalties for all policies - old and new - in 2001.
Those with Abbey Life pensions are locked into poorly performing funds with very high management charges, and high exit costs David Pitt-Watson, founder of Hermes Equity criticised high pension charges in the UK by comparison with Europe, and called for a reduction in fees, which amount to 40% of the money invested over 25 years assuming an annual charge of 1.5%.
The £2 billion Abbey Life Equity fund returned 60% over 10 years, just over half the return on the un-managed FTSE All Share Index. Abbey Life pensions have been the subject of widespread criticism in the UK press and media, and in November 2008 Abbey Life was instructed by the FSA to remove unfair contract terms from material in its Retirement Pack. In Summer 2008, Money Marketing reported that Independent Financial Advisers were concerned about Abbey Life's practice of automatically vesting clients pensions into its own annuity without their consent. One adviser reported that a plan had been vested on the worst possible terms, with no tax-free cash, no widow's option and the pension paid annually in arrears.
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