Vepdeutsche Bank 2003

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EMPLOY PROFILE VAULT EMPLOYER PROFILE:

DEUTSCHE BANK

BY THE STAFF OF VAULT

© 2002 Vault Inc.

Copyright © 2002 by Vault Inc. All rights reserved. All information in this book is subject to change without notice. Vault makes no claims as to the accuracy and reliability of the information contained within and disclaims all warranties. No part of this book may be reproduced or transmitted in any form or by any means, electronic or mechanical, for any purpose, without the express written permission of Vault Inc. Vault, the Vault logo, and “the insider career networkTM” are trademarks of Vault Inc. For information about permission to reproduce selections from this book, contact Vault Inc., 150 W22nd Street, New York, New York 10011, (212) 366-4212. Library of Congress CIP Data is available. ISBN 1–58131–226-1 Printed in the United States of America

Deutsche Bank

INTRODUCTION

1

Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1 Deutsche Bank at a Glance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2

THE SCOOP

3

History . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3 League Tables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7 Compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21

ORGANIZATION

23

CEO’s Bio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .23 Business Units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .23 Locations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .26 Key Officers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .26 Ownership . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .26

VAULT NEWSWIRE

27

SELECT RECENT TRANSACTIONS

35

OUR SURVEY SAYS

39

Visit the Vault Consulting Career Channel at http://consulting.vault.com — with insider firm profiles, message boards, the Vault Consulting Job Board and more.

CAREER LIBRARY

vii

GETTING HIRED

39

The Hiring Process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .39 Questions to Expect . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .40 Questions to Ask . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .42 To Apply . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .43

ON THE JOB

45

Job Descriptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .45 A Day in the Life . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .46

FINAL ANALYSIS

49

RECOMMENDED READING

51

Deutsche Bank

Introduction Overview A German giant with a Swiss leader, Deutsche Bank AG is the world’s second largest financial institution in terms of total assets, and the world’s third largest corporate and investment bank in terms of revenue (behind Citigroup and J.P. Morgan Chase). In early 2001, the company initiated a reorganization that established three distinct business groups: the Corporate and Investment Bank Group (CIB), which includes corporate finance, sales and trading, and transaction banking; the Private Clients and Asset Management Group (PCAM); and Corporate Investments, which includes the bank’s venture capital and private equity principal investments. While Deutsche has enjoyed a stronghold atop the European investmentbanking league tables for several years, it has yet to solidify a top spot on the U.S. charts. But Deutsche CEO Josef Ackermann wants to change that. Ackermann, the first foreigner to head a German bank, became Deutsche’s leader in May 2002. From 1996 until becoming the firm’s chief, the Swissborn Ackerman ran the corporate and investment-banking business for Deutsche, moving the unit up the league tables. But while Deutsche Bank has increased I-banking revenue, its costs have also gone up, thanks in part to a few large acquisitions, including the 1999 Bankers Trust buy. As a result, Deutsche recently announced plans to sell off four units deemed non-core, and concentrate on high-margin investment-banking business. As of September 2002, Deutsche has sold insurance operations in Western Europe and tentatively agreed to deals to shed its U.S. leasing business and a significant portion of its global securities services business.


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1

Deutsche Bank at a Glance Headquarters 31 West 52nd Street New York, NY 10019 Phone: (212) 469-8000 www.db.com

DEPARTMENTS Corporate and Investment Banking (Commodities, Corporate Finance, Corporate Trust, Fixed Income, Foreign Exchange, Global Cash Management, Global Equities, Global Securities Services, Global Trade Finance) Corporate Investments Private Clients and Asset Management

THE STATS Chairman, Management Board and Head of Corporate and Investment Banking: Josef Ackermann Employer Type: Public Company Ticker Symbol: DB (NYSE) 2001 Revenue: $28.6 billion 2001 Net Income: $167 million No. of Employees: 94,780 No. of Offices: 2,300

KEY COMPETITORS Citigroup Credit Suisse First Boston J.P. Morgan Chase UBS Warburg

2

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UPPERS • Major global presence • Relaxed culture

DOWNERS • Bureaucratic due to mergers • Not a brand name in the U.S.

EMPLOYMENT CONTACT Corporate Finance Nebal Fahed [email protected] Sales, Trading and Research Caryn Blumenfeld [email protected] Global Technology and Operations Jacqueline Murray [email protected]

THE BUZZ

WHAT EMPLOYEES AT OTHER FIRMS ARE SAYING

• “Pretty strong showing lately” • “Second-tier bank trying to pretend that it’s first tier” • “Trying to fit into the U.S. – and so far so good” • “Disorganized leadership” • “Too German” • “Family-oriented” • “Ambitious and aggressive” • “Very smart people, impressive”

© 2002 Vault Inc.

Deutsche Bank

The Scoop History The West and the War Founded in Berlin in 1870, Deutsche Bank initially expanded throughout Germany and later throughout the rest of Europe. The company first made its mark in the U.S. in the 1880s when it helped finance the construction of the railroads that linked the East and West coasts. In the late 1800s, Deutsche Bank grew in large part due to several mergers with, and acquisitions of, European banking firms. Like most German corporations, Deutsche Bank’s actions during World War II are a sensitive subject. The company has admitted that it helped finance the construction of the Auschwitz concentration camp. To its credit, the bank participated in the $1.25 billion settlement fund offered by Swiss and German companies to Holocaust victims. And Deutsche Bank mentions unseemly events such as the 1933-1934 ouster of Jewish board members in the history section of its corporate web site.

Purchasing power The company’s growth continued after the war, but it wasn’t until the late 1990s that the firm made the move that placed it among the major international players. In June 1999, Deutsche Bank acquired Bankers Trust (BT) for approximately $9 billion. BT had purchased Alex. Brown & Co., a U.S. investment bank with nearly 200 years of history, two years earlier, giving Deutsche Bank significant corporate lending and underwriting prowess. Although the combination initially faced skepticism, the doubting subsided after Deutsche Bank integrated BT. In September 2001, Deutsche Bank announced an agreement to buy Zurich Scudder Investments from Zurich Financial Services in a deal valued at $2.5 billion. The announcement came after two disappointing years for Scudder, ending speculation that its Swiss parent company would put it on the chopping block. At the time of the deal, Zurich Scudder had $300 billion in assets, bolstering Deutsche’s total assets under management to $900 billion. Deutsche tried to become even more formidable in 2000. The firm announced plans to merge with German competitor Dresdner Bank AG in March. The deal fell apart one month later, reportedly over the fate of Visit the Vault Consulting Career Channel at http://consulting.vault.com — with insider firm profiles, message boards, the Vault Consulting Job Board and more.

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Deutsche Bank The Scoop

Dresdner’s investment-banking unit, Dresdner Kleinwort Benson (now Dresdner Kleinwort Wasserstein). Deutsche bank wanted Dresdner Kleinwort Benson closed or sold; Dresdner’s people resisted, and the dispute scuttled the deal.

Year of the ax The year 2001 will go down as one of the most brutal years for global German banks. Deutsche, like its fellow German über-banks, cut thousands of jobs. In all, Deutsche announced 9,200 layoffs as a result of the worldwide economic slowdown. Early in the year, the bank unveiled plans to cut 2,600 jobs as part of its company-wide restructuring. In November, the bank announced plans to slash 3,300 positions in its private client and asset management division, and another 1,200 in its technical support division. As the year came to a close, the bank’s corporate and investment-banking division took the hit, as 2,100 more layoffs were announced in December. That same month, the bank revealed plans to sack 1,500 employees as a result of the integration with Zurich Scudder.

Bringing out the bankers Deutsche made several moves in 2001 to solidify its presence in the U.S. The firm switched over to American accounting standards, and in October the bank listed its shares on the New York Stock Exchange. Deutsche also announced that it would turn retail banking into a core business and cut the traditional German management board from eight members to four, in order to simplify decision making at the highest level. Under the retail restructuring, small and medium-size customers will be transferred from the investment bank to a new division. While Deutsche’s investment bank would focus on providing higher-margin advisory services and products to large companies. The downsizing of the board – which The Wall Street Journal has called the “most exalted council in German finance” – signaled an important change from a consensus-driven German management style, where the board members take collective responsibility for decisions, to a more American management style, with a strong chief executive. Newly appointed Chairman Josef Ackermann, who succeeded Rolf Breuer in May, will oversee the board and is expected to run the kingdom of Deutsche much like an American CEO (German law doesn’t allow a corporation to have an actual CEO). Ackermann’s takeover of the board, and of the bank itself, also signals a monumental strategy shift for the world’s second largest bank. Unlike his 4

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© 2002 Vault Inc.


predecessor, Ackermann comes from an investment-banking background. Before his retirement, Breuer oversaw the Private Clients and Asset Management Group, while Ackermann ran the Corporate and Investment Bank Group. Observers feel that the firm appointed an I-banker in order to send the message that it intends to focus on strengthening its position in the lucrative global investment-banking market.

On its way to the bigs Under Ackermann’s leadership, Deutsche’s Corporate and Investment Bank Group has gained ground on the big banks of the bulge bracket. In 2001 Deutsche Bank surpassed Goldman Sachs and Morgan Stanley in total investment-banking revenues. According to Thomson Financial Securities Data, in 2001 the bank ranked seventh in U.S. M&A and eighth in global M&A, a decent jump from its respective 13th and 12th place rankings in 2000. The Wall Street Journal reported that Deutsche’s investment-banking unit “continued to score unexpected victories [in 2001], winning high profile advisory roles in competition with more-established firms.” The Journal cited Deutsche’s advisory role on EchoStar’s $30 billion purchase of Hughes Electronics, the second largest deal in 2001. The Journal also mentioned the bank’s coup in gaining an advisory role with Electricite de France (EDF) on its takeover of Montedison, despite Goldman Sach’s relationship with EDF. Although Deutsche’s M&A unit ascended the charts in 2001, its underwriting practice fell a few notches. In 2001 Deutsche slid a few places on several important underwriting league tables, including global debt and equity offerings (from 7th in 2000 to 9th 2001), global debt offerings (from 6th to 9th), and equity and equity-related issues (from 9th to 10th). However, for the first half of 2002, Deutsche did rank 6th in both global debt and equity offerings, and global equity and equity-related offerings.

Getting rid of non-essentials Making good on its commitment to cut costs by shedding non-core assets, Deutsche Bank agreed to sell the majority of its U.S. leasing business to a division of General Electric. The $2.9 million deal ($450 million in cash plus almost $2.5 million in assumed debt) was agreed to in September 2002 and is expected to close in the fourth quarter 2002. St. Louis-based Deutsche Financial Services, which provides commercial inventory financing for manufacturers and dealers of industrial equipment, technology products and recreational vehicles, will become a part of GE Commercial Finance.

Visit the Vault Finance Career Channel at http://finance.vault.com — with insider firm profiles, message boards, the Vault Finance Job Board and more.

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In September 2002, Deutsche announced that it entered into exclusive discussions to sell a significant portion of its Global Securities Services business to State Street Corporation. Included in the proposed sale are Deutsche’s Global Custody, Global Fund Services, Global Securities Lending, Global Performance Measurement and Benefit Payments businesses. The deal is expected to be finalized in the fourth quarter 2002. Also in September, Deutsche unveiled plans to split-off its 900-employee European IT operations. Deutsche announced it was in exclusive talks with IBM to outsource its continental European computer operations in a deal worth 2.5 billion euros ($2.46 billion) over 10 years. Deutsche Bank COO Hermann-Josef Lamberti told Reuters that the move would save the bank over 100 million euros a year. Lamberti also hinted that similar deals would be forthcoming. “It is not a one-off,” Lamberti told Reuters. “Splitting off business processes will be one of the central themes changing the banking landscape over the next five years.”

6

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© 2002 Vault Inc.


League Tables Global Debt & Equity Offerings: Jan 1, 2001 – December 31, 2001

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

ADVISER Citigroup/Salomon SB Merrill Lynch CSFB J.P. Morgan Chase Goldman Sachs Morgan Stanley Lehman Brothers UBS Warburg Deutsche Bank BofA Securities Bear Stearns ABN Ambro Barclays Capital BNP Paribas DK Wasserstein INDUSTRY TOTAL

PROCEEDS ($BILLIONS)

MARKET SHARE (%)

# OF ISSUES

DISCLOSED FEES ($MILLIONS)

486.9 432.7 346.9 315.1 302.5 277.6 260.6 252.8 224.4 162.5 134.7 90.0 72.9 55.0 53.1 4,075.1

11.9 10.6 8.5 7.7 7.4 6.8 6.4 6.2 5.5 4.0 3.3 2.2 1.8 1.4 1.3 100.0

1,574 2,012 1,312 1,094 795 929 861 949 770 728 427 776 314 216 272 16,748

2,401.7 1,940.9 1,641.0 1,037.5 2,111.1 1,976.0 972.7 888.2 745.3 465.8 230.0 353.4 121.8 207.7 251.2 18,159.6

Source: Thomson Financial

RANK

Global Debt & Equity Offerings: Jan 1, 2002 – Jun 30, 2002

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

ADVISER Citigroup/Salomon SB Merrill Lynch J.P. Morgan Chase CSFB Goldman Sachs Deutsche Bank Lehman Brothers Goldman Sachs UBS Warburg BofA Securities Bear Stearns Barclays Capital ABN Amro Royal Bank of Scotland HBSC Holdings INDUSTRY TOTAL


MARKET SHARE (%)

# OF ISSUES


244.8 197.0 183.2 175.4 152.5 143.4 143.0 135.1 132.2 97.3 69.8 50.8 46.2 33.5 32.9 2,199.0

11.1 9.0 8.3 8.0 6.9 6.5 6.5 6.1 6.0 4.4 3.2 2.3 2.1 1.5 1.5 100.0

797 811 627 656 534 588 438 372 507 529 236 211 295 115 204 8,234

1,346.3 753.4 690.1 811.4 688.1 501.5 446.1 647.3 364.8 292.1 150.9 147.9 125.8 39.5 91.3 8,745.2


CAREER LIBRARY


RANK

7


Global M&A Transactions (announced): RANK 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

ADVISER Goldman Sachs Merrill Lynch Morgan Stanley CSFB J.P. Morgan Chase Citigroup/Salomon SB UBS Warburg Deutsche Bank Lehman Brothers Dresdner Kleinwort Wass. Lazard Rothschild Bear Stearns Quadrangle CIBC World Markets INDUSTRY TOTAL

RANK VALUE ($BILLIONS)

# OF DEALS

602.8 477.0 460.6 395.3 388.4 264.9 227.9 224.1 123.2 120.7 103.5 90.1 78.2 72.5 37.1 1,751.9

339 255 313 455 403 331 239 253 148 89 161 168 71 2 101 28,885


Jan 1, 2001 – December 31, 2001

Global M&A Transactions (announced): RANK 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

ADVISER CSFB Goldman Sachs Citigroup/Salomon SB Morgan Stanley J.P. Morgan Chase UBS Warburg Merrill Lynch Deutsche Bank Lehman Brothers Rothschild Lazard BNP Paribas Cazenove Dresdner Kleinwort Wass. RBC Capital Markets INDUSTRY TOTAL

8

CAREER LIBRARY


# OF DEALS

124.5 110.9 108.3 95.9 94.2 93.5 90.8 75.2 69.7 68.5 42.0 23.1 18.9 18.2 16.5 590.3

191 123 117 132 155 109 102 80 84 76 87 40 4 43 34 11,585

© 2002 Vault Inc.


Jan 1, 2002 – Jun 30, 2002


Global Equity & Equity-related Issues: Jan 1, 2001 – December 31, 2001

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

ADVISER Merrill Lynch Citigroup/Salomon SB Goldman Sachs Morgan Stanley CSFB UBS Warburg Lehman Brothers Deutsche Bank J.P. Morgan Chase Societe Generale Nomura BofA Securities ABN Amro BNP Paribas Credit Agr. Indo-Laz Frere INDUSTRY TOTAL


MARKET SHARE (%)

# OF ISSUES


61.3 60.9 48.8 45.4 42.2 29.7 18.4 16.9 14.6 7.6 6.1 5.7 4.8 4.8 4.5 425.7

14.4 14.3 11.5 10.7 9.9 7.0 4.3 4.0 3.4 1.8 1.4 1.3 1.1 1.1 1.1 100.0

206 129 1,482 98 161 160 66 81 60 27 82 26 47 25 7 2,472

1,219.9 1,576.8 1,026.1 1,083.8 934.7 469.0 418.0 276.2 281.0 146.0 215.2 163.4 70.7 51.7 80.0 8,926.8


RANK

Global Equity & Equity-related Issues: Jan 1, 2002 – Jun 30, 2002

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

ADVISER Citigroup/Salomon SB Goldman Sachs Merrill Lynch CSFB Morgan Stanley Deutsche Bank J.P. Morgan Chase UBS Warburg Lehman Brothers Societe Generale Cazenove BofA Securities BNP Paribas Nomura Bear Stearns INDUSTRY TOTAL


MARKET SHARE (%)

# OF ISSUES


31.2 27.5 24.5 16.6 12.6 12.2 11.2 9.0 7.0 4.3 3.7 3.3 3.2 2.8 2.2 201.1

15.5 13.7 12.2 8.2 6.3 6.0 5.6 4.5 3.5 2.1 1.8 1.6 1.6 1.4 1.1 100.0

118 57 81 84 45 50 48 72 34 18 16 18 12 34 22 1,180

802.4 473.9 524.4 489.6 337.3 147.5 221.6 151.3 206.8 45.6 24.7 82.1 26.2 89.3 99.7 4,218.2


CAREER LIBRARY


RANK

9


Global Debt (Including MBS, ABS & Tax Munis): RANK 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

ADVISER Citigroup/Salomon SB Merrill Lynch CSFB J.P. Morgan Chase Goldman Sachs Lehman Brothers Morgan Stanley UBS Warburg Deutsche Bank BofA Securities Bear Stearns ABN Ambro Barclays Capital BNP Paribas DK Wasserstein INDUSTRY TOTAL


MARKET SHARE (%)

# OF ISSUES


429.3 367.4 303.7 299.2 238.7 237.9 255.7 220.8 206.8 156.2 130.7 83.0 72.3 49.8 49.2 3,609.7

11.9 10.2 8.4 8.3 6.6 6.6 7.1 6.1 5.7 4.3 3.6 2.3 2.0 1.4 1.4 100.0

1,345 1,778 1,130 1,026 649 756 796 773 680 700 402 723 312 189 259 14,033

1,157.5 640.5 696.1 725.6 445.4 456.9 730.4 372.0 461.5 302.4 116.4 240.2 206.1 149.4 168.9 8,372.6


Jan 1, 2001 – December 31, 2001

Global Debt (Including MBS, ABS & Tax Munis): RANK 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

10

ADVISER Citigroup/Salomon SB Merrill Lynch J.P. Morgan Chase CSFB Goldman Sachs Lehman Brothers Deutsche Bank UBS Warburg Goldman Sachs BofA Securities Bear Stearns Barclays Capital ABN Amro Royal Bank of Scotland HBSC Holdings INDUSTRY TOTAL

CAREER LIBRARY


MARKET SHARE (%)

# OF ISSUES


213.6 172.5 172.1 158.8 139.9 136.0 131.2 123.3 107.6 93.9 67.6 50.8 44.7 33.5 31.2 1,997.9

10.7 8.6 8.6 8.0 7.0 6.8 6.6 6.2 5.4 4.7 3.4 2.5 2.2 1.7 1.6 100.0

679 730 579 572 489 404 538 435 315 511 214 211 279 115 196 7,054

543.9 228.9 468.5 321.7 350.7 239.3 354.0 213.5 173.5 210.0 51.2 147.9 120.6 39.5 72.0 4,536.0

© 2002 Vault Inc.


Jan 1, 2002 – Jun 30, 2002


U.S. Debt & Equity Offerings: RANK 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

ADVISER Citigroup/Salomon SB Merrill Lynch CSFB J.P. Morgan Chase Goldman Sachs Lehman Brothers Morgan Stanley UBS Warburg BofA Securities Deutsche Bank Bear Stearns ABN Ambro Royal Bank of Scotland Countrywide Securities Wachovia INDUSTRY TOTAL


MARKET SHARE (%)

# OF ISSUES


394.5 350.0 278.7 248.0 244.1 232.0 189.7 180.8 160.2 133.4 132.3 38.5 36.0 26.0 23.8 2,880.1

13.7 12.2 9.7 8.6 8.5 8.1 6.6 6.3 5.6 4.6 4.6 1.3 1.2 0.9 0.8 100.0

1,277 1,741 1,029 869 624 758 644 595 715 404 420 539 116 457 161 12,269

1,807.4 1,399.8 1,178.1 782.1 1,737.2 809.5 1,463.1 462.8 458.4 219.2 104.7 9.3 40.6 31.1 11,437.2


MARKET SHARE (%)

# OF ISSUES


195.8 169.1 148.5 145.0 126.8 118.6 103.9 94.5 93.9 82.7 69.2 25.8 18.1 16.8 15.0 1,537.4

12.7 11.0 9.7 9.4 8.3 7.7 6.8 6.1 6.1 5.4 4.5 1.7 1.2 1.1 1.0 100.0

635 706 504 513 368 397 288 343 518 308 234 85 198 93 119 5,796

1,042.0 6,006.3 536.1 605.8 396.1 574.0 504.0 221.6 279.9 283.4 145.9 6.1 6.3 36.1 26.3 5,720.4


Jan 1, 2001 – December 31, 2001

U.S. Debt & Equity Offerings: RANK 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

ADVISER Citigroup/Salomon SB Merrill Lynch J.P. Morgan Chase CSFB Lehman Brothers Morgan Stanley Goldman Sachs UBS Warburg BofA Securities Deutsche Bank Bear Stearns Royal Bank of Scotland Countrywide Securities Bank One Wachovia INDUSTRY TOTAL


CAREER LIBRARY

11


Jan 1, 2002 – Jun 30, 2002


U.S. M&A Transactions (announced with U.S. targets): Jan 1, 2001 – December 31, 2001

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

RANK VALUE

ADVISER

($BILLIONS)

Goldman Sachs Merrill Lynch Morgan Stanley CSFB J.P. Morgan Chase Citigroup/Salomon SB Deutsche Bank Lehman Brothers UBS Warburg Bear Stearns Quadrangle Lazard Dresdner Kleinwort Wass. BofA Securities Greenhill INDUSTRY TOTAL

410.3 289.2 285.0 272.6 234.1 144.2 118.4 87.3 81.3 75.3 72.5 32.0 24.5 23.5 20.4 825.7

# OF DEALS 167 112 138 199 149 112 62 86 66 60 2 37 30 57 11 7,533


RANK

U.S. M&A Transactions (announced with U.S. targets): RANK 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

ADVISER CSFB Goldman Sachs Citigroup/Salomon SB J.P. Morgan Chase Morgan Stanley UBS Warburg Merrill Lynch Lehman Brothers Deutsche Bank BofA Securities Lazard Bear Stearns Dresdner Kleinwort Wass. Rothschild ABN Amro INDUSTRY TOTAL

12

CAREER LIBRARY


# OF DEALS

56.9 52.9 44.3 39.6 39.3 32.7 19.7 18.2 15.1 13.6 9.0 8.0 7.3 6.4 5.5 206.5

105 47 39 49 50 42 42 35 26 37 23 16 11 9 4 3,242

© 2002 Vault Inc.


Jan 1, 2002 – Jun 30, 2002


U.S. Equity & Equity-related Issues: RANK 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

ADVISER Goldman Sachs Merrill Lynch Citigroup/Salomon SB CSFB Morgan Stanley Lehman Brothers UBS Warburg J.P. Morgan Chase BofA Securities Deutsche Bank Bear Stearns FleetBoston Financial CIBC World Markets ABN Amro Friedman Billings Group INDUSTRY TOTAL


MARKET SHARE (%)

# OF ISSUES


43.6 39.9 31.3 29.7 28.7 13.7 10.4 9.6 5.7 4.6 2.7 1.0 1.4 0.9 0.7 228.9

19.1 17.4 13.7 13.0 12.5 6.0 4.5 4.2 2.5 2.0 1.2 0.4 0.6 0.4 0.3 100.0

94 157 108 120 70 51 63 42 25 36 17 8 12 6 14 769

1,331.4 863.1 668.4 724.6 791.8 333.0 273.7 206.1 162.5 100.2 94.0 20.0 39.4 23.0 38.8 5,893.9


Jan 1, 2001 – December 31, 2001

U.S. Equity & Equity-related Issues: RANK 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

ADVISER Citigroup/Salomon SB Merrill Lynch Goldman Sachs CSFB Morgan Stanley J.P. Morgan Chase Lehman Brothers UBS Warburg Deutsche Bank BofA Securities Bear Stearns Friedman Billings Group CIBC World Markets RBC Capital Markets Thomas Weisel INDUSTRY TOTAL


MARKET SHARE (%)

# OF ISSUES


21.1 20.2 16.2 13.4 9.4 7.7 5.5 3.6 3.4 3.3 2.2 1.0 0.5 0.5 0.5 112.8

18.7 17.9 14.3 11.9 8.4 6.8 4.8 3.2 3.0 2.9 2.0 0.9 0.4 0.4 0.4 100.0

73 66 39 68 31 36 32 46 25 18 22 13 9 2 4 460

611.3 435.3 381.2 432.8 287.7 162.3 190.8 120.0 96.1 81.8 99.1 51.5 19.7 17.6 23.5 3,183.6


CAREER LIBRARY

13


Jan 1, 2002 – Jun 30, 2002


U.S. Initial Public Offerings 2001: RANK 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

ADVISER


MARKET SHARE (%)

# OF ISSUES


Goldman Sachs Merrill Lynch Citigroup/Salomon SB CSFB Morgan Stanley Lehman Brothers UBS Warburg J.P. Morgan Chase BofA Securities Deutsche Bank Bear Stearns FleetBoston Financial CIBC World Markets ABN Amro Friedman Billings Group INDUSTRY TOTAL

11,915.6 8,511.8 5,510.3 4,457.1 1,470.1 1,427.0 695.2 561.2 529.1 426.2 332.0 179.4 162.3 135.7 124.0 37,095.4

32.1 22.9 14.9 12.0 4.0 3.8 1.9 1.5 1.4 1.1 0.9 0.5 0.4 0.4 0.3 100.0

18 12 15 8 10 14 7 4 8 4 3 1 2 1 2 106

517.4 333.1 197.3 140.9 83.3 67.3 30.8 33.1 29.9 27.8 21.4 10.9 10.9 4.1 8.1 1,556.8


Jan 1, 2001 – December 31, 2001

U.S. Initial Public Offerings: RANK 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

14

ADVISER


MARKET SHARE (%)

# OF ISSUES


Citigroup/Salomon SB CSFB Merrill Lynch Morgan Stanley Deutsche Bank Goldman Sachs UBS Warburg Lehman Brothers Bear Stearns Cazenove Jefferies US Bancorp J.P. Morga Chase Legg Mason ING INDUSTRY TOTAL

5,979.6 2,508.9 2,238.6 1,497.4 693.1 691.9 554.7 537.8 384.2 121.5 115.2 103.5 85.5 85.0 78.6 15,954.6

37.5 15.7 14.0 9.4 4.3 4.3 3.5 3.4 2.4 0.8 0.7 0.6 0.5 0.5 0.5 100.0

7 11 8 5 4 4 5 6 4 2 1 1 1 1 1 55

244.8 119.6 99.8 76.6 33.5 45.6 34.7 33.4 24.1 3.7 8.1 6.3 2.6 6.0 3.4 756.4

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Jan 1, 2002 – Jun 30, 2002


U.S. Debt (Including MBS, ABS & Tax Munis): RANK 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

ADVISER Citigroup/Salomon SB Merrill Lynch CSFB J.P. Morgan Chase Lehman Brothers Goldman Sachs UBS Warburg Morgan Stanley BofA Securities Deutsche Bank Bear Stearns ABN Amro Royal Bank of Scotland Countrywide Securities Wachovia INDUSTRY TOTAL


MARKET SHARE (%)

# OF ISSUES


355.1 306.4 248.4 238.0 214.6 198.1 168.3 154.6 153.9 128.6 128.5 37.8 36.0 26.0 23.0 2,618.0

13.6 11.7 9.5 9.1 8.2 7.6 6.4 5.9 5.9 4.9 4.9 1.4 1.4 1.0 0.9 100.0

1,124 1,558 888 822 669 513 516 539 688 363 396 533 116 457 150 11,271

926.9 462.8 446.9 565.1 381.1 330.4 142.4 509.6 295.8 213.3 111.2 81.7 9.3 40.6 16.6 4,801.7


Jan 1, 2001 – December 31, 2001

U.S. Debt (Including MBS, ABS & Tax Munis): RANK 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

ADVISER Citigroup/Salomon SB Merrill Lynch J.P. Morgan Chase CSFB Lehman Brothers Morgan Stanley UBS Warburg BofA Securities Goldman Sachs Deutsche Bank Bear Stearns Royal Bank of Scotland Countrywide Securities Bank One Wachovia INDUSTRY TOTAL


MARKET SHARE (%)

# OF ISSUES


174.7 148.8 140.8 131.6 121.4 109.1 90.9 90.5 87.7 79.3 67.0 25.8 18.1 16.8 14.7 1,424.6

12.3 10.4 9.9 9.2 8.5 7.7 6.4 6.4 6.2 5.6 4.7 1.8 1.3 1.2 1.0 100.0

561 640 468 445 336 366 296 500 249 283 212 85 198 93 113 5,335

430.7 171.0 373.8 172.9 205.3 286.3 101.6 198.2 123.0 187.3 46.9 6.1 6.3 36.1 13.9 2,536.8


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Jan 1, 2002 – Jun 30, 2002


U.S. High Yield Debt: RANK 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

ADVISER


MARKET SHARE (%)

# OF ISSUES


CSFB Citigroup/Salomon SB Goldman Sachs J.P. Morgan Chase BofA Securities Morgan Stanley Deutsche Bank Lehman Brothers Merrill Lynch UBS Warburg Bear Stearns Jeffereies Wachovia TD Securities CIBC World Markets INDUSTRY TOTAL

12,811.7 9,664.7 9,312.8 8,069.9 7,363.0 6,014.6 5,394.6 5,097.5 4,753.2 2,902.4 2,646.4 661.8 476.6 348.0 332.5 76,319.2

386,103.9 291,263.3 280,658.2 243,201.1 221,897.4 181,260.9 162,576.1 153,622.4 143,246.3 87,469.1 79,754.1 19,944.5 14,363.2 10,487.6 10,020.5 100.0

60 39 36 48 345 18 31 25 22 18 17 5 4 3 3 261

62.3 86.4 34.6 23.6 43.9 63.5 14.1 22.7 38.6 8.4 10.7 0.0 0.0 0.0 5.3 414.7

ADVISER


MARKET SHARE (%)

# OF ISSUES


CSFB Citigroup/Salomon SB BofA Securities Deutsche Bank Lehman Brothers J.P. Morgan Chase Goldman Sachs UBS Warburg Morgan Stanaley Merrill Lynch Bear Stearns CIBC World Markets Dresdner KW Wachovia Jefferies INDUSTRY TOTAL

7,003.7 4,342.3 3,767.7 3,609.3 3,523.1 3,507.4 3,158.9 2,400.7 2,297.0 986.4 887.0 531.4 519.8 505.6 335.3 38,641.4

18.1 11.2 9.8 9.3 9.1 9.1 8.2 6.2 5.9 2.6 2.3 1.4 1.3 1.3 0.9 100

46 26 26 22 18 24 9 14 12 6 9 6 4 6 2 164

15.5 29.7 2.9 8.3 41.3 17.9 17.5 2.5 5.4 0.0 4.3 2.0 2.1 0.0 0.4 163.5


Jan 1, 2001 – December 31, 2001

U.S. High Yield Debt: RANK 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

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Jan 1, 2002 – Jun 30, 2002


U.S. Investment Grade Debt: RANK 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

ADVISER Citigroup/Salomon SB J.P. Morgan Chase Lehman Brothers Merrill Lynch Morgan Stanley CSFB Goldman Sachs BofA Securities UBS Warburg Deutsche Bank Bear Stearns Bnak One Barclays Capital ABN Amro BNP Paribas INDUSTRY TOTAL


MARKET SHARE (%)

# OF ISSUES


140.1 94.2 66.0 59.6 5.8 51.1 46.6 43.6 20.1 16.3 12.2 7.0 5.5 3.6 3.0 638.5

21.9 14.8 10.3 9.3 0.9 8.0 7.3 6.8 3.1 2.6 1.9 1.1 0.9 0.6 0.5 100.0

321 286 164 206 129 138 111 148 66 50 35 36 21 23 6 1,189

657.8 383.9 219.2 287.9 297.3 255.3 212.7 199.6 82.4 64.4 50.3 23.8 21.3 12.5 13.9 2,825.1


MARKET SHARE (%)

# OF ISSUES


78.4 59.9 39.5 32.1 31.4 25.9 23.5 20.3 11.6 9.7 5.2 4.0 3.6 3.1 1.9 357.7

21.9 16.7 11.0 9.0 8.8 7.2 6.6 5.7 3.2 2.7 1.4 1.1 1.0 0.9 0.5 100.0

242 227 97 292 73 112 80 70 44 38 28 21 23 11 182 1,059

323.6 252.4 118.6 168.9 183.3 99.7 104.7 73.5 47.3 62.7 20.6 18.8 9.8 9.7 26.4 1,552.3


Jan 1, 2001 – December 31, 2001

U.S. Investment Grade Debt: RANK 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

ADVISER Citigroup/Salomon SB J.P. Morgan Chase Lehman Brothers BofA Securities Morgan Stanley Merril Lynch CSFB Deutsche Bank Goldman Sachs UBS Warburg Bank One Barclays Capital Wachovia Bear Stearns In Capital INDUSTRY TOTAL


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Jan 1, 2002 – Jun 30, 2002


All Municipal Bond Issues: RANK 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

ADVISER Salomon Smith Barney UBS PaineWebber Merrill Lynch Morgan Stanley Bear Stearns Goldman Sachs Lehman Brothers J.P. Morgan Securities BofA Securities Piper Jaffray A.G. Edwards RBC Dain Rauscher Morgan Keenan George K. Baum Bank One INDUSTRY TOTAL


MARKET SHARE (%)

# OF ISSUES

39.6 33.6 19.6 19.1 17.5 16.5 16.3 10.0 6.4 6.3 6.2 5.7 5.1 4.4 3.4 283.5

14.0 11.8 6.9 6.8 6.2 5.8 5.7 3.5 2.3 2.2 2.2 2.0 1.8 1.5 1.2 100.0

111 62 108 119 107 73 67 44 54 47 36 22 18 8 11 13,235


MARKET SHARE (%)

# OF ISSUES

23.5 23.5 11.6 11.5 11.5 9.4 8.4 5.5 4.3 3.3 3.1 3.0 2.9 2.7 1.8 160.8

14.6 14.6 7.2 7.2 7.2 5.8 5.2 3.4 2.7 2.0 2.0 1.9 1.8 1.7 1.1 100.0

330 446 85 133 136 91 184 85 276 147 272 143 68 228 69 6,555


Jan 1, 2001 – December 31, 2001

All Municipal Bond Issues: RANK 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

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ADVISER Salomon Smith Barney UBS PaineWebber Bear Stearns Lehman Brothers Merrill Lynch Goldman Sachs Morgan Stanley J.P. Morgan Securities RBC Dain Rauscher BofA Securities Piper Jaffray RBC Dain Rauscher Morgan Keenan George K. Baum Bank One INDUSTRY TOTAL

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Jan 1, 2002 – Jun 30, 2002


U.S. Asset-Backed Securities: RANK 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

ADVISER Citigroup/Salomon SB CSFB J.P. Morgan Chase Deutsche Bank Lehman Brothers BofA Securities Bear Stearns Morgan Stanley Merill Lynch Wachovia Royal Bank of Scotland Bnak One Countrywide Securities Goldman Sachs UBS Warburg INDUSTRY TOTAL


MARKET SHARE (%)

# OF ISSUES


49.2 48.8 43.4 34.6 30.7 23.5 20.5 17.8 15.4 13.2 12.1 10.2 8.6 6.9 3.3 349.1

1,440.6 1,427.8 1,270.6 1,013.0 897.2 687.6 599.9 521.9 451.7 387.6 355.1 297.5 252.2 202.6 97.1 100.0

88 130 70 77 82 59 55 48 46 37 30 25 19 23 19 785

91.2 72.7 64.0 78.7 60.9 44.5 8.5 35.2 19.0 5.1 5.0 17.5 9.6 6.4 2.8 529.6


MARKET SHARE (%)

# OF ISSUES


27.6 25.3 24.6 24.0 23.7 16.3 16.0 10.6 8.9 8.8 8.7 7.9 6.0 4.7 3.1 223.1

12.4 11.3 11.0 10.7 10.6 7.3 7.2 4.7 4.0 4.0 3.9 3.6 2.7 2.1 1.4 100.0

41 76 49 47 46 38 54 34 13 23 16 17 21 12 5 453

37.9 23.0 24.0 55.5 26.6 6.4 23.7 4.9 15.2 15.0 14.5 1.8 3.0 1.7 3.4 260.7


Jan 1, 2001 – December 31, 2001

U.S. Asset-Backed Securities: RANK 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

ADVISER J.P. Morgan Chase CSFB BofA Securities Deutsche Bank Citigroup/Salomon SB Morgan Stanley Lehman Brothers Bear Stearns Merill Lynch Wachovia Royal Bank of Scotland Bnak One Countrywide Securities Goldman Sachs UBS Warburg INDUSTRY TOTAL


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19


Jan 1, 2002 – Jun 30, 2002


U.S. Mortgage-Backed Securities: Jan 1, 2001 – December 31, 2001

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

ADVISER UBS Warburg Goldman Sachs Bear Stearns CSFB Lehman Brothers Citigroup/Salomon SB BofA Securities Royal Bank of Scotland J.P. Morgan Chase Merrill Lynch Countrywide Securities Morgan Stanley Deutsche Bank Securities Sales & Trading Wachovia INDUSTRY TOTAL


MARKET SHARE (%)

# OF ISSUES

86.1 82.3 72.5 67.1 61.5 58.1 36.7 21.7 20.8 19.6 8.7 8.0 6.2 5.3 3.4 586.1

14.7 14.0 12.4 11.4 10.5 9.9 6.3 3.7 3.6 3.3 1.5 1.4 1.1 0.9 0.6 100.0

111 62 108 119 107 73 67 44 54 47 36 22 18 8 11 838

DISCLOSED FEES ($MILLIONS) 0.0 0.0 1.3 0.0 1.5 0.0 0.9 1.8 0.0 0.5 0.6 3.2 11.8 0.0 0.0 21.5


RANK

U.S. Mortgage-Backed Securities: RANK 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

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ADVISER UBS Warburg CSFB Bear Stearns Lehman Brothers Goldman Sachs Citigroup/Salomon SB BofA Securities Royal Bank of Scotland Merrill Lynch J.P. Morgan Chase Countrywide Securities Securities Sales & Trading Morgan Stanley Nomura Deutsche Bank INDUSTRY TOTAL

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MARKET SHARE (%)

# OF ISSUES


52.4 45.7 39.6 38.3 36.1 25.5 19.0 18.6 15.0 13.6 6.5 4.1 3.1 2.7 2.4 330.2

15.9 13.8 12.0 11.6 10.9 7.7 5.8 5.6 4.5 4.1 2.0 1.3 0.9 0.8 0.7 100.0

47 62 66 70 39 31 37 28 28 26 35 5 9 8 9 470

0.0 0.0 0.0 0.0 0.0 0.0 0.5 0.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.6

© 2002 Vault Inc.


Jan 1, 2002 – Jun 30, 2002


Compensation Pay Analyst: 1st year: $55,000 per year (salary) + $25,000 bonus Associate: 1st year: $85,000 per year (salary) + $25,000 signing bonus + $30,000 year-end bonus

Perks • Tickets to shows or sports events to entertain clients • Free passes to museums and cultural events • Stock options • Dinner allowance after 8 p.m. and on weekends • Car service after 9 p.m. and on weekends


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Deutsche Bank

Organization CEO’s Bio Landing on his feet If you fall down, get right back up – and go to Germany. That’s what Deutsche CEO Josef Ackermann did. In 1996 Ackermann, then the chief executive of Credit Suisse, was ousted from the giant Swiss bank in a massive reorganization. Soon after, Ackermann crossed the Swiss border and entered Germany, determined to regain a chief executive spot at a world banking power. In Germany he received and accepted an offer from Deutsche Bank to run its ailing corporate and investment-banking business. Under Ackermann, the unit prospered. In five years, Ackermann turned the struggling unit into an I-banking force deserving of respect. According to Fortune magazine, Ackermann “transformed Deutsche’s ailing investment unit into a star performer.” In 2001, as a result of his efforts, Ackermann was tapped to succeed Deutsche CEO Rolf Breuer, whose five-year contract was ending the following year. Ackermann officially became Deutsche’s CEO on May 23, 2002. Ackermann began his banking career 25 years before landing atop Deutsche’s org chart. Ackermann joined Credit Suisse in 1977 after receiving a doctorate in social sciences and economics and, like all Swiss men, serving time in the Swiss army. He worked his way up through Credit Suisse’s ranks and served as chief executive from 1993 until forced out in 1996. Aside from his talent of getting up after he’s been knocked down, Ackermann was a champion javelinist in his youth and is a talented pianist and skier – he’s not only the chairman of Deutsche’s ski club, he’s also a member.

Business Units Corporate and Investment Banking This unit consists of the following groups: Commodities, Corporate Finance, Corporate Trust, Fixed Income, Foreign Exchange, Global Cash Management, Global Equities, Global Securities Services, Global Trade Finance.


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Deutsche Bank Organization

Commodities Manages risk and funds business growth for banks, governments, hedge funds and commodity producers and consumers. In addition, Deutsche provides research on commodities.

Corporate Finance Advises companies on mergers, acquisitions, divestitures and traditional loans, and supports other groups in equity and debt offerings. Groups within corporate finance include Mergers & Acquisitions, Project Finance, Financial Sponsors, Restructuring Advisory and Structured Finance.

Corporate Trust Provides trust, agency, depositary and custody services to financial institutions, corporations, governments and agencies. Corporate Trust is subdivided into four groups: Equities, Debt Instruments, Structured Financings and Tax-neutral and Tax-advantaged Structures.

Fixed Income Provides financing alternatives such as corporate bonds, structured credit instruments, securitized products, OTC derivatives, and commodities. Fixed income is subdivided into Money Markets, Debt Capital Markets, Governments/Agencies, High Grade Credit, High Yield, Futures & Options, Interest Rate Swaps & Options, Credit Derivatives, Asset Securitization, Emerging Markets, Convertible Bonds and Research.

Foreign Exchange Provides clients with liquidity in the spot, forward, and options, and FX markets. Foreign Exchange consists of the following sub-sectors: Spot, Forward, Options, Global Liquidity Services and Research.

Global Cash Management Assists corporate clients in managing their customer access, payment and collection services, liquidity management, information and account services and electronic bill presentment and payment solutions.

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Global Equities Offers sales and trading services with a focus on providing liquidity to clients. This group includes Cash Equities, Convertible Bonds, Research, Program Trading, Derivatives, Equity Prime Services and Research.

Global Security Services Provides custodial services, fund administration and trustee services and securities lending services (when assets that are held in custody Deutsche Bank or with a third party are lent out to clients). The three subgroups are Custody, Fund Services and Securities Lending.

Global Trade Finance Combines trade finance and risk advisory product groups with processing technology. Operating in 65 locations in more than 40 countries, this group’s subsections include: Structured Trade & Export Finance, Trade & Risk Services and Tariff for Banks.

Private Clients and Asset Management PCAM consists of the following three major groups: Private and Business Clients Provides brokerage services primarily to approximately 12 million retail and small business clients in Europe. Private Wealth Management Provides brokerage services for very wealthy persons and families. Asset Management Provides equity, bond and real estate investment services to institutional clients and private investors through a network of over 600 professionals. Specific products include: commingled funds, sub-advised portfolios, masterfeeder portfolios, variable insurance trusts, common trust funds, mutual funds, hedge funds, and fund of funds

Corporate Investments Operating under the name DB Capital Partners, Corporate Investments oversees Deutsche’s private equity and real estate portfolio investments, as well as the bank’s industrial shareholdings and other investments. The unit is


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broken down into four groups: Private Equity, Mezzanine, Venture Capital, and Fund Investing.

Locations Frankfurt: Worldwide headquarters London: Investment-banking headquarters New York: North American headquarters Singapore: Asian headquarters Deutsche operates in more than 75 countries worldwide.

Key Officers Spokesman of the Board of Managing Directors and Chairman of the Group Executive Committee: Josef Ackermann Global Head of Corporate Finance: Michael Cohrs Chief Administrative Officer: Tessen von Heydebreck Global Head of Global Markets: Anshu Jain Global Head of Global Equities: Kevin Parker Global Head of Private and Business Clients: Herbert Walter Global Head of Private Wealth Management: Pierre de Weck Chief Operating Officer: Hermann-Josef Lamberti Global Head of Asset Management: Tom Hughes Chief Financial Officer: Clemens Börsig Global Head of Global Transaction: Jürgen Fitschen Chairman: Rolf E. Breuer

Ownership Deutsche Bank’s common stock is traded on the New York Stock Exchange under the symbol DB.

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Deutsche Bank

Vault Newswire October 2002: Deutsche takes M&A bronze Deutsche Bank ranked third in announced European mergers and acquisitions for the nine months ended September 30, 2002. Advising on 76 deals worth $72 billion, Deutsche trailed only J.P. Morgan and Morgan Stanley. This was a decent jump for the German bank: During the same period in the previous year, Deutsche ranked seventh in announced M&A activity.

September 2002: Deutsche dumps index business Deutsche agreed to sell its index-based asset management business to Chicago-based Northern Trust for $260 billion. The sale of the low-fee generating index-based business is a part of Deutsche’s overall plan to shed non-core assets and concentrate on higher fee businesses such as investment banking. “This will enable us to provide more focused products and services to our clients,” said Tom Hughes, Deutsche’s global head of asset management, in a statement.

September 2002: Deutsche working on getting rid of another unit Deutsche said it entered into exclusive discussions to sell a significant portion of its Global Securities Services business to State Street Corporation. A deal, for about $1 billion, should be finalized in the fourth quarter 2002.

September 2002: Losing leases Deutsche agreed to sell the majority of its U.S. leasing business to a division of General Electric for $2.9 million ($450 million in cash plus almost $2.5 million in assumed debt). The deal is expected to close in the fourth quarter 2002.

September 2002: Usin’ it In a survey conducted by Global Investor magazine, 137 fund mangers said Deutsche Bank doled out the most useful equity research. It was the second year in a row that the firm ranked the highest in usefulness. Reporting the results of the survey, The Wall Street Journal said Deutsche’s equity research


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Deutsche Bank Vault Newswire

unit also “once again ranked second for independence, although the votes it received there were less than half of those it received for usefulness.”

August 2002: Dressing back up Deutsche announced that beginning September 2002 its global trading operations staff in London will be returning to formal business attire from Monday through Thursday. A memo to employees read, “We feel there has been a significant shift in sentiment over the past 18 months among our clients regarding dress code.” The move away from a casual-attired workplace follows on the heels of Lehman Brothers return to the suit in March 2002. Deutsche employees will still be allowed to dress casual on Fridays.

July 2002: Best of the west In Euromoney’s annual awards for excellence, Deutsche was awarded four out of seven awards for the Western Europe region. Deutsche was named best bank, best debt house, best at risk management and treasury and best at cash management. According to Euromoney, Deutsche “has the distinction of being the only European bank to have pushed its way into the ranks of the global players with operations in 70 countries.” Although Deutsche didn’t pick up one of the awards for the North American region, the publication did admit, “If the [best at risk management and treasury] award were simply for risk management, Deutsche would have won.”

May 2002: Meet Jo Ackermann On May 23, 2002, Josef Ackermann officially became the CEO of Deutsche Bank, succeeding Rolf Breuer, whose five-year contract ran out. Ackermann was previously the head of Deutsche’s head corporate and investment banking business.

January 2002: The big deal of the year EchoStar’s acquisition of Hughes Electronics earned several 2001 “deal of the year” honors, including Investment Dealers’ Digest’s media/telecom breakthrough deal of the year and an Institutional Investor M&A deal of the year award. Deutsche advised EchoStar on the nearly $30 billion purchase of the DirectTV parent.

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December 2001: Deutsche sacks a load As part of its restructuring, Deutsche Bank announced plans to cut 2,400 jobs in its corporate and investment banking and private clients and asset management groups. According to the firm, 900 positions would be eliminated in the U.S., 350 in the U.K., 900 in continental Europe and 250 in Asia.

October 2001: Opening day Deutsche Bank began trading on the NYSE under the symbol “DB.”

September 2001: Scoring Scudder Deutsche agreed to buy Zurich Scudder Investments from Zurich Financial Services for $2.5 billion. Zurich Scudder has $300 billion in assets, which would bolster Deutsche’s total assets under management.

July 2001: Deutsche logs off Deutsche entered into an agreement to sell the online operations of subsidiary National Discount Brokers Group to Ameritrade for $154 million in stock.

May 2001: Big sale in Germany Deutsche said it plans to sell its stakes in all non-banking companies, including Daimler-Chrylser AG and insurance giant Alliance AG. Deutsche chairman and CEO Rolf Breuer said the divestitures would begin in January 2001, when the tax on share-holding capital gains is eliminated. In total, the stakes represent over $15 billion.

February 2001: Jobs and costs: reduced Deutsche announced that its business unit reorganization would result in the loss of 2,600 jobs. Additionally, the shuffling is expected to save the bank $1.5 billion and add 15 percent to its annual earnings per through 2003.

January 2001: The Frankfurt shuffle Deutsche unveiled a reorganization that established three groups: the Corporate and Investment Bank Group (CIB), the Private Clients and Asset Management Group (PCAM); and Corporate Investments.


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December 2000: Deutsche buys online Deutsche completed the acquisition of National Discount Brokers Group, an Internet brokerage and financial services company.

April 2000: Dresdner says no to Deutsche The previously announced merger between Deutsche and fellow German banking giant Dresdner was called off by Dresdner’s board because of differences of opinion on the integration of the investment banking business.

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Deutsche Bank

Select Recent Transactions September 2002 • Deutsche Bank lead managed Health Care REIT’s $150 million bond offering. • Deutsche Bank, with HSBC and J.P. Morgan, lead managed European Investment Bank’s five billion euro debt offering. • Deutsche Bank and Credit Suisse First Boston lead managed a $500 million debt deal for Coca-Cola Enterprises. • Deutsche Bank, with J.P. Morgan Chase, lead managed $400 million bond offering for Pitney Bowes.

August 2002 • Deutsche Bank and Salomon Brothers lead managed Asian Development Bank’s $500 million bond offering. • Deutsche Bank along with CSFB and Dresdner, lead managed Viacom’s $600 million note offering. • Deutsche Bank, with Merrill Lynch, lead managed a $150 million debt offering for Duke Realty. • Deutsche Bank co-lead managed, along with CSFB, a $175 million bond offering for Manitowoc, a manufacturer of cranes and related equipment.

July 2002 • Deutsche Bank, along with BofA Securities, co-lead managed a $480 million bond offerings for Safeway. • Deutsche Bank lead managed a $151 million bond offerings for Linde Finance BV. • Deutsche Bank, along with ABN Ambro and Lehman Brothers, co-lead managed Countrywide Home Loans’ $750 million bond offering. • Deutsche Bank advised Genie Holdings, manufacturer of aerial work platforms, on its $265 million sale to Terex. • Deutsche Bank lead managed a $64.5 million bond offerings for American Honda Finance. Visit the Vault Consulting Career Channel at http://consulting.vault.com — with insider firm profiles, message boards, the Vault Consulting Job Board and more.

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Deutsche Bank Select Recent Transactions

• Deutsche Bank, with J.P. Morgan Chase, co-lead managed a $200 million bond offering for Emirates Bank International.

June 2002 • Deutsche Bank, with Merrill Lynch and Lehman Brothers, advised Railtrack on its $11.5 billion sale to Network Rail. • Deutsche Bank co-lead managed, along with Morgan Stanley, a $628 million secondary offering for Hellenic Telecommunications. • Deutsche Bank co-lead managed, along with BofA Securities and Salomon Smith Barney, a $600 million bond offering for Verizon Global Funding. • Deutsche Bank co-lead managed, along with Societe General and BNP Paribas, a $1.4 billion secondary offering for Vivendi Environment. • Deutsche Bank, along with BofA Securities and J.P. Morgan Chase, co-lead managed $1 billion and $500 million bond offerings for Hewlett-Packard. • Deutsche Bank, along with HSBC Investment Bank, co-lead managed a $580 million secondary offerings for Enterprise Inns. • Deutsche Bank, along with Lehman Brothers, co-lead managed a $155 million secondary offerings for Fleming Companies, a consumer goods distributor. • Deutsche Bank, with UBS Warburg, co-lead managed a $155 million bond offerings for Dave and Buster’s. • Deutsche Bank lead managed a $53.5 million secondary offerings for Glimcher Realty Trust.

May 2002 • Deutsche Bank lead managed Lin TV Corp.’s $374 million IPO. • Deutsche Bank, along with BofA Securities and UBS Warburg, co-lead managed HealthSouth’s $1 billion bond offering. • Deutsche Bank lead managed Cumulus Media’s $197.5 billion bond offering. • Deutsche Bank advised Macerich on its $1.5 billion acquisition of Westcor Realty.

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Deutsche Bank Select Recent Transactions

April 2002 • Deutsche Bank, along with Salomon Smith Barney, co-lead managed Baxter International’s $500 million bond offering. Baxter International provides medical products and services that primarily treat people with lifethreatening conditions. • Deutsche Bank, with Salomon Smith Barney, advised Ameritrade Holding on its $1.4 billion acquisition of Datek Online Holdings. • Deutsche Bank co-lead managed, along with Lehman Brothers, the $148 million IPO for Medical Staffing Network, a nurse staffing services provider.


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Deutsche Bank

Our Survey Says Good times, bad times Insiders describe Deutsche Bank’s culture as “easy-going” and “generally more relaxed than U.S. investment banks.” One banker says it’s “professional and efficient, yet has a sense of humor.” Another calls it “more entrepreneurial and less campy than most banks.” A research associate says Deutsche’s “culture is still developing because there’s so many silos: [the bank] hired full groups from places such as Bear and Salomon.” A trader believes Deutsche’s culture has become more defined. He says, Deutsche “was formerly a hybrid of many other firms’ cultures. Now, [though], it’s coming into its own.” He explains, “The atmosphere is academic but very commercial. Innovation is formally rewarded. Client skills are especially well-regarded.” And, says another contact, “junior employees are given much more latitude to take initiative and grow.” Recent layoffs have hurt morale, of course. “The culture’s weird now,” says one analyst who didn’t survive the purge. He concedes that Deutsche is “better at firing people – in terms of how many – than other banks,” but adds that the “people who are still there are happy to have a job.” Another employee offers, “When Ackerman took over the reins, he cleaned a little bit of house. Now, though, the cuts will be more selective, rather than widespread.” Although given the opportunity to grow, junior employees aren’t necessarily given an easy time. While some insiders describe the relationship with their superiors as “great” and “more relaxed and congenial than that at U.S. banks,” other employees use less amiable words to explain their experiences with the higher-ups. One Baltimore-based banker says, “There are great bosses in this firm, but there are even more lousy ones. If you’re lucky, you stick with the good ones. But sometimes, you get stuck with the lousy ones, who make life seem like an eternal punishment.” Another banker says managers provide “no training, no guidance,” and adds, “no one cares.” In research, though, at least one contact provides a different angle. “The beauty about Deutsche is once you gain your boss’s trust, you can pretty much do what you want,” the New York-based associate offers. “If you have an idea, they’ll let you run with it.”

Come together The 1999 merger of Deutsche and Bankers Trust (which owned Alex. Brown at the time) plays a significant role in explaining the firm’s current work environment. A Deutsche insider and former employee of Alex. Brown Visit the Vault Consulting Career Channel at http://consulting.vault.com — with insider firm profiles, message boards, the Vault Consulting Job Board and more.

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Deutsche Bank Our Survey Says

speaks favorably of the merger. “Things have moved very smoothly. The merger wasn’t 100 percent seamless, but it was a fluid transition.” Another insider agrees, saying “the merger played out well.” That source, however, also notes that the firm has become “more bureaucratic since the merger, which was expected, but not necessarily welcome.” However, a former Deutsche insider and, prior to that, Bankers Trust employee, says the merger for Bankers Trust “wasn’t smooth, because BT employees remained relatively independent” from Deutsche. He adds that Alex. Brown “merged more successfully because it was put in charge of the investment-banking operations” at Deutsche. The contact goes on to say, “Although they wanted to make it seem like a merger, it wasn’t. It was an acquisition. They lost a lot of talent that they couldn’t replace, and they’re still reorganizing.” Another source agrees that the BT/Alex. Brown coupling was – and still is, to some extent – an issue. “BT had more of a cowboy culture, while Alex. Brown was a white-shoe firm,” reports that insider, who adds that the Deutsche acquisition of Alex. Brown was flawed in its own way. “Deutsche paid $2 billion for Alex. Brown, then killed its name. So [the deal] was worth zero in the end.”

You can’t always get what you want – but if you try sometimes… Insiders generally agree that Deutsche Bank “pays according to the industry’s prevailing standards.” According to one source, “High achievers are compensated far in excess of the average.” Another contact admits that while the bank normally pays on par with the industry, for 2001 “bonuses are going to stink due to the economy.” At least one employee says the firm “is still trying to find its way” with respect to compensation. He explains, “A big part of 2000 bonuses were paid out in options, which are now well underwater. As a result of their decline in value, the options were re-priced this year for certain high-level executives.” The contact adds, “In 2001 bonuses were focused more on cash, albeit at a level lower than 2000.” Deutsche bankers report working an average of 60 to 70 hours a week, with 100-hour workweeks possible, but not frequent, during peak periods. Some employees say they commonly make weekend office visits, while others say they rarely have to come in on a Saturday or Sunday. One investmentbanking analyst in Baltimore who rarely works weekends says, “There’s not much work to do, yet people still stick around the office, putting in face time.” Another Baltimore banker remarks, “Hours in 2001 have been much lower than hours in 2000.” If this trend continues, it should give the bank’s Oriole fans a chance to catch more games at Camden Yards. Deutsche gives 36

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Deutsche Bank Our Survey Says

its employees “discounts to museums and ball games,” says one Baltimorebased insider. “Deutsche’s a big patron of the arts,” says one New York-based insider. Deutsche gives employees a “culture card,” which gets you free admission to most museums. “We’re like a platinum member to all those places,” says a Deutsche banker. Frequent-flier miles might be considered another perk. “Deutsche’s very international – our corporate finance unit is based overseas – so there’s tons of opportunity to travel,” says an insider. “In just eight months, I’ve been to Australia, Japan, Hong Kong, Spain, Germany, Poland, and London – a bunch of times.” He admits that traveling is “cool,” but adds “After you know the drill, it gets a little old.”


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Deutsche Bank

Getting Hired The Hiring Process Pick your team Both analysts and associates are recruited by, and hired directly into, specific departments. Different departments and different offices have different procedures. One Deutsche recruit had three rounds of interviews. The first round interview was an on-campus one-on-one in which recruits “tell the interviewer what group they want to join,” says that insider. During the second round, held at the firm’s offices, the source says, “You meet a few people from the groups you want to join.” And during the third, a Super Saturday also held at the bank’s offices, “You meet everyone from the specific group you want to join.” During the entire interview process, recruits can expect to interview with a total of about 10 people, who, according to one source, ask both “hard and soft questions.” The firm says that it looks for candidates who demonstrate “initiative” and “excellence” and who will work well in a team environment. One financial analyst reports that the firm “looks for smart people and thinks that grades are very important in determining mental horsepower. Also, the company looks for a strong work ethic, and an outgoing and engaging personality, because you have to get along with clients when away from the office and with peers when working 100 hours a week.” In addition to the usual top undergrad and MBA programs, the bank “hires from other schools, but [those] candidates must be more proactive,” according to one source. Another contact says getting hired is “becoming much more demanding than it was even one or two years ago. It’s not only due to the downturn in the market, but also the result of a more focused and organized recruiting effort, resulting in tougher standards.” Another source agrees: “One year ago it was tough. Now it’s impossible.” The firm also offers summer analyst and associate positions. Summer positions for investment banking are available in New York, Europe, Singapore and Hong Kong, and last anywhere from six to 10 weeks between June and September. A European-based trader says acceptance for summer internships is based on two 30- to 45-minute “two-on-one” interviews.


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Deutsche Bank Getting Hired

Back to school Those who join the firm as full-time investment-banking analysts participate in four to six weeks of training in New York. Those who sign on as investment-banking associates attend a four-week training program in New York. Analysts in sales, trading or research are in for eight to 12 weeks of training in London; associates can expect either six to eight weeks in New York or eight to 12 weeks in London, depending on the division. In addition to the formal training, the firm offers continuing education classes. Deutsche “is quite accommodating to employees who show a desire to attend one-, twoand even three-day training courses,” says one employee.

Questions to Expect 1. Walk me through the three financial statements. Accounting 101. Know the major line items on the Cash Flow Statement, the Income Statement and Balance Sheet. For example, on the Cash Flow Statement, be ready to answer with: First, the Beginning Cash Balance, then Cash from Operations, then Cash from Investing Activities, then Cash from Financing Activities, then the Ending Cash Balance. In addition, know how the statements flow together. For example, the main link between the Income Statement and Balance Sheet is profits generated in the Income Statement are added to shareholder’s equity on the Balance Sheet as Retained Earnings. 2. What do you know about Deutsche? You definitely want to show that you know about Deutsche’s current strategy. A current Deutsche employee offers some advice for candidates who receive this question. “Deutsche has a laser focus on breaking into the top five, on being perceived as a being a bulge bracket bank,” he says, “so let them know that you’re aware they’re really trying to grow and build share.” 3. What would your colleagues say is your worst quality? An easy one: make a positive quality sound negative. “Oh, they would probably say that I’m too involved in my work.” 4. Give me an example of your ability to work as part of a team. Because teamwork is an essential element of an investment banker’s day, have a story prepared describing how you worked as part of a team. 5. Can you pitch me a stock? This question will most likely only be asked to those interviewing for equity research positions. An insider, who interviews candidates in equity research,

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says: “I want to hear someone who really knows a stock. Tell me the name of the company, the ticker, what price it closed at yesterday, its 52-week range, the market cap, the industry sector the firm is in, your estimated 12month target price and how you got to that price.” 6. Give me a typical day in your life. To gauge commitment, an interviewer might ask students this question to see what activities they participate in everyday. They want to see if a candidate is willing to be busy all day, and then do it all again the next day. Basically, do you have what it takes to put in long hours? This is also a chance to highlight any extracurricular activities or interests that do not show up on your resume. 7. What are the three valuation methods? (1) Discounted cash flow analysis: See the answer to question four above. (2) Company comparable analysis, commonly referred to as “public trading comps”: By applying appropriate valuation multiples from a group of similar public companies, you can arrive at a valuation. For example, say you want to value a pharmaceutical company. First, you find several public pharmaceutical companies similar to the one you want to value. Second, you calculate various ratios (such as stock price to sales or stock price to earnings) for each of the comparable companies based on their financial information. Third, take the average, or a range, of the ratios and apply them to the company you want to value. This will yield an estimated enterprise value. (3) Transaction multiples: Looking at recent merger and acquisitions in a given industry will provide you with a range of multiples, which can be used to place a value on a company. This is similar to analyzing public trading comps. For example, going back to the pharmaceutical company, you first find several completed M&A deals (with disclosed data) in the pharmaceutical industry. Based on the financial information of the deals, calculate ratios such as deal value to sales of the seller, or deal value to earnings of the seller. Average this data and apply it to your pharma company; this will give you an estimated value. (It’s important to note that each industry or sector uses valuation multiples that are most relevant to the way in which the investors and acquirers of that industry evaluate companies.) 8. Why are you interested in investment banking? You are guaranteed to receive this question if you have no previous I-banking experience. The purpose of this question is to weed out those who are interested in banking solely for the money. Even if that is your primary interest, you’d better have a better answer planned. Maybe discuss how you have followed the markets for years and find them fascinating, or how you Visit the Vault Finance Career Channel at http://finance.vault.com — with insider firm profiles, message boards, the Vault Finance Job Board and more.

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wish to combine your love of numbers with your entrepreneurial drive in order to win business for the firm. 9. What do you see yourself doing in 10 years? You do not have to answer that you want to be working for Deutsche Bank but you should be prepared to talk about the skills that you expect to learn from working for the firm. 10. What have you read in the paper that interests you? A chance to show you read more than the red and purple sections of the USA Today.

Questions to Ask 1. How has your experience at Deutsche been? This gets interviewers talking about themselves (always a good idea) and, in doing so, you’ll learn more about the firm’s culture. 2. What deals have you worked on? 3. What exposure to senior management and to clients have you had? You’d ask this question to associates, not to VPs and MDs. The question conveys that you are looking to learn as much as you can. And the answer should tell a lot about how a certain group works. 4. How has the recent hire of John Doe, new head of X unit, worked out? Rather than ask a general question about the firm, employees like to get questions that are very specific such a question inquiring about a recent senior manager hire. That shows that you have a high level of interest – or, at least, gives that impression.

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To Apply Employment Contact Corporate Finance Nebal Fahed [email protected] Sales, Trading and Research Caryn Blumenfeld [email protected] Global Technology and Operations Jacqueline Murray [email protected]


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Deutsche Bank

On the Job Job Descriptions Analyst, Investment Banking Undergraduates join Deutsche as analysts and typically stay on for two years. Exceptional analysts could be offered a third-year and, after that, a position as an associate. Analysts support senior bankers, typically performing company research and industry analyses, and assisting with the preparation of “pitch” books – marketing presentations to clients. According to Deutsche, “The close deal team structure allows [analysts] one on one interaction with associates and senior bankers as well as direct exposure to clients.”

Associate, Investment Banking Generally, MBA grads join Deutsche as associates. In addition to an MBA, the firm says, “a minimum of three to five years work experience is also required” and “financial services industry experience [is] preferred but not required.” Investment banking associates assist senior bankers advise corporations on financial strategies. Associates oversee analysts and financial and industry analyses, create marketing materials, interact with clients, give presentations and help execute capital raising deals or mergers and acquisitions.

Analyst, Associate, Sales, Trading, and Research In sales, trading, and research, Deutsche typically hires undergrads and MBAs as analysts and associates, respectively. In its Equities unit, the firm hires sales and trading analysts into one of three major groups: Cash Sales, Cash Trading or Derivatives. Research positions in equities, says Deutsche, “are very limited for undergraduates, but groups with potential needs are: pharmaceuticals, semiconductors, consumer products, oils exploration and production, data networking/optics, gaming/lodging and leisure, health care, metals and mining, beverages and enterprise hardware.” In fixed income, sales and trading analysts can join Fixed Income Trading, Institutional Client Group Sales (ICG), Integrated Credit Trading, OTC Derivatives, Credit Derivatives, Foreign Exchange, Emerging Markets, Commodities or Money Markets/Repo. Research positions are available in Credit, Foreign Exchange, Emerging Markets and Derivatives. Visit the Vault Consulting Career Channel at http://consulting.vault.com — with insider firm profiles, message boards, the Vault Consulting Job Board and more.

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Deutsche Bank On the Job

Junior sales professionals help senior salespeople in advising and servicing the investment objectives of clients. Associates and analysts gather and assess findings and recommendations from researchers and help market research and products to clients. Trading analysts and associates monitor news, industry trends and interest rates, helping the firm to ensure that it’s well positioned to take advantage of trading opportunities. They also give their opinions on the pricing, timing and structuring of new issues to professionals in other units, including investment banking. Junior research professionals help senior analysts identify trends and transaction opportunities, write research reports and make investment recommendations. Researchers interact and help build relationships with corporate and institutional clients, and often work alongside investment bankers, salespeople and traders. Deutsche offers summer internships in corporate finance, sales, trading, operations, IT, and controlling and finance. For more information on these positions, as well as information on full-time analyst and associate positions in asset management, IT, operations, and controlling and finance, check out the career section of Deutsche’s web site.

A Day in the Life Associate, Research 6:00 a.m.: Wake up. (“Unfortunately, working in research, you have to get up pretty early.”) 7:00 a.m.: Arrive at work. (“I live pretty close to work, so I walk. My office is in midtown [Manhattan], so it’s walkable from the Upper West Side. I just walk across the park.”). Check e-mail, and Reuters and Bloomberg for news on the companies you cover. 8:00 a.m.: Meet with your group. (“I have an eight o’clock coffee break with my boss and group to touch base. It’s a daily ritual.”) 9:00 a.m.: Sit in on an earnings call (an earnings call is when a company you cover releases their quarterly earnings.) 10:30 a.m.: Q&A on the phone with company management about earnings call. 11:00 a.m.: Field calls from Deutsche sales force inquiring about the earnings call. (“Maybe make a few follow up calls to the company, too.”) 46

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Deutsche Bank On the Job

12:00 p.m.: Lunch at desk. (“I often go out to lunch, but during busy times – earnings season – I’ll eat my desk.”) 12:30 p.m.: Begin writing the “first call note, (which typically takes the rest of the day. First thing you do is drop in the new numbers to update the financial model. Then, based on that, you look at broader macroeconomic stuff, like commodity prices. [With the first call note,] there are two schools of thought. The first one, and not the best in my opinion, but a lot [of banks] do it, is to hit investors’ desks first – finish the report quickly so yours is the first report out there. The second school, which is what we do, is to send out a ‘value added’ report, where you think about, rather than just summarize, the call. I think people appreciate that.” 3:00 p.m.: Meeting with a company out of the office. (“Because so many companies are based in New York, you go to a lot of these. It’s usually you [an associate] and a lead analyst who meet with the company’s senior management, often including the CFO.” You have these meetings to get more detailed and intimate details about a company you cover. And you’ll also get some off-the-record stuff. These meetings usually last a couple of hours.) 5:30 p.m.: Return to office. Continue working on first call note. 8:00 p.m.: Complete and submit the first call note, (“which is reviewed by a supervisory analyst and compliance, to make sure that you didn’t break any rules – especially in this environment.”) 8:15 p.m.: Go home.


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Deutsche Bank

Final Analysis The 1999 acquisition of Bankers Trust marked Deutsche’s run towards its goal of scoring a spot among the bulge bracket firms in the U.S. Three years later, Deutsche still has considerable ground to gain if it wants to be considered equals to the likes of Goldman, Morgan Stanley, Merrill and CSFB, but the German giant has steadily moved up the U.S. investmentbanking league tables. And with the recent promotion of Josef Ackermann to CEO, the firm seems on its way to move up even further. Ackermann, the previous head of investment banking at Deutsche, is leading a charge to focus on investment banking at the expense of other lower margin businesses. If Deutsche does continue to gain ground, its prestige, and thus the prestige of a Deutsche job, will also certainly rise.


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Deutsche Bank

Recommended Reading The firm’s web site, www.db.com, gives a good overview of the company, including recent press releases and annual reports. For historical perspective, seek the hard-to-find The Deutsche Bank, 1870-1995, by Gerald D. Feldman and Lothar Gall (Trafalgar Square Publishing, March 1996). We recommend the following articles for more recent information on Deutsche Bank: • “Deutsche Bank to Detail Plans To Reorganize Some Services,” The Wall Street Journal, September 12, 2002. • “A Swiss Boss Cracks the Whip,” Fortune, September 2, 2002. • “Can This Man Crank Up Deutsche?” BusinessWeek Online, May 20, 2002. • “Deutsche Finds It Must Shed Its German Past in Order to Grow,” The Wall Street Journal, February 14, 2002. • “Deutsche to Cut 20% of the Staff in Scudder Deal,” The Wall Street Journal, December 5, 2001.


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