View source for Company:Deutsche Bank

{{short description|German banking and financial services company}}

{{Infobox company
| name = Deutsche Bank AG
| logo = Deutsche Bank logo.svg
| logo_size = 220px
| image = Deutsche Bank Taunusanlage.jpg
| image_caption = Deutsche Bank Twin Towers in Frankfurt, Germany
| type = {{nowrap|[[Finance:Public company|Public]] ({{lang|de|[[Finance:Aktiengesellschaft|Aktiengesellschaft]]}})}}
| traded_as = {{plainlist|
*{{FWB|DBK}}
*{{NYSE|DB}}
*DAX Component
}}
| ISIN = {{ISIN|sl=n|pl=y|DE0005140008}}
| foundation = {{start date and age|1870|03|10|df=y}}
| location = Deutsche Bank Twin Towers<br />Frankfurt, Germany
| key_people = {{ubl|
*Christian Sewing<br />{{small|([[Social:Chief executive officer|CEO]])}}<ref>{{Cite news |last=Ewing |first=Jack |date=8 April 2018 |title=Deutsche Bank Replaces C.E.O. Amid Losses and Lack of Direction |work={{wipe|The New York Times}} |url=https://www.nytimes.com/2018/04/08/business/deutsche-bank-ceo.html?partner=rss&emc=rss |access-date=8 April 2018}}</ref>}}
| industry = {{plainlist|
*[[Finance:Banking|Banking]]
*[[Finance:Financial services|Financial services]]}}
| revenue = {{increase}} €27.2&nbsp;billion (2022)<ref name="Annual Report 2022">{{Cite web|url=https://investor-relations.db.com/files/documents/annual-reports/2023/Annual-Report-2022.pdf|title=Annual Report 2022}}</ref>
| operating_income = {{increase}} €5.6&nbsp;billion (2022)<ref name="Annual Report 2022" />
| net_income = {{increase}} €5.7&nbsp;billion (2022)<ref name="Annual Report 2022" />
| aum = {{increase}} €821 [[Billion|billion]] (Q4 2022)<ref name="Annual Report 2022"/>
| assets = {{increase}} €1.337&nbsp;trillion (Q4 2022)<ref name="Annual Report 2022"/>
| equity = {{increase}} €62&nbsp;billion (Q4 2022)<ref name="Annual Report 2022" />
| num_employees = 84,930 (Q4 2022)<ref name="Annual Report 2022" />
| services = {{plainlist|
*[[Finance:Investment banking|Investment banking]]
*[[Finance:Corporate finance|Corporate banking]]
*[[Social:Asset management|Asset management]]
*[[Finance:Commercial bank|Commercial bank]]ing}}
[[Finance:Private banking|Private banking]]
| homepage = {{URL|db.com}}
}}

'''Deutsche Bank AG''' ({{IPA-de|ˈdɔʏtʃə ˈbaŋk ʔaːˈɡeː|listen|GT Deutsche Bank AG.ogg}}), sometimes referred to simply as '''Deutsche''', or internally as '''DB''', is a German multinational [[Finance:Investment banking|investment bank]] <!-- Its investment banking arm is a separate institution to its financial services. They are separate components that add up to the diversified services of the company. Leave as "investment bank and financial services company". --> and [[Finance:Financial services|financial services]] company headquartered in Frankfurt, Germany, and dual-listed on the Frankfurt Stock Exchange and the [[Company:New York Stock Exchange|New York Stock Exchange]]. 

Deutsche Bank was founded in 1870 in [[Place:Berlin|Berlin]]. From 1929 to 1937, following its merger with Disconto-Gesellschaft, it was known as '''''Deutsche Bank und Disconto-Gesellschaft''''' or DeDi-Bank.<ref name=Balderston>{{citation |title=German Banking between the Wars: The Crisis of the Credit Banks |author=Theo Balderston |journal=Business History Review |date=1991 |volume=65 |issue=3 |pages=554–605 |publisher=Harvard College |doi=10.2307/3116768 |jstor=3116768 |s2cid=154642962  }}</ref>{{rp|580}} Other transformative acquisitions have included those of Mendelssohn & Co. in 1938, Morgan Grenfell in 1990, Bankers Trust in 1998,<ref>{{Cite web |title=Acquisition of Bankers Trust Successfully Closed |url=http://www.deutsche-bank.de/ir/en/index.html?contentOverload=http://www.deutsche-bank.de/ir/en/releases_766.shtml&loadFlash=/ir/en/1613.html |access-date=17 August 2011 |publisher=Deutsche-bank.de}}</ref> and Deutsche Postbank in 2010.

As of 2018, the bank's network spanned 58 countries with a large presence in Europe, the Americas, and Asia.<ref>{{Cite web |last=Deutsche Bank |title=Deutsche Bank Location Finder |url=https://www.db.com/company/en/location-finder.htm?kid=lf.inter-en.redirect |access-date=26 May 2018 |website=Deutsche Bank |archive-date=26 May 2018 |archive-url=https://web.archive.org/web/20180526112925/https://www.db.com/company/en/location-finder.htm?kid=lf.inter-en.redirect }}</ref> It is a component of the DAX stock market index and is often referred to as the largest German banking institution, with Deutsche Bank holding the majority stake in DWS Group for combined assets of 2.2 trillion euros, rivaling even Sparkassen-Finanzgruppe in terms of combined assets. 

Deutsche Bank has been designated a global [[Finance:Systemically important financial institution|systemically important bank]] by the [[Organization:Financial Stability Board|Financial Stability Board]] since 2011.<ref name=":6">{{Cite magazine |date=23 September 2020 |title=The FinCEN Files Shed New Light on a Scandalous Episode at Deutsche Bank |url=https://www.newyorker.com/news/news-desk/the-fincen-files-shed-new-light-on-a-scandalous-episode-at-deutsche-bank |access-date=2 March 2022 |magazine=The New Yorker |language=en-US}}</ref> It has been designated as a Significant Institution since the entry into force of European Banking Supervision in late 2014, and as a consequence is directly supervised by the European Central Bank.<ref>{{cite web |website=European Central Bank |title=The list of significant supervised entities and the list of less significant institutions |url=https://www.bankingsupervision.europa.eu/ecb/pub/pdf/ssm-listofsupervisedentities1409en.pdf |date=4 September 2014 }}</ref><ref>{{cite web |website=European Central Bank |title=List of supervised entities |date=1 January 2023 |url=https://www.bankingsupervision.europa.eu/ecb/pub/pdf/ssm.listofsupervisedentities202302.en.pdf }}</ref>

According to a 2020 article in the ''New Yorker'', Deutsche Bank had long had an "abject" reputation among major banks, as it has been involved in major scandals across various issue areas.<ref name=":6">{{Cite magazine |date=23 September 2020 |title=The FinCEN Files Shed New Light on a Scandalous Episode at Deutsche Bank |url=https://www.newyorker.com/news/news-desk/the-fincen-files-shed-new-light-on-a-scandalous-episode-at-deutsche-bank |access-date=2 March 2022 |magazine=The New Yorker |language=en-US}}</ref>

==History==
{{multiple image| align=right| total_width=300
| image1=Adelbert Delbrück.jpg
| image2=Ludwig Bamberger.jpg
| footer = Adelbert Delbrück (left) and Ludwig Bamberger (right) are often referred to as the key founders of Deutsche Bank<ref name=DBH>{{citation |title=Deutsche Bank from 1870 until today: Rooted in Germany – global from the beginning |publisher=Deutsche Bank |url=https://www.db.com/files/documents/Deutsche-Bank-History--Chronicle-from-1870-until-today.pdf |year=2018}}</ref>{{rp|2}}}}
[[File:Deutsche Bank 1881.jpg|thumb|Share of the Deutsche Bank, issued 2 November 1881]]
[[File:Berlin, Mitte, Mauerstrasse 25-28, Deutsche Bank, Block II, 1909.jpg|thumb|{{ill|Former Deutsche Bank headquarters|de|Gebäudekomplex der Deutschen Bank}} on Mauerstrasse 25-28 in Berlin, photographed in 1909]]
[[File:Berlin, Mitte, Mauerstrasse 25-28, Deutsche Bank, Block II.jpg|thumb|The same building in 2010, following partial rebuilding after World War II]]
[[File:Berlin, Mitte, Mauerstrasse 29-32, Deutsche Bank-Komplex, Block I.jpg|thumb|Another view of Deutsche Bank's former head office complex, corner of Mauerstrasse and Französische Strasse]]

===1870–1933===

Deutsche Bank was founded on 1870 in [[Place:Berlin|Berlin]] as a specialist bank for financing foreign trade and promoting German exports.<ref name="FP">{{Cite web |last=James |first=Harold |title=Deutsche Bank Isn't Deutsch Anymore |url=https://foreignpolicy.com/2016/02/24/deutsche-bank-uber-alles/ |access-date=20 November 2018 |website=Foreign Policy |date=24 February 2016 |language=en}}</ref> It subsequently played a large part in developing Germany's financial services industry, as its business model focused on providing finance to industrial customers.<ref name="FP" /> The bank's statute was adopted on 22 January 1870, and on 10 March 1870 the [[Place:Prussia|Prussia]]n government granted it a banking license. The statute laid great stress on foreign business: {{blockquote|The object of the company is to transact banking business of all kinds, in particular, to promote and facilitate trade relations between Germany, other European countries and overseas markets.<ref>Statut der Deutschen Bank Aktien-Gesellschaft, Berlin 1870, pp.&nbsp;3–4.</ref>|sign=|source=}} Prior to the founding of Deutsche Bank, German importers and exporters were dependent upon British and French banking institutions in the world markets—a serious handicap in that German bills were almost unknown in international commerce, generally disliked and subject to a higher rate of a discount than English or French bills.<ref name="ea">{{Americana|wstitle=Deutsche Bank, The|inline=1}}</ref>

The founding members were: Hermann Zwicker (Bankhaus Gebr. Schickler, Berlin); Anton Adelssen (Bankhaus Adelssen & Co., Berlin); Adelbert Delbrück (Bankhaus Delbrück, Leo & Co.); Heinrich von Hardt (Hardt & Co., Berlin, New York); Ludwig Bamberger (politician, former chairman of Bischoffsheim, Goldschmidt & Co); Victor Freiherr von Magnus (Bankhaus F. Mart Magnus); {{Interlanguage link|Adolph vom Rath|de}} (Bankhaus Deichmann & Co., Cologne); Gustav Kutter (Bankhaus Gebrüder Sulzbach, Frankfurt); and Gustav Müller (Württembergische Vereinsbank, Stuttgart). The First directors were Wilhelm Platenius, Georg Siemens, and Hermann Wallich.{{cn|date=December 2023}} Georg Siemens was a son of a cousin of Werner von Siemens.<ref name="H James" />  The bank initially operated from the first floor of a building at 21 Französische Strasse, then in 1871 moved to premises near the Berlin Stock Exchange, and in 1876 started building its massive head office complex on Mauerstrasse.{{R|DBH|p=3}}

The bank's first domestic branches, inaugurated in 1871 and 1872, were opened in [[Place:Bremen|Bremen]]<ref>{{citation |author=Manfred Pohl & Angelika Raab-Rebentisch |title=Die Deutsche Bank in Bremen 1871–1996 |location=Munich |publisher=Zurich (Piper) |year=1996}}</ref> and [[Place:Hamburg|Hamburg]].<ref>{{citation |author=Manfred Pohl & Angelika Raab-Rebentisch |title=Die Deutsche Bank in Hamburg 1872–1997 |location=Munich |publisher=Zurich (Piper) |year=1996}}</ref> Its first overseas offices opened in [[Place:Shanghai|Shanghai]] and Yokohama in 1872, and London in 1873,{{R|DBH|p=2}} followed by South American offices between 1874 and 1886.<ref name="H James">{{Cite book |last=James |first=H |url=https://books.google.com/books?id=gArOx8n77JIC&q=Deutsche+Bank |title=The Nazi Dictatorship and the Deutsche Bank |date=13 September 2004 |publisher=Cambridge University Press |isbn=0-521-83874-6 |access-date=11 July 2012}}</ref> The branch opening in London, after one failure and another partially successful attempt, was a prime necessity for the establishment of credit for the German trade in what was then the world's money center.<ref name=ea/> Deutsche Bank also took advantage of the [[Finance:Panic of 1873|Panic of 1873]] by taking over a number of banks in liquidation, including the Berlin-based {{lang|de|Deutsche Union}} which had itself consolidated a number of failed banks in the early 1870s.<ref name=Whale>{{citation |url=https://socialsciences.mcmaster.ca/econ/ugcm/3ll3/whale/JointStockBankingGermany.pdf |title=Joint Stock Banking in Germany: A Study of the German Creditbanks Before and After the War |author=P. Barrett Whale |year=1930}}</ref>{{rp|18}}

Major projects in the early years of the bank included the Northern Pacific Railroad in the US<ref>{{citation |author=Christopher Kobrak |title=Banking on Global Markets. Deutsche Bank and the United States, 1870 to the Present |location=New York |publisher=Cambridge University Press |year=2008}}</ref> and the Baghdad Railway (1888).<ref>{{citation |title=A Century of Deutsche Bank in Turkey |url=https://country.db.com/turkey/documents/Centenary-book.pdf?language_id=1 |year=2008 |publisher=Deutsche Bank}}</ref>{{rp|21–27}} In Germany, the bank was instrumental in the financing of bond offerings of steel company Krupp (1879) and introduced the chemical company [[Company:Bayer|Bayer]] to the Berlin stock market.

The second half of the 1890s saw the beginning of a new period of expansion at Deutsche Bank. The bank formed alliances with large regional banks, giving itself an entry into Germany's main industrial regions. It thus formed community-of-interests partnerships with {{ill|Bergisch-Märkische Bank|de}} in Elberfeld and {{ill|Schlesischer Bankverein|de}} in Breslau, linked to the fast-growing industrial economies of the Rhineland and [[Place:Silesia|Silesia]] respectively;{{R|NMC|p=473}} it eventually acquired the two banks in 1914 and 1917 respectively.{{R|DBH|p=4}} Joint ventures were symptomatic of the concentration then under way in the German banking industry. For Deutsche Bank, domestic branches of its own were still something of a rarity at the time; the Frankfurt branch<ref>Historische Gesellschaft der Deutschen Bank (ed.), Die Deutsche Bank in Frankfurt am Main, Munich, Zurich (Piper) 2005.</ref> dated from 1886 and the Munich branch from 1892, while further branches were established in Dresden and Leipzig<ref>Manfred Pohl / Angelika Raab-Rebentisch, Die Deutsche Bank in Leipzig 1901–2001, Munich, Zurich (Piper) 2001.</ref> in 1901.

In 1889, Deutsche Bank participated in the creation of the Deutsch-Asiatische Bank in [[Place:Shanghai|Shanghai]], in 1894, of the Banca Commerciale Italiana in Milan, and in 1898, of the Banque Internationale de Bruxelles.{{R|NMC|p=436}}

In addition, the bank rapidly perceived the value of specialist institutions for the promotion of foreign business. Gentle pressure from the Foreign Ministry played a part in the establishment of Deutsche Ueberseeische Bank<ref>Manfred Pohl, Deutsche Bank Buenos Aires 1887–1987, Mainz (v. Hase & Koehler) 1987.</ref> in 1886 and the stake taken in the newly established Deutsch-Asiatische Bank<ref>Maximilian Müller-Jabusch, 50 Jahre Deutsch-Asiatische Bank 1890–1939, Berlin 1940.</ref> three years later, but the success of those companies showed that their existence made sound commercial sense. By end-1908, Deutsche was by far the largest German joint-stock bank by total deposits, with a total of 489 million Marks ahead of Dresdner Bank (225 million), Disconto-Gesellschaft (219 million), Darmstädter Bank (109 million) and A. Schaaffhausen'scher Bankverein (72 million).<ref name=NMC>{{citation |title=The German Great Banks and Their Concentration in connection with The Economic Development of Germany |url=https://historyofeconomicthought.mcmaster.ca/riesser/GreatGermanBanks.pdf |year=1911 |author=Jacob Riesser |publisher=National Monetary Commission |location=Washington DC}}</ref>{{rp|209}} At that time, Deutsche Bank was referred to as one of the four "D-Banks" (all of which had names starting with a D) that dominated German commercial banking, together with Darmstädter Bank, Disconto-Gesellschaft, and Dresdner Bank.<ref name=HandbookDE>{{citation |url=https://cgsc.contentdm.oclc.org/digital/api/collection/p4013coll8/id/2634/download |title=Army Service Forces Manual M356-5 / Military Government Handbook – Germany – Section 5: Money and Banking |publisher=U.S. Army Service Forces |location=Washington DC |author=Federal Reserve Board |date=March 1945}}</ref>{{rp|13}}

[[File:Kredietbank Brussels.jpg|thumb|Office building erected 1912 by Deutsche Bank for its branch in Brussels, expropriated following World War I, later head office of Kredietbank<ref>{{cite web |website=Région de Bruxelles-Capitale, Inventaire du Patrimoine Architectural |title=Le Stuart |url=https://monument.heritage.brussels/fr/buildings/33437}}</ref>]]
[[File:Deutsche Bank und Disconto-Gesellschaft 1932.jpg|thumb|Share of the Deutsche Bank und Disconto-Gesellschaft, issued March 1932]]

During [[Social:World War I|World War I]] and in its immediate aftermath, the operations of Deutsche Bank in Brussels, London, Tokyo and Yokohama were expropriated; conversely, its activity in the [[Place:Ottoman Empire|Ottoman Empire]] expanded considerably,{{cn|date=December 2023}} and it greatly expanded its footprint in Germany.{{R|DBH|p=5}} In 1919, the bank purchased the state's share of Universum Film Aktiengesellschaft (UFA).<ref name=":3">{{Cite book |last1=Plumpe |first1=Werner |url=https://books.google.com/books?id=UIfQDwAAQBAJ&pg=PT299 |title=Deutsche Bank: The Global Hausbank, 1870 – 2020 |last2=Nützenadel |first2=Alexander |last3=Schenk |first3=Catherine |date=5 March 2020 |publisher=Bloomsbury Publishing |isbn=978-1-4729-7730-4 |page=299 |language=en}}</ref> In 1926, the bank assisted in the merger of Daimler and Benz.<ref name=":3" /><ref>{{Cite book |last1=Whittington |first1=Richard |url=https://books.google.com/books?id=TnqH2fxnRlcC&pg=PA97 |title=The European Corporation: Strategy, Structure, and Social Science |last2=Mayer |first2=Michael |date=2002 |publisher=Oxford University Press |isbn=978-0-19-925104-9 |page=97 |language=en}}</ref>

The bank merged with Disconto-Gesellschaft in 1929 and rebranded itself Deutsche Bank und Disconto-Gesellschaft, sometimes referred to as DeDi-Bank.<ref>{{Cite news |date=27 September 1929 |title=TWO LEADING BANKS COMBINE IN BERLIN; Deutsche and Disconto Gesellschaft Form Biggest of Kind in German History. 285,000,000-MARK CAPITAL Combined Deposits 4,000,000,000----Believed Forerunner of Other Financial Consolidations. Announcement of Merger. One Employed 14,000 Persons. |language=en-US |work=The New York Times |url=https://www.nytimes.com/1929/09/27/archives/two-leading-banks-combine-in-berlin-deutsche-and-disconto.html |access-date=17 April 2020 |issn=0362-4331}}</ref> By 1930, Deutsche Bank & Disconto-Gesellschaft maintained a similar dominant position as before World War I, with 4.8 billion Reichsmarks in total deposits ahead of Danat-Bank (2.4 billion), Dresdner Bank (2.3 billion), Commerz- und Privatbank (1.5 billion), Reichs-Kredit-Gesellschaft (619 million), and Berliner Handels-Gesellschaft (412 million).{{R|Whale|p=354}}

In the [[Finance:European banking crisis of 1931|crisis summer of 1931]] the Deutsche Golddiskontbank, a subsidiary of the Reichsbank, acquired 35 percent of DeDi-Bank's equity as part of a sector-wide rescue,{{R|Balderston|p=597}} bringing total government ownership of the bank to 38.5 percent. This did not, however, result in significant government interference in the management of the company, unlike at Dresdner Bank whose capital was near-completely nationalized.<ref name=Bel>{{citation |title=Against the mainstream: Nazi privatization in 1930s Germany |author=Germà Bel |journal=Economic History Review |issue=1 |date=February 2010 |volume=63 |pages=34–55 |doi=10.1111/j.1468-0289.2009.00473.x |jstor=27771569 |url=https://www.jstor.org/stable/27771569}}</ref>{{rp|7}}

===1933-1945===

After Adolf Hitler became leader of Germany, Deutsche Bank increasingly became integrated into the Nazi power structures, and fully implemented the Nazi policy of aryanization. In 1934 it dismissed its three Jewish management board members, Oscar Wassermann, Theodor Frank, and Georg Solmssen; in 1938 it dismissed its last Jewish supervisory board member. By the end of 1938, it had been involved as an intermediary and lender in at least 363 cases of expropriation of Jewish-owned businesses.{{R|DBH|p=6}} In 1938, it acquired Jewish-controlled German bank Mendelssohn & Co. under duress.<ref>{{Cite news |last=Feuer |first=Alan |date=18 December 2007 |title=A Lawsuit Will Determine the Fate of 2 Picassos |language=en-US |work=The New York Times |url=https://www.nytimes.com/2007/12/18/nyregion/18picasso.html |access-date=1 October 2020 |issn=0362-4331}}</ref><ref>{{Cite book |last1=Plumpe |first1=Werner |url=https://books.google.com/books?id=UIfQDwAAQBAJ&pg=PT352 |title=Deutsche Bank: The Global Hausbank, 1870 – 2020 |last2=Nützenadel |first2=Alexander |last3=Schenk |first3=Catherine |date=5 March 2020 |publisher=Bloomsbury Publishing |isbn=978-1-4729-7730-4 |page=352 |language=en}}</ref> Meanwhile, the Nazi government fully re-privatized Deutsche Bank in 1935-1937, largely out of budgetary considerations.{{R|Bel|p=7}} Its name changed back to Deutsche Bank in 1937.<ref>{{Cite news |date=9 September 1937 |title=Deutsche Bank Resumes Name |language=en-US |work=The New York Times |url=https://www.nytimes.com/1937/09/09/archives/deutsche-bank-resumes-name.html |access-date=17 April 2020 |issn=0362-4331}}</ref>

While the Nazi policies of [[Finance:Financial repression|financial repression]] were largely unhelpful to the domestic business of Deutsche and other German commercial banks, its expansionary behavior created opportunities that Deutsche Bank pursued. In 1938 following Hitler's Anschluss of Austria, Deutsche Bank gradually took control of Creditanstalt-Bankverein, the former country's leading bank. On {{date|1938/03/26}} the latter was coerced to enter a "friendship agreement" with Deutsche Bank, by which the latter secured a presence in its board of directors.<ref name=UC4/> Creditanstalt executive Louis de Rothschild was immediately arrested and imprisoned, deprived of his position and property, then released upon payment of $21,000,000, believed to have been the largest bail bond in history for any individual,<ref>{{Cite web|title=Baron Louis De Rothschild Dead: Paid $21,000,000 Ransom to Nazis {{!}} Jewish Telegraphic Agency|url=https://www.jta.org/1955/01/17/archive/baron-louis-de-rothschild-dead-paid-21000000-ransom-to-nazis|access-date=2018-10-26|website=www.jta.org|date=20 March 2015 |language=en-US}}</ref> and migrated to the U.S. in 1939 after more than one year in custody. Later in 1938, Creditanstalt was jointly taken over, without compensation, by German government holding {{ill|VIAG (conglomerate)|lt=VIAG|de|VIAG}}, Deutsche Bank,<ref>{{cite book |last=MacDonogh |first=G |title=1938: Hitler's Gamble |url=https://archive.org/details/hitlersgamble00macd |url-access=limited |location=New York |publisher=Basic Books |year=2009 |pages=[https://archive.org/details/hitlersgamble00macd/page/n60 49], 69|isbn=9780465009541 }}</ref> and the Reichsbank, which held respectively 51 percent, 25 percent, and 12 percent of its capital.{{R|rehab|p=5}}<ref name=UC4/> In April 1942, Deutsche Bank raised its ownership to 51 percent by acquiring a block of shares from VIAG.<ref name=UC4>{{cite web |website=Bank Austria |title=Überblick 1938-1945 |url=https://www.bankaustria.at/geschichte/ueberblick-1938-1945.jsp }}</ref> During wartime, the Creditanstalt expanded its operations into Nazi-occupied Czechoslovakia, Poland, Yugoslavia,<ref name=WHW_Creditanstalt>{{cite web |website=Wien Geschichte Wiki |title=Creditanstalt-Bankverein |url=https://www.geschichtewiki.wien.gv.at/Creditanstalt-Bankverein }}</ref> and in Nazi-allied Bulgaria.<ref name=rehab>{{citation |title=The Rehabilitation of Austria 1945-1947, Volume III |author=U.S. Allied Commission Austria |url=https://cgsc.contentdm.oclc.org/digital/api/collection/p4013coll8/id/1880/download |date=1947}}</ref>{{rp|5}}

In September 1938, following the Munich Agreement, Deutsche Bank took over the branches of Prague-based {{ill|Böhmische Union Bank|de}} (BUB) in the [[Place:Sudetenland|Sudetenland]]. In March 1939, it forcibly took over control of the BUB itself, in which it built a majority stake complemented with prior shareholding of Creditanstalt. It also took over management control of the [[Company:National Bank of Greece|National Bank of Greece]] during the Axis occupation of Greece, without however acquiring ownership out of consideration for Italian sensitivities.<ref>{{cite book |title=Occupied Economies: An Economic History of Nazi-Occupied Europe, 1939-1945 |url=https://dokumen.pub/occupied-economies-an-economic-history-of-nazi-occupied-europe-1939-1945-1845204824-9781845204822-o-4627421.html |author=Hein A.M. Klemann & Sergei Kudryashov |publisher=Berg |year=2012}}</ref> Through the Creditanstalt-Bankverein, Deutsche Bank also became a major shareholder of the {{lang|de|Allgemeiner Jugoslawischer Bankverein}} (AJB), which had been formed in 1928 from the two former branches of the Wiener Bankverein in Belgrade and Zagreb, and of the Landesbank für Bosnien und Herzegowina in [[Place:Sarajevo|Sarajevo]], together with the Société Générale de Belgique and its affiliate Banque Belge pour l'Étranger.{{R|HandbookYU|p=49}} In 1940, following the German invasion of Belgium, Deutsche Bank bought out the Belgian stake under duress and became the AJB's dominant shareholder, with 88 percent held either directly or through Creditanstalt.{{R|Aleksic|p=242}} Deutsche Bank simultaneously took control of the Landesbank in Sarajevo.{{R|HandbookYU|p=49}} Following the German invasion of Yugoslavia, the AJB was divided into two separate institutions, respectively the {{lang|de|Bankverein AG Belgrad}} in occupied Serbia,<ref name=HandbookYU>{{citation |title=Army Service Forces Manual M355-5 / Civil Affairs Handbook Yugoslavia: Money and Banking |publisher=U.S. Army Service Forces |location=Washington DC |author=Federal Reserve Board |date=February 1944 |url=https://books.google.com/books?id=Y1l7niteyT8C&q=%22Jugoslavenska+udru%C5%BEena+banka%22+anglo }}</ref>{{rp|xiii}} and the {{lang|de|Bankverein für Kroatien AG}} in the Independent State of Croatia.{{R|Aleksic|p=331}} Both these banks' assets were eventually confiscated by the newly established Communist authorities in October 1944, and they were subsequently liquidated.<ref name=Aleksic>{{citation |author=Vesna Aleksić |title=From affiliation to nazification: The political destiny of a 'Grossbank' in Yugoslavia 1818-1945 |publisher= Institute of Economic Sciences |location=Belgrade |date=2021 |url=https://www.academia.edu/46933114 }}</ref>{{rp|394}}

During the war, Deutsche Bank provided banking facilities for the Gestapo and, through its branch in Katowice, loaned the funds used to build the Auschwitz camp and the nearby IG Farben facilities. Deutsche Bank publicly acknowledged its involvement at Auschwitz in 1999.<ref>{{Cite news |last=Schmid |first=John |date=5 February 1999 |title=Deutsche Bank Linked To Auschwitz Funding |work=The New York Times |url=https://www.nytimes.com/1999/02/05/news/05iht-berlin.t.html |access-date=28 January 2010}}</ref> It also was a principal participant in the Nazi regime's gold transactions. Between 1942 and 1944, Deutsche Bank purchased 4,446 kg of gold from the Reichsbank, of which 744 kg came from Holocaust victims.{{R|DBH|p=7}}

In an effort to come to terms with its past during the Nazi era, Deutsche Bank in 1995 published a history volume that detailed its entanglement with the dictatorship.<ref>{{cite book |author=Lothar Gall, Gerald D. Feldman, Harold James, Carl-Ludwig Holtfrerich, and Hans E. Büschgen |title=Die Deutsche Bank 1870-1995 |location=Munich |publisher=C.H. Beck |year=1995}}</ref> In December 1999, along with other major German companies, Deutsche Bank contributed to a US$5.2&nbsp;billion compensation fund following lawsuits brought by Holocaust survivors;<ref>{{Cite web |date=15 December 2004 |title=$5.2 Billion German Settlement |url=http://treasurer.ca.gov/holocaust/germanbank.htm |archive-url=https://web.archive.org/web/20060908070905/http://www.treasurer.ca.gov/holocaust/germanbank.htm |archive-date=8 September 2006 |access-date=17 August 2011}}</ref><ref>For a detailed account of Deutsche Bank's involvement with the Nazis see: Harold James. ''The Nazi Dictatorship and the Deutsche Bank.'' Cambridge University Press, 2004, 296 pp., {{ISBN|0-521-83874-6}}.</ref> U.S. officials had reportedly threatened to block Deutsche Bank's $10&nbsp;billion purchase of Bankers Trust if it did not contribute to the fund.<ref>{{Cite web|title=Holocaust claims threaten bank merger|url=http://news.bbc.co.uk/2/hi/business/276309.stm|access-date=23 January 2021|website=BBC News}}</ref>

===1945-2000===
[[File:Frankfurt Roßmarkt Deutsche Bank.jpg|thumb|Former Disconto-Gesellschaft branch building in Frankfurt on the {{ill|Roßmarkt (Frankfurt am Main){{!}}Roßmarkt|de|Roßmarkt (Frankfurt am Main)}} (erected 1904), which served as head office of Deutsche Bank's Hesse unit from 1947 to 1952, of {{lang|de|Süddeutsche Bank}} from 1952 to 1957, then of Deutsche Bank itself from 1957 to 1984]]
[[File:Bundesarchiv Bild 183-14492-0004, Berlin, Potsdamer Platz, Neubau, Bank.jpg|thumb|Head office of Disconto-Bank, Deutsche Bank's Berlin unit, designed by {{ill|Paul Schwebes|de}}; completed 1951 and photographed in 1952]]
[[File:Berlin potsdamer strasse bülowstrasse 26.07.2012 13-12-07.jpg|thumb|The same building (Potsdamer Straße 140, after upwards expansion in 1955-1957) in 2012, repurposed as {{lang|de|Finanzamt Schöneberg}} and still hosting a branch of Deutsche Bank]]
[[File:Deutsche-Bank-Otto-Suhr-Allee-Berlin-Charlottenburg-06-2017b.jpg|thumb|Highrise of the Deutsche Bank in Berlin, designed by Friedrich Koch and {{interlanguage link|Günter Hönow|de}}, 1966-1968]]

Following Germany's defeat in [[Social:World War II|World War II]], the Allied authorities, in 1948, ordered Deutsche Bank's break-up into regional banks.<ref name=":5">{{Cite book |last1=Lange |first1=Even |url=https://books.google.com/books?id=qUmoDQAAQBAJ&pg=PT370 |title=Centres and Peripheries in Banking: The Historical Development of Financial Markets |last2=Olsson |first2=Ulf |last3=Fraser |first3=Iain L. |date=5 December 2016 |publisher=Routledge |isbn=978-1-351-95293-4 |pages=370–71 |language=en}}</ref> These regional banks were later consolidated into three major banks in 1952: Norddeutsche Bank AG; Süddeutsche Bank AG; and Rheinisch-Westfälische Bank AG.<ref name=":5" /> In 1957, these three banks merged to form Deutsche Bank AG with its headquarters in Frankfurt.<ref name=":5" />

In 1959, the bank entered retail banking by introducing small personal loans. In the 1970s, the bank pushed ahead with international expansion, opening new offices in new locations, such as Milan (1977), [[Place:Moscow|Moscow]], [[Place:London|London]], [[Place:Paris|Paris]], and [[Place:Tokyo|Tokyo]]. In the 1980s, this continued when the bank paid U$603&nbsp;million in 1986 to acquire Banca d'America e d'Italia.<ref>{{Cite web |date=February 2018 |title=La bella banca |url=http://www.bankgeschichte.de/en/docs/Historische_Rundschau-38-engl-Web.pdf |website=Bankgeschichte.de |access-date=20 November 2018 |archive-date=17 October 2018 |archive-url=https://web.archive.org/web/20181017203117/http://www.bankgeschichte.de/en/docs/Historische_Rundschau-38-engl-Web.pdf }}</ref>

In 1972, the bank established its ''Fiduciary Services Division'' which provides support to its [[Finance:Wealth management|private wealth division]].<ref name=PrivateWealthManBrochure>{{cite web |url=http://www.pwm.db.com/080403_FSD_Brochure.pdf |title=Private Wealth Management. Deutsche Bank: A passion to perform. Fiduciary Solutions |work=Deutsche Bank website |date=March 2008 |access-date=10 February 2021 |archive-date=18 April 2013 |archive-url=https://web.archive.org/web/20130418065426/http://www.pwm.db.com/080403_FSD_Brochure.pdf}}</ref>

At 8:30 am on 30 November 1989, Alfred Herrhausen, chairman of Deutsche Bank, was killed when a car that he was in exploded while he was traveling in the Frankfurt suburb of Bad Homburg. The Red Army Faction claimed responsibility for the blast.<ref>{{cite news |last=Boehmer |first=George |url=https://apnews.com/article/8e59e745748a723ef3e3c6be84d236c7 |title=West Germany's Most Powerful Banker Killed In Bomb Blast |work=Associated Press |date=30 November 1989 |access-date=2 July 2021}}</ref><ref>{{cite news |last=Belton |first=Catherine |url=https://www.politico.com/news/magazine/2020/06/20/vladimir-putin-dresden-kgb-330203 |title=Did Vladimir Putin Support Anti-Western Terrorists as a Young KGB Officer? Putin has sworn his time as a KGB officer in Dresden was uneventful. There's a lot of reason to doubt that claim. |work=Politico |date=20 June 2020 |access-date=2 July 2021}}</ref>

In 1989, the first steps towards creating a significant investment-banking presence were taken with the acquisition of Morgan, Grenfell & Co., a UK-based investment bank which was renamed Deutsche Morgan Grenfell in 1994. In 1995 to greatly expand into international investments and money management, Deutsche Bank hired Edson Mitchell, a risk specialist from [[Company:Merrill Lynch|Merrill Lynch]], who hired two other former Merrill Lynch risk specialists Anshu Jain and William S. Broeksmit.<ref name="nytimes.com">{{Cite news|url=https://www.nytimes.com/2016/12/30/business/dealbook/deutsche-bank-flew-and-fell-some-paid-a-high-price.html|title=Deutsche Bank Flew and Fell. Some Paid a High Price.|first=Landon Thomas|last=Jr|work=The New York Times |date=30 December 2016|via=NYTimes.com}}</ref> By the mid-1990s, the buildup of a capital-markets operation had got underway with the arrival of a number of high-profile figures from major competitors. Ten years after the acquisition of Morgan Grenfell, the US firm Bankers Trust was added. Bankers Trust suffered losses during the [[Finance:1998 Russian financial crisis|1998 Russian financial crisis]] since it had a large position in Russian government bonds,<ref name="Forbes2007-10-30">{{Cite news |last=Moyer |first=Liz |date=30 October 2007 |title=Super-Size That Severance |work={{wipe|Forbes}} |url=https://www.forbes.com/2007/10/30/merrill-severance-compensation-biz-wall-cx_lm_1031failure.html |access-date=12 December 2018}}</ref> but avoided financial collapse by being acquired by Deutsche Bank for $10&nbsp;billion in November 1998.<ref name=Giant>{{Cite news |last=Andrews |first=Edmund L. |date=1 December 1998 |title=Bank Giant: The Overview; Deutsche Gets Bankers Trust for $10 Billion |work={{wipe|The New York Times}} |url=https://www.nytimes.com/1998/12/01/business/bank-giant-the-overview-deutsche-gets-bankers-trust-for-10-billion.html?pagewanted=all |access-date=12 December 2018}}</ref> On 4 June 1999, Deutsche Bank merged its Deutsche Morgan Grenfell and Bankers Trust to became Deutsche Asset Management (DAM) with Robert Smith as the CEO.<ref>[http://news.bbc.co.uk/1/hi/business/361454.stm Morgan Grenfell bites the dust] BBC News, 4 June 1999.</ref> This made Deutsche Bank the fourth-largest money management firm in the world after [[Company:UBS|UBS]], Fidelity Investments, and the Japanese post office's life insurance fund.<ref name=Giant/> At the time, Deutsche Bank owned a 12% stake in DaimlerChrysler but United States banking laws prohibit banks from owning industrial companies, so Deutsche Bank received an exception to this prohibition through 1978 legislation from Congress.<ref name=Giant/>

Deutsche continued to build up its presence in Italy with the acquisition in 1993 of Banca Popolare di Lecco from Banca Popolare di Novara for about $476&nbsp;million.<ref>{{Cite news |agency=Reuters |date=27 November 1993 |title=Company News; Deutsche Bank Announces Big Expansion in Italy |language=en-US |work=The New York Times |url=https://www.nytimes.com/1993/11/27/business/company-news-deutsche-bank-announces-big-expansion-in-italy.html |access-date=31 October 2019 |issn=0362-4331}}</ref> In 1999, it acquired a minority interest in Cassa di Risparmio di Asti.

===21st century===

In the [[Religion:September 11 attacks|11 September 2001 terrorist attacks]] the Deutsche Bank Building in Lower Manhattan, formerly Bankers Trust Plaza, was heavily damaged by the collapse of the South Tower of the World Trade Center.<ref>{{Cite web |date=2 May 2014 |title=The Deutsche Bank building: Tombstone at Ground Zero – Mar. 20, 2008 |url=https://money.cnn.com/2008/03/19/news/companies/ground_zero.fortune/?postversion=2008032004 |archive-url=https://web.archive.org/web/20140502005224/https://money.cnn.com/2008/03/19/news/companies/ground_zero.fortune/?postversion=2008032004 |archive-date=2 May 2014 |access-date=15 July 2019}}</ref> Demolition work on the 39-story building continued for nearly a decade, and was completed in early 2011.<ref>{{Cite web |date=28 March 2011 |title=Lower Manhattan: 130 Liberty Street |url=http://www.lowermanhattan.info/construction/project_updates/130_liberty_street__77170.aspx |archive-url=https://web.archive.org/web/20110328045518/http://www.lowermanhattan.info/construction/project_updates/130_liberty_street__77170.aspx |archive-date=28 March 2011 |access-date=15 July 2019}}</ref>

In October 2001, Deutsche Bank was listed on the [[Company:New York Stock Exchange|New York Stock Exchange]]. This was the first NYSE listing after interruption due to 11 September attacks. The following year, Josef Ackermann became CEO of Deutsche Bank and served as CEO until 2012 when he became involved with the Bank of Cyprus.<ref name="IBT2014-11-11">{{Cite news |last=Brinded |first=Lianna |date=11 November 2014 |title=Bank of Cyprus Funded and Controlled by Ex-KGB, Billionaires and Controversial Former Financiers |work=International Business Times UK |url=http://www.ibtimes.co.uk/bank-cyprus-funded-controlled-by-ex-kgb-billionaires-former-rbs-deutsche-bank-financiers-1474198 |access-date=17 December 2018 |archive-url=https://web.archive.org/web/20150812205910/http://www.ibtimes.co.uk/bank-cyprus-funded-controlled-by-ex-kgb-billionaires-former-rbs-deutsche-bank-financiers-1474198 |archive-date=12 August 2015}}</ref><ref name="NYT2017-07-19">{{Cite news |last1=Protess |first1=Ben |last2=Silver-Greenberg |first2=Jessica |last3=Drucker |first3=Jesse |date=19 July 2017 |title=Big German Bank, Key to Trump's Finances, Faces New Scrutiny |work={{wipe|The New York Times}} |url=https://www.nytimes.com/2017/07/19/business/big-german-bank-key-to-trumps-finances-faces-new-scrutiny.html |access-date=17 December 2018 |archive-url=https://web.archive.org/web/20170720003726/https://www.nytimes.com/2017/07/19/business/big-german-bank-key-to-trumps-finances-faces-new-scrutiny.html |archive-date=20 July 2017}}</ref> Then, beginning in 2002, Deutsche Bank strengthened its U.S. presence when it purchased Scudder Investments.<ref>{{Cite web |title=Scudder PIC joins Deutsche Bank's private banking |url=https://www.bizjournals.com/sanfrancisco/stories/2002/06/24/daily10.html |access-date=31 October 2019 |website=bizjournals.com}}</ref> Meanwhile, in Europe, Deutsche Bank increased its private-banking business by acquiring Rued Blass & Cie (2002) and the Russian investment bank United Financial Group (2005) founded by the United States banker Charles Ryan and the Russian official Boris Fyodorov which followed Anshu Jain's aggressive expansion to gain strong relationships with state partners in Russia.<ref name="Newsweek2017-12-21">{{Cite news |last=Harding |first=Luke |date=21 December 2017 |title=Is Donald Trump's Dark Russian Secret Hiding in Deutsche Bank's Vaults? |work=Newsweek |url=https://www.newsweek.com/2017/12/29/donald-trump-russia-secret-deutsche-bank-753780.html |access-date=17 December 2018 |archive-url=https://web.archive.org/web/20181109121942/https://www.newsweek.com/2017/12/29/donald-trump-russia-secret-deutsche-bank-753780.html |archive-date=9 November 2018}}</ref><ref name="Independent2017-04-14">{{Cite news |last=Sampathkumar |first=Mythili |date=14 April 2017 |title=Former MI6 chief Richard Dearlove says Donald Trump borrowed money from Russia during 2008 financial crisis: Days before taking office, Mr Trump said Russia had never had any 'levarage' over him |work=The Independent |url=https://www.independent.co.uk/news/world/americas/us-politics/richard-dearlove-mi6-trump-russia-money-2008-financial-crisis-us-election-a7684341.html |access-date=17 December 2018 |archive-url=https://web.archive.org/web/20181214234725/https://www.independent.co.uk/news/world/americas/us-politics/richard-dearlove-mi6-trump-russia-money-2008-financial-crisis-us-election-a7684341.html |archive-date=14 December 2018}}</ref> Jain persuaded Ryan to remain with Deutsche Bank at its new Russian offices and later, in April 2007, sent the president and chairman of the management board of VTB Bank Andrey Kostin's son Andrey to Deutsche Bank's Moscow office.<ref name=Newsweek2017-12-21/><ref name="Izvestia2011-07-02">{{Cite news |date=2 July 2011 |title=Сын главы ВТБ Андрей Костин разбился на квадроцикле: 32-летний банкир погиб на отдыхе в Ярославской области |language=ru |trans-title=The son of the head of VTB Andrei Kostin crashed on a quad: 32-year-old banker died on holiday in the Yaroslavl region |work=Izvestia |url=https://iz.ru/news/493519 |access-date=17 December 2018 |archive-url=https://web.archive.org/web/20180717212858/https://iz.ru/news/493519 |archive-date=17 July 2018}}</ref>{{efn|Andrey Kostin (1979–2011), a Russian banker and son of Andrey Kostin who is the president and chairman of the management board of VTB Bank, graduated from the Russian Government Finance Academy in 2000 and began working with Deutsche Bank's London office in 2000.<ref name=Izvestia2011-07-02/> From 2002 to 2007, the younger Andrey Kostin worked in Deutsche Bank's Office of Interbank and Corporate Sales in the countries of Central and Eastern Europe, the Middle East and Africa.<ref name=Izvestia2011-07-02/> In April 2007, Anshu Jain sent the younger Andrey Kostin to work at Deutsche Bank's Moscow office.<ref name=Newsweek2017-12-21/><ref name=Izvestia2011-07-02/> While he was at Deutsche Bank's Moscow office, the Moscow office began posting profits of $500&nbsp;million to $1&nbsp;billion a year.<ref name=Newsweek2017-12-21/><ref name=Izvestia2011-07-02/> He served on its management board beginning July 2008 and was the deputy chairman of the management board from February 2011.<ref name=Izvestia2011-07-02/> On 2 July 2011, at 7:30&nbsp;am, while he was at a vacation retreat reserved for FSB personnel, he died when his Can-Am Outlander-800 ATV crashed into a tree along a country road near Pereslavl-Zalessky and the village of Los ({{lang-ru|Лось}}) in the Yaroslavl region of Russia.<ref name=Izvestia2011-07-02/> He was not wearing a helmet.<ref name="Gazeta2011-07-04">{{Cite news |last1=Шипилов |first1=Евгений |last2=Танас |first2=Ольга |date=4 July 2011 |title=Погиб на трезвую голову: В ДТП погиб сын президента ВТБ Андрей Костин |language=ru |trans-title=Killed sober: The accident killed the son of the president of VTB Andrei Kostin |work=Gazeta |url=https://www.gazeta.ru/auto/2011/07/04_a_3684801.shtml |access-date=17 December 2018 |archive-url=https://web.archive.org/web/20181018082655/https://www.gazeta.ru/auto/2011/07/04_a_3684801.shtml |archive-date=18 October 2018}}</ref>}} Later, in 2008, to establish VTB Capital, numerous bankers from Deutsche Bank's Moscow office were hired by VTB Capital.<ref name=NYT2017-07-19/><ref name="BloombergBusinessWeek2011-12-22">{{Cite news |last=Corcoran |first=Jason |date=22 December 2011 |title=Putin Pushing Russian Banks Points 'Two Tanks' at Western Firms |work=Bloomberg Businessweek |location=London |url=http://www.businessweek.com/news/2011-12-22/putin-pushing-russian-banks-points-two-tanks-at-western-firms.html/|archive-url=https://web.archive.org/web/20120307031258/http://www.businessweek.com/news/2011-12-22/putin-pushing-russian-banks-points-two-tanks-at-western-firms.html|archive-date=7 March 2012}}</ref><ref name="Forbes2011-10-12">{{Cite news |last=Rapoza |first=Kenneth |date=12 October 2011 |title=Russian Bank Heads To New York |work={{wipe|Forbes}} |location=New York City |url=https://www.forbes.com/sites/kenrapoza/2011/10/12/russian-bank-heads-to-new-york/ |url-status=live |access-date=17 December 2018 |archive-url=https://web.archive.org/web/20111015202147/http://www.forbes.com/sites/kenrapoza/2011/10/12/russian-bank-heads-to-new-york |archive-date=15 October 2011 }}</ref> In Germany, further acquisitions of [[Company:Norisbank|Norisbank]], Berliner Bank and Deutsche Postbank strengthened Deutsche Bank's retail offering in its home market. This series of acquisitions was closely aligned with the bank's strategy of bolt-on acquisitions in preference to so-called "transformational" mergers. These formed part of an overall growth strategy that also targeted a sustainable 25% [[Finance:Return on equity|return on equity]], something the bank achieved in 2005.{{Citation needed|date=January 2021}}

On 1 October 2003, Deutsche Bank and Dresdner Bank entered into a payment transaction agreement with Postbank to have Postbank process payments as the [[Finance:Clearing house|clearing center]] for the three banks.<ref>{{cite news |url=https://www.globalcustodian.com/deutsche-bank-and-dresdner-bank-outsource-payments-processing-to-postbank/ |title=Deutsche Bank And Dresdner Bank Outsource Payments Processing To Postbank. Deutsche Bank and Dresdner Bank have agreed to have their payments processed by Postbank. Preliminary agreements for this have now been signed by the three companies. The three banks say they see this as an important step in implementing their strategic objectives |work=Global Custodian website |date=1 October 2003 |access-date=13 February 2021}}</ref>

Since the mid-1990s Deutsche Bank commercial real estate division offered Donald Trump financial backing, even though in the early 1990s Citibank, Manufacturers Hanover, Chemical, Bankers Trust, and 68 other entities refused to financially support him.<ref name=Newsweek2017-12-21/><ref name=Independent2017-04-14/><ref name="FinancialTimes2017-09-30">{{Cite news |last1=McLannahan |first1=Ben |last2=Scannell |first2=Kara |last3=Silverman |first3=Gary |date=30 August 2017 |title=Donald Trump's debt to Deutsche Bank |work=[[Social:Financial Times|Financial Times]] |url=https://www.ft.com/content/8c6d9dca-882c-11e7-bf50-e1c239b45787 |archive-url=https://ghostarchive.org/archive/20221210/https://www.ft.com/content/8c6d9dca-882c-11e7-bf50-e1c239b45787 |archive-date=10 December 2022 |url-access=subscription |access-date=29 June 2018}}</ref>{{efn|Justin Kennedy, son of Anthony Kennedy, and others such as Jon Vaccaro, Mike Offit, Steve Stuart, Eric Schwartz, and Tobin "Toby" Cobb are central to Donald Trump's financial support at Deutsche Bank.<ref name=FinancialTimes2017-09-30/>  Justin Kennedy worked for Deutsche Bank from 1997 to 2009 becoming the global head of real estate capital markets.<ref name=NYT2017-07-19/><ref name="NYT2018-06-28">{{Cite news |last1=Haberman |first1=Maggie |last2=Liptak |first2=Adam |date=28 June 2018 |title=Inside the White House's Quiet Campaign to Create a Supreme Court Opening |work=The New York Times |url=https://www.nytimes.com/2018/06/28/us/politics/trump-anthony-kennedy-retirement.html |access-date=12 November 2018}}</ref>}}

In 2008, Trump sued Deutsche Bank for $3&nbsp;billion and a few years later, he shifted his financial portfolio from the investment banking division to Deutsche Bank [[Finance:Wealth management|private wealth division]] with Rosemary Vrablic, formerly of [[Company:Citigroup|Citigroup]], [[Company:Bank of America|Bank of America]], and [[Company:Merrill Lynch|Merrill Lynch]], becoming Trump's new personal banker at Deutsche Bank.<ref name=NYT2017-07-19/><ref name="Guardian2017-02-16">{{Cite news |last1=Harding |first1=Luke |last2=Kirchgaessner |first2=Stephanie |last3=Hopkins |first3=Nick |last4=Smith |first4=David |date=16 February 2017 |title=Deutsche Bank examined Donald Trump's account for Russia links |work={{wipe|The Guardian}} |url=https://www.theguardian.com/us-news/2017/feb/16/deutsche-bank-examined-trump-account-for-russia-links |access-date=12 November 2018}}</ref><ref name="CommercialObserver2013-02-16">{{Cite news |last=Gaines |first=carl |date=6 February 2013 |title=Deutsche Bank's Rosemary Vrablic and Private Banking's Link to CRE Finance |work=Commercial Observer |url=https://commercialobserver.com/2013/02/deutsche-banks-rosemary-vrablic-and-private-bankings-link-to-cre-finance/ |access-date=12 November 2018}}</ref><ref name="ReferenceA">{{Cite news|url=https://www.nytimes.com/2019/03/18/business/trump-deutsche-bank.html|title=A Mar-a-Lago Weekend and an Act of God: Trump's History With Deutsche Bank|first=David|last=Enrich|work=The New York Times |date=18 March 2019|via=NYTimes.com}}</ref>{{efn|Because of Deutsche Bank's global presence and strong support from attorneys in the {{wipe|United States}} and elsewhere, the Fiduciary Services Division, especially at the Singapore branch of Deutsche Bank, and closely associated one stop service provider companies including Atlas Corporate Services, Commonwealth Trust Limited (CTL), and the Portcullis TrustNet Group which was established in the 1980s gives support to private wealth management by establishing structures in critical places in the world such as trusts in Crown possessions including Guernsey, Isle of Man, Jersey; limited liability companies (LLC) in {{wipe|United Kingdom}}, Delaware, etc.; foundations in [[Finance:Liechtenstein|Liechtenstein]]; holding companies in Delaware, Bahamas, [[Finance:Cayman Islands|Cayman Islands]], British Virgin Islands, Belize, [[Earth:Nevis|Nevis]], Seychelles, [[Earth:Mauritius|Mauritius]], [[Place:Hong Kong|Hong Kong]], Malaysia, [[Place:Singapore|Singapore]], [[Earth:New Zealand|New Zealand]], Cook Islands, Samoa, Marshall Islands, Panama, Ireland, {{wipe|United Kingdom}}, Luxembourg, [[Place:Monaco|Monaco]], [[Place:Cyprus|Cyprus]], [[Place:Gibraltar|Gibraltar]], etc.; discrete bank accounts in Panama, Bahamas, {{wipe|Switzerland}}, Latvia, [[Place:Cyprus|Cyprus]], [[Place:Beijing|Beijing]], etc.<ref name=PrivateWealthManBrochure/><ref>{{cite news |last1=Gürtler |first1=Lena |last2=Fuchs |first2=Mareike |last3=Heinzle |first3=Christoph |url=http://www.ndr.de/home/offshoreleaks171.html |title=Steueroasen: Deutsche Bank besonders aktiv |trans-title=Tax havens: Deutsche Bank is particularly active |language=de |work=NDR.de |date=5 April 2013 |access-date=10 February 2021 |archive-date=9 April 2013 |archive-url=https://web.archive.org/web/20130409031558/http://www.ndr.de/home/offshoreleaks171.html}}</ref><ref>{{cite news |last1=Gürtler |first1=Lena |last2=Fuchs |first2=Mareike |last3=Heinzle |first3=Christoph |url=http://www.ndr.de/home/offshoreleaks131.html |title=Steueroasen: Deutsche Bank in der Kritik |trans-title=Tax havens: Deutsche Bank under fire |language=de |work=NDR.de |date=4 April 2013 |access-date=10 February 2021 |archive-date=7 April 2013 |archive-url=https://web.archive.org/web/20130407060125/http://www.ndr.de/home/offshoreleaks131.html}}</ref><ref>{{cite news |last1=Leigh |first1=David |last2=Frayman |first2=Harold |last3=Ball |first3=James |url=http://www.guardian.co.uk/uk/2012/nov/25/offshore-secrets-revealed-shadowy-side |title=Offshore secrets revealed: the shadowy side of a booming industry: A worldwide research effort in collaboration with BBC Panorama and the ICIJ reveals the people behind these anonymous companies |work={{wipe|The Guardian}} |date=25 November 2012 |access-date=10 February 2021 |archive-date=20 April 2013 |archive-url=https://archive.today/20130420150036/http://www.guardian.co.uk/uk/2012/nov/25/offshore-secrets-revealed-shadowy-side}}</ref><ref>{{cite news |last=Strunz |first=Benedikt |url=http://www.ndr.de/home/offshoreleaks129.html |title=CTL: Spezialisten für Steueroasen |trans-title=CTL: specialists in tax havens |language=de |work=NDR.de |date=4 April 2013 |access-date=10 February 2021 |archive-date=7 April 2013 |archive-url=https://archive.today/20130407042904/http://www.ndr.de/home/offshoreleaks129.html}}</ref><ref>{{cite news |last=Strunz |first=Benedikt |url=http://www.ndr.de/home/offshoreleaks127.html |title=Am Fiskus vorbei mit Portcullis TrustNet |trans-title=Passing the tax authorities with Portcullis TrustNet |language=de |work=NDR.de |date=4 April 2013 |access-date=10 February 2021 |archive-date=7 April 2013 |archive-url=https://web.archive.org/web/20130407042900/http://www.ndr.de/home/offshoreleaks127.html}}</ref><ref>{{cite web |url=http://www.portcullis-trustnet.com/en/about_us/about_group/ |title=About Portcullis TrustNet Group of Companies |work=Portcullis TrustNet website |date=January 2010 |access-date=10 February 2021 |archive-date=16 January 2010 |archive-url=https://web.archive.org/web/20100116183518/http://www.portcullis-trustnet.com/en/about_us/about_group/}}</ref><ref>{{cite news |last=Strunz |first=Benedikt |url=http://www.ndr.de/home/offshoreleaks185.html |title=Offshore: Rundum sorglos ins Steuerparadies |trans-title=Offshore: all-round carefree to the tax haven |language=de |work=NDR.de |date=5 April 2013 |access-date=10 February 2021 |archive-date=9 April 2013 |archive-url=https://web.archive.org/web/20130409031501/http://www.ndr.de/home/offshoreleaks185.html}}</ref><ref>{{cite news |last1=Heinzle |first1=Christoph |last2=Guertler |first2=Lena |last3=Fuchs |first3=Mareike |last4=Brinkmann |first4=Bastian |last5=Giesen |first5=Christoph |url=http://www.icij.org/offshore/deutsche-bank-helped-customers-maintain-hundreds-offshore-entities |title= Secrecy for Sale: Inside the Global Offshore Money Maze. Deutsche Bank Helped Customers Maintain Hundreds of Offshore Entities |work=[[Organization:International Consortium of Investigative Journalists|International Consortium of Investigative Journalists]] (ICIJ) |date=4 April 2013 |access-date=10 February 2021 |archive-date=8 October 2015 |archive-url=https://archive.today/20151008052329/http://www.icij.org/offshore/deutsche-bank-helped-customers-maintain-hundreds-offshore-entities}}</ref><ref>{{cite news |url=https://www.ndr.de/home/offshoreleaks193.html |title="Offshore-Leaks"-Karte: Enthüllungen weltweit |trans-title=Offshore Leaks Map: Revelations Worldwide |language=de |work=NDR.de |date=9 April 2013 |access-date=10 February 2021 |archive-date=9 April 2013 |archive-url=https://web.archive.org/web/20130409035204/https://www.ndr.de/home/offshoreleaks193.html}}</ref><ref>{{cite news |url=http://www.ndr.de/home/offshoreleaks101.html |title="Offshore-Leaks": Steueroasen und Strohmänner |trans-title="Offshore Leaks": tax havens and straw men |language=de |work=NDR.de |date=29 April 2013 |access-date=10 February 2021 |archive-date=29 April 2013 |archive-url=https://archive.today/20130429080201/http://www.ndr.de/home/offshoreleaks101.html}}</ref>}}

In 2007, the company's headquarters, the Deutsche Bank Twin Towers building, was extensively renovated for three years, certified [[Engineering:Leadership in Energy and Environmental Design|LEED]] Platinum and DGNB Gold.

In 2010, the bank developed and owned the Cosmopolitan of Las Vegas, after the casino's original developer defaulted on its borrowings. Deutsche Bank ran it at a loss until its sale in May 2014. The bank's exposure at the time of sale was more than $4&nbsp;billion, and sold the property to Blackstone Group for $1.73&nbsp;billion.<ref name="CosmopolitanSale">{{Cite news |title=Unprofitable Vegas casino sold by Deutsche Bank for $1.73&nbsp;billion |publisher=The Las Vegas News.Net |url=http://www.thelasvegasnews.net/index.php/sid/222063703/scat/1e0899715fbc2697/ht/Unprofitable-Vegas-casino-sold-by-Deutsche-Bank-for-173-billion |access-date=17 May 2014 |archive-url=https://web.archive.org/web/20140517132426/http://www.thelasvegasnews.net/index.php/sid/222063703/scat/1e0899715fbc2697/ht/Unprofitable-Vegas-casino-sold-by-Deutsche-Bank-for-173-billion |archive-date=17 May 2014 }}</ref>

==== Housing credit bubble and CDO market ====

On 3 January 2014, it was reported that Deutsche Bank would settle a lawsuit brought by US shareholders, who had accused the bank of bundling and selling bad real estate loans before the 2008 downturn. This settlement came subsequent and in addition to Deutsche's $1.93&nbsp;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.<ref>{{Cite news |date=3 January 2014 |title=Deutsche Bank Settles with US Shareholders | work=MarketWatch |url=https://www.marketwatch.com/story/deutsche-bank-settles-with-us-shareholders-2014-01-03}}</ref>

==== Leveraged super-senior trades ====
Former employees including Eric Ben-Artzi and Matthew Simpson have claimed that, during the crisis, Deutsche failed to recognize up to $12 billion of paper losses on its $130 billion portfolio of leveraged [[Finance:Senior debt#Super-senior status|super senior]] trades, although the bank rejects the claims.<ref name=hid>{{Cite news |last1=Braithwaite |first1=Tom |last2=Scannell |first2=Kara |last3=Mackenzie |first3=Michael |date=5 December 2012 |title=Deutsche hid up to $12bn losses, say staff |work=Financial Times |url=http://www.ft.com/cms/s/0/f03eb1d6-3efd-11e2-a095-00144feabdc0.html |archive-url=https://ghostarchive.org/archive/20221210/http://www.ft.com/cms/s/0/f03eb1d6-3efd-11e2-a095-00144feabdc0.html |archive-date=10 December 2022 |url-access=subscription}}</ref> A company document of May 2009 described the trades as "the largest risk in the trading book",<ref name=strength>{{Cite news |last1=Braithwaite |first1=Tom |last2=Mackenzie |first2=Michael |last3=Scannell |first3=Kara |date=5 December 2012 |title=Deutsche Bank: Show of strength or a fiction? |work=[[Social:Financial Times|Financial Times]] |url=https://www.ft.com/content/f03eb1d6-3efd-11e2-a095-00144feabdc0 |archive-url=https://ghostarchive.org/archive/20221210/https://www.ft.com/content/f03eb1d6-3efd-11e2-a095-00144feabdc0 |archive-date=10 December 2022 |url-access=subscription |url-status=live}}</ref> and the whistleblowers allege that had the bank accounted properly for its positions its capital would have fallen to the extent that it might have needed a government bailout.<ref name=hid/> One of them claims that "If Lehman Brothers didn't have to mark its books for six months it might still be in business, and if Deutsche had marked its books it might have been in the same position as Lehman."<ref name=strength/>

Deutsche had become the biggest operator in this market, which were a form of credit derivative designed to behave like the most senior tranche of a CDO.<ref name=strength/> Deutsche bought insurance against default by [[Finance:Blue chip (stock market)|blue-chip companies]] from investors, mostly Canadian pension funds, who received a stream of insurance premiums as income in return for posting a small amount of collateral.<ref name=strength/> The bank then sold protection to US investors via the CDX [[Finance:Credit default swap index|credit index]], the spread between the two was tiny but was worth $270m over the 7 years of the trade.<ref name=strength/> It was considered very unlikely that many blue chips would have problems at the same time, so Deutsche required collateral of just 10% of the contract value.

The risk of Deutsche taking large losses if the collateral was wiped out in a crisis was called the gap option.<ref name=strength/> Ben-Artzi claims that after modeling came up with "economically unfeasible" results, Deutsche accounted for the gap option first with a simple 15% "haircut" on the trades (described as inadequate by another employee in 2006) and then in 2008 by a $1–2bn reserve for the credit correlation desk designed to cover all risks, not just the gap option.<ref name=strength/> In October 2008, it stopped modeling the gap option and just bought S&P put options to guard against further market disruption, but one of the whistleblowers has described this as an inappropriate hedge.<ref name=strength/> A model from Ben-Artzi's previous job at Goldman Sachs suggested that the gap option was worth about 8% of the value of the trades, worth $10.4bn. Simpson claims that traders were not simply understating the gap option but actively [[Finance:Mismarking|mismarking]] the value of their trades.<ref name=strength/>

====European debt crisis, 2009–today====
{{Main|Finance:European debt crisis}}

In 2008, Deutsche Bank reported its first annual loss in five decades,<ref>{{Cite news |title=Deutsche Bank in line for annual loss |url=https://www.ft.com/content/4f1f0ecc-e21d-11dd-b1dd-0000779fd2ac |archive-url=https://ghostarchive.org/archive/20221210/https://www.ft.com/content/4f1f0ecc-e21d-11dd-b1dd-0000779fd2ac |archive-date=10 December 2022 |website=[[Social:Financial Times|Financial Times]] |date=14 January 2009 | url-access=subscription}}</ref> despite receiving billions of dollars from its insurance arrangements with AIG, including US$11.8&nbsp;billion from funds provided by US taxpayers to bail out AIG.<ref>{{Cite web |last=Javers | first=Eamon  |title=AIG ships billions in bailout abroad |url=https://www.politico.com/story/2009/03/aig-ships-billions-in-bailout-abroad-020039 | work=Politico |date=15 March 2009 }}</ref>

Based on a preliminary estimation from the European Banking Authority (EBA), in late 2011, Deutsche Bank AG needed to raise capital of about €3.2&nbsp;billion as part of a required 9% core Tier 1 ratio after sovereign debt write-down starting in mid-2012.<ref>{{Cite news | url=https://www.afr.com/markets/eu-banks-slip-down-a-fire-sale-trail-20111214-i458i | title=EU banks slip down a fire sale trail | first1=Anne-Sylvaine |last1=Chassany | first2=Kevin | last2=Crowley | first3=Charles |last3=Penty | work=Australian Financial Review | date=14 December 2011}}</ref>

As of 2012, Deutsche Bank had negligible exposure to Greece, but Spain and Italy accounted for a tenth of its European private and corporate banking business with credit risks of about €18&nbsp;billion in Italy and €12&nbsp;billion in Spain.<ref>{{Cite news |author=Böll, Sven |author2=Hawranek, Dietmar |author3=Hesse, Martin |author4=Jung, Alexander |author5=Neubacher, Alexander |author6=Reiermann, Christian |author7=Sauga, Michael |author8=Schult, Christoph |author9=Seith, Anne |translator=Sultan, Christopher |date=25 June 2012 |title=Imagining the Unthinkable. The Disastrous Consequences of a Euro Crash |work=Der Spiegel |url=https://www.spiegel.de/international/europe/fears-grow-of-consequences-of-potential-euro-collapse-a-840634.html |archive-url=https://web.archive.org/web/20120628013301/http://www.spiegel.de/international/europe/fears-grow-of-consequences-of-potential-euro-collapse-a-840634-2.html |archive-date=28 June 2012 }}</ref>

In 2017, Deutsche Bank needed to get its common equity tier-1 capital ratio up to 12.5% in 2018 to be marginally above the 12.25% required by regulators.<ref>{{Cite web |title=Deutsche Bank reports core capital ratio of 11.9% despite 2016 full year net loss of EUR 1.4 billion – Newsroom |url=https://www.db.com/newsroom_news/2017/medien/deutsche-bank-reports-core-capital-ratio-of-11-9-per-cent-despite-2016-full-year-net-loss-of-eur-1-4-billion-en-11468.htm |access-date=12 October 2021 |website=www.db.com |publication-date=2 February 2017}}</ref>

====Since 2012====
In January 2014, Deutsche Bank reported a €1.2&nbsp;billion ($1.6&nbsp;billion) pre-tax loss for the fourth quarter of 2013. This came after analysts had predicted a profit of nearly €600&nbsp;million, according to FactSet estimates. Revenues slipped by 16% versus the prior year.<ref>{{Cite news |date=19 January 2014 |title=When Deutsche Bank sneaks out its results on a Sunday night, they can't be good |work=Quartz |url=http://qz.com/168536/when-deutsche-bank-sneaks-out-its-results-on-a-sunday-night-they-cant-be-good/#!}}</ref>

Deutsche Bank's Capital Ratio Tier-1 (CET1) was reported in 2015 to be only 11.4%, lower than the 12% median CET1 ratio of Europe's 24 biggest publicly traded banks, so there would be no dividend for 2015 and 2016.<ref>{{Cite web |date=29 October 2015 |title=Deutsche Bank Plans to Eliminate Dividend for Two Years in Overhaul |website={{wipe|Bloomberg News}} |url=https://www.bloomberg.com/news/articles/2015-10-28/deutsche-bank-plans-to-scrap-dividend-for-2-years-in-overhaul}}</ref> Furthermore, 15,000 jobs were to be cut.<ref>{{Cite news |date=29 October 2015 |title=Deutsche Bank cutting 15,000 jobs as new CEO sets out strategy plan |newspaper=Reuters |url=https://www.reuters.com/article/deutsche-bank-results-idUSL8N12T1KK20151029}}</ref>

In June 2015, the then co-CEOs, Jürgen Fitschen and Anshu Jain, both offered their resignations<ref>{{Cite web |title=Deutsche Bank appoints John Cryan to succeed Jürgen Fitschen and Anshu Jain |url=https://www.db.com/ir/en/content/ir_releases_2015_4985.htm |archive-url=https://web.archive.org/web/20150622103011/https://www.db.com/ir/en/content/ir_releases_2015_4985.htm |archive-date=22 June 2015 |access-date=7 June 2015 |publisher=Deutsche Bank }}</ref> to the bank's supervisory board, which were accepted. Jain's resignation took effect in June 2015, but he provided consultancy to the bank until January 2016. Fitschen continued as joint CEO until May 2016. The appointment of John Cryan as joint CEO was announced, effective July 2015; he became sole CEO at the end of Fitschen's term.<ref>{{Cite news |title=Jain Era Ending as Deutsche Bank Appoints Cryan for Top Job |newspaper=Bloomberg.com |date=7 June 2015 |url=https://www.bloomberg.com/news/articles/2015-06-07/deutsche-bank-appoints-john-cryan-to-replace-jain-fitschen |access-date=28 March 2017 |publisher=Bloomberg}}</ref>

In January 2016, Deutsche Bank pre-announced a 2015 loss before income taxes of approximately €6.1&nbsp;billion and a net loss of approximately €6.7&nbsp;billion.<ref>{{Cite web |title=Deutsche Bank reports preliminary full year and fourth quarter 2015 results – Newsroom |url=https://www.db.com/newsroom_news/2016/medien/deutsche-bank-reports-preliminary-full-year-and-fourth-quarter-2015-results-en-11368.htm |website=db.com}}</ref> Following this announcement, a bank analyst at [[Company:Citigroup|Citi]] declared: "We believe a capital increase now looks inevitable and see an equity shortfall of up to €7 billion, on the basis that Deutsche may be forced to book another €3 billion to €4 billion of litigation charges in 2016."<ref name="Euromoney">{{Cite news |date=March 2016 |title=Can Cryan halt Deutsche Bank's decline? |work=Euromoney |url=http://www.euromoney.com/Article/3534126/Can-Cryan-halt-Deutsche-Banks-decline.html}}</ref>

May 2017, Chinese [[Company:Conglomerate|conglomerate]] HNA Group became its biggest shareholder, owning 9.90% of its shares.<ref>{{Cite news |date=3 May 2017 |title=HNA Group, Secretive Chinese Conglomerate, Takes Top Stake in Deutsche Bank |work=The New York Times |url=https://www.nytimes.com/2017/05/03/business/dealbook/china-hna-group.html}}</ref>
However, HNA Group's stake reduced to 8.8% as of 16 February 2018.<ref>{{cite web |url=https://www.marketwatch.com/story/correction-hna-cuts-deutsche-bank-stake-again-2018-02-16 |title=Correction: HNA cuts Deutsche Bank stake again |date=16 February 2018 |website=MarketWatch |access-date=10 February 2022}}</ref>

In November 2018, the bank's Frankfurt offices were raided by police in connection with investigations around the Panama papers and [[Finance:Money laundering|money laundering]]. Deutsche Bank released a statement confirming it would "cooperate closely with prosecutors".<ref name="Guardian2018-11-29">{{Cite web |last=Harding |first=Luke |date=29 November 2018 |title=Deutsche Bank offices raided in connection with Panama Papers |url=https://www.theguardian.com/business/2018/nov/29/deutsche-bank-offices-raided-connection-with-panama-papers |access-date=29 November 2018 |website=The Guardian}}</ref>

AUTO1 FinTech is a joint venture of AUTO1 Group, Allianz, SoftBank and Deutsche Bank.<ref>{{Cite web|last=Storbeck|first=Olaf|date=22 June 2020|title=Auto1 battles with fintech partner|url=https://www.ft.com/content/e11ea4e6-1375-45bd-9c87-db3d0375429e |archive-url=https://ghostarchive.org/archive/20221210/https://www.ft.com/content/e11ea4e6-1375-45bd-9c87-db3d0375429e |archive-date=10 December 2022 |url-access=subscription|website=Financial Times}}</ref>

In February 2019, HNA Group announced cutting stake in Deutsche Bank to 6.3 percent.<ref>{{cite web |url=https://www.reuters.com/article/us-deutsche-bank-hna-idUSKCN1Q5079|title=HNA cuts stake in Deutsche Bank to 6.3 percent: SEC filing|date=16 February 2019|website=Reuters|access-date=10 February 2022}}</ref> It was further reduced to 0.19 percent as at March 2019.<ref>{{cite web |url=https://www.deraktionaer.de/artikel/fintech-versicherung-banken/deutsche-bank-aufsichtsrat-kauft-anteile-hna-aus-china-ist-draussen-20194439.html|title=Deutsche-Bank-Aufsichtsrat kauft Anteile – HNA aus China ist draußen|date=13 December 2019|website=DER AKTIONÄR|access-date=10 February 2022|language=de}}</ref>

During the Annual General Meeting in May 2019, CEO Christian Sewing said he was expecting a "deluge of criticism" about the bank's performance and announced that he was ready to make "tough cutbacks"<ref>{{Cite news |date=23 May 2019 |title=Deutsche Bank CEO Signals More Cuts to Investment Bank |work=The Wall Street Journal |url=https://www.wsj.com/articles/deutsche-bank-ceo-signals-more-cuts-to-investment-bank-11558604013 |access-date=2 July 2019 |quote=... "tough cutbacks" at the troubled lender's investment bank, his strongest public admission yet that the business needs a dramatic overhaul.}}</ref> after the failure of merger negotiations with Commerzbank AG and weak profitability. According to ''{{wipe|The New York Times}}'', "its finances and strategy [are] in disarray and 95 percent of its market value [has been] erased".<ref>{{Cite news |date=28 June 2019 |title=Deutsche Bank, in a Last-Ditch Effort to Stop Its Spiral, Could Lay Off 20,000 |work=The New York Times |url=https://www.nytimes.com/2019/06/28/business/deutsche-bank-cuts-layoffs.html?rref=collection%2Ftimestopic%2FLabor&action=click&contentCollection=timestopics&region=stream&module=stream_unit&version=latest&contentPlacement=4&pgtype=collection |access-date=2 July 2019 |quote=Other investment-banking divisions also could be slashed, including the bond-trading business and teams that specialize in selling and trading various types of derivatives.}}</ref>  News headlines in late June 2019 claimed that the bank would cut 20,000 jobs, over 20% of its staff, in a restructuring plan.<ref>{{Cite web |date=30 June 2019 |title=Deutsche Bank Plans to Cut as Many as 20,000 Jobs in Revamp |url=https://www.bloomberg.com/news/articles/2019-06-30/deutsche-bank-plans-to-cut-as-many-as-20-000-jobs-in-overhaul |access-date=2 July 2019 |publisher=Bloomberg |quote=The bank expects to make a formal announcement no later than July 8, one person said. The Wall Street Journal first reported on the plan to cut as many as 20,000 jobs.}}</ref><ref>{{Cite web |date=1 July 2019 |title=Deutsche Bank Discusses Lower Capital Buffer With Regulators |url=https://www.bloomberg.com/news/articles/2019-07-01/deutsche-bank-discusses-lowering-capital-buffer-with-regulators |access-date=2 July 2019 |publisher=Bloomberg |quote=...including the loss of as many as 20,000 jobs over the coming years ... The cost could run into the billions of euros, analysts estimate}}</ref> On 8 July 2019, the bank began to cut 18,000 jobs, including entire teams of equity traders in Europe, the US, and Asia. On the previous day, Sewing had laid blame on unnamed predecessors who created a "culture of poor capital allocation" and chasing revenue for the sake of revenue, according to a ''[[Social:Financial Times|Financial Times]]'' report, and promised that going forward, the bank "will only operate where we are competitive".<ref>{{Cite news |date=8 July 2019 |title=Deutsche Bank starts cull of 18,000 jobs |work=Financial Times |url=https://www.ft.com/content/65cfe4ec-a144-11e9-974c-ad1c6ab5efd1 |archive-url=https://ghostarchive.org/archive/20221210/https://www.ft.com/content/65cfe4ec-a144-11e9-974c-ad1c6ab5efd1 |archive-date=10 December 2022 |url-access=subscription |access-date=8 July 2019 |quote=German lender begins its most radical strategic overhaul in two decades}}</ref><ref>{{Cite web |last1=Farrell |first1=Sean |last2=Kollewe |first2=Julia |last3=Helmore |first3=Edward |date=8 July 2019 |title=Deutsche Bank starts cutting London jobs with 18,000 at-risk worldwide |url=https://www.theguardian.com/business/2019/jul/08/deutsche-bank-jobs-staff-london |website=The Guardian}}</ref>

In January 2020, Deutsche Bank had decided to cut the bonus pool at its investment branch by 30% following restructuring efforts.<ref>{{Cite web |date=17 January 2020 |title=Deutsche Bank Cuts Investment Bank Bonuses About 30% |url=https://www.bloomberg.com/news/articles/2020-01-17/deutsche-bank-cuts-investment-bank-bonuses-about-30-in-overhaul |website=Bloomberg}}</ref>

In February 2021, it was reported that Deutsche Bank made a profit of €113&nbsp;million ($135.6&nbsp;million) for 2020, the first annual net profit it had posted since 2014.<ref>{{Cite web|author=Hanna Ziady|title=Deutsche Bank just posted its first profit in years|url=https://www.cnn.com/2021/02/04/investing/deutsche-bank-profit/index.html|access-date=12 February 2021|website=CNN|date=4 February 2021 }}</ref><ref>{{Cite web|last=Storbeck|first=Olaf|date=4 February 2021|title=Trading boom propels Deutsche Bank to first profit in 6 years|url=https://www.ft.com/content/098222ba-7701-496 |archive-url=https://ghostarchive.org/archive/20221210/https://www.ft.com/content/098222ba-7701-496 |archive-date=10 December 2022 |url-access=subscription |url-status=live|website=Financial Times}}</ref>

In March 2021, Deutsche Bank sold about $4&nbsp;billion of holdings seized in the implosion of Archegos Capital Management in a private deal.<ref name="fortune.com">{{Cite web|title=Deutsche Bank got itself out of Archegos mess with quick sale|url=https://fortune.com/2021/04/01/how-deutsche-bank-managed-survive-unscathed-from-archegos-meltdown/|access-date=2 April 2021|website=Fortune|language=en}}</ref> The move helped Deutsche Bank emerge unscathed after Archegos defaulted on margin loans used to build up highly leveraged bets on stocks.<ref name="fortune.com"/>

====21st-century acquisitions====
* Scudder Investments, 2001
* RREEF, 2002<ref>{{Cite web |date=16 January 2015 |title=Deutsche Asset & Wealth Management – Real Estate Investment Management |url=http://www.rreef.com/ |archive-url=https://web.archive.org/web/20051030070110/http://www.rreef.com/ |archive-date=30 October 2005 |access-date=27 November 2013 |website=rreef.com}}</ref><ref>{{Cite web |title=Deutsche Bank to acquire RREEF for $490&nbsp;million |url=http://nreionline.com/news/real_estate_deutsche_bank_acquire/ |archive-url=https://web.archive.org/web/20100827151500/http://nreionline.com/news/real_estate_deutsche_bank_acquire/ |archive-date=27 August 2010 |website=nreionline.com }}</ref>
* Berkshire Mortgage Finance, 22 October 2004<ref>{{Cite web |title=interstitials &#124; Business solutions from |url=http://www.allbusiness.com/operations/facilities-commercial-real-estate/4411750-1.html |access-date=17 August 2011 |publisher=AllBusiness.com}}</ref>
* Chapel Funding (now DB Home Lending), 12 September 2006<ref>{{Cite web |date=12 September 2006 |title=Acquisition of Chapel Funding |url=http://www.deutsche-bank.de/presse/en/content/press_releases_2006_3175.htm?month=4 |archive-url=https://web.archive.org/web/20110719022634/http://www.deutsche-bank.de/presse/en/content/press_releases_2006_3175.htm?month=4 |archive-date=19 July 2011 |access-date=17 August 2011 |publisher=Deutsche-bank.de }}</ref>
* [[Company:Norisbank|Norisbank]], 2 November 2006
* MortgageIT, 3 January 2007<ref>{{Cite web |date=28 July 2011 |title=Acquisition of MortgageIT Holdings |url=http://www.deutsche-bank.de/ir/index.html?contentOverload=http://www.deutsche-bank.de/ir/releases_3015.shtml&loadFlash=/ir/1613.html |access-date=17 August 2011 |publisher=Deutsche-bank.de}}</ref>
* Hollandsche Bank-Unie, 2 July 2008
* Sal. Oppenheim, 2010
* Deutsche Postbank, 2010<ref>{{Cite news |title=Deutsche Bank wins control of Postbank |work=Financial Times |location=London |url=http://www.ft.com/intl/cms/s/0/601c6480-f94b-11df-a4a5-00144feab49a.html |archive-url=https://ghostarchive.org/archive/20221210/http://www.ft.com/intl/cms/s/0/601c6480-f94b-11df-a4a5-00144feab49a.html |archive-date=10 December 2022 |url-access=subscription |url-status=live}}</ref>
* Park Plaza Mall (enclosed shopping center in Little Rock, Arkansas), 2021<ref>{{Cite web |date=28 October 2021 |title=Park Plaza Mall sold to Deutsche Bank for $100k |url=https://www.thv11.com/article/money/business/park-plaza-mall-sold-to-bank-auction/91-af243a42-e837-46fc-863f-f149655bea05 |access-date=20 March 2023 |website=thv11.com |language=en-US}}</ref>
* Numis, 2023 (announced).<ref>{{cite news |last1=Metcalf |first1=Tom |last2=Arons |first2=Steven |date=28 April 2023 |title=Deutsche Bank to Buy UK Boutique Firm Numis for £410 Million |url=https://www.bloomberg.com/news/articles/2023-04-28/deutsche-bank-agrees-to-buy-uk-boutique-numis-for-410-million |publisher={{wipe|Bloomberg News}} |archive-url=http://archive.today/2023.04.28-071539/https://www.bloomberg.com/news/articles/2023-04-28/deutsche-bank-agrees-to-buy-uk-boutique-numis-for-410-million |archive-date=28 April 2023 |url-status=live}}</ref>

<gallery>
File:Antigua Bolsa, Múnich, Alemania1.JPG|Former branch in [[Place:Munich|Munich]]
File:Leipzig - Martin-Luther-Ring + Deutsche Bank 01 ies.jpg|Branch in Leipzig, former {{ill|Leipziger Bank|de}}
File:DeutscheBank-Domshof.jpg|Branch in [[Place:Bremen|Bremen]]
File:Hannoversche Bank Haus III Georgstrasse Georgsplatz Mitte Hannover Germany 02.jpg|Branch in [[Place:Hanover|Hanover]], former {{ill|Hannoversche Bank|de}} (taken over by Deutsche in 1920){{R|Whale|p=228}}
File:HL Kohlmarkt – Commerz-Bank.jpg|Branch in [[Place:Lübeck|Lübeck]], former Commerz-Bank
File:Düsseldorf, Deutsche Bank an der Kö.jpg|Branch in [[Place:Düsseldorf|Düsseldorf]]
File:Goslar asv2022-06 img19 Deutsche Bank building.jpg|Branch in Goslar
File:Kaiserstraße 90 - Karlsruhe - Bankgebäude - 20220820 151844.jpg|Branch in [[Place:Karlsruhe|Karlsruhe]]
File:Deutsche Bank Köln, Komödienstraße-9453.jpg|Branch in Cologne, former head office of Sal. Oppenheim
File:Bochum - Viktoriastraße+Husemannplatz 03 ies.jpg|Branch in Bochum
</gallery>

== Shareholders ==
Deutsche Bank is one of the leading listed companies in German post-war history. Its shares are traded on the Frankfurt Stock Exchange and, since 2001, also on the [[Company:New York Stock Exchange|New York Stock Exchange]] and are included in various indices, including the DAX and the Euro Stoxx 50. As the share had lost value since mid-2015 and market capitalization had shrunk to around €18&nbsp;billion, it temporarily withdrew from the Euro Stoxx 50 on 8 August 2016.<ref>{{Cite web |title=Deutsche Bank fliegt aus Stoxx Europe 50 |url=http://www.manager-magazin.de/unternehmen/banken/deutsche-bank-fliegt-aus-stoxx-europe-50-a-1105736.html |access-date=4 March 2019 |website=manager magazin |date=2 August 2016 |language=de}}</ref> With a 0.73% stake, it is currently the company with the lowest index weighting.<ref>{{Cite web |title=EURO STOXX 50® INDEX |url=https://www.stoxx.com/document/Indices/Factsheets_Components/2018/July/SX5E.pdf |access-date=4 March 2019 |website=stoxx.com}}</ref>

In 2001, Deutsche Bank merged its mortgage banking business with that of Dresdner Bank and [[Company:Commerzbank|Commerzbank]] to form Eurohypo AG. In 2005, Deutsche Bank sold its stake in the joint company to Commerzbank.<ref>{{Cite web |date=26 March 2007 |title=Annual Report 2006 / Related Party Transactions |url=https://annualreport.deutsche-bank.com/2006/ar/supplementaryinformation/corporategovernancereport/reportingandtransparency/relatedpartytransactions/print.html |access-date=4 March 2019 |website=annualreport.deutsche-bank.com |language=en |archive-date=6 March 2019 |archive-url=https://web.archive.org/web/20190306044438/https://annualreport.deutsche-bank.com/2006/ar/supplementaryinformation/corporategovernancereport/reportingandtransparency/relatedpartytransactions/print.html }}</ref> 
{| class="wikitable"
|+Large shareholders<ref>{{Cite web |title=Shareholder Structure – Deutsche Bank |url=https://www.db.com/ir/en/shareholder-structure.htm |access-date=24 April 2021 |website=db.com}}</ref>
!Share
!Shareholder
!Date of latest disclosure

|-
|5.38%
|[[Company:BlackRock|BlackRock]]
|31 March 2023

|-
|4.54%
|Paramount Services Holdings Ltd.
|25 January 2023

|-
|3.18%
|Douglas L. Braunstein
|20 November 2020

|-
|3.05%
|Supreme Universal Holdings Ltd.
|20 August 2015

|}

==Logotype==
In 1972, the bank created the world-known blue logo "Slash in a Square" – designed by Anton Stankowski and intended to represent growth within a risk-controlled framework.<ref>{{Cite web |title=Deutsche Bank Logo: Design and History |url=http://www.famouslogos.net/deutsche-bank-logo/ |access-date=18 August 2011 |archive-date=18 October 2012 |archive-url=https://web.archive.org/web/20121018004004/http://www.famouslogos.net/deutsche-bank-logo }}</ref>

==Business divisions==
[[File:Deutsche Bank building - Sydney.jpg|thumb|180px|Deutsche Bank, [[Place:Sydney|Sydney]]]]
The bank's business model rests on three pillars – the Corporate & Investment Bank (CIB), the Private & Commercial Bank and Asset Management (DWS).

===Corporate and Investment Bank (CIB)===
[[File:Deutsche Bank munich.jpg|thumb|A Deutsche Bank retail branch in Munich]]
The Corporate & Investment Bank (CIB) is Deutsche Bank's capital markets business. The CIB comprises the below six units.<ref>{{Cite web |title=Deutsche Bank Corporate & Investment Bank |url=https://www.db.com/company/en/corporate-and-investment-bank.htm |access-date=29 April 2018 |website=db.com}}</ref>

* '''Corporate Finance''' is responsible for advisory and mergers & acquisitions (M&A).
* '''Equities / Fixed Income & Currencies'''. These two units are responsible for sales and trading of securities.
* '''Global Capital Markets''' (GCM) is focused on financing and risk management solutions. It includes debt and equity issuances.
* '''Global Transaction Banking''' (GTB) caters to corporates and financial institutions by providing commercial banking products including cross-border payments, cash management, Securities Services, and international trade finance.
* '''Deutsche Bank Research''' provides analysis of products, markets, and trading strategies.

===Private and Commercial Bank===

* '''Private & Commercial Clients Germany / International''' is the retail bank of Deutsche Bank. In Germany, it operates under two brands – Deutsche Bank and Postbank. Additionally, it has operations in Belgium, Italy, Spain and India. The businesses in Poland and Portugal are in the process of being sold.<ref>{{Cite web |date=14 December 2017 |title=Deutsche Bank sells chunk of Polish business to Santander |url=https://www.ft.com/content/a40e508a-e0ad-11e7-8f9f-de1c2175f5ce |archive-url=https://ghostarchive.org/archive/20221210/https://www.ft.com/content/a40e508a-e0ad-11e7-8f9f-de1c2175f5ce |archive-date=10 December 2022 |url-access=subscription |url-status=live |access-date=29 April 2018 |website=Financial Times}}</ref><ref>{{Cite web |date=27 March 2018 |title=Deutsche Bank To Sell Portuguese Private and Commercial Clients Business To Abanca |url=https://www.reuters.com/article/brief-deutsche-bank-to-sell-portuguese-p/brief-deutsche-bank-to-sell-portuguese-private-commercial-clients-business-to-abanca-idUSFWN1R905B |access-date=29 April 2018 |website=Reuters}}</ref><ref>{{Cite web |last=The Financial |date=28 May 2018 |title=Germany's biggest Private & Commercial Bank is launched |url=https://www.finchannel.com/~finchannel/business/banksandservices/73669-germany-s-biggest-private-commercial-bank-is-launched |access-date=29 May 2018 |website=finchannel.com}}</ref>{{update inline|date=April 2021}}
* '''Wealth Management''' functions as the bank's private banking arm, serving high-net-worth individuals and families worldwide. The division has a presence in the world's private banking hotspots, including Switzerland, Luxembourg, the Channel Islands, the Cayman Islands and Dubai.<ref>{{Cite web |title=Wealth Management – Locations |url=https://deutschewealth.com/content/deutschewealth/en/locations.html |access-date=29 April 2018 |website=Deutsche Bank}}</ref>

===Deutsche Asset Management (DWS)===
Deutsche Bank holds a majority stake in the listed asset manager DWS Group (formerly Deutsche Asset Management), which was separated from the bank in March 2018.

==Controversies==
Deutsche Bank in general as well as specific employees have frequently figured in controversies and allegations of deceitful behavior or illegal transactions. As of 2016, the bank was involved in some 7,800 legal disputes and calculated €5.4&nbsp;billion as litigation reserves,<ref>{{Cite web |title=Deutsche Bank: Neuer Skandal &#124; Börse Aktuell |url=http://boerse.ard.de/aktien/deutsche-bank-zwischen-ramsch-und-skandalen100.html |archive-url=https://web.archive.org/web/20170404093959/http://boerse.ard.de/aktien/deutsche-bank-zwischen-ramsch-und-skandalen100.html |archive-date=4 April 2017 |access-date=28 March 2017 |website=Boerse.ARD.de }}</ref> with a further €2.2&nbsp;billion held against other contingent liabilities.<ref name="Euromoney" /> According to the ''New Yorker'', Deutsche Bank has long had an "abject" reputation.<ref name=":6" /> Between 2008 and 2016, Deutsche Bank paid around nine billion dollars in fines and settlements related to wrongdoings across different issue areas.<ref name=":6" /> The [[Finance:FinCEN Files|FinCEN file]] leaks documented around $1.3&nbsp;trillion of suspicious transactions through Deutsche Bank between 1999 and 2017.<ref name=":6" /> More than half of all suspicious transactions involving major banks in the FinCEN files leaks involved Deutsche Bank.<ref name=":6" />

===Role in financial crisis of 2007–2008===
In January 2017, Deutsche Bank agreed to a $7.2&nbsp;billion settlement with the United States Department of Justice over its sale and pooling of toxic mortgage securities in the years leading up to the [[Finance:Financial crisis of 2007–2008|Financial crisis of 2007–2008]].  As part of the agreement, Deutsche Bank was required to pay a civil monetary penalty of $3.1&nbsp;billion and provide $4.1&nbsp;billion in consumer relief, such as loan forgiveness. At the time of the agreement, Deutsche Bank was still facing investigations into the alleged manipulation of foreign exchange rates, suspicious equities trades in Russia, as well as alleged violations of United States sanctions against Iran and other countries. Since 2012, Deutsche Bank had paid more than €12&nbsp;billion for litigation, including a deal with U.S. mortgage-finance giants Fannie Mae and Freddie Mac.<ref>{{Cite news |last=Freifeld |first=Karen |title=Deutsche Bank agrees to $7.2&nbsp;billion mortgage settlement with U.S. |url=https://www.reuters.com/article/us-deutsche-bank-mortgages-settlement-idUSKBN14C041 |access-date=13 January 2017 |website=Reuters|date=23 December 2016 }}</ref>

===Espionage scandal, 2009===
In 2009, the bank admitted it engaged in covert espionage on its critics from 2001 to 2007 directed by its corporate security department, although it characterized the incidents as "isolated".<ref name="WSJ">{{Cite news |last1=Crawford |first1=David |last2=Karnitschnig |first2=Matthew |date=3 August 2009 |title=Bank Spy Scandal Widens |work={{wipe|The Wall Street Journal}} |url=https://www.wsj.com/articles/SB124925060899599929 |access-date=27 January 2010}}</ref> According to ''{{wipe|The Wall Street Journal}}'', Deutsche Bank had prepared a list of names of people who it wanted investigated for criticism of the bank, including Michael Bohndorf (an activist investor in the bank), Leo Kirch (a former media executive in litigation with the bank), and the Munich law firm of Bub Gauweiler & Partner, which represented Kirch.<ref name=WSJ /> According to  the ''Wall Street Journal'', the bank's legal department was involved in the scheme along with its corporate security department.<ref name=WSJ /> The bank hired Cleary Gottlieb Steen & Hamilton to investigate the incidents on its behalf. The Cleary firm submitted its report, which however was not made public.<ref name=WSJ /> According to ''The Wall Street Journal'', the Cleary firm uncovered a plan by which Deutsche Bank was to infiltrate the Bub Gauweiler firm by having a bank [[Mole (espionage)|mole]] hired as an intern at the Bub Gauweiler firm. The plan was allegedly cancelled after the intern was hired but before she started work.<ref name=WSJ /> Peter Gauweiler, a principal at the targeted law firm, was quoted as saying "I expect the appropriate authorities including state prosecutors and the bank's oversight agencies will conduct a full investigation."<ref name=WSJ />

Deutsche Bank's law firm Cleary Gottlieb Steen & Hamilton in Frankfurt<ref>{{Cite press release |title=Deutsche Bank undertakes independent investigation |date=22 May 2009 |publisher=deutsche-bank.de |url=http://www.deutsche-bank.de/presse/en/content/press_releases_2009_4505.htm |access-date=28 January 2010 |archive-url=https://web.archive.org/web/20100601092546/http://www.deutsche-bank.de/presse/en/content/press_releases_2009_4505.htm |archive-date=1 June 2010 }}</ref> published a report in July 2009 saying,<ref name="press">{{Cite press release |title=Deutsche Bank gives update on inquiries |date=22 July 2009 |publisher=deutsche-bank.de |url=http://www.deutsche-bank.de/presse/en/content/press_releases_2009_4551.htm |access-date=27 January 2010 |archive-url=https://web.archive.org/web/20100601075226/http://www.deutsche-bank.de/presse/en/content/press_releases_2009_4551.htm |archive-date=1 June 2010 }}</ref> it found no systemic misbehaviour and there was no indication that present members of the management board had been involved in any activity that raises legal issues or has had any knowledge of such activities.<ref name=press/> This was confirmed by the Public Prosecutor's Office in Frankfurt in October 2009.<ref>{{Cite press release |title=Press release Public Prosecutor's Office in Frankfurt |date=8 October 2009 |publisher=sta-frankfurt.justiz.hessen.de |url=http://www.sta-frankfurt.justiz.hessen.de/irj/STA_Frankfurt_am_Main_Internet?rid=HMdJ_15/STA_Frankfurt_am_Main_Internet/sub/3e3/3e3300ea-27aa-2421-f012-f31e2389e481,,,11111111-2222-3333-4444-100000005003%26overview=true.htm |access-date=14 October 2010 |archive-url=https://web.archive.org/web/20110719040252/http://www.sta-frankfurt.justiz.hessen.de/irj/STA_Frankfurt_am_Main_Internet?rid=HMdJ_15%2FSTA_Frankfurt_am_Main_Internet%2Fsub%2F3e3%2F3e3300ea-27aa-2421-f012-f31e2389e481%2C%2C%2C11111111-2222-3333-4444-100000005003&overview=true.htm |archive-date=19 July 2011 }}</ref> BaFin found deficiencies in operations within Deutsche Bank's security unit in Germany but no systemic misconduct.<ref>{{Cite news |date=18 December 2009 |title=Deutsche Bank Probe Finds Individual Misconduct |work=The Wall Street Journal |url=https://www.wsj.com/articles/SB10001424052748704238104574601913577800846 |access-date=14 October 2010}}</ref> The bank said it took steps to strengthen controls for the mandating of external service providers by its Corporate Security Department.<ref name=press/>

===Deutsche Bank document release, 2014===
On 26 January 2014, William S. Broeksmit, a risk specialist at Deutsche Bank who was very close to Anshu Jain and hired by Edson Mitchell to spearhead Deutsche Bank's foray into international investments and money management in the 1990s, released numerous Deutsche Bank documents from the New York branch of the Deutsche Bank Trust Company Americas (DBTCA), which Broeksmit's adopted son Val Broeksmit, who is a close friend of Moby, later gave, along with numerous emails, to both Welt am Sonntag and ZDF, which revealed numerous irregularities including both a $10&nbsp;billion money laundering scheme spearheaded by the Russia branch of Deutsche Bank at Moscow, which the New York State Department of Financial Services fined Deutsche Bank $425&nbsp;million, and derivatives improprieties.<ref>{{Cite news |date=14 May 2017 |title=Was suicide of Deutsche Bank executive linked to Trump and Russia money-laundering? |url=https://www.dailykos.com/story/2017/5/14/1662227/-Was-suicide-of-Deutsche-Bank-executive-linked-to-Trump-and-Russia-money-laundering |access-date=12 October 2021}}[https://www.dailykos.com/stories/2017/5/14/1662227/-Was-suicide-of-Deutsche-Bank-executive-linked-to-Trump-and-Russia-money-laundering Was suicide of Deutsche Bank executive linked to Trump and Russia money laundering?]</ref><ref>{{Cite news |last=Laabs |first=Dirk |date=14 May 2017 |title=Deutsche Bank: Freitod offenbart System des verdrängten Risikos |language=de |work=DIE WELT |url=https://www.welt.de/wirtschaft/article164534406/Um-seine-Leiche-herum-lagen-interne-Dokumente-der-Deutschen-Bank.html |access-date=12 October 2021}}[https://www.welt.de/wirtschaft/article164534406/Um-seine-Leiche-herum-lagen-interne-Dokumente-der-Deutschen-Bank.html Um seine Leiche herum lagen interne Dokumente der Deutschen Bank]</ref><ref name="nytimes.com"/><ref>{{Cite news |last= Ian Spiegelman  |date=27 November 2019 |title=Former Deutsche Bank Exec Connected to Trump Loans Dies by Suicide in Malibu}}[https://www.lamag.com/citythinkblog/deutsche-bank-death/ Former Deutsche Bank Exec Connected to Trump Loans Dies by Suicide in Malibu]</ref><ref>{{Cite news |last=Stuart |first=Gwynedd |date=2 October 2019 |title=How Moby Reportedly Played a Role in an Unfolding Trump-Whistleblower Story |language=en-US |url=https://www.lamag.com/citythinkblog/moby-trump-whistleblower/ |access-date=12 October 2021}}[https://www.lamag.com/citythinkblog/moby-trump-whistleblower/ How Moby Reportedly Played a Role in an Unfolding Trump-Whistleblower Story]</ref><ref name="Me and My Whistle-Blower">{{Cite news |last=Enrich |first=David |date=1 October 2019 |title=Me and My Whistle-Blower |language=en-US |work=The New York Times |url=https://www.nytimes.com/2019/10/01/business/val-broeksmit-deutsche-bank-trump-whistle-blower.html |access-date=12 October 2021 |issn=0362-4331}}[https://www.nytimes.com/2019/10/01/business/val-broeksmit-deutsche-bank-trump-whistle-blower.html Me and My Whistle-Blower]</ref><ref name="ReferenceA"/>{{efn|Val Broeksmit (b. 1976, {{wipe|Ukraine}}) emigrated to {{wipe|Chicago}} in 1979 with his parents Alexander and Alla. Later, after his mother divorced his father and married Bill Broeksmit, he was adopted by Broeksmit when he was 9. Adam Schiff subpoenaed Val Broeksmit for the Broeksmit materials about Deutsche Bank to begin House of Representatives investigations into Trump and Deutsche Bank.<ref name="Me and My Whistle-Blower"/><ref>{{Cite news |last1=Flitter |first1=Emily |last2=Enrich |first2=David |date=15 April 2019 |title=Deutsche Bank Is Subpoenaed for Trump Records by House Democrats |language=en-US |work=The New York Times |url=https://www.nytimes.com/2019/04/15/business/deutsche-bank-trump-finances-congress.html |access-date=12 October 2021 |issn=0362-4331}}Deutsche Bank Is Subpoenaed for Trump Records by House Democrats</ref>}}

===Libor scandal, 2015===
On 23 April 2015, Deutsche Bank agreed to a combined US$2.5&nbsp;billion in fines – a US$2.175&nbsp;billion fine by American regulators, and a €227&nbsp;million penalty by British authorities – for its involvement in the [[Finance:Libor scandal|Libor scandal]] uncovered in June 2012. It was one of several banks colluding to fix interest rates used to price hundreds of trillions of dollars of loans and contracts worldwide, including mortgages and student loans.<ref name="NYTFine" /><ref name="ReutersFine" /> Deutsche Bank also pleaded guilty to wire fraud, acknowledging that at least 29 employees had engaged in illegal activity. It was required to dismiss all employees who were involved with the fraudulent transactions.<ref name=ReutersFine /> However, no individuals were charged with criminal wrongdoing. In a Libor first, Deutsche Bank will be required to install an independent monitor.<ref name="NYTFine">{{Cite news |last1=Protess |first1=Ben |last2=Jack Ewing |date=23 April 2015 |title=Deutsche Bank to Pay $2.5 Billion Fine to Settle Rate-Rigging Case |work={{wipe|The New York Times}} |url=https://www.nytimes.com/2015/04/24/business/dealbook/deutsche-bank-settlement-rates.html?ref=dealbook |access-date=23 April 2015}}</ref> Commenting on the fine, Britain's Financial Conduct Authority director Georgina Philippou said "This case stands out for the seriousness and duration of the breaches&nbsp;...  One division at Deutsche Bank had a culture of generating profits without proper regard to the integrity of the market. This wasn't limited to a few individuals but, on certain desks, it appeared deeply ingrained."<ref name="ReutersFine">{{Cite news |date=23 April 2015 |title=Deutsche Bank fined record $2.5&nbsp;billion in rate rigging inquiry |work=Reuters |url=https://www.reuters.com/article/us-deutschebank-libor-settlement-idUSKBN0NE12U20150423 |access-date=23 April 2015}}</ref> The fine represented a record for interest rate related cases, eclipsing a $1.5&nbsp;billion Libor related fine to UBS, and the then-record $450&nbsp;million fine assessed to Barclays earlier in the case.<ref name=ReutersFine /><ref name=NYTFine /> The size of the fine reflected the breadth of wrongdoing at Deutsche Bank, the bank's poor oversight of traders, and its failure to take action when it uncovered signs of abuse internally.<ref name=NYTFine />

=== U.S. sanctions violations, 2015 ===
On 5 November 2015, Deutsche Bank was ordered to pay US$258&nbsp;million (€237.2&nbsp;million) in penalties imposed by the New York State Department of Financial Services (NYDFS) and the United States Federal Reserve Bank after the bank was caught doing business with Burma, Libya, Sudan, Iran, and Syria, which were under US sanctions at the time. According to the US federal authorities, Deutsche Bank handled 27,200 US dollar clearing transactions valued at more than US$10.86&nbsp;billion (€9.98&nbsp;billion) to help evade US sanctions between early 1999 until 2006 which were done on behalf of Iranian, Libyan, Syrian, Burmese, and Sudanese financial institutions and other entities subject to US sanctions, including entities on the Specially Designated Nationals by the Office of Foreign Assets Control.<ref>{{Cite web |title=Deutsche Bank to pay US$258m for violating US sanctions |url=http://www.channelnewsasia.com/news/business/deutsche-bank-to-pay-us/2239426.html |archive-url=https://web.archive.org/web/20160106211442/http://www.channelnewsasia.com/news/business/deutsche-bank-to-pay-us/2239426.html |archive-date=6 January 2016 |access-date=5 November 2015 |publisher=Channel NewsAsia }}</ref><ref>{{Cite web |title=NYDFS Announces Deutsche Bank to Pay $258 Million, Install Independent Monitor, Terminate Employees for Transactions on Behalf of Iran, Syria, Sudan, Other Sanctioned Entities |url=http://www.dfs.ny.gov/about/press/pr1511041.htm |archive-url=https://web.archive.org/web/20151107170649/http://www.dfs.ny.gov/about/press/pr1511041.htm |archive-date=7 November 2015 |access-date=5 November 2015 |publisher=New York State Department of Financial Services }}</ref>

In response to the penalties, the bank will pay US$200&nbsp;million (€184&nbsp;million) to the NYDFS while the rest (US$58&nbsp;million; €53.3&nbsp;million) will go to the [[Finance:Federal Reserve|Federal Reserve]]. In addition to the payment, the bank will install an independent monitor, fire six employees who were involved in the incident, and ban three other employees from any work involving the bank's US-based operations.<ref>{{Cite web |title=Deutsche Bank fined $258m for violating US sanctions |url=https://www.theguardian.com/business/2015/nov/04/deutsche-bank-us-sanctions-fine |access-date=5 November 2015 |website=The Guardian |date=4 November 2015 |agency=Agence France-Presse}}</ref>

===Tax evasion, 2016===
In June 2016 six former employees in Germany were accused of being involved in a major tax fraud deal with CO<sub>2</sub> emission certificates, and most of them were subsequently convicted. It was estimated that the sum of money in the tax evasion scandal might have been as high as €850&nbsp;million. Deutsche Bank itself was not convicted due to an absence of corporate liability laws in Germany.<ref>{{Cite news |date=13 June 2016 |title=Steuerbetrug: Sechs Ex-Mitarbeiter der Deutschen Bank verurteilt |url=http://www.zeit.de/wirtschaft/unternehmen/2016-06/steuerbetrug-deutsche-bank-umsatzsteuer-landgericht-frankfurt |access-date=28 March 2017 |website=Die Zeit}}</ref>

=== Dakota Access Pipeline, 2016 ===
Environmentalists criticize Deutsche Bank for co-financing the controversial Dakota Access Pipeline, which is planned to run close to an Indian reservation and is seen as a threat to their livelihood by its inhabitants.<ref>{{Cite news |last=Tabuchi |first=Hiroko |date=7 November 2016 |title=Environmentalists Target Bankers Behind Pipeline |language=en-US |work=The New York Times |url=https://www.nytimes.com/2016/11/08/business/energy-environment/environmentalists-blast-bankers-behind-dakota-pipeline.html |access-date=5 March 2019 |issn=0362-4331}}</ref>

Deutsche Bank has issued a statement addressing the criticism it received from various environmental groups.<ref>{{Cite web |title=Preservation of sensitive, protected sites |url=https://www.db.com/newsroom/en/preservation-of-sensitive-protected-sites.htm |archive-url=https://web.archive.org/web/20170630224814/https://www.db.com/newsroom/en/preservation-of-sensitive-protected-sites.htm |archive-date=30 June 2017 |access-date=5 March 2019 |website=db.com}}</ref>

===Russian money-laundering operations===
In January 2017, the bank was fined $425&nbsp;million by the New York State Department of Financial Services (DFS)<ref>{{Cite web |date=30 January 2017 |title=DFS Fines Deutsche Bank $425 Million for Russian Mirror-Trading Scheme |url=http://www.dfs.ny.gov/about/press/pr1701301.htm |access-date=28 March 2017 |website=Dfs.ny.gov |archive-date=16 February 2017 |archive-url=https://web.archive.org/web/20170216204336/http://www.dfs.ny.gov/about/press/pr1701301.htm }}</ref> and £163&nbsp;million by the UK Financial Conduct Authority<ref>{{Cite news |last=Jill Treanor |title=Deutsche Bank fined $630m over Russia money laundering claims &#124; Business |work={{wipe|The Guardian}} |url=https://www.theguardian.com/business/2017/jan/31/deutsche-bank-fined-630m-over-russia-money-laundering-claims |access-date=28 March 2017}}</ref> regarding accusations of [[Finance:Money laundering|laundering]] $10&nbsp;billion out of Russia.<ref>{{Cite news |last=Thomas | first=Landon Jr. |date=30 January 2017 |title=Deutsche Bank Fined for Helping Russians Launder $10 Billion |work=The New York Times |url=https://www.nytimes.com/2017/01/30/business/dealbook/deutsche-bank-fined-for-helping-russians-launder-10-billion.html |access-date=30 January 2017}}</ref><ref>{{Cite news |last=Wang |first=Christine |date=30 January 2017 |title=Deutsche Bank to pay $425&nbsp;million fine over Russian money-laundering scheme: New York regulator |publisher=CNBC |url=https://www.cnbc.com/2017/01/30/deutsche-bank-to-pay-425-million-fine-over-russian-money-laundering.html |access-date=30 January 2017 |archive-date=31 January 2017 |archive-url=https://web.archive.org/web/20170131001021/http://www.cnbc.com/2017/01/30/deutsche-bank-to-pay-425-million-fine-over-russian-money-laundering.html }}</ref><ref>{{Cite news |date=30 January 2017 |title=Deutsche Bank Ends N.Y. Mirror-Trade Probe for $425 Million |publisher=Bloomberg L.P. |url=https://www.bloomberg.com/news/articles/2017-01-30/deutsche-bank-settles-n-y-mirror-trade-probe-for-425-million |access-date=30 January 2017}}</ref>

In the decade preceding the Russian mirror-trading scheme, Deutsche Bank was informed of substantial and widespread compliance concerns. The offsetting trades in this instance lacked economic purpose and could have been used to facilitate money laundering or other illegal activity.<ref>{{Cite web |date=2017 |title=CONSENT ORDER UNDER NEW YORK BANKING LAW §§ 39, 44 and 44-a |url=https://www.dfs.ny.gov/system/files/documents/2020/03/ea170130_deustche_bank.pdf |archive-url=https://web.archive.org/web/20210819120502/https://www.dfs.ny.gov/system/files/documents/2020/03/ea170130_deustche_bank.pdf |archive-date=19 August 2021 |publisher=NEW YORK STATE DEPARTMENT OF FINANCIAL SERVICES}}</ref> On 30 January 2017, the NYSDFS (New York State Department of Financial Services) fined Deutsche Bank $425&nbsp;million for violating New York's [[Finance:Money laundering#Anti-money laundering|anti-money laundering laws]]. There was a "mirror trading" scheme involved. Deutsche Bank's Moscow, London, and New York branches laundered $10&nbsp;billion out of Russia.<ref name=":2" />

The Global Laundromat scandal revealed Deutsche Bank's involvement in a vast money-laundering operation over the period 2010–2014. The operation may have involved as much as $80&nbsp;billion. In 2019, ''The Guardian'' reported that a confidential internal report at Deutsche Bank showed that the bank could face fines, legal action, and even possible prosecution of senior management over the bank's role in the money laundering.<ref>{{Cite web |date=17 April 2019 |title=Deutsche Bank faces action over $20bn Russian money-laundering scheme |url=http://www.theguardian.com/business/2019/apr/17/deutsche-bank-faces-action-over-20bn-russian-money-laundering-scheme |access-date=2 March 2022 |website=The Guardian |language=en}}</ref>

In 2020, it was reported that Deutsche Bank was pursuing an expansion of its Russia operations.<ref>{{Cite news |author=Patricia Kowsmann |author2=Jenny Strasburg |date=26 November 2020 |title=Outside Monitors Urge Deutsche Bank to Quit Russia |language=en-US |newspaper=The Wall Street Journal |url=https://www.wsj.com/articles/outside-monitors-urge-deutsche-bank-to-quit-russia-11606386601 |access-date=2 March 2022 |issn=0099-9660}}</ref>

In the wake of Russia's 2022 invasion of Ukraine, Deutsche Bank refused to close down its Russia business. At the same time, other banks and major businesses were exiting Russia.<ref>{{Cite web |last=Gilchrist |first=Karen |date=10 March 2022 |title=Deutsche Bank defends decision not to exit Russia: It's not 'practical' right now |url=https://www.cnbc.com/2022/03/10/deutsche-bank-says-not-practical-to-exit-russia-business.html |access-date=11 March 2022 |website=CNBC |language=en}}</ref>

In June 2023, the bank notified customers that it could no longer guarantee them access to the shares they hold on the basis of depositary receipts issued prior to February 2022. He explained this by the shortage of shares in the Russian depository. The bank also warned that it would be able to return the funds for the share significantly below the market price.<ref>{{Cite news |url=https://www.reuters.com/business/finance/deutsche-bank-tells-investors-some-their-russian-shares-are-missing-2023-06-26/|title=Exclusive: Deutsche Bank tells investors some of their Russian shares are missing|date=26 June 2023|work={{wipe|Reuters}}}}</ref>

=== Relationship with Donald Trump, 1995–2021===
{{anchor|Robert Mueller investigation}}

Deutsche Bank is widely recognized as being the largest creditor to real-estate mogul and politician Donald Trump,<ref>{{Cite news |last=Enrich |first=David |date=4 February 2020 |title=The Money Behind Trump's Money |language=en-US |work=The New York Times |url=https://www.nytimes.com/2020/02/04/magazine/deutsche-bank-trump.html |access-date=25 October 2023 |issn=0362-4331}}</ref><ref>{{Cite news |last1=Harding |first1=Luke |last2=Makortoff |first2=Kalyeena |date=13 January 2021 |title=Deutsche Bank joins companies cutting ties with Donald Trump |language=en-GB |work=The Guardian |url=https://www.theguardian.com/business/2021/jan/12/deutsche-bank-severs-ties-with-donald-trump |access-date=25 October 2023 |issn=0261-3077}}</ref><ref>{{Cite news |date=12 January 2021 |title=Trump dropped by biggest lender Deutsche Bank for future business: NYT |language=en |work=Reuters |url=https://www.reuters.com/article/us-usa-trump-deutsche-bank-idUSKBN29H0PM |access-date=25 October 2023}}</ref> 45th President of the United States, lending him and his company more than $2&nbsp;billion over twenty years ending 2020.<ref>{{Cite news |last1=Enrich |first1=David |last2=Protess |first2=Ben |last3=Rashbaum |first3=William K. |last4=Weiser |first4=Benjamin |date=5 August 2020 |title=Trump's Bank Was Subpoenaed by N.Y. Prosecutors in Criminal Inquiry |newspaper=The New York Times |url=https://www.nytimes.com/2020/08/05/nyregion/trump-taxes-vance-deutsche-bank.html }}</ref> The bank held more than $360 million in outstanding loans to him prior to his 2016 election. Although his 2019 final report never mentioned Deutsche Bank, as of December 2017, Special Counsel Robert Mueller investigated Deutsche Bank's role in Trump and Russian parties allegedly cooperating to elect him.<ref name="busin-2018">{{Cite web |last=Smith |first=Allan |date=8 December 2017 |title=Trump's long and winding history with Deutsche Bank could now be at the center of Robert Mueller's investigation |url=http://www.businessinsider.com/trump-deutsche-bank-mueller-2017-12 |access-date=29 January 2018 |website=Business Insider}}</ref> {{As of|2019|March}}, Deutsche Bank's relationship with Trump was also under investigation by two U.S. congressional committees and by the New York attorney general.<ref name="2019-03-18-nyt">{{Cite web |last=Enrich |first=David |date=18 March 2019 |title=A Mar-a-Lago Weekend and an Act of God: Trump's History With Deutsche Bank |url=https://www.nytimes.com/2019/03/18/business/trump-deutsche-bank.html |access-date=19 March 2019 |website=The New York Times}}</ref><ref>{{Cite news |last=Enrich |first=David |author-link=David Enrich |date=18 March 2019 |title=Deutsche Bank and Trump: $2 Billion in Loans and a Wary Board |newspaper=The New York Times |url=https://www.nytimes.com/2019/03/18/business/deutsche-bank-donald-trump.html |access-date=8 November 2019 }}</ref><ref name="TrakingTrumpInvestigationsNYT">{{Cite news |last1=Buchanan |first1=Larry |last2=Yourish |first2=Karen |date=25 September 2019 |title=Tracking 30 Investigations Related to Trump |work=The New York Times |url=https://www.nytimes.com/interactive/2019/05/13/us/politics/trump-investigations.html |access-date=8 November 2019}}</ref>

In April 2019, House Democrats subpoenaed the Bank for Trump's personal and financial records.<ref>{{Cite web |last1=Flitter |first1=Emily |last2=Enrich |first2=David |date=15 April 2019 |title=Deutsche Bank Is Subpoenaed for Trump Records by House Democrats |url=https://www.nytimes.com/2019/04/15/business/deutsche-bank-trump-finances-congress.html |access-date=16 April 2019 |website={{wipe|The New York Times}}}}</ref><ref>{{Cite web |author1=Kara Scannell |author2=Jeremy Herb |date=16 April 2019 |title=House committees issue subpoenas to Deutsche Bank, JP Morgan Chase, Citigroup, Bank of America to probe Trump's finances |url=https://www.cnn.com/2019/04/15/politics/deutsche-bank-subpoena/index.html |access-date=16 April 2019 |website=CNN}}</ref><ref>{{Cite web |author1=Zachary Warmbrodt |author2=John Bresnahan |date=15 April 2019 |title=House Democrats subpoena Deutsche Bank in Trump investigation |url=https://www.politico.com/story/2019/04/15/democrats-subpoena-deutsche-bank-1277199 |access-date=16 April 2019 |website=Politico}}</ref><ref>{{Cite web |last1=Hosenball |first1=Mark |author-link=Mark Hosenball |last2=Beech |first2=Eric |last3=Zargham |first3=Mohammad |last4=Osterman |first4=Cynthia |last5=Adler |first5=Leslie |date=15 April 2019 |title=House panels issue subpoenas to Deutsche Bank, others in Trump probe |url=https://www.reuters.com/article/us-usa-trump-russia-banks-idUSKCN1RR2FW |access-date=16 April 2019 |website=Reuters.com}}</ref><ref>{{Cite news |last=Demijian |first=Karoun |author-link=Karoun Demirjian |date=15 April 2019 |title=House Democrats subpoena Deutsche Bank, other financial institutions tied to Trump |url=https://www.washingtonpost.com/world/national-security/house-democrats-subpoena-deutsche-bank-other-financial-institutions-tied-to-trump/2019/04/15/00d0042e-5fee-11e9-9ff2-abc984dc9eec_story.html |access-date=16 April 2019 |newspaper=Washington Post}}</ref> On 29 April 2019, U.S. President Donald Trump, his business, and his children Donald Trump Jr., Eric Trump, and Ivanka Trump sued Deutsche Bank and [[Company:Capital One|Capital One]] bank to block them from turning over financial records to congressional committees.<ref>{{Cite web |last=Alesci |first=Cristina |author-link=Cristina Alesci |date=30 April 2019 |title=Trump team sues Deutsche Bank and Capital One to keep them from turning over financial records to Congress |url=https://www.cnn.com/2019/04/29/politics/trump-lawsuit-capital-one/index.html |access-date=30 April 2019 |website=CNN}}</ref> On 22 May 2019, judge Edgardo Ramos of the federal District Court in Manhattan rejected the Trump suit against Deutsche Bank, ruling the bank must comply with congressional subpoenas.<ref>{{Cite news |last1=Flitter |first1=Emily |last2=McKinley |first2=Jesse |last3=Enrich |first3=David |author-link3=David Enrich |last4=Fandos |first4=Nicholas |date=22 May 2019 |title=Trump's Financial Secrets Move Closer to Disclosure |newspaper=The New York Times |url=https://www.nytimes.com/2019/05/22/business/deutsche-bank-trump-subpoena.html }}</ref> Six days later, Ramos granted Trump's attorneys their request for a [[Social:Stay of proceedings|stay]] so they could pursue an expedited appeal through the courts.<ref>{{Cite news |last=Merle |first=Renae |date=28 May 2019 |title=House subpoenas for Trump's bank records put on hold while president appeals |url=https://www.washingtonpost.com/business/2019/05/29/house-subpoenas-trumps-bank-records-put-hold-while-president-appeals/ |access-date=8 November 2019 |newspaper=The Washington Post}}</ref> In October 2019, a federal appeals court said the bank asserted it did not have Trump's tax returns.<ref>{{Cite news |date=11 October 2019 |title=Deutsche Bank tells U.S. court it does not have Trump's tax returns |newspaper=Reuters |url=https://www.reuters.com/article/us-usa-trump-tax-deutsche-bank-idUSKBN1WP28E |via=www.reuters.com}}</ref> In December 2019, the Second Circuit Court of Appeals ruled that Deutsche Bank must release Trump's financial records, with some exceptions, to congressional committees; Trump was given seven days to seek another stay pending a possible appeal to the Supreme Court.<ref>{{Cite web |last=Enrich |first=David |date=3 December 2019 |title=Trump Loses Appeal on Deutsche Bank Subpoenas |url=https://www.nytimes.com/2019/12/03/business/trump-deutsche-bank-subpoena.html | work={{wipe|The New York Times}}}}</ref>

In May 2019, ''{{wipe|The New York Times}}'' reported  that anti-money laundering specialists in the bank detected what appeared to be suspicious transactions involving entities controlled by Trump and his son-in-law Jared Kushner, for which they recommended filing [[Finance:Suspicious activity report|suspicious activity report]]s with the Financial Crimes Enforcement Network of the Treasury Department, but bank executives rejected the recommendations. One specialist noted money moving from Kushner Companies to Russian individuals and flagged it in part because of the bank's previous involvement in a Russian money-laundering scheme.<ref>{{Cite news |last=Enrich |first=David |date=19 May 2019 |title=Deutsche Bank Staff Saw Suspicious Activity in Trump and Kushner Accounts |work={{wipe|The New York Times}} |url=https://www.nytimes.com/2019/05/19/business/deutsche-bank-trump-kushner.html |access-date=8 November 2019}}</ref><ref>{{Cite web |last=Mullen |first=Jethro |date=31 January 2017 |title=Deutsche Bank fined for $10 billion Russian money-laundering scheme |url=https://money.cnn.com/2017/01/31/investing/deutsche-bank-us-fine-russia-money-laundering/index.html |access-date=8 November 2019 |website=CNN Money}}</ref>

On 19 November 2019, Thomas Bowers, a former Deutsche Bank executive and head of the American wealth management division, was reported to have committed suicide in his Malibu home.<ref>{{Cite web |last1=Levai |first1=Eric |last2=Stedman |first2=Scott |date=27 November 2019 |title=Deutsche Bank Executive Who Signed Off On Trump Loans Kills Himself At Age 55 |url=https://forensicnews.net/2019/11/27/deutsche-bank-executive-who-signed-off-on-trump-loans-kills-self-at-age-55/ |archive-date=27 November 2019 |archive-url=https://web.archive.org/web/20191127190450/https://forensicnews.net/2019/11/27/deutsche-bank-executive-who-signed-off-on-trump-loans-kills-self-at-age-55/}}</ref> Bowers had been in charge of overseeing and personally signing over $360 million in high-risk loans for Trump's National Doral Miami resort.<ref>Flitter, Emily; Enrich, David (15 April 2019). "Deutsche Bank Is Subpoenaed for Trump Records by House Democrats". ''The New York Times''. Retrieved 16 April 2019.</ref> The loans had been subject to a criminal investigation by special counsel Robert Mueller in his investigation of the president's 2016 campaign involvement in Russian election meddling. Documents on those loans have also been subpoenaed from Deutsche Bank by the House Democrats together with the financial documents of the president. A relationship between Bowers's responsibilities and apparent suicide has not been established; the Los Angeles County Medical Examiner – Coroner closed the case, giving no indication to wrongdoing by third parties.<ref>{{Cite web |title=Los Angeles County Medical Examiner-Coroner |url=https://mec.lacounty.gov/case-detail/?caseNumber=2019-08698 |archive-date=27 November 2019 |archive-url=https://web.archive.org/web/20191127183008/https://mec.lacounty.gov/case-detail/?caseNumber=2019-08698}}</ref>

In early 2021, Deutsche Bank elected to discontinue its relationship with Donald Trump following the January 6 United States Capitol attack.<ref>{{Cite web |last=Egan |first=Charles Riley and Matt |date=12 January 2021 |title=Deutsche Bank won't do any more business with Trump |website=CNN |url=https://www.cnn.com/2021/01/12/investing/deutsche-bank-trump/index.html}}</ref>

=== Fine for business with Jeffrey Epstein, 2020 ===
Deutsche Bank lent money and traded currencies for the well-known sex offender Jeffrey Epstein up to May 2019, long after Epstein's 2008 guilty plea in Florida to soliciting prostitution from underage girls, according to news reports.<ref>{{Cite tweet |number=1149116131250266112 |user=davidenrich |title=Exclusive: @DeutscheBank had an extensive relationship with Jeffrey Epstein, lending him money and providing trading services — up until May 2019, when the bank cut him off.https://www.nytimes.com/2019/07/10/business/jeffrey-epstein-net-worth.html |author=David Enrich |date=10 July 2019 |access-date=11 July 2019}}</ref><ref name=":2">{{Cite news |last1=Stewart |first1=James B. |last2=Goldstein |first2=Matthew |last3=Kelly |first3=Kate |last4=Enrich |first4=David |date=10 July 2019 |title=Jeffrey Epstein's 'Infinite Means' May Be a Mirage |language=en-US |work=The New York Times |url=https://www.nytimes.com/2019/07/10/business/jeffrey-epstein-net-worth.html |access-date=11 July 2019 |issn=0362-4331}}</ref><ref>{{Cite web |last1=Metcalf |first1=Tom |last2=Robinson |first2=Matt |date=10 July 2019 |title=Deutsche Bank ended its relationship with Jeffrey Epstein this year |url=https://www.bostonglobe.com/news/nation/2019/07/10/deutsche-bank-ended-its-relationship-with-jeffrey-epstein-this-year/ysdWK3tkvmj4XGFpkn1c6O/story.html |access-date=11 July 2019 |website=The Boston Globe |language=en-US}}</ref> Epstein and his businesses had dozens of accounts through the private-banking division.<ref name=":0">{{Cite news |last1=Enrich |first1=David |last2=Becker |first2=Jo |date=23 July 2019 |title=Jeffrey Epstein Moved Money Overseas in Transactions His Bank Flagged to U.S. |language=en-US |work=The New York Times |url=https://www.nytimes.com/2019/07/23/business/jeffrey-epstein-deutsche-bank.html |access-date=24 July 2019 |issn=0362-4331}}</ref><ref>{{Cite news |last=Hong |first=Jenny Strasburg and Nicole |title=Jeffrey Epstein's Financial Trail Goes Through Deutsche Bank |url=https://www.wsj.com/articles/jeffrey-epsteins-financial-trail-goes-through-deutsche-bank-11563911131 |access-date=24 July 2019 |newspaper=The Wall Street Journal |date=23 July 2019 |language=en-US}}</ref> From 2013 to 2018, "Epstein, his related entities and his associates" had opened over forty accounts with Deutsche Bank.<ref name="NYT_20200707" />

According to ''The New York Times'', Deutsche Bank managers overruled compliance officers who raised concerns about Epstein's reputation''.''<ref name=":2" />

The bank found suspicious transactions in which Epstein moved money out of the United States, ''The Times'' reported.<ref name=":0" />

On 7 July 2020, the New York Department of Financial Services (DFS) imposed a $150&nbsp;million penalty on Deutsche Bank, in connection with Epstein. The bank had "ignored red flags on Epstein".<ref name="NYT_20200707">{{Cite news |last=Goldstein |first=Matthew |date=7 July 2020 |title=Deutsche Bank Settles Over Ignored Red Flags on Jeffrey Epstein |work=The New York Times |url=https://www.nytimes.com/2020/07/07/business/jeffrey-epstein-deutsche-bank-settlement.html |access-date=7 July 2020 |issn=0362-4331}}</ref><ref name="DFS_PR_20200707">{{Cite press release |title=Superintendent Lacewell Announces DFS Imposes $150 Million Penalty on Deutsche Bank in Connection with Bank's Relationship with Jeffrey Epstein and Correspondent Relationships with Danske Estonia And FBME Bank |date=7 July 2020 |url=https://www.dfs.ny.gov/reports_and_publications/press_releases/pr202007071 |access-date=7 July 2020 |work=Department of Financial Services}}</ref>

On 24 November, two unnamed women that accused Epstein of sexual abuse and sex trafficking also sued Deutsche Bank for its role in enabling Epstein to run his sex-trafficking operations by ignoring red flags regarding his account and the withdrawal of suspiciously high sums of money.<ref>{{cite news|url=https://www.bbc.com/news/business-63750504 | title=Jeffrey Epstein victims sue several major banks | date=25 November 2022 | publisher=BBC News |access-date=25 November 2022}}</ref>

=== Involvement in Danske Bank money-laundering scandal, 2018 ===
On 19 November 2018, a whistleblower of the [[Finance:Danske Bank money laundering scandal|Danske Bank money laundering scandal]] stated that a large European bank was involved in helping Danske process $150&nbsp;billion in suspect funds.<ref name="Reuters2018-11-19">{{Cite news |last1=Jensen |first1=Teis |last2=Gronholt-Pedersen |first2=Jacob |date=19 November 2018 |title=Danske whistleblower says big European bank handled $150 billion in... |language=en-US |work={{wipe|Reuters}} |url=https://www.reuters.com/article/us-danske-bank-moneylaundering/danske-whistleblower-says-big-european-bank-handled-150-billion-in-payments-idUSKCN1NO0ZR |access-date=20 November 2018 |archive-url=https://web.archive.org/web/20181217002110/https://www.reuters.com/article/us-danske-bank-moneylaundering/danske-whistleblower-says-big-european-bank-handled-150-billion-in-payments-idUSKCN1NO0ZR |archive-date=17 December 2018}}</ref> Although the whistleblower, Howard Wilkinson, did not name Deutsche Bank directly, another inside source claimed the institute in question was Deutsche Bank's U.S. unit.<ref>{{Cite web |last1=Arons |first1=Steven |last2=Barnert |first2=Jan-Patrick |last3=Comfort |first3=Nicholas |date=20 November 2018 |title=Deutsche Bank Hits Record Low on New Worry Over Danske Role |url=https://www.bloomberg.com/news/articles/2018-11-20/deutsche-bank-hits-another-record-low-on-money-laundering-worry?srnd=premium-europe |archive-url=https://web.archive.org/web/20181129162444/https://www.bloomberg.com/news/articles/2018-11-20/deutsche-bank-hits-another-record-low-on-money-laundering-worry |archive-date=29 November 2018 |access-date=20 November 2018 |website=bloomberg.com}}</ref>
In 2020 it became known that the U.S. arm of Deutsche Bank processed more than $150&nbsp;billion of the $230&nbsp;billion dirty money through New York, for which it was fined 150 million $. After a raid in 2019, Frankfurt-based prosecutors imposed a fine of $15.8&nbsp;million in 2020 for DB's failure on more than 600 occasions to promptly report suspicious transactions.<ref name="icij">{{Cite news |last=Simon Bowers |date=16 October 2020 |title=German prosecutors drop probe into Deutsche Bank ties to Estonian dirty money scandal – ICIJ |language=en-US |url=https://www.icij.org/investigations/fincen-files/german-prosecutors-drop-probe-into-deutsche-bank-ties-to-estonian-dirty-money-scandal/ |access-date=13 October 2021}}</ref>

===Improper handling of ADRs, 2018===

On 20 July 2018, Deutsche Bank agreed to pay nearly $75&nbsp;million to settle charges of improper handling of "pre-released" [[Finance:American depositary receipt|American depositary receipt]] (ADRs) under investigation of the U.S. Securities and Exchange Commission (SEC). Deutsche Bank didn't admit or deny the investigation findings but agreed to pay disgorgement of more than $44.4&nbsp;million in ill-gotten gains plus $6.6&nbsp;million in prejudgment interest and a penalty of $22.2&nbsp;million.<ref>{{Cite web |title=SEC.gov {{!}} Deutsche Bank to Pay Nearly $75 Million for Improper Handling of ADRs |url=https://www.sec.gov/news/press-release/2018-138 |access-date=8 March 2019 |website=sec.gov}}</ref><ref>{{Cite news |date=20 July 2018 |title=Deutsche to pay $75 million to settle ADRs abuses case, U.S. SEC says |language=en |work=Reuters |url=https://www.reuters.com/article/us-usa-sec-idUSKBN1KA274 |access-date=8 March 2019}}</ref>

=== Malaysian 1MDB fund ===
In July 2019, U.S. prosecutors investigated Deutsche Bank's role in a multibillion-dollar fraud scandal involving the [[Company:1Malaysia Development Berhad|1Malaysia Development Berhad]], or 1MDB.<ref>{{Cite news |author=Aruna Viswanatha |author2=Bradley Hope |author3=Jenny Strasburg |title=U.S. Investigating Deutsche Bank's Dealings With Malaysian Fund 1MDB |url=https://www.wsj.com/articles/u-s-investigating-deutsche-bank-s-dealings-with-malaysian-fund-1mdb-11562798907 |access-date=11 July 2019 |website=The Wall Street Journal |date=10 July 2019 |language=en-US}}</ref><ref name="NYTMalaysia">{{Cite news |last=Flitter |first=Emily |date=10 July 2019 |title=Deutsche Bank Caught Up in Scandal Over Malaysian 1MDB Fund |language=en-US |work=The New York Times |url=https://www.nytimes.com/2019/07/10/business/deutsche-bank-1mdb-malaysia.html |access-date=11 July 2019 |issn=0362-4331}}</ref> Deutsche Bank helped raise $1.2&nbsp;billion for the 1MDB in 2014.<ref name="NYTMalaysia" /> As of May 2021 Malaysia sued Deutsche Bank to recover billions in alleged losses from a corruption scandal at the fund.<ref>{{Cite news |date=10 May 2021 |title=Malaysia sues Deutsche Bank, JP Morgan, Coutts over 1MDB |language=en |work=Reuters |url=https://www.reuters.com/world/asia-pacific/malaysia-sues-deutsche-bank-jp-morgan-coutts-over-1mdb-2021-05-10/ |access-date=13 October 2021}}</ref>

=== Commodities trading, bribery fine, 2021 ===
In January 2021, Deutsche Bank agreed to pay a U.S. fine of more than $130&nbsp;million for a scheme to conceal bribes to foreign officials in countries such as Saudi Arabia and {{wipe|China}}, and the city of [[Place:Abu Dhabi|Abu Dhabi]], between 2008 and 2017 and a commodities case where it [[Finance:Spoofing|spoofed]] precious metals futures.<ref>{{Cite news|last=Wolf|first=Brett|date=13 January 2021|title=Deutsche Bank reaches $130 million settlement over U.S. bribery, commodities|language=en|work=Reuters|url=https://www.reuters.com/article/bc-finreg-deutsche-bribery-settlement-idUSKBN29I2VF|access-date=24 February 2021}}</ref><ref>{{Cite web|date=8 January 2021|title=Deutsche Bank Agrees to Pay over $130 Million to Resolve Foreign Corrupt Practices Act and Fraud Case|url=https://www.justice.gov/opa/pr/deutsche-bank-agrees-pay-over-130-million-resolve-foreign-corrupt-practices-act-and-fraud|access-date=24 February 2021|website=www.justice.gov|language=en}}</ref><ref>{{Cite web |last=Welle (www.dw.com) |first=Deutsche Welle |date= 8 January 2021 |title=Deutsche Bank handed $124 million in bribery fines by US court |url=https://www.dw.com/en/deutsche-bank-handed-124-million-in-bribery-fines-by-us-court/a-56176485 |access-date=24 February 2021 |website=Deutsche Welle |language=en-GB}}</ref>

=== Strip club scandal, 2022 ===
In March 2022, Ben Darsney, Ravi Raghunathan, Brandon Sun, and Daniel Gaona were exposed for trying to expense strip club nights out as legitimate business visits.  Brandon Sun attempted to cover up the incident, but the bankers were let go for violating the Company Code of Conduct.<ref>{{cite news | url=https://www.bloomberg.com/news/articles/2022-03-25/deutsche-bank-fired-senior-bankers-over-expensed-strip-club-bill | title=Deutsche Bank Fired Senior Bankers over Strip Club Bill | newspaper=Bloomberg.com | date=25 March 2022 }}</ref><ref>{{cite web | url=https://nypost.com/2022/03/25/deutsche-bank-execs-fired-after-corporate-strip-club-visit/ | title=Deutsche Bank executives fired after charging strip club visit to company | date=25 March 2022 }}</ref>

== Leadership ==
After Deutsche Bank was first organized in 1870, the Management Board was represented by a Speaker ({{lang-de|Vorstandssprecher}}). Beginning in February 2012, the bank has been led by two co-CEOs; in July 2015 it announced it would be led by one CEO beginning in 2016.<ref>{{Cite web |title=Deutsche Bank Annual Report |url=https://annualreport.deutsche-bank.com/2012/ar/deutschebankgroup/corporateprofile/managementstructure.html |access-date=19 November 2015 |archive-date=4 March 2016 |archive-url=https://web.archive.org/web/20160304023637/https://annualreport.deutsche-bank.com/2012/ar/deutschebankgroup/corporateprofile/managementstructure.html }}</ref>

* Hermann Josef Abs, Speaker of the Board 1957-1967
* Karl Klasen, co-Speaker of the Board 1967-1969
* Franz Heinrich Ulrich, co-Speaker of the Board 1967-1976<ref>{{Cite news |date=31 May 2012 |title=Banken: Chronologie: Vorstandssprecher der Deutschen Bank |language=de-DE |work=Die Zeit |url=http://www.zeit.de/news/2012-05/31/banken-chronologie-vorstandssprecher-der-deutschen-bank-31224037 |access-date=8 April 2018 |issn=0044-2070}}</ref>
* Wilfried Guth, co-Speaker of the Board 1976-1985
* Friedrich Wilhelm Christians, co-Speaker of the Board 1976-1988
* Alfred Herrhausen, Speaker of the Board 1985-1989
* Hilmar Kopper, Speaker of the Board 1989-1997
* Rolf-Ernst Breuer, Speaker of the Board 1997-2002
* Josef Ackermann, Speaker of the Board (2002-2006), CEO 2006-2012<ref>{{Cite news |title=Der Außenminister, der Kanzler-Neffe und Mr. Peanuts |newspaper=Süddeutsche Zeitung |url=http://www.sueddeutsche.de/geld/vorstandssprecher-der-deutschen-bank-der-aussenminister-der-kanzler-neffe-und-mr-peanuts-1.1118740-8 |access-date=8 April 2018 |date=12 July 2011 |language=de}}</ref>
* Anshu Jain, co-CEO 2012-2015<ref>{{Cite news |last=Dakers |first=Marion |date=2017 |title=Former Deutsche Bank boss Anshu Jain takes up new role at Cantor Fitzgerald |language=en-GB |work=The Daily Telegraph |url=https://www.telegraph.co.uk/business/2017/01/03/former-deutsche-bank-boss-anshu-jain-takes-new-role-cantor-fitzgerald/ |access-date=8 April 2018 |issn=0307-1235}}</ref>
* Jürgen Fitschen, co-CEO 2012-2016<ref name=":1" />
* John Cryan, co-CEO 2015-2016, CEO 2016-2018<ref name=":1">{{Cite news |last=Bray |first=Chad |date=19 May 2016 |title=Jürgen Fitschen to Stay With Deutsche Bank in New Role |language=en-US |work=The New York Times |url=https://www.nytimes.com/2016/05/20/business/dealbook/jurgen-fitschen-to-stay-with-deutsche-bank-in-new-role.html |access-date=8 April 2018 |issn=0362-4331}}</ref>
* Christian Sewing, CEO since 2018<ref>{{Cite news |date=8 April 2018 |title=Neue Führung: Christian Sewing wird Chef der Deutschen Bank |work=Spiegel Online |url=http://www.spiegel.de/wirtschaft/unternehmen/deutsche-bank-christian-sewing-folgt-auf-john-cryan-a-1201848.html |access-date=9 April 2018}}</ref>

Other notable employees and officers have included: 
* Paul Achleitner, long-time chairman of the supervisory board
* Michael Cohrs, former head of Global Banking (2002–2010)
* Sir John Craven – financier in London
* David Folkerts-Landau, head of Research
* Katherine Garrett-Cox, supervisory board member
* Henry Jackson – founder of OpCapita
* Sajid Javid, former managing-director (2007–2009)
* Josh Frydenberg, former director of global banking (2005)
* Otto Hermann Kahn – philanthropist
* Karl Kimmich, former chair (1942–1945)
* Philip May, spouse of a former prime minister of the United Kingdom
* Steven Reich – CEO of Deutsche Bank Trust Company Americas, associate deputy attorney general (2011–2013)
* Georg von Siemens, co-founder and director (1870–1900)
* Georg Solmssen, former chair (short time 1933)
* Johannes Teyssen, (chair of the management board of E.ON)
* Ted Virtue – executive board member
* Hermann Wallich, co-founder and director (1870–1893)
* Boaz Weinstein – derivatives trader
* Chandra Wilson – actress

==See also==
*Cash Group
*[[Social:List of largest banks|List of largest banks]]
*[[Social:List of corporate collapses and scandals|List of corporate collapses and scandals]]

==Sources==
* David Enrich, ''Dark Towers: Deutsche Bank, Donald Trump, and an Epic Trail of Destruction'', Custom House (2020) {{ISBN|978-0-06-287881-6}} - The story of Deutsche Bank.<ref>{{Cite book |last=Enrich |first=David |title=Dark Towers: Deutsche Bank, Donald Trump, and an Epic Trail of Destruction |publisher=Custom House |year=2020 |isbn=978-0-06-287881-6|location=New York}}</ref>

==Notes==
{{Notelist}}

==References==
{{Reflist}}

== External links ==
* {{Finance links
| symbol = DB
| sec_cik = DB
| google = NYSE:DB
| yahoo = DB
| bloomberg = DB:US
| reuters = DB
| nasdaq = DB
}}
* {{PM20|FID=co/042092|TEXT=Documents and clippings about|NAME=}}
* [http://www.bankgeschichte.de/index_e.html Historical Association of Deutsche Bank]
* [https://portal.mvp.bafin.de/database/InstInfo/institutDetails.do?cmd=loadInstitutAction&institutId=100003&locale=en_GB Deutsche Bank] in the Federal Financial Supervisory Authority (BaFin) database
* [https://portal.dnb.de/opac.htm?method=showFullRecord&currentResultId=%22%5C%222002604-3%5C%22%22%26any&currentPosition=1 Literature by and about Deutsche Bank] in the German National Library

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{{Sourceattribution|Deutsche Bank}}