Deutsche Bank has earned the accolade of the best private bank in Cayman in the prestigious Euromoney private banking survey 2007. The survey reflects the opinions of both advisers to private clients and other wealth management companies. The survey also takes into account a wide range of factors including assets under management, profitability, ratio of clients to relationship managers and the services offered, states a press release.
The results of the survey include an impressive list of the world’s best private banks, fund and investment management houses and private client stockbrokers. The survey provides a qualitative and quantitative review of the best services in private banking, organized by region and areas of service.
Deutsche Bank
Deutsche Bank AG (literally “German Bank”) is a German global banking and financial services company with its headquarters in the Deutsche Bank Twin Towers in Frankfurt. It has more than 100,000 employees in over 70 countries, and has a large presence in Europe, the Americas, Asia-Pacific and the emerging markets. In 2009, Deutsche Bank was the largest foreign exchange dealer in the world with a market share of 21 percent. The company is a component of the Euro Stoxx 50 stock market index.
The bank offers financial products and services for corporate and institutional clients along with private and business clients. Deutsche Bank’s core business is investment banking, which represents 50% of equity, 75% of leverage assets and 50% of profits. Services include sales, trading, research and origination of debt and equity; mergers and acquisitions (M&A); risk management products, such as derivatives, corporate finance, wealth management, retail banking, fund management, and transaction banking.
On 26 July 2011, along with its second quarter earnings report, Deutsche Bank reported that Anshu Jain, head of investment banking and Juergen Fitschen, head of the German business, would replace Josef Ackermann as co-CEOs starting in 2012. Fears that Deutsche Bank could neglect its German roots and expand risk-taking activities prompted key members of the supervisory board to opt for the dual CEO model. Deutsche Bank is listed on both the Frankfurt (FWB) and (NYSE).
On 7 June 2015, the co-CEOs, Juergen Fitschen and Anshu Jain, both offered their resignations to the bank’s supervisory board, which resignations were accepted. Anshu Jain’s resignation took effect on 30 June 2015, but he provided consultancy to the bank until January 2016. Juergen Fitschen will temporarily continue as joint CEO until 19 May 2016. The appointment of John Cryan as joint CEO was announced, effective 1 July 2015; he will become sole CEO at the end of Juergen Fitschen’s term.
In January 2014 Deutsche Bank reported a €1.2 billion ($1.6 billion) pre-tax loss for the fourth quarter of 2013. This came after analysts had predicted a profit of nearly €600 million, according to FactSet estimates. Revenues slipped by 16% versus the prior year.
In January 2016, Deutsche Bank pre-announced a 2015 loss before income taxes of approximately EUR 6.1 billion and a net loss of approximately EUR 6.7 billion. Following this announcement, a bank analyst at 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.”
According to the Scorpio Partnership Global Private Banking Benchmark 2014 the company had US$384.1bn of assets under management, an increase of 13.7% on 2013.
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