Deutsche Bank AG is a global investment and corporate bank with a large private wealth-management business. Germany's biggest bank and one of the world's largest investment banks, Deutsche Bank is based in Frankfurt and has operations in more than 72 countries.
With investment banking at the heart of its business, the bank has weathered the financial crisis better than other big German banks. Deutsche Bank has moved away from making loans to German companies, and has increasingly focused on its investment-banking activities in London and New York. Its corporate-banking unit is concentrating more on restructuring and mergers and acquisitions in 2009. The bank has also recently been coping with the fallout of a corporate-spying scandal, as reported by The Wall Street Journal.
Deutsche has sought to diversify its revenue streams with acquisitions of private bank Sal Oppenheim, a stake in Deutsche Postbank AG and the commercial banking assets of ABN Amro in the Netherlands.
While Deutsche Bank has been consolidating and retooling operations, it has also been hiring. Notably, it recently recruited high-profile bankers from Bank of America Merrill Lynch
To sidestep the one-time U.K. tax and other similar regulatory measures in the pipeline, the bank planned to raise staff salaries by as much as 30% and cut variable pay.