Deutsche Bank Ag Legal Entity
During World War II, Deutsche Bank assumed responsibility for the administration of the Bohemian Union Bank in Prague with branches in the Protectorate and Slovakia, the Association of Banks in Yugoslavia (which has now been divided into two financial companies, one in Serbia and the other in Croatia), the Albert de Barry Bank in Amsterdam, the National Bank of Greece in Athens, Creditanstalt-Bankverein in Austria and Hungary, the German-Bulgarian Credit Bank in Bulgaria and Banca Comercială Română (the Romanian commercial bank) in Bucharest. It also maintained a branch in Istanbul, Turkey. The New York Department of Financial Services (DFS) imposed a $150 million fine on Deutsche Bank on July 7, 2020, in connection with Epstein. The bank had «ignored the red flags on Epstein.» [139] [140] From 2013 to 2018, «Epstein, his affiliates and employees» had opened more than forty accounts with Deutsche Bank. [139] Deutsche Bank Aktiengesellschaft («Deutsche Bank AG» or «the Bank») is entitled to carry out banking transactions and provide financial services within the meaning of the German Banking Act. In response to the penalties, the bank will pay $200 million (€184 million) to the NYDFS, while the rest ($58 million; €53.3 million) will go to the Federal Reserve. In addition to payment, the bank will install an independent monitor, fire six employees involved in the incident, and exclude three other employees from any work affecting the bank`s U.S.-based operations. [105] The bank is still under investigation by the U.S. Department of Justice and the New York State Department of Financial Services for possible sanctions violations related to the 2014/15 Ukrainian crisis and its activities in Russia. [106] The company is a universal bank with three main divisions: Private & Commercial Banking, Corporate & Investment Banking (CIB) and Asset Management (DWS).
The investment banking business often has a large flow of transactions. In January 2016, Deutsche Bank had previously reported a pre-tax loss of around €6.1 billion and a net loss of around €6.7 billion for 2015. [64] Following this announcement, a Citi banking analyst said: «We believe that a capital increase now seems inevitable and see an equity shortfall of up to €7 billion, with Deutsche Bank potentially being forced to incur new litigation costs of €3-4 billion in 2016. €.» [65] In 1972, the bank created the famous blue «Slash in a Square» logo – designed by Anton Stankowski and intended to represent growth within a risk control framework. [90] In May 2009, Deutsche Bank informed the public that management had become aware of possible violations of the Bank`s internal procedures or legal requirements related to the activities related to the Bank`s Corporate Security Department in recent years. Deutsche Bank immediately entrusted the law firm Cleary Gottlieb Steen & Hamilton in Frankfurt with an independent investigation[94] and informed the Swiss Financial Supervisory Authority (BaFin). The law firm`s key findings, published in July 2009,[95] revealed four incidents that raised legal issues, such as privacy or privacy concerns. In all incidents, activities resulted from certain mandates executed by external service providers on behalf of the Bank`s Corporate Security Department.
Incidents were isolated, no systemic misconduct was identified, and there was no indication that current board members were involved in or aware of any activity that raises legal issues. [95] This was confirmed by the Frankfurt Public Prosecutor`s Office in October 2009. [96] BaFin found deficiencies in the activities within Deutsche Bank`s security unit in Germany, but found no systemic misconduct on the part of the bank. [97] The Bank has taken steps to strengthen controls over the engagement of external service providers by its Department of Ministerial Security and their activities. [95] On 5 November 2015, Deutsche Bank was ordered to pay fines of €258 million. USD (€237.2 million) imposed by the New York State Department of Financial Services and the US 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 U.S. federal authorities, Deutsche Bank processed 27,200 U.S. dollar clearing transactions worth more than $10.86 billion (€9.98 billion) between early 1999 and 2006 to circumvent U.S. sanctions applied on behalf of Iranian, Libyan, Syrian, Burmese, Sudanese financial institutions and other companies subject to U.S. sanctions. including those imposed by the Office of Foreign Asset Control on specially designated persons.
National companies. [103] [104] After Germany`s defeat in World War II, Allied authorities ordered the dissolution of Deutsche Bank into ten regional banks in 1948. These 10 regional banks were merged into three major banks in 1952: Norddeutsche Bank AG; Süddeutsche Bank AG; and Rheinisch-Westfälische Bank AG. In 1957, these three banks merged to form Deutsche Bank AG, based in Frankfurt. Deutsche Bank AG is a limited company incorporated under German law with its registered office in Frankfurt am Main. It is registered with the District Court of Frankfurt am Main under number HRB 30 000 and is authorised to carry out banking operations and provide financial services. Supervisory authorities: European Central Bank (ECB), Sonnemannstraße 22, 60314 Frankfurt am Main, Germany and Federal Financial Supervisory Authority (BaFin), Graurheindorfer Straße 108, 53117 Bonn and Marie-Curie-Straße 24-28, 60439 Frankfurt am Main, Germany. In 1989, with the acquisition of Morgan, Grenfell & Co., a British investment bank, the first steps were taken to create a significant investment banking presence in investment banking. In the mid-1990s, the establishment of a capital markets operation began with the arrival of a number of high-level personalities from major competitors.
Ten years after the acquisition of Morgan Grenfell, the American company Bankers Trust was added. Bankers Trust suffered significant losses in the summer of 1998 because the bank held a significant position in Russian government bonds,[30] but avoided financial collapse by being acquired by Deutsche Bank in November 1998 for $10 billion. [31] This has made Deutsche Bank the fourth largest asset management company in the world after UBS, Fidelity Investments and the Japanese Post Life Insurance Fund. [31] At the time, Deutsche Bank held a 12% stake in DaimlerChrysler, but U.S. banking laws prohibit banks from owning industrial businesses, so Deutsche Bank received an exemption from this prohibition from Congress through the 1978 legislation. [31] The Bank`s network spans 58 countries with a strong presence in Europe, America and Asia. [4] From 2017 to 2018, Deutsche Bank was the 17th largest bank in the world in terms of total assets. [5] As Germany`s largest banking institution, it is part of the DAX stock market index.