QUOTE AND NEWS
Forbes  Oct 3  Comment 
When you look at Deutsche Bank's EPS estimates, growth rates and valuation metrics the downgrade doesn't make sense.
Benzinga  Oct 2  Comment 
On Thursday, Brian Bedell of Deutsche Bank released a year-end strategy report on Brokers, Asset Managers and Exchanges. The analyst favors owning shares of Nasdaq OMX Group, Inc. (NASDAQ: NDAQ) along with InterContinental Exchange (NYSE:...
SeekingAlpha  Oct 1  Comment 
By SA Transcripts: Alaska Communications Systems Group, Inc. (NASDAQ:ALSK) Deutsche Bank 22nd Annual Leveraged Finance Conference October 1, 2014 2:25 PM ET Executives Anand Vadapalli - President and CEO Laurie Butcher - VP, Finance ...
Wall Street Journal  Oct 1  Comment 
Deutsche Bank AG has frozen the payment of millions of euros in bonuses to current and former senior executives to reflect the risks from legal investigations, people familiar with the matter said.
newratings.com  Sep 30  Comment 
Deutsche Bank AG: Release according to Article 26, Section 1 of the WpHG [the German Securities Trading Act] with the objective of Europe-wide distribution Deutsche Bank AG 30.09.2014 16:39 Dissemination of a Voting Rights Announcement,...
Benzinga  Sep 30  Comment 
Foot Locker, Inc. (NYSE: FL) stands to benefit from the "sneaker culture" which increasingly appears less like a fad and more like a lasting historical epoch, an analyst said Monday. Sales of children's footwear have been growing at an annual...
The Economic Times  Sep 29  Comment 
"The S&P upgrade should be seen as an acknowledgement of the fact that macro indicators are no longer deteriorating. They have stabilised. "
DailyFinance  Sep 25  Comment 
The ADT Corporation (NYSE: ADT) today announced that Senior Vice President and Treasurer, Ravi Tulsyan, will present at the 2014 Deutsche Bank Leveraged Finance Conference on Tuesday, September 30, 2014 at The Phoenician in...




 
TOP CONTRIBUTORS

Deutsche Bank AG (NYSE:DB) is a global financial services firm that offers various financial and investment products to individual, corporate, and institutional clients. Deutsche Bank operates in three divisions: Corporate and Investment Bank, which advises corporate and institutional clients on structuring financial transactions and provides debt and equity issuance; Private Clients and Asset Management, which serves retail and institutional clients and high net worth individuals; and Corporate Investments, which manages the firm’s investments, including its alternative assets. Deutsche Bank’s other offerings include life insurance and mortgage products and services.

Business Overview

Founded in 1870, Deutsche Bank AG was established as an international financial services firm aimed at promoting trading between Germany and other markets throughout Europe and the world. Since then, Deutsche Bank has grown into a leading financial services firm, offering a wide range of financial and related products and services. With nearly 78,000 employees and $2.67 trillion in assets, Deutsche Bank is one of the largest financial institutions in the world.[1]

The firm operates in three divisions:

  • Corporate and Investment Bank (CIB) advises institutional clients on how to structure and execute transactions like mergers and acquisitions. CIB also handles the origination, sale, and trading of equities, debt, and other types of securities.[2]
  • Private Clients and Asset Management (PCAM) provides investment advisory and management services to both institutional and retail investors. Deutsche Bank’s private banking division, which serves high-net-worth individuals and families as well as certain small businesses, also operates within the PCAM segment.
  • Corporate Investments (CI) manages Deutsche Bank’s own investments, including alternative assets like private equity and real estate investments; CI also includes a portfolio of industrial holdings, but these are being eliminated. This segment’s performance depends on changes in the values of its holdings, making it more variable and uncontrollable than Deutsche Bank’s other divisions.

Business & Financial Metrics[3]

In 2009, DB generated a net income of €4.95 billion on revenues of €27.95 billion. This represents a turnaround from 2008, when the company incurred a net loss of €3.90 billion on €13.61 billion in revenues.

Trends and Forces

Declining global M&A activity

When economic conditions take a turn for the worse, fewer firms look to buy and sell other companies, leading to lower revenues for Deutsche Bank and other investment banks that structure these types of transactions. The spreading effects of the credit crunch and the slowdown in the U.S. housing market could drive down the frequency of mergers and acquisitions worldwide. Deutsche Bank would be especially hard hit by a global slowdown in M&A activity since its Corporate and Investment Bank division accounts for well over half of the firm’s pretax income.[4]

Competition

As a diversified financial services firm, Deutsche Bank’s operations span both investment banking and retail banking. Since over half of its profits come from investment banking, however, it’s most often compared to other I-banks such as Goldman Sachs Group (GS), Morgan Stanley (MS), and Merrill Lynch (MER). As Deutsche Bank pares down its retail operations to focus on higher-margin investment banking segments, this comparison will continue to become more appropriate.

References

  1. Deutsche Bank Interim Report as of September 30, 2007 - Fact Sheet
  2. Deutsche Bank Interim Report as of September 30, 2007 - Segmental Results of Operations 9M2007
  3. DB 2009 20-F pg. 2  
  4. Deutsche Bank Annual Report 2006 - Results by Segment
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