(
German for ''German Bank'') is a multinational
Bank operating worldwide and employing almost 64,000 people (
Dec. 2005 ). Its headquarters are located in
Frankfurt Am Main ,
Germany . Dr.
Josef Ackermann is its CEO and Chairman of the executive committee, Dr.
Rolf Breuer is the Chairman of the Supervisory Board.
''Deutsche Bank'' was founded in Germany on
January 22 ,
1870 as a specialist bank for
Foreign Trade in
Berlin by the private banker
Adelbert Delbruck and the politician
Ludwig Bamberger . Its first branches outside Germany were opened in
London (
1873 ),
Shanghai (
1872 ) and
Yokohama (1872). The first directors were Wilhelm Platenius,
Georg Siemens and Hermann Wallich. Deutsche Bank acquired the banks Berliner Bank-Verein and Deutsche Union-Bank in
1876 and became then the largest bank in Germany, surpassing the
Disconto-Gesellschaft .
Major projects in its first decades included the
Northern Pacific Railroad in the
United States (1883) and the
Baghdad Railway (1888). It also financed bond offerings of the steel concern
Krupp (1885) and introduced the chemical company
Bayer on the Berlin stock market.
During the first three decades of the
20th Century it expanded quickly and merged with other local German banks, eventually merging with the Disconto-Gesellschaft in
1929 .
After and loaned the funds used to build the
Auschwitz extermination camp. Deutsche Bank's involvement in Auschwitz was finally revealed in February 1999 when the bank came under scrutiny during its bid for US bank
Bankers Trust .
In December 1999 Deutsche, along with other major German companies, contributed to a $5.2 billion compensation fund following lawsuits brought by Holocaust survivors.[http://treasurer.ca.gov/holocaust/germanbank.htm
Following Germany's defeat in the war, Allied authorities ordered Deutsche's breakup into ten regional banks on
April 1 ,
1948 . These 10 regional banks were later consolidated into 3 major banks in
1952 :
- Norddeutsche Bank AG
- Süddeutsche Bank AG
- Rheinisch-Westfälische Bank AG
In
1957 these three banks merged and other takeovers followed, such as the
GDR 's state bank with
German Reunification in
1990 ;
London Investment Bank ''
Morgan Grenfell '' in
1989 ; ''
Bankers Trust '' in
New York and
Crédit Lyonnais Belgium in
Brussels in
1999 .
On
September 11 ,
2001 the
Deutsche Bank Building located at 130 Liberty Street in
New York City and acquired two years earlier as part of the merger with ''
Bankers Trust '' was damaged beyond repair as a result of the
September 11, 2001 Terrorist Attacks . Large pieces of debris from the towers hit the Deutsche Bank building and sliced a large hole into its center, destroying its main entrance and lobby.
Deutsche Bank sued their insurance carriers to require them to pay out the claims and in
December 2004 Deutsche Bank settled with the insurance carriers and then sold the building to the
Lower Manhattan Redevelopment Corporation . http://www.renewnyc.com/plan_des_dev/130Liberty/default.asp
Deutsche Bank relocated most of its NYC Area units on 60 Wall Street - acquired earlier in 2001.
As of September 7th 2005 the Demolition work on the Deutsche Bank Building was to progress, and
continue on for the next 7 to 8 months, expanding the WTC site with another 30,000 square feet of space.
In March 2006 human remains were found by construction workers cleaning toxic waste from this vacant skyscraper near the World Trade Center site. They found more bone fragments and human remains & the city medical examiner's office plans to extract DNA from the latest remains and try to match it against a database of the 2,749 people killed at the trade center on September 11, 2001. Fire Department crews had inspected the building in the months following the attacks, but construction workers clearing gravel off the rooftop found 10 bone fragments there last fall. The new remains were found in recent weeks by crews doing a more thorough cleaning before construction workers begin dismantling the building in May, said John Gallagher, spokesman for the Lower Manhattan Development Corp.
Some victims' family members said forensic experts should search the 41-story building again. Two human remains were found January 27 on the 38th floor of the building. The Deutsche Bank building has been vacant since the terrorist attacks, when part of the south tower tore a gash in the building. Deconstruction of the building, which is contaminated with asbestos, lead and trade center dust, began in September.
On
April 13 ,
2006 , it was announced that over 300 more bone fragments had been discovered on the roof of the building.
Deutsche Bank is organized in three Group Divisions: Corporate and Investment Bank,
Private Clients and Asset Management and Corporate Investments.
http://www.db.com/en/content/company/organizational_structure.htm
