Deutsche Bank
Deutsche Bank AG (German for German Bank) is a multinational bank operating worldwide and employing almost 70,000 people (2004). Its headquarters are located in Frankfurt, Germany. Its chairman currently is Josef Ackermann.
The culture has been to focus on business success, with empowered teams developing their own IT systems to do what is necessary to deliver. Following a series of mergers and acquisitions and competitive pressure on cost from outside the bank, Deutsche Bank now is integrating and modernizing its IT. The historic culture has meant that there are often several systems to do one job.
History
Deutsche Bank was founded in Germany in 1870 as a specialist bank for foreign trade. During the first three decades of the 20th century it expanded quickly and merged with other local German banks. Its involvement with the Nazis during the Third Reich led to a break-up of into three parts after the war:
- Norddeutsche Bank AG
- Süddeutsche Bank AG
- Rheinisch-Westfälische Bank AG
Nevertheless in 1957 the three banks merged again. Other mergers followed, such as with Morgan Grenfell, London in 1989 and with Bankers Trust in New York in 1999.
