Deutsche Bank
In a difficult year for banks in Western Europe, especially in Germany, Deutsche Bank has been able to not only more than double its profits but it has managed to transform itself through a number of strategic initiatives. The bank defied market sentiment in proving its ability to control its cost base while continuing to grow strong businesses in corporate and investment banking and private client and asset management.
In 2002, Deutsche reduced its operating costs by 14%, at the same time as it increased private client and asset management revenues threefold and became a top five global fund manager and number one in Europe. The bank captured 500,000 new private and business clients across Europe, bringing the total to 12.5 million at the end of 2002. It also claims to be the second largest manager of European pension funds and the leading equities house in Europe. In addition, Deutsche won the Interest Rate Swaps award in The Banker’s Investment Banking Awards this year.
Deutsche is seen as the leading European investment bank, having key franchises in the debt and equity markets. But it is also strong in personal banking, where its European footprint includes Italy, Spain, Portugal, Poland, Belgium as well as Germany. Its European franchise was also strengthened this year with the acquisition of Swiss bank Rud, Blais & Cie.
Given its leading position in euro-denominated bond issuance and in overall bond issuance in Europe, Deutsche has a variety of claims to being Bank of the Year in Western Europe.
“Our gratifying business performance is the outcome of a fundamental transformation of Deutsche Bank over the last 15 months, based on the implementation of our strategic initiatives. By concentrating on core businesses, the group’s operating leverage continues to improve steadily,” notes Josef Ackerman, chairman of the group executive committee.
