IR Releases - Archive

June 9, 2000

Annual General Meeting

More than 4000 shareholders assemble today to the Ordinary Annual General Meeting of Deutsche Bank AG in Frankfurt. Among other agenda points approval is requested from shareholders for the proposed dividend payment of EUR 1.15 per non par value share. The dividend is payable on Monday, 12 June 2000 despite the fact that this is a Bank holiday in Germany.

Dr. Rolf-E. Breuer, Spokesman of the Group Board, highlighted, inter alia, the following points in his opening remarks:
  • The excellent performance of the Deutsche Bank share in 1999 (+ 76%).
  • The successful integration of Bankers Trust and the creation of a leading global investment bank.
  • The cornerstones of Deutsche Bank's strategy for the future.

New Appointments to the Management Board

The Supervisory Board at its meeting yesterday appointed Edson Mitchell and Michael Philipp to the Group Board. Until now, both have been members of the Divisional Board of Global Corporates and Institutions (GCI), where Edson Mitchell was responsible for Global Markets and Michael Philipp for Global Equities. With immediate effect, Michael Philipp will assume Board-level responsibility for Asset Management. Edson Mitchell will run GCI's two sales and trading Divisions, Global Markets and Global Equities.

Dr Josef Ackermann will remain Chairman of the GCI Divisional Board and retain overall management responsibility for GCI. This move also permits Dr Ackermann to devote greater top management focus to building out our Corporate and Investment Banking area. In particular, Dr Ackermann will lead GCI's effort to strengthen Deutsche Bank's top-level relationships with our large corporate and institutional clients.

The Group Board is strengthened by the addition of two outstanding bankers, whose achievements while at Deutsche Bank have been remarkable. Under Edson Mitchell and Michael Philipp, Deutsche Bank's fixed income and equities capabilities have been transformed into world-class sales and trading platforms. In the first quarter 2000, Global Markets and Global Equities together contributed over EUR 1 billion of pre-tax profit, or 50% of DB Group's pre-tax profit before Corporate Center and Other allocations.

These appointments will allow Deutsche Bank to benefit from considerable cross-business synergies. A unified management team under Edson Mitchell, covering Global Markets and Global Equities, will bring considerable benefits. Michael Philipp's appointment to lead Asset Management signals our determination to maximise co-ordination between our asset gathering and asset distribution / investment banking businesses.

Unified management team for GCI Sales and Trading

Global Equities has now reached a size and the scale comparable to Global Markets, which allows us to reap substantial synergies from a unified management team. The two Business Divisions will remain two separate structures, with two P&L's and separate bonus pools, but will produce synergies in a number of key areas:  

  • A unified approach to serving our institutional clients. Two salesforces will work with maximum co-ordination to distribute the full range of GCI products to institutions.
  • A greater range of products, particularly hybrid products, developed jointly across equities and fixed income. In both Global Markets and Equities, Deutsche Bank is an acknowledged world leader in derivatives. We will now expand this capability int
  • Greater synergies between debt and equity capital markets, including high yield, and convertible instruments. We will offer a more seamless approach to primary capital market product.
  • Greater leverage of research. We can now implement a holistic approach to equity, fixed income and credit research, with increased efficiency and control over the overall research budget.
  • A unified approach to risk management. With tightly co-ordinated control of our risk diversification, by product and country / region, we will achieve additional synergies of value at risk and deployment of capital.
  • A unified e-business strategy. Via common development of client portals, and web-enabled routing and settlement capabilities, we will continue to position GCI as a leader in "front-to-back" web-based sales and trading.
  • Further improvements in the cost-income ratio, thanks to cost synergies in the area of IT/Operations and other back-office functions.

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