April 20, 2005

Deutsche Bank significantly strengthens Cash Equitiy Trading

Managing Director Robert Karofsky and seven officers join from Morgan StanleyDeutsche Bank Securities Inc. today announced that Robert Karofsky will join the firm as a Managing Director, Global Head of Program Trading & Direct Markets Access and Americas Co-Head of Cash Equities. Karofsky will join Deutsche Bank after 14 years at Morgan Stanley, where he was most recently Managing Director and U.S. Head of Cash Equity Trading. 

Karofsky will report to Ralph Reynolds, Head of Global Cash Equities & Program Trading, Finance & Prime Services, and to Thomas Gahan, Head of Corporate and Investment Banking Americas and CEO of Deutsche Bank Securities Inc.

David Manlowe was named Americas Co-Head of Cash Equities with Karofsky, with joint responsibility for Research Sales, Sales Trading and Trading. Manlowe will also retain his responsibilities as Head of Americas Company Research.  Manlowe joined Deutsche Bank in 1998 and has held several leadership roles including Global Head of Chemicals Equity Research and Head of Americas Equity Research. 

David Baker, formerly Global Head of Program Trading, will move into a senior management position within the bank's equities proprietary trading group.

Additionally, the firm announced that Joseph Ferrarese will join as Managing Director and Americas Head of Cash Trading, reporting to Karofsky and Manlowe.  Ferrarese also will join from Morgan Stanley, where he was Managing Director and Head of New York Stock Exchange Floor Operations.  Ferrarese had been with Morgan Stanley for 17 years and held prior positions as Risk Manager for U.S. Cash Trading and Head of NASDAQ Trading.

Other additions to Deutsche Bank's Cash Equities Trading team will include Donald Healy, Brian Rigney and Eric Shenker as Managing Directors and Brian Dugan, William Mathews and John Pastorelli as Directors.  All will join from Morgan Stanley.

"Commitment to clients, excellence in risk management and innovation have been pillars of Global Markets' strategy. Robert and his team share these values," said Anshu Jain, Head of Global Markets and a Member of the Group Executive Committee. "They will be integral to our ongoing drive to achieve market leadership in North America and in cash equities globally."

"Having a strong presence in U.S. equities is vital to our overall success in the region," said Gahan.  "Hiring world-class professionals like Robert to run our business is the strongest sign of our determination to continue investing in our U.S. securities platform."

"These hires demonstrate Deutsche Bank's commitment to providing our clients with the best coverage and execution in the equities product set," added Reynolds. "We're also delighted to have this opportunity to allow David Baker to fulfill his longstanding ambition to move into a proprietary trading position."



For further information, please call:

Deutsche Bank

Rohini Pragasam   001-212-250-4516
Press and Media Relations


About Deutsche Bank

With Euro 840 billion in assets and 65,400 employees, Deutsche Bank offers unparalleled financial services in 74 countries throughout the world. Deutsche Bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.

Deutsche Bank ranks among the global leaders in corporate banking and securities, transaction banking, asset management, and private wealth management, and has a significant private & business banking franchise in Germany and other selected countries in Continental Europe.

Deutsche Bank Securities Inc. is the investment banking and securities arm of Deutsche Bank AG in the United States.