The money network:

The money network:

Why crowdfunding threatens traditional bank lending

The truth about Asian investment banking

February 2007

Deutsche Bank



The Champions League of investment banking

How we calculated the investment banking Champions League table

Director of football: Josef Ackermann
Age: 58
Appointed: 2002
Value added: 25% pa (5th)
Chop rating: 3/5

Ackermann came through the Mannesmann bung inquiry, but his domestic fan base remains sceptical despite amazing achievements on the international stage

Head coaches: Anshu Jain (43, 2004) and Michael Cohrs (50, 2004)


Star players:
Many consider Anshu Jain the key to Deutsche’s success. Beneath him, the early retirement of Hope Pascucci leaves Rajeev Misra , global head of credit trading and securitization, as the key player in Deutsche’s unique formation

Rising star: Yassine Bouhara, the head of global markets equity, has had a terrific couple of years. Pablo Calderini, global head of emerging markets, is a key figure in the growth of the business

Weakest link: Debt business is still over-reliant on Europe, with success in the US patchy at best, and the firm was unusually late to the commodities bull market. Increasingly successful in M&A but can Deutsche maintain this when the market slows? And suspicions remain that its risk-taking strategy could backfire if the credit markets suffer a major correction


Key transfers 2006:

IN: Caio Koch-Weser (vice-chairman, from the German ministry of finance); Mel Gunewardena (global head of fixed income, from Goldman Sachs); David Silbert (global head of commodities, from Merrill Lynch)

OUT: Hope Pascucci (global head of European and Asian capital markets, semi-retirement); Michael Raynes (global head of CDO origination, structuring and distribution, to Citigroup)


2006 capital markets performance (▼/▲ 2005)

Overall fees: $3,157mln (+18.4%) 8th (no move)
DCM: $1,401.6mln (+8.9%) 3rd (▼1)
ECM: $813mln (+20.1%) 8th (no move)
M&A: $942mln (+34.1%) 8th (▲1)
FX market share: 19.26% (+2.54%) 1st (no move)

Rankings 2006:

Return on equity: 20.8% (9th)
Growth of earnings: 37% (8th)
Market cap: $69.9bln (13th)

Champions League position 2006: 9th
If Deutsche were a Champions League team it would be: Chelsea. Fervent supporters believe Anshu Jain is a ‘special one’. The talent at his disposal leads many to believe Deutsche can make it all the way. Sceptics remember the days before Deutsche was a leading contender, and believe high-risk tactics could bring them back down to earth





































































Summary table of top banks, with quick links to more related content on euromoney.com

Is the banking boom sustainable?

The investment banking Champions League 2006
Euromoney's unscientific guide to the industry's leading firms
  Click on the firm's name below to read commentary Overall fees RoE GoE Mark cap Total
1 Goldman Sachs 32 16 14 9 71
2 Morgan Stanley 26 11 16 8 61
3 JP Morgan 28 1 15 14 58
4 Citigroup 30 5 1 16 52
4 UBS 22 14 3 13 52
6 Credit Suisse 20 10 11 7 48
7 Merrill Lynch 24 6 10 6 46
8 Barclays 10 14 8 10 42
9 Deutsche Bank 18 8 9 4 39
10 HSBC 8 2 13 15 38
11 Lehman Brothers 16 12 6 2 36
12 BNP Paribas 6 9 7 11 33
13 Bear Stearns 14 4 12 1 31
14 Société Générale 2 15 5 5 27
15 ABN Amro 12 7 2 3 24
16 RBS 4 3 4 12 23
Source: Dealogic, Annual reports, Euromoney


































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