[A-List] Germany & the imperialist chain: Deutsche Bank

["Keaney Michael" <Michael.Keaney@xxxxxx>]

Ackermann to head institute
By Alan Beattie
Financial Times; Oct 01, 2002

Josef Ackermann, chairman of the group executive committee of Deutsche
Bank, will next June succeed Sir John Bond as chairman of the Institute
of International Finance, the assocation of more than 300 of the world's
leading financial institutions.

William Rhodes, senior vice-chairman of Citibank/Citigroup and well
known internationally for his work in the negotiations of the 1980s
Latin American debt crisis, will become the IIF's first vice-chairman.

Ackermann takes over at a time when the IIF is at the thick of a debate
over creating a new international bankruptcy procedure for governments
that cannot pay their debts. The IIF has led criticism from the private
sector of the International Monetary Fund's plan for a judicial
procedure to arbitrate between debtors and creditors.

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New UK chief for Deutsche Bank
By Lina Saigol
Financial Times; Oct 02, 2002

The management restructuring at Deutsche Bank under new chief executive
Josef Ackermann looks set to continue following the appointment of a new
chairman of Deutsche Bank London.

Charles Aldington, 54, has been appointed as the new face of Deutsche in
the UK, with a brief to improve the bank's overall profile in the wider
community.

Responsibilities will include working with different business units
internally, as well as liaising with regulators, government officials
and clients.

Deutsche currently has more than 10,000 employees in London. It is the
largest trader on the London Stock Exchange in terms of volume and is a
leading primary dealer in the gilts market.

Deutsche Bank's investment banking division, which includes the old
Morgan Grenfell, went through a period of instability after its
acquisition of Bankers Trust four years ago.

However, under the leadership of Michael Cohrs, global head of corporate
finance, the bank has worked to integrate the product and coverage
groups and has provided clients with service teams specific to their
needs.

As a result, Deutsche confounded its critics this year when it took the
top slot in UK merger and acquisition advisory work for the first time
since the 1980s, for the first, second and third quarters.

Don Johnston, head of European M&A at Deutsche, said the firm was
starting to reap the rewards from the investments it had made in the
advisory business. "The firm has matured a lot in the last three to four
years with a more specialised focus and a better calibre of people."

Aldington's appointment comes at a time when Ackermann is trying to
drive up Deutsche Bank's sagging share price by reinventing Deutsche as
a "new style universal bank" focused on investment and private banking.

Under his new plan, Ackermann aims to cut costs by EUR2bn (£1.25bn),
equivalent to 10 per cent of costs, by 2003. He also plans to sell
non-core, low-profit businesses and to restructure retail and private
banking. The sale of Deutsche's industrial holdings to fund a EUR4bn
share buy-back programme is also under way.