entire - Deutsche Bank Annual Report 2012

Deutsche Bank 01 – Management Report 4
Financial Report 2010 Operating and Financial Review
Operating and Financial Review
The following discussion and analysis should be read in conjunction with the consolidated financial statements
and the related notes to them. Our consolidated financial statements for the years ended December 31, 2010
and 2009 have been audited by KPMG AG Wirtschaftsprüfungsgesellschaft that issued an unqualified opinion.
Deutsche Bank Group
Our Organization
Headquartered in Frankfurt am Main, Germany, we are the largest bank in Germany, and one of the largest
financial institutions in Europe and the world, as measured by total assets of € 1,906 billion as of December 31,
2010. As of that date, we employed 102,062 people on a full-time equivalent basis and operated in 74 countries
out of 3,083 branches worldwide, of which 68 % were in Germany. We offer a wide variety of investment, financial
and related products and services to private individuals, corporate entities and institutional clients around
the world.
Group Divisions
We are organized into the Group Divisions Corporate & Investment Bank (CIB), Private Clients and Asset
Management (PCAM) and Corporate Investments (CI).
Corporate & Investment Bank
In CIB, we carry out our capital markets business including our origination, sales and trading activities in debt,
equity and other securities, as well as our advisory, credit and transaction banking businesses. CIB’s institutional
clients are public sector clients like sovereign countries and multinational organizations, and private sector clients
like medium-sized companies and multinational corporations.
CIB is further sub-divided into the Corporate Divisions Corporate Banking & Securities (CB&S) and Global
Transaction Banking (GTB).
CB&S includes the Business Divisions Markets and Corporate Finance, which globally carry out our securities
origination, sales and trading businesses, as well as our mergers and acquisitions advisory and corporate
finance businesses.
GTB includes our product offerings in trade finance, cash management and trust & securities services for financial
institutions and other companies.
Private Clients and Asset Management
PCAM is further sub-divided into the Corporate Divisions Asset and Wealth Management (AWM) and Private &
Business Clients (PBC).
AWM consists of the Asset Management Business Division (AM) and the Private Wealth Management Business
Division (PWM). The global retail mutual fund business of our subsidiary DWS forms part of AM. Furthermore,
AM offers a variety of products to institutional clients like pension funds and insurance companies, including
traditional investments, hedge funds as well as specific real estate investments. PWM offers its products
globally to high net worth clients and ultra high net worth individuals, their families and selected institutions.
PWM offers its demanding clients an integrated approach to wealth management, including succession planning
and philanthropic advisory services.