First European branch of Deutsche Bank outside Germany
The London branch soon became Deutsche Bank’s most important office. Its business activities focused on financing overseas trade. It did not take long, however, for precious metals trading and its securities underwriting business to gain in importance. The London Agency also took part in a number of initial public offerings. Just before the First World War, 330 people worked for Deutsche Bank in England’s capital. However, the outbreak of the First World War put a sudden end to the London Agency’s business activities. At the beginning of August 1914, the offices were closed and the assets confiscated. Ultimately, the bank’s building was even put up for auction in 1917.
The complicated settlement of the London Agency’s liquidation continued until 1928, which was an indication of just how large and important its business had become. In the years between the wars, Deutsche Bank did not return to London. Instead, the bank focused on the financial center in New York, which played a key role in providing capital to the German economy in the 1920s. Following the Second World War and the reorganization of Germany’s big banks, which was not completed until 1957, Deutsche Bank was reserved for a long time as far as its international representation was concerned.
The bank did not return to London until 16.1.1973, when it set up an office there, later converting it into a branch on 15.1.1976. This was actually Deutsche Bank’s first foreign branch following the Second World War. The new branch was housed in a building at 10 Moorgate, which meant the bank’s office, as in the past, was in the direct vicinity of the Bank of England. In 1981, however, the bank’s employees, whose ranks had grown in the meantime to more than 150, moved into the office tower at 6 Bishopsgate. German companies operating in the United Kingdom formed the basis for this business. In addition, client relations were established with British companies. Alongside this, both foreign exchange and money market trading were important. The economic growth and liberalization of the financial markets in the United Kingdom in the 1980s were favourable factors for the bank’s development of business.
With the takeover of the merchant bank Morgan Grenfell in 1989, Deutsche Bank’s role changed from maintaining a strong foreign presence to being a key actor on the financial stage in London. At the same time, Deutsche Bank’s tranformation into an investment bank with Anglo-American characteristics commenced. As part of this completely new approach, London became the center for key business divisions of the Group. By the end of 1994, investment banking activities had been brought together in London. Between 1995 and 1998, the new Investment Banking Corporate Division conducted its global operations under the name Deutsche Morgan Grenfell.
As this two-brand strategy did not prove to be successful, the name Morgan Grenfell was discontinued in 1998. The global management of the investment banking business, however, remained in London and was reinforced by incorporating the London-based operations of Bankers Trust, the American bank Deutsche Bank acquired in 1999. Today, with more than 7,500 employees, Deutsche Bank is the largest employer in the City of London.
Reopening: 16.01.1973
First European branch of Deutsche Bank outside Germany
The London branch soon became Deutsche Bank’s most important office. Its business activities focused on financing overseas trade. It did not take long, however, for precious metals trading and its securities underwriting business to gain in importance. The London Agency also took part in a number of initial public offerings. Just before the First World War, 330 people worked for Deutsche Bank in England’s capital. However, the outbreak of the First World War put a sudden end to the London Agency’s business activities. At the beginning of August 1914, the offices were closed and the assets confiscated. Ultimately, the bank’s building was even put up for auction in 1917.
The complicated settlement of the London Agency’s liquidation continued until 1928, which was an indication of just how large and important its business had become. In the years between the wars, Deutsche Bank did not return to London. Instead, the bank focused on the financial center in New York, which played a key role in providing capital to the German economy in the 1920s.
Following the Second World War and the reorganization of Germany’s big banks, which was not completed until 1957, Deutsche Bank was reserved for a long time as far as its international representation was concerned.
The bank did not return to London until 16.1.1973, when it set up an office there, later converting it into a branch on 15.1.1976. This was actually Deutsche Bank’s first foreign branch following the Second World War. The new branch was housed in a building at 10 Moorgate, which meant the bank’s office, as in the past, was in the direct vicinity of the Bank of England. In 1981, however, the bank’s employees, whose ranks had grown in the meantime to more than 150, moved into the office tower at 6 Bishopsgate. German companies operating in the United Kingdom formed the basis for this business. In addition, client relations were established with British companies. Alongside this, both foreign exchange and money market trading were important. The economic growth and liberalization of the financial markets in the United Kingdom in the 1980s were favourable factors for the bank’s development of business.
With the takeover of the merchant bank Morgan Grenfell in 1989, Deutsche Bank’s role changed from maintaining a strong foreign presence to being a key actor on the financial stage in London. At the same time, Deutsche Bank’s tranformation into an investment bank with Anglo-American characteristics commenced. As part of this completely new approach, London became the center for key business divisions of the Group. By the end of 1994, investment banking activities had been brought together in London. Between 1995 and 1998, the new Investment Banking Corporate Division conducted its global operations under the name Deutsche Morgan Grenfell.
As this two-brand strategy did not prove to be successful, the name Morgan Grenfell was discontinued in 1998. The global management of the investment banking business, however, remained in London and was reinforced by incorporating the London-based operations of Bankers Trust, the American bank Deutsche Bank acquired in 1999. Today, with more than 7,500 employees, Deutsche Bank is the largest employer in the City of London.