Unofficial Guide to Investment Banking Career Planning and by alicejenny

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									Unofficial Guide to Investment Banking - please complete our survey


In 2005, Deutsche Bank produced a graduate marketing brochure called "The Unofficial Guide
to Investment Banking”, which has proved a very successful guide for positioning the Bank
with undergraduates. Although still popular, there is a need to refresh the Guide and we have
recently embarked on a project to take the contents of the guide online.


We would like you to invite you to complete a short survey on the guide. We anticipate this to
take up to 30 minutes of your time. Participation is entirely voluntary but we value your
opinion so all completed surveys will receive a Amazon voucher (to the equivalent of £15).


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To view the Unofficial Guide to Investment Banking, please click on the following attachment




All feedback will be treated in the strictest confidence. The survey will remain open until 2
June 2010.


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Sze-Ni
The UNOFFICIAL GUIDE
    to INVESTMENT BANKING




          Issued by
   CONTENTS                                                   MYTHS
                                                                                  Why an “Unofficial
                                                                                  Guide to Investment
                                                             AND
                                                                                  Banking?”
                               OVERV                         REALIT
                                    IEW OF                         IES
                              INVE
                                 STMEN                                           The aim of this guide is to give you a fresh
INTRODUCTION                          T BANK
                                            ING                  6               view of investment banking. A glossy
WHY AN UNOFFICIAL GUIDE              4                                           marketing brochure is helpful, but can
                                                                                 read a little like a catalog. We think you
TO INVESTMENT BANKING?
                                                                                 need to know what your life would really
                                                                                 be like, challenging out-of-date myths and
            3                                                                    stereotypes, so you are able to make the
                                                      GLOBAL           14        most informed decision possible.

ASSET                         FINANCE                 BANKING                    This is an honest look at what life as a
           8                                                                     graduate in an investment bank might
MANAGEM                                       12                                 be like, and is based on the experiences
       ENT                                                                       of people just like you, who have gone
                                                                                 through the graduate program and have
                                                                                 come out the other side
                                                    GROUP      24                with blossoming careers.
                                                   TECHNOL                       It is the inside story of
                          GLOBAL                           OG
                                                   & OPERA Y
                                                                                 investment banking written
                                                                                 by Analysts for graduates,
                          MARKETS 18                      TIONS                  and you won’t hear this
                                                                                 tale anywhere else.

                                                   LEGAL,                         We’re going to tell you
                                                                  26              what life’s really like
                                                   RISK &                         for Analysts and all
                                                   CAPITAL                       the divisions you could
                          HUMAN ES       22                                      work in. From human
                          RESOURC                                                resources to corporate finance,
                                                                                 technology & operations to private wealth
                                                         PRIVATE                 management, the roles available in an
                                                                                 investment bank are rich and varied. It’s
                                                         WEALTH                  far more than pitch books, power lunches
                                                         MANAGEMENT         30
                            WORKING                                              and pinstriped suits, and once you’ve heard
                            THE PROCESS                                          the inside scoop, we’ll tell you about how
                                                                                 to get there and give you practical tips on
                            AND                                                  interviews and applications. Oh and don’t
                            TOP TIPS                                             worry if you come across words you don’t
                                     34                          36              understand, you’ll find them in the “glossary
                                                                                 of incomprehensible banking jargon”.
                                                   GLOSSARY                      Happy reading and good luck!
                                                                                                                                                                    HUMAN RESOUR
                                                                                                                                                                                CES
                                                                                                FINANCE                                     e company.              This division mak
                                                                                                                          forcers within th                                            es sure you have
                                                                                                These   guys are the en                     much                   progress and, of                       the skills to
                                                                                                                         an eye on pretty                                             course, your pay
                                                                                                It’s their role to keep               P&L to complianc
                                                                                                                                                        e          are in order. HR                     and benefits
OVERVIEW OF                                                                                                         the trading desk                                                 also analyzes em
                                                                                                everything from                                                    and costs to help                   ployee data
                                                                                                                    gulations.                                                        steer strategic de
                                                                                                 with financial re                        s are in line           the bank’s future                      cisions on
                                                                                                                        unting processe
INVESTMENT BANKING                                                                               Do   say: All our acco                                           Do say: I think st
                                                                                                                                                                                      workforce.
                                                                                                                                                                                     rong leadership
                                                                                                  with regulation.                   ally cool!                   any team’s deve                      is key to
                                                                                                                    e traders are re                                                lopment.
                                                                                                  Don’t say: Rogu                                                Don’t say: Pull yo
                                                                                                                                                                                     urself together!
                                                                                                                                                                 for wimps.                           Training’s
Investment banks are among the largest          managers – investment banks now appear
and most complex organizations in the           bewilderingly huge. Some investment             ASSET MANAGEMENT
world. They serve many different types          banks, such as Deutsche Bank, even              Responsible for putting together
of companies, institutions and                  provide banking services for retail clients -   investments for both private individuals,                              LEGAL, RISK & CAPITAL
    governments and play a huge role            people like you and me - as part of their       and organizations, fund managers have                               An extremely varied divisio
                                                                                                                                                              full spectrum of risks the          n that assesses the
         in the financial sector.               overall offering in certain locations.          strong relationships with their clients.                                                   bank faces, both external
                                                                                                Fund managers invest in equities, fixed                       and internal, from market
                                                                                                                                                                                           crashes and liquidity
                                                                                                                                                              shortages to terrorist atta
                                                                                                income, property and many other types                                                     cks and regulatory rulings
                  Investment banking is         As if the range of different businesses                                                                      It then analyzes and mitiga                              .
                                                                                                of assets on behalf of clients.                                                             tes these risks to ensure
                    now a much broader          wasn’t enough, within each typically lies                                                                    the bank’s operations are
                                                                                                Do say: Care to discuss asset allocation in your                                           not affected.
                     business than it was       layer upon layer of complexity. This is,                                                                     Do say: If the Bank of Eng
                                                                                                portfolio over dinner?                                                                    land raises rates, you
                                                                                                                                                             could lose £500,000 on tha
                     even a quarter of          in part, due to the fierce competition for      Don’t say: I just open the Financial Times or Wall                                          t deal.
                                                                                                                                                             Don’t say: All that risk ass
                        a century ago.          notoriously large fees. Without innovation      Street Journal, close my eyes and stick a pin in.                                        essment? You might as
                                                                                                                                                             well use a crystal ball.
                         Many traditional       or a detailed understanding of its markets
                             services           and clients, banks will find these fees
                              centered          rapidly disappear. The good news                              GY & OPERATIONS
                              on helping        is that investment banks need both              GROUP TECHNOLO      and transaction
                                                                                                                                                             GLOBAL MARKETS
                                                                                                                     hnology
                                                                                                Manages all the tec                        n’t be            This is where the image of the furiously
                             corporate          specialists and those able to grasp the
                                                                                                processing challen  ges of the bank. Do                      pace in banking comes from. This divis
                                                                                                                                                                                                         competitive
                       clients secure           bigger picture. As the opposite function-                             this is just a support                                                           ion buys and
                                                                                                fooled into thinking             ce and competitive
                                                                                                                                                            sells a variety of financial instruments
                                                                                                                                                                                                     across global
financing to achieve key strategic              by-function list suggests, a mix of             function ; business performan                  and          markets either on behalf of clients or acro
                                                                                                                       superior technology                                                                ss the
objectives e.g. mergers and acquisitions.       responsibilities, roles and opportunities        advantage relies on                                        bank’s own book.
                                                                                                                      ys.
Today, investment banks are much more           are available to you.                            processes these da                  rk-flow
                                                                                                                                                            Do say: P&L on my book is going throu
                                                                                                                                                                                                     gh the roof.
than well-connected intermediaries                                                               Do say: Th e new transaction wo                the         Don’t say: If I have to get in for 6.30am,
                                                                                                                         a huge success, all                                                            can I have
between investors and chief executives:         Although the structure and divisional             application has been               hitch.
                                                                                                                                                            a driver?
                                                                                                                         without a
the biggest players can meet virtually all      names used in this guide are particular           trading settled today               n or $50 billion?
                                                                                                  Don’t say:  Was that $50 millio
the financing and investment needs of           to Deutsche Bank, you will find some or
                                                                                                                                                                                 MENT
wholesale customers globally.                   all of these roles in varying forms in a                                                                    PRIVATE WEALTH MANAGE naging the
                                                                                                                                                                                              ma
                                                range of other financial institutions, from                                                                 Responsible for investing and            this is an
Successive waves of consolidation in            investment to retail banks, as well as more       GLOBAL BANKING                                            assets of  high net worth individuals,
                                                                                                                                                                                         division. It serves a
the finance sector have led to changes          specialized organizations, including hedge        This is a major division with a number of                 exclusive and demanding
                                                                                                                                                                                          ps them build, protect
in the industry. Investment banks now           funds, pension funds, financial advisors          responsibilities. The division is split by industry,      unique client base and hel
                                                                                                                                                                                            ets using complex
trade and issue equity and debt as well         and securities companies to name but              product and region to meet clients’ needs. Looking        and grow their financial ass
                                                                                                                                                             investment strategies tha   t traditionally are
                                                                                                  after the bank’s largest corporate clients, they
as lend directly to clients and offer a range   a few.                                                                                                                                     al investors.
                                                                                                  provide everything from day-to-day banking                 only available to institution
of investment options. Having swallowed
                                                                                                  services to strategic financing advice.                     Do say: I like to serve my clients and
up brokers, commercial banks and asset                                                            Do say: I have some new client opportunities that           maximize their assets.
                                                                                                                                                                                             the state of
                                                                                                  I would like to explore.                                    Don’t say: Who cares about                  s?
                                                                                                  Don’t say: Someone called wanting advice on an              the market   and how it affects individual
                                                                                                   upcoming merger, but I told them we were too busy.



                                                                                                                                                                                         to be a graduate in
                                                                                                                                          tite! To find out more on what it’s like
                                                                                                   This is just a taster to whet your appe
                                                                                                   investment banking, read on…
MYTHS AND REALITIES OF                                                                                THE SALARY                                             THE SALARY
                                                                                                      You earn so much money; you can retire at 30           Not quite, bankers are not the Hollywood A-list.
INVESTMENT BANKING                                                                                    with a jet, yacht and country house.                   Most people have normal, down to earth lives.
                                                                                                                                                             You may earn more than comparative roles in
                                                                                                                                                             other industries, but a private jet might be going
There are many assumptions made                                                                                                                              a bit far…
about investment banking, including the
environment, work and people. Some of                                                                 THE CULTURE                                            THE CULTURE
these clichés are based on truth and                                                                  The working culture is stuffy and closed. You          This is not true. In investment banking you
          some are definitely rooted in                                                               have to make sure you keep your head down              are always learning and there’s an open,
           misunderstanding.                                                                          and don’t ask too many questions.                      feedback culture.

             Deutsche Bank’s current                                                                                                                        THE MATHS
             Analysts considered the                                                                   THE MATHS                                             Being able to understand and express
                                                                                                                                                                                                    ideas
              myths they had heard before                                                              You have to be a mathematical genius to apply         with numbers is certainly an important
                                                                                                                                                                                                     skill in
              they joined the Bank and                                                                 to banking – an arts graduate has no chance.         many roles, but what degree you have
             whether these had turned                                                                                                                       graduated with is not necessarily the qual
                                                                                                                                                                                                       ifying
             out to be reality.                                                                                                                             factor – in fact, Deutsche Bank recruits
                                                                                                                                                                                                     the best
                                                                                                                                                            from all disciplines.




                                                                                                                                                                                                                   If you want more information on what it’s like to work for Deutsche Bank, visit www.db.com/careers.
                                                                                                                                                             DIVERSITY
                                                                                                      DIVERSITY
                                                                                                                                              t banking –    Diversity is considered a very important,
                                                                                                      There is not much diversity in investmen
                                                                                                      there are few women and minorities represented.        strategic business driver at Deutsche Bank. This
                                                                                                                                                             is for two reasons: it mitigates the risk that is
                                                                                                                                                             involved in homogenous thinking; and it allows



   MYTHS                                         REALITY
                                                                                                                                                             us to reflect our client base – and they are a
                                                                                                                                                             diverse group of people.


                                                                                                     THE JARGON                                              THE JARGON
                                                                                                                                                                                                            you
                                                                                                     There is so much jargon in banking; it’s like            That’s right; there is a lot of jargon. Once
TYPE OF PERSON                                                                                                                                                have learned it (on the   excellent training
                                                                                                     having to learn a new language.                                                                     without
The investment banking world is like
                                      an
                                                 TYPE OF PERSON                                                                                               programs) you’ll wonder what you did
                                                                                                                                                                                                             .
unapproachable old boys’ club – unless           This is completely untrue! Yes, a good degree is                                                             it. Check out the glossary if you need help
                                       you are
an ivy league university graduate.               essential but banks invest a huge amount in
                                                 trying to attract a very diverse range of people.
                                                                                                     THE ATTIRE                                              THE ATTIRE
                                                                                                     You have to wear a bow tie and pinstriped suit          Of course some people like the old school attire,
TRADERS                                          TRADERS                                             everyday – it’s the unspoken uniform of                 but the bow tie look is really not that cool
Traders are ruthless dealmakers who only care    This is partially true – traders must be very       investment banking.                                     anymore…
about money.                                     focused and motivated as they conduct one
                                                 of the bank’s core activities and therefore have
                                                 a lot of responsibility to shoulder.                                                                        YOU HAVE TO SPEAK GERMAN
                                                                                                                                                                                                       bank
                                                                                                      YOU HAVE TO SPEAK GERMAN                               Deutsche Bank is a leading international
                                                                                                                                                                                                           g
                                                                                                      Deutsche Bank is very German in the way it does        with a multinational workforce. It has a stron
THE HOURS                                                                                             business and everyone has to speak German.             global presence with offices in London, New
                                                 THE HOURS                                                                                                                                             ey and
There are no normal working hours in                                                                                                                         York, Hong Kong, Singapore, Tokyo, Sydn
investment banking – you have to give
                                                 Not entirely true, it does depend on the area                                                               Frankfurt (to name a few). And speaking
                                          up     where you work. On the trading floor you work                                                               German is not mandatory!
your personal life/girlfriend/boyfriend
                                        /        an intense 10 hour day; and when on a deal,
family/hobbies.
                                                 investment bankers can pull all-nighters. Other
                                                 areas generally have more standard work                                                                     GRADUATES
                                                 schedules. Starting a career in any industry         GRADUATES                                              Quite the opposite. Graduates are given a
                                                 requires long hours and dedication to get            Graduates get all the mundane, admin tasks             surprising amount of responsibility and anyone
                                                 ahead, banking is no different.                      while the rest of the team does the fun stuff.         who’s skilled and willing is recognized.
ASSET MANAGEMENT

WHAT DOES THE ASSET MANAGEMENT                 ALTERNATIVE FUNDS
                                                                                               INVESTMENT MANAGEMENT
DIVISION DO?                                   This segment includes real estate and           This function is responsible for investing clients’ funds in specific asset classes, such as
Asset management firms manage other            hedge funds. Real estate enables                equities and fixed income as well as hedge funds. Research analysts research companies
people’s money, usually belonging to           investors to buy into funds featuring           and industry sectors and make recommendations on how best to invest. The information
companies, institutional investors, or         property types including domestic,              they provide is used by portfolio managers or clients who choose to make their own
private parties/individuals, by converting     commercial or industrial property.              investment decisions. A research analyst will have a specific market focus, e.g. the
this money into assets – stocks, bonds,        Asset managers increasingly offer the           telecoms industry, and will become an expert in that area. As well as being very
derivatives, and other types of investments    opportunity to invest in hedge funds.           analytical, a research analyst needs to be able to take complex information and distill
– with the goal of making that money,          Typically this is attractive to organizations   it down to something comprehensive, yet easy to understand.
make more money. Asset managers use            that want to diversify from traditional
a combination of investment theory,            instrument types, e.g. equities (stocks)        Portfolio managers manage clients’ portfolios of investments, deciding what to invest in,
                                                                                               based on pre-determined criteria. A client is able to decide, for example, what percentage
quantitative tools, market experience and      and fixed income (bonds) to boost returns.
                                                                                               of his or her portfolio should be invested in which geographic markets and the level of
research to pick investments for their                                                         risk he or she is willing to take. Portfolio managers specialize in particular instruments
portfolios, ranging from high-risk stocks to   INSURANCE ASSET MANAGEMENT                      and markets and are responsible for performance of a portfolio of fund types (e.g. growth,
commercial real estate or cash accounts.       This area provides clients with customized      value, domestic or regional).
                                               investment programs designed to address
WHAT ROLES ARE THERE WITHIN ASSET              an insurer's specific needs. It offers          Portfolio managers live and breathe the financial markets. They need to be up to speed
MANAGEMENT?                                    investment solutions across multiple            on world events and understand how these macro factors will influence their clients’
Asset management is typically split into       disciplines, including traditional fixed        portfolios. Portfolio managers are supported by a team, as well as research analysts and
four main areas according to investor          income, equities, asset allocation services,    traders. However, the final decision on how to best manage the portfolio lies with them.
and investment types:                          and alternative asset classes, such as          Accordingly, they need to be confident in their abilities, able to think on their feet and not
                                               hedge funds and real estate.                    be afraid of making difficult decisions.
INSTITUTIONAL INVESTORS
                                                                                               As a portfolio manager your success is transparent. All portfolios are measured against
This area specializes in providing             There are two main functions in each            an industry benchmark, making it clear to see who is doing well and who isn’t. Having
investment advice and products to pension      of the above areas:                             a good track record is synonymous with gaining greater responsibility. Clients need to
funds, insurance companies, charities and                                                      have confidence in the portfolio manager’s abilities if they are to place their assets with
corporates wanting to make long-term                                                           the bank.
investments of their assets.
                                                                                               Traders execute trades on behalf of portfolio managers via a network of brokers. Building
RETAIL INVESTORS                                                                               and maintaining this network is imperative. It’s a trader’s job to make sure all trades are
Most investment managers don’t deal                                                            executed at the best possible price and under the best conditions for the client.
directly with individual members of the                                                        Accordingly, they need to know the best broker to deal with at any given time. Traders
public, instead, the client relationship is                                                    often work under pressure; an unexpected move in the markets could lead all portfolio
                                                                                               managers to want to quickly execute trades. It’s imperative that a trader keeps a cool
held by another part of the bank such as
                                                                                               head in these situations.
Private Wealth Management (PWM) or an
independent financial advisor (IFA). The
asset management division works in the
background to develop products tailored
to the retail needs which are marketed
through the above channels.




                                                                                                                                                                                                9
                                                                                                                WHAT IS THE GRADUATE PROGRAM LIKE?
 ASSET MANAGEMENT continued                                                                                     Roles in asset management are less flexible than in other areas of the bank.
                                                                                                                                                                                             Analysts tend to be hired
                                                                                                                                                                                          allows trainees to find their
                                                                                                                into either investment management or sales and distribution. The program
                                                                                                                niche (unless you knew what you wanted to do already) and   become a specialist.




                                                                                                               LIFE AS AN ANALYST
     SALES AND DISTRIBUTION
                                          ting,                                                                On the investment management side, there are fewer placements and success depends on niche market
     This function is responsible for crea                                                                     knowledge and building long-term relationships with clients. Specialization is crucial to demonstrating
                                         ent
     positioning and selling the investm                                                                       value to clients, but relationships and networking can be just as important. This adds up to long hours, but
     products the  bank offers.                                                                                a varied and fulfilling working day. Eventually, you’ll become a true specialist in your area and an extremely
                                                                                                               valuable team member.
                                           the client
     Sales is responsible for managing
                                           are the                                                             If you want to create and strategize on products, position them in the market and win over investors, product
     relationship. Clients in this regard                                                                      management is for you. You get to be the link between the asset managers, clients and legal – it’s hectic, but
                                              asset
     distribution channels through which                                                                       you will get to know your market really well. There are only a few graduates and commitment is key – you
                                             include
     management products are sold and                                                                          can’t forge a relationship with a client one year and dissolve it the next.
                                             ncial
     other retail banks, independent fina
                                             the
      advisors, institutional investors and
      PWM division   . A sales person needs to
                                                and
      understand the client’s requirements                                                                   SO, IS ASSET MANAGEMENT FOR YOU?
                                            ely,                                                                                                                                               and developed by asset managers
      present the right product. Convers                                                                     Asset Management is a rapidly changing area of banking. The products traded
                     s’ responsibility to channel                                                            are becoming more and more sophisticated and the market      increasingly competitive, making this a dynamic
      it is also sale
                                            to ensure
      feedback to product management                        Product management is responsible for
                                                                                                             career choice.
                                                                                                                                                                                              a good degree. Many grads studied
       that the products being developed
                                             are in                                                          The profession requires excellent quantitative and analytical skills, as well as                               have
                                                            creating new investment products. A              business or economics, but that’s not as essential as enthusiasm and good communication skills. All analysts
       line with client needs.                                                                     good
                                                                                                                                                                            of the program and this happens outside of work
                                                           product manager has strong internal               to take the Investment Management Certificate (IMC) as part
                                                           relations and extensive networks that             time. Many Analysts also opt to take the Chartered Financial Analyst (CFA) exam.
                                                           enable him or her to gather the intellige
                                                                                                       nce
                                                           required to develop the right products                                                                            BUT BEWARE...
                                                                                                   .
                                                           As well as interfacing with sales, prod                                                                           • Your evenings ma
                                                                                                   uct                                                                                             y not be your own.
                                                           managers work closely with investment                   DO YOU WANT TO...                                            portfolio managers                      Traders,
                                                                                                                                                                                                     and
                                                          management, watch competitors                            • Become an expert in a specific sector                      evenings networking sales often spend
                                                          and develop a deep market understandi                      of the financial indices                                • The level of succ
                                                                                                      ng                                                                                         ess is transparent
                                                          in order to identify where the opportun                  • Work with and influence the world’s                    • Focus is key in thi
                                                                                                                                                                                                  s div
                                                         lie. Sales and communication skills are
                                                                                                    ities            biggest investors                                         be certain of your ch ision – you need to
                                                                                                     also                                                                                            oice of career
                                                                                                                   • Develop products that are at the forefront             • The market neve
                                                         important: for any new product to flou                                                                                                 r sleeps, as a portfoli
                                                                                                  rish               of the industry                                           manager you may fin                     o
                                                         it needs to have investors.                                                                                                                 d it hard to switch off
                                                                                                                   • Understand how different financial                    • It’s not as fast-pac
                                                                                                                                                                                                  ed as Global Marke
                                                                                                                     instruments behave                                    • Hours can be lon                          ts
                                                          Product managers work closely with                                                                                                   g and pressure high
                                                                                               sales               • Deal with long term investments                      • It’s very challengin
                                                                                                                                                                                                 g–
                                                          to ensure that they understand the bene
                                                                                                  fits               (so work is not as deadline driven)                      sector is hard work knowing your specific
                                                         of any new products and are able to sell                  • Have a great opportunity to shine –                  • You are required to
                                                                                                                                                                                                 take professional ex
                                                         them on to clients. Product managers                        only a few grads are taken on annually                                                             ams
                                                                                                also
                                                         interface regularly with legal and
                                                        communications to ensure the products
                                                                                                  are
                                                        correctly marketed and that the bank
                                                                                               does
                                                        not expose itself to any undue risk. This                     “Working with Alternative Investments is
                                                        can be a very pressurized role, dependin                      a bit like being party coordinator between the
                                                                                                  g
                                                        on the number of products to be laun                          portfolio managers and the underlying funds
                                                                                              ched
                                                        at any one time.                                                             .
                                                                                                                      (fund of funds) You get to know Finance and
                                                                                                                      many other aspects of the Bank.”
10                                                                                                                                                                                                                           11
                                                                                                                 WHAT IS THE GRADUATE PROGRAM LIKE?
     FINANCE                                                                                                     You will become part of a valued team and be given as much responsibility as
                                                                                                                                                                                                  you are ready for. Rather than doing
                                                                                                                 lots of different rotations in each area, with Deutsche Bank you will begin a
                                                                                                                                                                                                real job from the day you start. Before
     WHAT DOES THE FINANCE DIVISION DO?                                                                          the end of your first year you will be a productive member of the team. The continuo
                                                                                                                                                                                                       us development plan is tailored
                                                                                                                 to suit your individual needs. During your first couple of years with Finance,
     For any company, integrity is crucial to its                                                                                                                                               not only will you be given the option
                                                            LEGAL ENTITY CONTROL (LEC)                           to choose the most appropriate professional qualification for you, you will also
     ability to do business. When a company’s                                                                                                                                                      be given the opportunity to take up
                                                            LEC is responsible for reporting the financial       a different role in another part of Finance – so you have some significant input
     regulatory compliance or internal controls                                                                                                                                                    into where your career goes!
     fall short, we’re all aware of the scandal that        results to Corporate Centre and for statutory
     can ensue (think WorldCom or Enron).                   reporting to regulators, such as the UK’s
                                                            Financial Services Authority (FSA) and the
                                                            Federal Reserve in the US. All regional Finance      LIFE AS AN ANALYST
     For banks, as financial intermediaries,
     it’s doubly important that there is a robust           functions report on a monthly and annual basis       In all areas of Finance you’ll be expected to contribute to critical processes straight away. Even during your
     framework to establish control and                     on the managerial and financial aspects of the       graduate program you will work on annual reports or with key traders and risk managers in, say, credit
     ensure integrity.                                      business. This function is also tasked with          derivatives. The environment is fast-paced, especially when you’re working with traders, but the hours are
                                                            making sure Deutsche Bank’s reporting                mostly sociable. The division is geared towards mentoring its grads, but you’ll get further quicker with an
     The Finance division at Deutsche Bank does             structure makes the best use of technology.          inquisitive nature and by showing willingness to take on responsibility.
     just this. It is a bit like a police force for the
     Bank. It enforces the external laws that govern        GROUP RISK CONTROL (GRC)                             As a part of the overall Finance team you’ll need to be able to stand up for yourself and your work. In BAC, GRC
     the financial industry and sets the internal                                                                and GVG you will find that traders are very focused and motivated individuals and as a result, you may need to
                                                                  GRC is the centre of competence within         stand your ground in the cauldron of the trading floor to make yourself heard! On a day-to-day basis, GRC and
     controls to ensure the Bank conducts                             Deutsche Bank for risk measurement
     its business effectively                                                                                    GVG are less exposed to traders, but the pressure of calculating acceptable levels of risk and pricing structures
                                                                        and reporting. GRC teams work
     and profitably.                                                                                             demands confidence in your models. Meanwhile the focus in LEC is more on the entities and regional
                                                                         closely with Legal, Risk & Capital to
                                                                                                                 management priorities, but the responsibilities are just as important, since the company’s financial reputation
                                                                          implement risk methodology. GRC’s
     WHAT ROLES ARE THERE                                                                                        is at stake. Report writing skills and being able to talk to management with confidence are key.
                                                                          role includes the measurement,
     WITHIN FINANCE?                                                      analysis and reporting of credit,
                                                                         market, operational, investment,                                   “Within a year of working
     Finance is split into four areas:                                                                                                                                with the BAC group, I am man
                                                                        business and liquidity risk. In GRC                                 my own set of trading books                            aging
                                                                                                                                                                         and talking to the Head Tra
     BUSINESS AREA CONTROL (BAC)                                      you will be responsible for quantifying                                                                                        der.”
                                                                   risk and ensuring the quality and integrity                              “Attention to detail is rea
                                                                                                                                                                        lly important. It can seem
     When traders are doing deals, they don’t                                                                                               until you realize that a sma                            tedious
                                                            of risk related data.                                                                                        ll mistake can have massiv
     have much time on their hands. They are there                                                                                          implications, like slippi                               e
                                                                                                                                                                      ng a zero in the ledger.”
     to make money for the bank and don’t have              GLOBAL VALUATION GROUP (GVG)
     time to check the fruits (or foibles) of their daily
     trading activity. For each business area, BAC          This department makes sure that all those
     calculates, analyzes and reports risk and profit       exciting and exotic investment products are
     and loss (P&L) to the trading desks and senior         priced correctly. The GVG uses industry standards                  SO, IS FINANCE FOR YOU?                                                             mathematical
     management daily, often using numerical                as well as complex mathematics to support its                                                              in all areas of Finance, a love of creating
                                                                                                                           Although you need to be numerate to work                or the GVG. A background in business
                                                                                                                                                                                                                          and
     models to tally these figures against what the         own pricing models. Some investment products                                                          interest in GRC
                                                                                                                           models would better suit those with an                                        anyo ne with an analytical
     traders ‘think’ they made that day. BAC are key        being created these days are so new that                                                            Finance folk, but if you’re really keen,
                                                                                                                          management is common amongst the
     partners with the traders when it comes to             there is no industry standard, so it’s
                                                            important to assess pricing. This                            and numerical mind can apply.
     setting up new products and business streams,
     designing and implementing infrastructure              group is also responsible for
     changes and in providing information for them          making sure that trading desks
                                                                                                                  DO YOU WANT TO...                                                   BUT BEWARE...
     to manage their businesses in the most                 globally have their pricing
     profitable and scaleable manner. BAC also              tested on a regular basis.                            • Get a good understanding of a bank’s                              • It’s not for those shy of
                                                                                                                                                                                                                  numbers!
     interfaces with Legal Entity Control and Risk          Finance interfaces with the                             control environment                                               • There is the challenge of
                                                                                                                                                                                                                    working with
     Management/Group Risk Control to ensure there          Group Technology & Operations                         • Be part of a nurturing culture where you                            difficult traders
     is accurate and fair                                   functions regularly, ensuring                           learn on the job                                                 • The hours can be long
                                                                                                                                                                                                                 at key times in
     information in the firm’s                              that systems are able to cope                         • Have the opportunity to take on lots of                             the month/year
     financials and Value at Risk                           with its requirements. Finance                          responsibility                                                   • This is not the job for a
                                                                                                                                                                                                                 finance stereotype!
     (VaR) respectively.                                    and Operations are also in charge                     • Be exposed to other areas within the bank
                                                            of the ledger and making sure that the money          • Have support in working towards
                                                            is in the bank after a hard day of trading.              professional qualifications
                                                                                                                  • Be paid better than you would at an
                                                                                                                     accountancy firm
                                                                                                                                                                                                                                  13
12
 GLOBAL BANKING                                                                                                WHAT ROLES ARE THERE WITHIN
                               BANKING                                                                         GLOBAL BANKING?
     WHAT DOES THE GLOBAL
     DIVISION DO?
                                 vides you with an                                                             Because of the wide range of client needs
     Just as your local bank pro
                                 ment opportunities,                                                           catered for by Global Banking, there is a great
     account, loans and invest
                                 eone to manage                                                                variety of specialist and generalist roles.
     companies also need som
                                ically multinational                                                           A common distinction is between client
     their finances. Large, typ
                                 ment banks                                                                    coverage and product teams:
      corporates, rely on invest
                                ser vices required.
      because of the scope of                                                                                  CLIENT COVERAGE
                                          ks provided
             Previously, investment ban
                                  advice and                                                                   Client coverage involves senior professionals
                corporates with                                                                                                                                     Commercial Real Estate –
                                            , rather                                                           with specialist experience looking after
                  introductions to investors                                                                                                                        financing services to organi
                                                                                                                                                                                                  Provides
                   than lending their own funds like                                                           clients designated by geography or by industry                                      zations owning
                                               days,                                                           sector. This provides clients with access to an     or acquiring commercial
                   a commercial bank. Nowa                                                                                                                                                     real estate assets
                 in order to meet  increased demands,                                                          extensive skill and knowledge base built on         including arranging debt
                                                                                                                                                                                               facilities and
                                             ir range                                                          a deep understanding of their market and            supplying liquidity to real
                banks have broadened the                                                                                                                                                        estate institutions.
               of products and   services. That is                                                             industry from which they can leverage.             Deutsche Bank is a global
                                                                                                                                                                                                 leader in
                                           che Bank
              certainly the case at Deuts                 Global Banking consists of Corporate
                                                                                                                                                                  commercial real estate wit
                                                                                                                                                                                                h an extensive
                                   peers.                                                                      When coverage bankers have identified              team of professionals bas
             and for many of its                          Finance and Global Transaction Banking                                                                                               ed in the
                                                                                                .              specific needs, they will call on product          US, Europe and Japan.
                                                                                                               specialists to provide further advice and
                                                         Corporate Finance comprises the complete              services while continuing to act as a bridge
                                                         range of integrated investment banking                                                                   Equity Capital Markets –
                                                                                                               between the client and product specialist to                                  A
                                                         products and industry sector coverage,                                                                   global provider of primary
                                                                                                               ensure client satisfaction is maintained.                                       equity
                                                         enhanced by extensive country and loca                                                                  products like initial public
                                                                                                l                                                                                             offerings
                                                         market knowledge.                                                                                       (IPOs), block trades and rig
                                                                                                               PRODUCT TEAMS                                                                   hts issues and
                                                                                                                                                                 an innovator in product dev
                                                                                                                                                                                               elopment.
                                                          Products and services delivered across               So that our clients benefit from a
                                                                                                   a
                                                         cohesive global platform include mergers              comprehensive, integrated service from
                                                                                                     and
                                                         acquisitions advisory, equity capital mar             Deutsche Bank, Global Banking's Corporate
                                                                                                  kets,
                                                         leveraged debt capital markets, commer                Finance business has been structured to offer:
                                                                                                   cial
                                                         real estate, asset finance and leasing and
                                                         corporate lending services.                           Asset Finance & Leasing (AFL) – AFL is
                                                                                                               a global provider of structured financing
                                                         Equally, within Global Transaction Banking            solutions, as well as comprehensive advisory
                                                                                                       there
                                                         is a complete range of cash management,               and arranging services for high-value assets
                                                        trade finance, trust and securities services           with a long lifespan such as: aircraft, ships,
                                                                                                       and
                                                        capital market sales available, making                 real estate, infrastructure, renewable energy
                                                                                                 Global
                                                        Banking one of the most diverse business               and alternative assets, like patents and
                                                                                                     es
                                                        within Deutsche Bank. Across the Bank,                 private equity.
                                                                                                   all




                                                                                                                                                                                                                            mapsinternational.co.uk
                                                        product areas are dedicated to fulfilling
                                                                                                  the
                                                        complete financial needs of companies.



14                                                                                                                                                                                                                     15
 GLOBAL BANKING continued                                 Trust & Securities Services – This team looks
                                                          after the administration of securities
                                                                                                                 WHAT IS THE GRADUATE PROGRAM LIKE?

                                                          transactions once they're closed. Clients are          In Global Banking, you’ll do rotations of up to a year, but the rate of movement between departments varies
                                                                                                                 depending on the region you are in.
 Leveraged Debt Capital Markets – This team uses          either the issuers of stocks and bonds or the
 innovative and complex structures to supply              asset managers who buy them and require                One thing is for sure, expect the first year to be incredibly hard work – this is not for the faint-hearted who
 finance to organizations with limited access to          them to be held securely. This group also              are precious about their spare time.
              traditional capital markets. Deutsche       maintains relationships with investment                The rewards, however, of working in Corporate Finance are attractive! You will have a direct impact on the
                   Bank’s Leveraged Debt Capital          bankers, lawyers, rating agencies and other            financial fortunes of the largest blue chip companies in the world – it’s a privileged position and that means
                      Markets business is No.1 in non-    third parties.                                         you have to put in the hours.
                       USD denominated high yield                                                                The Global Transaction Banking training program is slightly more flexible than Corporate Finance;
                       issuance and was also top in       Capital Market Sales – This team provides
                                                          clients with asset, liability and risk management      some Analysts have commented on the seamless transition between when the ‘program’ ends and the
                       Europe in investment grade                                                                ‘career’ begins.
                        corporate bonds. (Source:         solutions across a wide range of different
                         Thomson Financial 2007).         asset classes, such as foreign exchange,
                                                          interest rates, equities, commodities and credit.
                           Mergers & Acquisitions
                                                                                                               LIFE AS AN ANALYST
                           (M&A) – Buying another
                           firm is a critical moment in                                                       Working in any part of Global Banking will mean you have to perform in a high
                                                                                                                                                                                            pressure and intensely
 any company’s development and they are willing                                                               demanding atmosphere from day one. If you think you’re the kind of person
                                                                                                                                                                                         who can thrive in a hot-house
 to pay significant fees for high-quality advice on                                                           climate, then this is your ideal environment.
 the choice of financing options available. Deutsche                                                          If you start in Corporate Finance, you could get to advise the CEOs of the world’s
 Bank’s M&A bankers have the ability to enable                                                                                                                                                      largest companies on a regular
                                                                                                              basis, create complex financial structures that help multinationals achieve growth
 their clients to achieve their strategic objectives as     “Our relationship with                            worth millions. You have to be highly numerate as you’ll be working out how
                                                                                                                                                                                                      strategies and strike deals
 they can place the most powerful product platform          the Global Markets team                           financial structures. It’s really challenging work, and you’ll need a cool head
                                                                                                                                                                                               different strategies impact clients’
                                                                                                                                                                                              and plenty of stamina.
 and network of relationships at their service.             is really interesting.
                                                                                                              If you join Global Transaction Banking you will be talking regularly with clients
                                                            We can ask them for                                                                                                                 and interacting with lawyers,
                                                                                                              other internal teams, other banks, market infrastructure organizations (i.e. clearing
 Within the Transaction Banking section of Global           information on the                                rating agencies. It can take a long time to understand the roles of the different
                                                                                                                                                                                                       houses and exchanges) and
 Banking, services relating to the movement of              market, but they can’t                            Transaction Banking and the variety of clients’ needs mean you will build up
                                                                                                                                                                                                 counterparties within Global
 cash and securities have been split into four              ask us for information                                                                                                            the picture gradually but powerfully
                                                                                                              over time.
 main areas:                                                 on deals because
                                                             of client
 Cash Management – Large corporates often have               confidentiality.”
 thousands of bank accounts and hundreds of
 banking partners. This can make it very hard to                                                               SO, IS GLOBAL BANKING FOR YOU?
                                                                                                                                                                                                   out application, drive, flexibility
 keep track of (and use) all of the cash within the                                                                                                    y is essential but this is insufficient with
                                                                                                               As with most jobs in banking, numerac                                              degree will help you get on the
 firm. The Cash Management team provides                                                                                                                 y Economics or Finance, an excellent
                                                                                                               and people skills. You don’t have to stud
 services to help consolidate cashflows and invest                                                             program, but the way you progress    is up to you.
 them short-term to maximize liquidity.
                                                             “You need to be driven and
 Trade Finance – This team offers comprehensive              ambitious. You have to be able to
 solutions along the client’s trade value chain by                                                            DO YOU WANT ...
                                                             work with lots of different
 combining international trade risk mitigation                                                                In Corporate Finance:                                          BUT BEWARE ...
                                                             people internally and externally –                                                      in finance
 products and services with custom-made                                                                       • One of the most high powered jobs                           In Corporate Finance:
 solutions for structured trade and export finance.            and be prepared to travel and                  • A massive learning curve                                    • The first year is the hardest
                                                                                                                                                      role
 With Deutsche Bank as a trading partner, clients                  work with different                         • A client-facing, networking oriented                                                       working year of your life
                                                                                                                                                                            • Lots to learn which they didn
 can seamlessly manage documentary collections,                                                                • High excitement                                              university
                                                                                                                                                                                                            't prepare you for at
 letters of credit and trade guarantees alongside                     cultures. As long as you
                                                                                                              In Global Transaction Banking:                                • The environment is demanding
 their risk management and structured export                          are hard working,                                                                                                                        and your stamina will
                                                                                                                                                     with room
 finance. The Trade Finance team uses industry-                                                               • A rewarding and challenging career                            be tested!
                                                                      analytical and smart,                      to grow
 leading technology across its global network to                                                                                                      world                In Global Transaction Banking:
 increase the efficiency of cross-border trading.                     you’ll go far.”                          • To work with colleagues around the
                                                                                                                                         lopment                           • Lots of different products and
                                                                                                               • Investment in your deve                                                                    processes to learn about
                                                                                                                                                     g business            • You may need to work long hou
                                                                                                               • To be part of a successful, expandin                                                        rs
16                                                                                                                                                                         • You may have to spend time
                                                                                                                                                                                                          entertaining clients
                                                                                                                                                                                                                                         17
  GLOBAL MARKETS
                                                                                                            RESEARCH
                                                                                                            Depending on the desk, researchers are often
 WHAT DOES THE                                                                                              client facing with Sales, presenting their
 GLOBAL MARKETS DIVISION DO?                                                                                research and ideas on how different markets
                                                                                                            will perform. This might include analysis of
 Global Markets is responsible for the                                                                      a company or industry sector’s financial
 origination, sale, structuring and trading of                                                              performance, or an opinion on the Gross
 financial instruments. It is what most people                                                              Domestic Product (GDP) growth prospects
 think of as investment banking (along with                                                                 of a particular country.
 corporate finance). Although until relatively
 recently many roles dealing in the capital                                                                 STRUCTURING
 and money markets were performed by                                                                        These are the people who create the more                 DEBT
 smaller specialist institutions.                                                                           complex, over-the-counter instruments, they              Also known as
                                                                                                                                                                                        fixed income,
                                                                                                            have their own desks and interface with clients.        and sell debt
                                                                                                                                                                                     (typically bon
                                                                                                                                                                                                       many banks
                                                                                                                                                                                                                     buy
 The trading floor has also changed                                                                                                                                 governments                      ds) issued by
 dramatically in recent years, with phones,                                                                                                                                        , institutions
                                                                                                            There are hundreds of trading desks globally            Organization                   and corporat
                                                                                                                                                                                  s issue debt                   es.
then computers gradually replacing open                                                                     in large investment banks, but they can be             to secure fun                 instruments
                                                                                                                                                                                  ds for a fixed               in order
outcry trading in most markets. However it                                                                  split into some key areas:                             years. Invest                   term, perhap
                                                                                                                                                                                ors buy bond                      s 5-10
still performs the same function – traders                                                                                                                        interest paym                  s for the regu
                                                                                                                                                                                  ents they rece                lar
buying and selling financial instruments                                                                    EQUITY                                               instrument m                       ive before an
(e.g. equities and bonds), with the aim of                                                                                                                                       atures and th
                                                        WHAT ROLES ARE                                      These desks handle investments in various           Debt is somet                     e debt is rep
                                                                       THERE IN GLOBAL                                                                                           imes consider                 aid.
turning a profit either directly for the bank or        MARKETS?                                            companies across the world. Investors               than equities                      ed less fast-p
                                                                                                                                                                                due to a high                     aced
for clients (with the bank earning commission).                                                             typically buy and sell equity in companies         longer-term                       er proportion
                                                                                                                                                                              investors.                        of
                                                        Global Markets is sp                                based on expectations of future profitability.
                                                                              lit up into desks co
 Investors deal in the markets for a number             specific markets an                       vering    The Research function plays an important part:
                                                                            d regions. There ar
 of reasons: as well as those that deal for the        different roles but all                   e          analysts examine company performance,
                                                                               revolve around
short term (using their market expertise to            presenting and exec                                  investigate industry trends and scrutinize any
                                                                            uting new investmen
‘beat the market’) and the long term (‘buy and         opportunities to cli                        t        issues impacting the companies’ finances.
                                                                           ents:
stick’ investors who wish to achieve a return                                                               Traders pay close attention to results
over a given period), many also trade as part           SALES                                                statements, but any information that could
of a risk management strategy (dealing in               Sales is responsible                                 affect future financial performance of a
                                                                               for making sure that
particular instruments to offset a predicted            clients are offered                                  company will result in swift buying or selling
                                                                            opportunities and tra
financial risk). As such, clients may include          strategies through                          ding      activity. If the news impacts a large firm or
                                                                            liaising with the tra
asset managers, hedge funds, other banks,              researchers on what                       ders and
                                                                               they have on their bo         group of firms, the Dow Jones or FTSE 100
mortgage institutions and corporates.                 and their knowledge                             oks    may also fluctuate in response.
                                                                               of the market. Sales
                                                      also responsible fo                            is
                                                                           r raising capital on
The pace of life is infamous; those that work         companies and gove                        behalf of
                                                                             rnments by placing
on the trading floor need that legendary             newly issued bonds                            their
                                                                             and shares with inv
stamina to think and act as quickly as required                                                   estors.
throughout their day.                                TRADING
                                                    Traders make price
                                                                          s, book trades and
                                                    risk on behalf of cli                      manage
                                                                          ents. They generally
                                                    with the sales team                         liaise
                                                                           on their desk to unde
                                                    what clients want, wh                         rstand
                                                                             at ideas Sales and
                                                   Research are pushing
                                                                             to clients and whet
                                                   these are realistic ac                         her
                                                                           cording to market pr
                                                                                                 ices.

18                                                                                                                                                                                                                         19
     GLOBAL MARKETS continued                                                                           WHAT IS THE GRADUATE PROGRAM LIKE?
                                                                                                        Everyone attends a global classroom training program, this equips you with the
     MONEY MARKETS & FOREIGN EXCHANGE                      E.g. an investor might use a structured
                                                                                                        basics you’ll need on the trading floor and you meet your future colleagues from
     Money market desks typically lend and borrow          product to protect its investment in a       the other regions. Most grads go into a generalist pool where you rotate in different
     large amounts for very short periods (usually         wheat producing firm against the multiple    areas (products like credit, commodities, rates, and functions like sales, trading,
     from a day to three months). Trading in foreign       factors affecting the price of the grain,    research and structuring) before deciding on a permanent home. If you’re hired to
     exchange (FX) also varies according to the            such as oil prices, currency market          a specific desk you’ll also have the opportunity to rotate in some relevant areas.
                   time horizon. Banks do provide          movements, global warming and local
                     currency to clients for               production costs. These instruments are
                                                                                                        LIFE AS AN ANALYST
                       immediate use (the spot             often tailored to very specific needs and,
                                                           as such, require a detailed knowledge of     Global Markets is a tough environment and requires an insatiable appetite to learn.
                        market), but most currency
                                                                                                        In the first year the demands made on graduates are great and you will be working
                        is bought and sold for future      market dynamics and risk modeling to
                                                                                                        long hours in a high stress environment (there is a lot at stake!) – all difficult
                        needs. Typically, clients want     make the structured product attractive       circumstances in which to learn the ropes. As a trader, you will be given your own
                      to buy currency at a                 to the client and profitable for the bank.   portfolio to trade, but you won’t be put in charge of a $5billion book straight away.
                     guaranteed price, say, six                                                         Learning is continuous but choose your time to ask questions carefully; time is the
                   months in the future, in order to                                                    scarcest commodity on the trading floor.
             meet a financial commitment in this
     currency (e.g. a payment to a supplier). Clients     “It’s not all about                           If you hate getting up early, this might not be the career for you. Trading requires you to
     use FX to offset risk, but banks trade for profit.   making immediate                              be in before the markets open and this means you can be at work for 12 hours a day starting at
                                                                                                        6.30am. Research and Sales Analysts work to deadlines and the pressure is high. You may even
                                                          trading decisions at                          be tempted to keep an eye on market movements over the weekend.
     DERIVATIVES
                                                          a fast pace – I’m on
     These are complex instruments based on the                                                         There are challenges working with your internal colleagues as well. Researchers can be
     performance of an underlying asset, e.g. debt        a flow desk and some
                                                                                                        frustrated at clients not buying into their ideas, and sales can find it difficult if they can’t get
     or equity. For example, you may want to buy          of my trade ideas                             what their client wants because market circumstances mean the trader is unable to do the deal.
     100 Company X shares, but current market             might be for six
     trends mean that the share price will likely         months or two years
     rise in six months, so you buy the option (not
                                                          in debt markets.”
     an obligation) to purchase them in six months’
     time at the current price. If you’re wrong, you                                                    SO, IS GLOBAL MARKETS FOR YOU?
     don’t have to buy the shares; you simply sell                                                      Many traders and sales people have business or economics related degrees, but there are a
     the option.                                                                                        lot of arts graduates too. If you like the sound of the structured products desk, you will have
                                                                                                        to be a keen mathematician. But most important is attitude: you must be quick to learn and
     Derivatives are a way of dealing in a particular                                                   enthusiastic in order to make a good impact during your internship or graduate program.
     financial instrument in the future under
     specific circumstances, so they are often              “Becoming a trader is a
     used to manage risk. One high profile example                                      to
                                                            lifestyle choice – you have                 DO YOU WANT TO...                                              BUT BEWARE...
     is the credit derivative. These instruments are                                     e
     a kind of insurance policy that allows financial       work hard and play hard, tru
                                                                                                                                                                       • The hours are often long with
     institutions to offset the risks of lending            despite being a cliché! I do                • Work in a demanding environment
                                                                                                        • Learn from highly skilled colleagues                           early starts
                                                                                         at
     (i.e. extending credit) to corporate clients. A         have trading screens set up                                                                               • It is hectic on the trading floor
     bank might buy a credit derivative that permits                                                    • Deal in financial instruments worth $millions
                                                             home, but my work is so                    • Create complex, cutting edge                                 • You have to be confident, assertive and
     it to sell on its exposure to a borrower in                                                                                                                         quick to learn
     specific circumstances.                                 interesting I like to have                   investment ideas
                                                                                                                                                                       • You need to be an all-rounder: intellectual,
                                                             access to the markets                      • Play a part in affecting the
                                                                                                                                                                         sociable and thick-skinned!
                                                                                                          way markets behave
     More complex still are structured products –            whenever I want.”
     derivatives based on multiple market factors.


20                                                                                                                                                                                                                      21
                                                                                                          WHAT IS THE GRADUATE PROGRAM LIKE?
                                                                                                                                                                             graduate training program takes place in London
                                                                                                          The graduate program covers the many areas in HR. The global
     HUMAN RESOURCES                                                                                      with your global HR graduate class. It is   designed to give you a headstart before joining your team in
                                                                                                                                                                           human resourc
                                                                                                                                                                                                                    your home
                                                                                                                                                                                          e management; it’s practical and
                                                            • Reward – Designs and delivers employee      location. The program includes the latest ideas and trends in
                                                                                                                                                                                   Bank. After the training program, in your
     WHAT DOES THE                                            reward and benefit systems that can be      interactive, giving you a taste of life as a HR professional at Deutsche                                           and
     HUMAN RESOURCES (HR) DIVISION DO?                                                                    home location, you will rotate through various    teams and specialist areas. This is a great learning opportunity
                                                              applied across all functions of the bank                                                                     decided after the rotations. The network of contacts
                                                              around the world. They also handle          you will meet a wide range of people. Your first placement is
                                                                                                                                                                                           ble as you start your career.
     The banking industry is highly competitive.              international projects and assignments,     and colleagues    you develop on the graduate training program will be invalua
     The key to a bank’s success is having the best           advise on issues like tax and immigration
     people. HR partners with the different business          – and of course they also make sure we
     areas to hire, motivate and retain the best              get paid!                                       LIFE AS AN ANALYST
     talent. But you may not be aware just how
     sophisticated and varied the HR role within          • BUSINESS PARTNERS – Provide both                  Life as an Analyst is varied and challenging in an innovative environment.
     banking has become.                                    consultancy services and general HR
                                                                                                                                                                                                        Bank’s HR team.
                                                            services to business managers across the          You will work on ‘live’ projects that contribute to the strategic objectives of Deutsche
                                                                                                                   Rotations across the HR function give you great insight to help you     decide the area you want to work
     WHAT ROLES ARE THERE IN HR?                            bank. Business partners have responsibility
                                                                                                                                                                                                        colleagues, as well
                                                            for certain divisions.                                  in at the end of the program. There is a lot of on-the-job training, learning from
                                                                                                                     as learning about the businesses you support.     Self motivation, drive, communication, and creativity
     The roles within HR are pretty diverse. There is                                                                                                                                                        ay
     room for both generalists and specialists.           • REGIONAL HEADS – Are responsible for all                   are skills that are often called upon to be successful in your projects and day-to-d
     HR covers three distinct areas:                        HR matters in their geographic region.                      responsibilities.
                                                            The Employee Relations team also
                                                                                                                                                                                                         who are creative
                                                            provides expertise and advice on managing                  The great thing about banking and HR is that you work with very bright people,
     • HR PRODUCT GROUPS – This area employs HR                                                                                                                                          of people are resilience and the
                                                            grievances and absences to all employers                    and work hard. Important skills when working with this group
       specialists who are responsible for designing,                                                                                                                                                   what the business
                                                            on a regional basis.                                         ability to influence others. While your ideas and suggestions may be exactly
       developing, advising and implementing                                                                                                                          and best practices and get people on board with your
                                                                                                                        needs, you will have to sell those benefits
       best-practice concepts.                                                                                                                                                                                , you have
                                                        These three areas are further supported                       ideas. It is very rewarding when things go well; an idea of yours has been accepted
       • Resourcing – Responsible for the overall                                                                                                   that has rolled out successfully.
                                                          by an additional department – the Chief                  contributed to a global project
         design and strategic direction of the            Operating Office (COO), which handles
         employer brand, graduate and professional                                                                                                                                                  your clients will be
                                                          both the regional and global development                The competitive environment and the truly global scope of HR practices means
         recruiting                                                                                                                                                                    contact with people of various levels
                                                          and management of all control and                        diverse in both location and business need. You will be in regular
       • Development – Designs and delivers                                                                                                                                                            are constantly in use.
                                                          supervisory matters within HR.                             of seniority, nationalities and expertise, so your excellent communication skills
         a curriculum that covers the
         skills that people need                                        Additional to this is HR
         to develop in their role                                           Solutions, which is part
         and reach their full           “I was surprised at the               of Group Technology &           SO, IS HR FOR YOU?
         potential, as well            opportunities available                 Operations and                 HR knowledge is not a prerequisite to applying for our graduate program. The skills needed
         as tailored and             to take part in interesting,               provides core                 are diverse, so people from varied backgrounds and experience are intentionally recruited.
         specifically              important projects that really               operations and IT             If you have practical, on-the-job business experience and can prove your interest in
         designed                  make a difference to the Bank.”              support as part of the        investment banking HR you’re in a strong position.
         innovative                                                            wider centralized
         solutions for                                                       operations area.
         business teams                                                                                                                                                        BUT BEWARE
                                                                                                              DO YOU WANT TO...
                                                                                                                                                                               • The environment is competitive
                                                                                                              • Have a surprising amount of responsibility                        and challenging
                                                                                                              • Work as part of a global team                                  • Change is constant in the banking
                                                                                                              • Be part of a truly strategic partnership                          industry and HR has to support the business
                                                                                                              • Work in a fast-paced and exciting environment                    through change
                                                                                                              • Have a structured career development program                   • The responsibility might be daunting
                                                                                                              • Be challenged on a regular basis                               • Even routine work requires a high degree
                                                                                                              • Work in a meritocracy that pays its HR people                    of accuracy
                                                                                                                better than most other industries                              • It’s a large and complex organization,
                                                                                                              • Have a good work-life balance                                    understanding the sheer breadth of the
                                                                                                                                                                                 business will take time

                                                                                                                                                                                                                                   23
22
                                                                                                         WHAT IS THE GRADUATE PROGRAM LIKE?
GROUP TECHNOLOGY                                                                                        After the Global Orientation, the program starts with a week’s introduction to
                                                                                                                                                                                       finance, banking
& OPERATIONS                                                                                            and the markets, crucial for getting everyone up to speed. Group Technology
                                                                                                        chip training then includes another four weeks of management, operations and
                                                                                                                                                                                       & Operations' blue
                                                                                                                                                                                          technology
                                                                                                        training with a further two modules before the program ends.
WHAT DO TECHNOLOGY &                                                                                    You will then quickly become a valued member of a team for two or more job
                                                                                                                                                                                        rotations, allowing
OPERATIONS PEOPLE DO?                                                                                   you to really get your teeth into an area that interests you and make an informed
                                                                                                                                                                                            decision as to what to do
                                                                                                        next. The work is varied and challenging to develop your skills, expertise and
                                                                                                                                                                                       career options and includes ad
Technology and operations form the backbone                                                             hoc tasks as well as ongoing longer term projects, and you will soon have a
                                                                                                                                                                                      higher level of responsibility.
of Deutsche Bank, managing all infrastructure
and IT requirements. Today’s financial
services industry is characterized by ever
more complex trading methodologies and
                                                                                                         LIFE AS AN ANALYST
instruments, and growing legislation and
                                                                                                                                                                                      who do the same thing!
regulation; all coupled with a need to reduce                                                            Most people working in technology or operations don’t know two colleagues
                                                                                                         On a daily basis you might be dealing with trade, capture, support and settlement, setting departmental
cost and risk, while improving client service.                                                                                                                                                hip management.
Having the right technology and infrastructure                                                           or global budgets, risk reporting, business continuity management or client relations
                                                     That is why operations is often described as the    In IT you may be working   with Corporate Finance, Trading, Sales and Research all the time. This all
in place is key to banks meeting these                                                                                                                                                Bangalore. The roles are
challenges and gaining and maintaining that
                                                     engine room of the bank. It’s a fast-paced and      takes place across a network of contacts from Bahrain to Belgium, Brazil to
                                                     diverse division, operating across the bank to      high level, fundamental and the internal clients are demanding.
all important competitive edge.                      meet the technical and operational challenges                                                                                       often using complex
                                                                                                         Everyone is motivated and focused, with one aim: to make money for the Bank
                                                     of processing transactions, settling trades and                              gy. Technology and operations needs to make sure trades end up being real
                                                                                                         strategies and technolo
                                                     satisfying clients across multiple time zones in                                                                                        e people who
WHAT DOES TECHNOLOGY DO?                                                                                  money in the bank, and that takes robust technology, slick processes and innovativ
                                                            all major currencies and markets.             understand the business.
                                                                                                                                                                                            ent in the industry.
Technology has allowed Deutsche Bank
                                                                 Capturing trades accurately on           It’s very rewarding – you won’t find a more complex, diverse and global environm
to become one of the largest
                                                                  trade date is key. So too is
global competitors in the
                                                                    partnering seamlessly with other
financial markets.
                                                                    divisions involved in the trade
As the pace of change has
                                                                   process. One such group is the       SO, IS TECHNOLOGY OR OPERATIONS FOR YOU?
                                                               Transaction Management Group who                                                                                         divisions all day, so effective
increased, technology has
                                                          works closely with sales and trading          In technology and operations roles you have to deal with different people and
allowed us to not only stay leaders in                                                                  communication is key. But there is no single  ideal technology or operations candidate; the people and their
                                                       making sure the trade information flows to                                                                                        considered valuable. Operations
markets where margins have been squeezed,                                                               backgrounds are as diverse as the division itself and all degree disciplines are
but also to compete in markets where                   operations for settlement and documentation,     has seen a diverse pool of graduates turn into successful managers.   Of course if you are interested in a very
millisecond execution times are critical.              and also to Finance to ensure the traders        technical or niche role you will need to have a related degree.
                                                        P&L and risk is reported correctly.
The face of Deutsche Bank’s technology team

                                                                                                        “
                                                          This is no walk in the park. With growing           The level of sophistication of IT in a bank is extraordinary –
is also rapidly changing as we leverage the
                                                          trade volumes and increasing transaction            the networks and systems are more complex than those of the
skills of a global workforce. Technology is no

                                                                                                                                                                         ”
                                                         complexity the job of clearing and settling          hardware provider I did an internship with.
longer a place where programmers work in
                                                       trades requires market-leading technology
isolation, but one where communication and
                                                     solutions and dedicated, experienced teams.
innovation allow us to provide an unbeatable
service to our clients.
                                                                                                         DO YOU WANT TO ...
WHAT DOES OPERATIONS DO?                                                                                 • Get an in-depth understanding of the whole
                                                                                                           trade process                                            BUT BEWARE ...
The popular image of investment banking                                                                  • Be exposed to multiple divisions and products            • There is a lot of banking jargon to learn
                                                                                                                                                                                                            hours can

                                                 “                                                                                                                  • Clients can be very demanding and
                                                     Operations is the backbone of the
is one of slick, fast-moving dealmakers.                                                                 • Create truly cutting edge technology in a fast-
                                                     business. Without us, the rest of                                                                                be long
But deals can only work if the right processes                                                             moving environment
                                                                                                                                                                                                             for very
and people are in place to back up the
                                                     the organization wouldn’t be able
                                                                                                         • Have excellent career development opportunities          • Global systems and processes make
                                                     to stand up properly!                                                                                            complex, challenging problems
deal making.
                                                                             ”                           • Have a lot of responsibility
                                                                                                         • Work with global systems and teams                       • You'll have to be on the ball and have
                                                                                                                                                                       energy to keep up with  the changes
                                                                                                                                                                                                              a lot of


  24                                                                                                                                                                                                                       25
                                                                                                                                                                             INVESTMENT RISK MANAGEMENT
                                                                                                                                                                             Investment Risk Management (IRM) looks at all
                                                                                                                                                                             risk-related aspects of potential acquisitions
                                                               WHAT ROLES ARE THERE IN LRC?                                                                                  and is responsible for overseeing the integration
                                                                                                                                                                             of their risk processes. IRM also reviews
                                                               LRC is split into nine areas:                                                                                 Deutsche Bank’s principal investments. These
                                                                                                                                                                             include, for example, when the Bank takes an
                                                               CHIEF OPERATING OFFICE                                                                                        equity stake in a company or project that it has
                                                               The Chief Operating Office is responsible                                                                     been involved in from an advisory perspective.
                                                               for the control and management of all credit                                                                  LEGAL
                                                               data across Deutsche Bank globally. Its                                                                       Legal helps to protect Deutsche Bank’s
                                                               remit also includes the management of                                                                         integrity and reputation. It informs on relevant
                                                               headcount, costs, and outsourcing projects                                                                    developments in the law and offers legal
                                                               across LRC. It also provides operational                                                                      education. The department’s main tasks
                                                               support functions within the division. These                                                                  include drafting agreements and other deal
                                                               functions include business management,                                                                        documentation, negotiating contract terms,
                                                                                                                                                                             advising on business transactions and strategy,
                                                               communications and credit and market
                                                                                                                                                                             and handling litigation and regulatory
                                                               operations.                                                                                                   investigations.

                                                               COMPLIANCE                                                                                                    MARKET RISK MANAGEMENT
                                                               Failure to comply with regulations can                                                                        Market Risk Management (MRM) analyses and
                                                               cost a bank its business. That’s why                                                                          aggregates market risk, to ensure Deutsche
                                                               Compliance’s work of identifying and                                                                          Bank optimizes its risk-reward relationship and
LEGAL, RISK                                                    managing regulatory risks is so critical.
                                                                                                                               MANAGEMEN
                                                                                                                                             T
                                                                                                                                                                             is not exposed to unacceptable losses. MRM
                                                                                                                                                                             has a strong focus on the activity on the dealing
                                                               Compliance advances lawful and ethical         CREDIT RISK                   (CRM) is the
& CAPITAL                                                      business conduct and prevents and detects      Credit Risk M
                                                                                                                                anagement
                                                                                                                                       approval and
                                                                                                                                                      monitoring
                                                                                                                                                                             floors and works closely with, and on behalf of,
                                                                                                                                                                             traders and senior managers to perform the
                                                               violations of law, helping to protect          indep    endent credit                che Bank.                complex risk analyses that are crucial to inform
                                     &                                                                                               hole of Deuts
                   E LEGAL, RISK                               and maintain Deutsche Bank’s integrity          funct   ion for the w                  s centre of
WHAT DOES TH                                                                                                                          eutsche Bank’
                                                                                                                                                                             their business decisions.
                   ON DO?                                                                                               represents D                   risk-related
CAPITAL DIVISI                                                 and reputation.                                 CRM                    l counterparty
                                                                                                                com   petence for al uses its expert local                   OPERATIONAL RISK MANAGEMENT
                                         must manage                                                                             division
                       every industry                                                                           matters. The                        lobe to maxim
                                                                                                                                                                     ize     Threats as diverse as product liabilities,
Ev  ery company in                       me risks are          CORPORATE SECURITY & BUSINESS                                         around the g
                      business. But so                                                                           knowledge fr
                                                                                                                                 om
                                                                                                                                                 ed rate of retu
                                                                                                                                                                    rn.      information security, IT system failure, frauds,
 th e risks to their                      it losses,           CONTINUITY
                                                                                                                                  k’s risk-adjust
                        ent banks. Cred                                                                          Deutsche Ban                        and credit
                                                                                                                                                                             and even natural disasters fall within the remit
 di stinct to investm                       shortages,         Corporate Security & Business Continuity                               uring advice
                       t prices, liquidity                                                                             rovides struct             anages the cr
                                                                                                                                                                   edit      of Operational Risk Management. The division
  vo latility of marke                    can all have         ensures Deutsche Bank’s critical                   It p
                                                                                                                                   ansactions, m                             raises awareness of these threats, performs
                       d legal matters                                                                             approval on tr                     derivative an
                                                                                                                                                                     d
  an  d regulatory an                       reputation.        businesses, data, and functions can recover                            tsche Bank’s                           value adding analysis, and sets and monitors
                        nk’s capital and                                                                                 osure of Deu                        ly ensures
  an   impact on a ba                         nue and          after an adverse event, and provides                exp
                                                                                                                                     ge portfolios,
                                                                                                                                                     active                  loss and capital targets used within Deutsche
                           to generate reve                                                                         foreign exchan paired loans and makes
                                                                                                                                                                      sure
   Fo r Deutsche Bank                        used and          rigorous assessment of the global security                                                                    Bank.
                       pital needs to be                                                                            the recovery
                                                                                                                                   of im
                                                                                                                                                 anagement re
                                                                                                                                                                   porting
   m  ake a profit, ca                    rofit) without       situation and business-specific risks. It                           al risk and m
                         is no reward (p                                                                             that the glob
   ris k taken. There                          e the           applies a fully integrated approach to risk                               y and accura
                                                                                                                                                         te.                 TREASURY
                           critical to balanc                                                                              ems are timel
    ris k. However, it is                       ’s capacity                                                          syst                                                    Treasury is responsible for the capital, liquidity,
                            n against a bank                   intelligence gathering, staff safety, threat                                                                  and balance sheet of Deutsche Bank on a
    ris k/reward equatio                     ading and
                           nside to risk (tr                   analysis, and application of protection                                                                       global, regional, and local basis. Treasury
     to  absorb the dow                           strives to
                            utsche Bank also                   measures.                                                                                                     manages these resources with a view towards
     le nding losses). De                   ing  provider of
                          tation as a lead                                                                                                                                   shareholder and bondholder value, as well as
      maintain its repu           e are the ultimat
                                                       e                                                                                                                     regulatory requirements and other external
                            . Thes
      fin ancial solutions                 tal (L RC).                                                                                                                       influences.
                         gal, Risk & Capi
      objectives of Le



26                                                                                                                                                                                                                                 27
                     PROGRAM LIKE?
WHAT IS THE GRADUATE                                                    on the stream you work in.                      “LRC is a great mix of the
                                             d are different depending                  experience a rotation
The nature of the work and the skills require                well as the opportunity to                                 big and the small world, a
                          re to a variety of businesses, as
All streams provide exposu                                  tion.                                                       melting pot of corporate
                              entially an international rota
in another area of LRC and pot
                                                                                                                        finance and economics. You
                                                                                                                        need to know the small
                                                                                                                        world, knowing your
                                                                                                                        counterparty in detail, but
                                                                                                                                                   as
                                                                                                                         also the big picture such
                                                                                                                         macroeconomics.”

                                                                                                                                                                                   “I have been presented
LIFE AS AN ANALYST                                                                                                                                                                 with multiple career
                                                                                 could be managing a client
                                                      hin LRC varies widely. You                                                                                                   opportunities since I
 With so many distinct   areas, life as an Analyst wit                           , or analyzing the risks tak
                                                                                                             en
                                                       and financial performance                                                                                                  joined LRC. Six months int
 portfolio that entails daily monitoring of industries                               Bank’s exp osure.                                                                                                       o
                                                          t movements on Deutsche
                             impact of day-to-day marke
                                                                                                                                                                                  the program, I’ve gained
 by trading desks and the
                                                                                                                                                                                  exposure to a huge variety
                                                                                                                                                                                  of corporates, banks,
                                                                                                                                                                                  sovereigns, funds and
                                                                                                                                                                                  securitizations.”

                                                                                actual, and their implementation,
 You might find yourself evaluating the Bank’s acquisitions, both potential and
 or reviewing security risks within a particularly unstable country and ensuring that any staff members visiting
 this country are aware of the situation.

                                                                                                                    SO, IS LEGAL, RISK & CAPITAL FOR YOU?
                                                                                                                                                                                                     for numbers and an
                                                                                                                    Although you don’t need to be a mathematical genius for all the roles, a passion
                                                                                                                    analytical mind helps. LRC appeals to arts graduates too – because  you’ll be looking at wider issues in
                                                                                                                                                                                                 and second languages are
                                                                                                                    companies and markets that affect trading. Good people skills are essential
                                                                                                                    a bonus because of the   international nature of the roles.
                                                                                                                                                                                                         just as much as
                                                           is to identify the Bank’s key systems, and ensure        LRC is an ‘art, as well as a science’. Common sense and market intuition is needed
  Alternatively, you could be conducting a detailed analys
                                                     tions to be switched seamlessly in the event of a power        analytical ability.
  appropriate procedures are in place to allow opera                                                          ns
                                                        for addressing regulatory rule changes or investigatio
  outage or evacuation. You could also be responsible
                                                           che Bank.
  that could result in new or enhanced controls for Deuts
                                                                                                                    DO YOU WANT TO...
                                                                                                                                                                                     BUT BEWARE...
                                                                                                                    •   Be part of a fast-paced, global team
                                                                                                                    •   Be at the core of the Bank’s business                        • You might have only a sm
                                                                                                                                                                                                                all influence on big
                                                                                                                    •   Get an in-depth understanding of complex markets               decisions as a graduate
                                                                                                                    •   Get a close view of clients’ finances and strategies        • You will deal with demand
   Whichever LRC function you’re in, you will be working closely with numerous other parts of the organizatio                                                                                                   ing clients
                                                                                                             n                                                                      • There can be a lot of pap
   and will get a good grounding in how the whole Bank works together.                                              •   Have a fundamental understanding of the Bank’s                                         er and database work
                                                                                                                        processes and associated risks                              • Hours can be long




                                                                                                                                                                                                                                29
28
PRIVATE WEALTH
MANAGEMENT
                                                                                                                                     NT
WHAT DOES THE PRIVATE WEALTH                          WHAT ROLES ARE THERE WITHIN PWM?                   INVESTMENT MANAGEME
MANAGEMENT (PWM) DIVISION DO?
                                                                                                                                     ) work with RMs to
                                                      There are three key areas in PWM:                  Investment Managers (IM
                                                                                                                                         ets (discretionary
PWM caters for the complex financial needs of                                                            directly manage clients’ ass
                                                                                                                                        IM will manage a
wealthy people, also known as high net worth          RELATIONSHIP MANAGEMENT                             portfolio management). An
                                                                                                                                       , typically consisting
(HNW) individuals. The division provides all-                                                             number of client portfolios
                                                                                                                                       ons of investments
round financial planning and support to these         Relationship Managers (RM) are the main point       of very complex combinati
                                                                                                                                       real estate and
clients, touching on many aspects of their lives      of client contact. This is an exceptionally         from the money markets,
                                                                                                                                          instruments such
from business to family. To stay at the forefront,    important role. Successful bankers achieve           equity markets, to intricate
                                                                                                                                       imately responsible
PWM needs to not only create market leading           a position of trusted advisors which requires        as derivatives. IMs are ult
                                                                                                                                           ney make more
financial solutions, but also nurture strong client   superior financial counsel and services, as          for making their clients’ mo
                                                                                                                                          nk they use the
relationships which are imperative to retaining       well as a long-term relationship that often          money, and at Deutsche Ba
                                                                                                                                        ches in the market.
and growing business.                                 transcends financial matters to the personal.         most cutting-edge approa
                                                                                                                                          duct specialists to          PRODUCT SPECIALI
                                                                                                            They work closely with pro                                                 STS
                                                                                                                                           tfolio is optimized
Clients range from business owners or                 The financial requirements of PWM clients can         ensure that the client’s por                                Product Specialists
                                                                                                                                        s. IMs will often
entrepreneurs to “family houses” – people who         be very complex. An RM needs to couple a              under risk and tax aspect                                  products and/or un
                                                                                                                                                                                              develop financial
                                                                                                                                        with clients on a
have inherited wealth – and sometimes                 thorough grounding in the financial markets           support RMs by meeting                                     opportunities. Spec
                                                                                                                                                                                             cover investment
                                                                                                                                           their finances.
celebrities. Wealth management is enjoying a          and the bank’s products and services with an           regular basis to advise on                                aspects of wealth m
                                                                                                                                                                                             ialists cover specifi
                                                                                                                                                                                                                   c
huge surge in business, particularly in emerging      in-depth understanding of the client’s financial                                                                                        anagement such as
                                                                                                                                                                      real estate advisory,
markets, such as Asia, where new opportunities        situation. The aspects of a clients’ wealth that                                                                                        philantrophy and
                                                                                                                                                                      wealth with respon
continue to arise, resulting in banks competing       an RM could be advising on can range from                                                                                             sibility or art advisor
                                                                                                                                                                      or particular instru                          y,
for a larger share of the market. As private          the management of diverse portfolios                                                                                                ment types such as
                                                                                                                                                                     equities, FX, mutua
investors become more sophisticated, banks are        consisting of products from real estate to                                                                                           l funds or alternativ
                                                                                                                                                                     investments. This gr                         e
increasingly challenged to provide integrated         stocks, to setting up trust funds for children,                                                                                        oup is often the po
                                                                                                                                                                     of liaison between                           int
services to clients who wish to diversify their       and managing inherited wealth and                                                                                                   Deutsche Bank’s Gl
                                                                                                                                                                     Markets (GM) divisi                         obal
portfolio to accumulate extensive gains.              succession planning. Also, topics like art                                                                                          on, which sits with
                                                                                                                                                                    the investment bank                         in
                                                      advisory or philanthropical wealth are                                                                                                , and PWM, ensurin
                                                                                                                                                                    that top market expe                          g
PWM manages its clients’ finances on a                important within this client group. These are                                                                                         rtise is transferred
                                                                                                                                                                    HNW clients.                                  to
discretionary or non-discretionary basis. Clients     often sensitive matters that involve a client’s
who opt for discretionary support effectively         business or family. RMs have to understand
                                                                                                                                                                    Product Specialists
hand their finances over to the bank to manage.       aspects of a client’s personal life that may                                                                                         will often be client-
                                                                                                                                                                    facing, working with
Based on pre-determined criteria, the bank will       impact their investment decisions and                                                                                                 RMs to communica
                                                                                                                                                                    specific investmen                            te
make investment decisions on behalf of the            strategies such as interests or hobbies. RMs                                                                                      t opportunities to cli
                                                                                                                                                                    Accordingly they ne                         ents.
client and assumes responsibility for protecting      are responsible for growing business from                                                                                          ed to be good
                                                                                                                                                                   communicators, ab
and growing their wealth. Non-discretionary           existing clients, e.g. the amount of assets                                                                                      le to interact at diffe
                                                                                                                                                                   levels and simplify                          rent
management means that, although the client            managed by the bank, and acquiring new                                                                                           into layman’s term
                                                                                                                                                                  complex financial ide                       s
receives advice from the bank, he or she makes        clients. This involves a large amount of                                                                                             as. Specialists also
                                                                                                                                                                  cover non-client-rela
the ultimate investment decision.                     networking and trust building. An RM will                                                                                           ted functions such
                                                                                                                                                                  as sales and acquisi
                                                      often meet with a client’s family and friends                                                                                     tion management,
                                                                                                                                                                 business developm
                                                      to try and broaden their customer base, which                                                                                   ent and operating
                                                                                                                                                                 management, thou
                                                      can erode evenings and weekends.                                                                                               gh very few gradua
                                                                                                                                                                 are hired into these                        tes
                                                                                                                                                                                       roles.




                                                                                                                                                                                                                         31
PRIVATE WEALTH MANAGEMENT continued

                                                                                                                         SO, IS PWM FOR YOU?
                                                                                                                         The opportunities in PWM are varied and challenging for driven and ambitiou
                                                                                                                                                                                                        s individuals who want to
                                                                                                                         have a complete understanding of the financial markets, whilst serving a particula
                                                                                                                                                                                                                rly varied, demanding
                                                                                                                        and idiosyncratic client base. A shining academic record is mandatory; however
                                                                                                                                                                                                            , it is not enough to
WHAT IS THE GRADUATE TRAINING PROGRAM LIKE?                                                                             succeed in PWM. Additionally you will need to have excellent social skills and
                                                                                                                                                                                                          the ability to read your
                                                                     as this enables them to develop strong capital
Most graduates first cut their muscle in investment management                                                          clients’ individual needs without having them spell it out for you. Building relations
                                                                is then typically followed by rotations supporting                                                                                               hips with clients is
markets knowledge which is a prerequisite for all roles. This                                                           absolutely essential; you must be comfortable meeting with new people and
                                                                  learn how to advise clients, identify investment                                                                                      come across as trustworthy
relationship managers and product specialists, where you will                                                           and honest in order to instill confidence. You may have to handle difficult issues
opportunities and gain a greater understanding of the   Bank’s products and services. Capable graduates can                                                                                                  with clients, such as
                                                                   and you may have to make your own opportunities      telling them that the market did not move in their favor, but you have an alternati
expect to take on responsibility fast, it is a demanding division                                                       with a large amount of very diverse assets to manage well, and you have a unique
                                                                                                                                                                                                              ve solution. Couple this
if you want to succeed.                                                                                                                                                                                          challenge ahead of you.




  LIFE AS AN ANALYST
  Since the structure in PWM is quite flexible, you may find yourself specializing at an early stage. If you are
  looking for a program which guides you through a process, PWM may not be for you. You need to be prepared
                                                                                                                      DO YOU WANT ...
  to take on large amounts of responsibility for important and sometimes demanding individuals; it’s very
                                                                                                                                                    some of the most
  different to managing the assets of a blue-chip company.                                                            • To manage the assets of
                                                                                                                         wealthy individ uals in the world
                                                                                                                                                     ially throw you
  PWM has a very flat organizational structure and is less hierarchical than other divisions. Graduates joining       • A role which could potent
                                                                                                                                                      client centered
  PWM need to have a strong desire for a client-facing career. These are some of the most interesting and                in at the deep end in this
  varied private clients you can get. Clients entrust us with the financial well-being of their families and             division
                                                                                                                                                      tfolios of products
  businesses which requires a deep level of trust and a long-term commitment from both sides. This isn’t               • To work with complex por                                         BUT BEWARE ...
                                                                                                                                                        es
  a career to embark on if you are keen to move around the Bank, though that doesn’t mean you won’t                       managing varied asset typ
                                                                                                                                                                  rket                   • Your clients may be challenging and
  progress. All roles provide excellent opportunities for career advancement; by growing portfolios or client          • To have   an understanding of the ma                                                                     you will
  accounts, managing more diverse aspects of a client’s finances, discovering and launching new products                  and explain it to people  with varying levels                    have to build trust
                                                                                                                                                                                         • There is a lot to learn that you won’t
  and services and/or taking on new clients. The development path is very fluid and essentially driven by your            of knowledge                                                                                            have
                                                                                                                                                       lytical and social                  been taught at university
  ambition and capabilities. If you are successful in this division you can expect to be rewarded very well.            • To use your excellent ana
                                                                                                                           skills                                                        • You need excellent social skills to mak
                                                                                                                                                                                                                                   e this
                                                                                                                                                       's fastest growing                  career a success, as well as academic
  Throughout your career you are supported with all the training you require. This could be an industry                 • To work in one of finance                                                                                 ability
  qualification such as CFA or similar, or an opportunity to learn more about a specific product or service                industries
  offered to the client.




32                                                                                                                                                                                                                                         33
WORKING THE PROCESS                                         BE PREPARED                                                                                                         GET EXPERIENCE
                                                           Not only for the questions
AND TOP TIPS                                                                            at the interview
                                                           stage but for your future life
                                                                                         style. A few late
                                                                                                                                                                                The more experienc
                                                                                                                                                                                have, the better your
                                                                                                                                                                                                     e and knowledge yo
                                                                                                                                                                                                                         u
                                                           nights and heavy schedules                                                                                                                 chances. Try and rel
                                                                                          may be ahead.          BE FOCUSED                                                    any work experienc
                                                                                                                                                                                                    e and its relevance
                                                                                                                                                                                                                           ate
First and foremost, you need to have a real                                                                      Show and prove your                                           your application. A
                                                                                                                                                                                                   summer internship
                                                                                                                                                                                                                        to
interest in this field; the process is rigorous, the                                                             enthusiasm for your future                                    an advantage!                           is also
                                                                                                                                            shine.
work is challenging. If you’re only interested in                                                                career, this will make you
the financial rewards, this is not the right               ASK QUESTIONS
industry for you.                                                                                   ersity
                                                           Talk to fellow graduates and your univ
                                                           alumni about wha    t a career in an investment
                                                                                                      an early
PREPARATION IS THE NEXT STEP TO SUCCESS                    bank is really like. Talking to people at
                                                                                                 ess and          COMPLETING THE APPLICATION FORM
                                                           stage can help your research proc
                               As Analysts, we know        hopefully your decision process.                                                                                                        glance. This is an
                                                                                                                  As with resumes or CVs, a badly written application form will not get a second
                                what a daunting task                                                              important stage of the recruitment process. Be sure to put effort into producing something of high quality.
                                                                                                                                                                                                 are. For instance
                               it can be to make a                                                                Try to highlight throughout your application, with examples, what your talents
                             successful application.                                                              teamwork, attention to detail, drive, problem solving, communication skills etc.
                      So to help you have the best
                                                                                                                                                                                                    15 to 60 minutes to
                        possible chance of getting                                                                 All Deutsche Bank applications are made online, and will take anywhere from
                           through the application
                                                                  “My internship was                               complete depending on the country    you are applying to. It is a good idea to print this out to begin with
                                                                                                                                                                                                  to check it before you submit
                              and interview process,              invaluable. They were                            and write a rough version before you submit the final version. Get someone
                                                                                                                   it; your careers service may offer to help with this. Make  sure you do a spell check too – once submitted
                            here are some practical               really impressed with
                                                                                                                   your application cannot be changed.
                         steps you can take:                     my initiative, plus it
                                                                                                                                                                                                 on deadlines. We strongly
                                                                 meant I already had a real                        Check the Deutsche Bank website or your careers service office for applicati
                                                                 understanding of                                  recommend you apply early because in some      regions we interview on a rolling basis throughout the
                                                                                                                                                                                                   will be available.
                                                                                                                   recruitment period, so the earlier on you are in the process the more positions
                                                                 how my division works
                                                                 on a practical level
     RESEARCH THE INDUSTRY AND FIRM                              and what I wanted to do.”
     Having an understanding of the financial
                                            least
     players is advisable and you should at                                                                         ATTENDING INTERVIEWS
                                                –
     know the essentials about Deutsche Bank
     especially the area you are applying to.
                                                                                                                    Double check the date, time and venu
                                                                                                                                                             e: arrive in plenty of time, turning up
                                                                                                                    will leave you feeling flustered and unpr                                         late always looks bad and
                                                                                                                                                              epared.
                                                                                                                    Wear a suit: business attire is always
                                                                                                                                                              a safe bet, make sure you have a well
                                                                                                                   shiny shoes.                                                                           ironed shirt and clean
                                                                                                                   Smile: when you meet your interviewer
      ATTEND EVENTS                                                                                                                                          and give a firm handshake.
                                                                                                                   Be confident and enthusiastic: you need
                                                                                                                                                               to sell yourself – but don’t be arrogant,
      Attendance at recruitment events will                                                                        with a show off.                                                                        no one wants to work
                                              help you
      gain a better understanding of the worl                                                                      Have some questions prepared: ask abou
                                                d you                                                                                                          t the bank, the division or the program
      are about to enter and how it works. It                                                                      questions about salary are not advisable                                             –
                                               will also                                                                                                       at this stage.
      give you a good idea about the people                                                                       Take your time to answer questions:
                                               you will                                                                                                   your interviewer is assessing
     work with. Helpful tips and techniques                                                                       your analytical thought processes, long
                                               from                                                                                                         rambling answers will not do you
     recruiters will be available, as well as                                                                     any favors.
                                              great
     opportunities to network with represent                                                                      Much more information on the graduate
                                                atives                                                                                                       program and internships at Deutsche
     from the business divisions – who you                                                                        Bank, as well as the online application,
                                               can later                                                                                                   can be found at www.db.com/careers
     mention on your application form.
                                                                                                                  Good luck on the road to a career in bank
                                                                                                                                                              ing!



34                                                                                                                                                                                                                                 35
 GLOSSARY                                                                                                                                                                                               COMMODITIES
                                                                                                                                                                                                        Physical items such as oil, gold or grain that are traded on
 of Incomprehensible Banking Jargon                                                                                                                                                                     exchanges. They are traded for spot (trade date plus two
                                                                                                                                     CALL OPTION                                                        business days) or future delivery; options also exist to buy
                                                                                                                                    The right but not the obligation to buy stock, shares               and sell commodities
                                                                                                                                                                                          or
                                                                BASIS POINTS                                                        futures at a specified price within a specified time
                                                                                                                                                                                         period;
 ALL NIGHTER                                                    Representing a hundredth of a percent; a basis point                the investor pays a premium in order to get the option              CONVERTIBLE BONDS
 Every analyst’s worst nightmare; entails working non-stop      is used to measure changes in interest rates                                                                                            Bonds which may be converted, at the option of the holder,
 for at least 24 hours to meet a deadline                                                                                                                                                               into shares of the issuing corporation during a specified
                                                                                                                                    CAPITAL
                                                                BEAR                                                                Money put into a business by its shareholders; can                  time period and according to specified conditions
 ALTERNATIVE INVESTMENT                                         An individual who expects the value of a commodity,                 be used as a general term to describe liquidity/cash
                                                                                                                                                                                        also
 An investment category compromising of non-traditional         security, currency or market sector to fall                                                                                             COUPON
 investments (e.g. private equity, hedge funds)                                                                                                                                                        This part of a bearer bond denotes the amount of interest
                                                                                                                                    CAPITAL MARKETS                                                    due, and on what date and where payment will be made.
 ANALYST                                                        BEAR MARKET                                                         A general term encompassing all markets for financi
                                                                                                                                                                                       al              As bearer bonds are no longer issued in the United States
                                                                Any market in which prices exhibit a declining trend, for a         instruments with more than one year to maturity
 The specialist for a specific area, sector or function, also                                                                                                                                          and, hence, physical coupons are increasingly scarce,
                                                                prolonged period, usually falling by 20% or more. Because
 the job title new graduates are given in investment banking                                                                                                                                           dealers and investors often still refer to the stated interest
                                                                a bear attacks by clawing down, this term is associated
                                                                with a falling market
                                                                                                                                   CAPITAL RAISING                                                     rate on a registered or book-entry bond as the “coupon”
 ARBITRAGE                                                                                                                         Mechanisms by which companies raise money throug
                                                                                                                                                                                   h
 Profiting from differences between market prices by                                                                               the financial markets                                               COUNTERPARTY
 buying securities in one and selling them in another           BLUE CHIP
                                                                                                                                                                                                       The opposite side of a financial transaction, typically
                                                                A well-established company with a good record of
                                                                earnings over a long period of time; these companies are
                                                                                                                                   CASH/FLOW PRODUCTS                                                  another financial institution
 ASSETS                                                                                                                            The fundamental underlying investment products upon
                                                                valued by investors seeking relative safety and stability
 Predominantly used to describe anything owned by                                                                                  which derivatives are based                                         CREDIT
 an individual or business which has monetary value.                                                                                                                                                   Typically loans on which interest is charged
 More generally"asset" is used to describe a class of           BOOK
                                                                The summary of positions held by a dealer, desk,
                                                                                                                                   CENTRAL SECURITIES DEPOSITORY (CSD)
 investment product, e.g. shares, property and bonds                                                                                                                                                   CREDIT CORRELATION
                                                                or room                                                            An agency that clears and settles securities transa
 are all asset classes                                                                                                                                                                ctions           Measure of how the default risk of one company moves
                                                                                                                                  CHARTERED FINANCIAL ANALYST (CFA)                                    in relation to that of another
 ASSET MANAGEMENT                                               BOND                                                              A globally recognized US qualification taken by
 Fund managers/asset managers investing, typically,             A long-term debt instrument with the promise                                                                                           CREDIT DERIVATIVE
                                                                                                                                  a range of professionals in the financial services industr
 in the financial markets on behalf of their clients to         to pay a specified amount of interest and to return the                                                                            y   A financial transaction whose payoff depends on whether
 achieve better returns than a given benchmark                  principal amount on a specified maturity date; usually                                                                                 or not a credit event occurs (i.e. bankruptcy, default,
                                                                                                                                  CHINESE WALL
                                                                issued by governments and organizations in order                                                                                       upgrade or downgrade); is used to offset risk
                                                                                                                                  The imaginary wall between different areas in the
 AUDIT                                                          to raise capital
                                                                                                                                  bank that may have a conflict of interest; it denote
 Professional examination and verification of a company’s                                                                                                                             s                CREDIT RISK
                                                                                                                                  a commitment not to disclose confidential information
 accounting data                                                BROKER                                                            to one another                                                       The risk that the issuer of a security, such as a bond, may
                                                                An individual or firm that charges a fee or commission                                                                                 default on interest and/or principal payments or become
 AUTOMATION                                                     for executing buy and sell orders submitted by another            CLEARING                                                             bankrupt. Rating services such as Standard & Poor’s and
                                                                individual or firm. Or, the role of a broker firm when it acts   Denotes all activities from the time a trade is made                  Moody’s evaluate the financial condition of bond issuers
 Used to describe processing transactions using technology                                                                                                                                 until
                                                                as an agent for a customer and charges the customer              it is finally settled; some of the activities in clearing             to assign ratings to their bonds, in general, the better the
 rather than manually, this is a big issue in financial                                                                                                                                    are
                                                                a commission for its service                                     reporting/monitoring, risk margining, netting of trades               rating, the lower the bond’s coupon rate
 services as cost and risk are seriously impacted by
 manual processing                                                                                                               to single positions, tax handling and failure handlin
                                                                                                                                                                                         g             CUSTODIAN
                                                                BULL MARKET
                                                                A period during which security prices in a particular            CLEARING HOUSE                                                        A financial institution, usually a bank or trust company that
 BACK OFFICE                                                    market (such as the stock market) are generally rising.                                                                                holds a mutual fund’s securities and cash in safekeeping
 The support functions not directly responsible for the                                                                          A separate agency or corporation working with the
                                                                Because a bull attacks by thrusting upward, this term            commodity exchange to match up buy and sell orders
 revenue generation aspects of the bank (i.e. IT, accounting    is associated with a rising market                                                                                     .               CUSTODY
 and human resources). In banking the back-office also                                                                           The clearing house also ensures that financial statem
                                                                                                                                                                                      ents             Administering of securities by a financial institution, the
 includes the departments and processes related to the                                                                           are made independent of the exchange
 settlement of financial transactions; handling, position
                                                                BUSINESS RISK                                                                                                                          custodian keeps a record of a client’s investments and may
                                                                The risk that the cash flow of a business will be impaired       COMMISSION                                                            also collect income, process tax reclaims and provide other
 keeping, clearance and settlement
                                                                because of adverse economic conditions, making it                Fees paid to investment banks by clients                              services, according to client instructions. The custodian
                                                                difficult for the company to meet its operating expenses         for buying investments on their behalf                                physically holds the securities for safe-keeping
 BASEL COMMITTEE
 A group of representatives from central banks around the
                                                                BUY SIDE
 world that mandate regulation to ensure stability of global
                                                                Institutional investors that hold their customer’s money
 financial infrastructure, they are responsible for the Basel
                                                                and make buy and sell decisions on their behalf i.e.
 II regulatory framework
                                                                mutual funds, pension funds and trust companies.
                                                                A buy-side firm must utilize a sell-side firm to execute
36                                                              the trading of securities
                                                                                                                                                                                                                                                                 37
                                                                                                                                GENERALLY ACCEPTED ACCOUNTING                                   LEVERAGED FINANCE
 DEBT CAPITAL MARKETS (DCM)                                      EXOTIC/HYBRID                                                  PRINCIPLES (GAAP)                                               Finance which takes advantage of the ratio between
 The market on which debt instruments are traded as well         The most complex derivatives tailored and traded over-                                                                         a company’s debt and equity, often associated with
                                                                                                                                The methodology for preparing company accounts –
 as the division of an investment bank which helps clients       the-counter (OTC)                                                                                                              relatively high risk and return. It is also the name of
                                                                                                                                it varies from country to country
 buy and sell them. DCM is also involved in the bond                                                                                                                                            the group in an investment bank which provides advice
 product; providing credit rating advice for corporates,                                                                                                                                        on these opportunities
 organizing bond finance using a pool of investors and
                                                                 EXCHANGE                                                       HEDGE
 offering derivative solutions for risk management               A venue for companies to publicly and centrally offer          Holding two contrary positions in two or more financial
                                                                 their investment options to investors                          instruments in order to offset a loss in one by a gain          LIQUIDITY
                                                                                                                                in the other                                                    The ease with which a financial asset can be exchanged
 DEBT                                                                                                                                                                                           for a good without the holder incurring financial loss.
 Money owed to creditors/lenders or buyers of
                                                                 FINANCIAL RESTRUCTURING
                                                                 The reorganization of a company’s finances; often employed     HEDGE FUNDS                                                     A currency like sterling is liquid; a life-insurance policy
 debt securities                                                                                                                                                                                is not
                                                                 when the company is experiencing financial difficulty          A fund, usually used by wealthy individuals and institutions,
 DELIVERY                                                                                                                       which is allowed to use aggressive strategies (including
                                                                 FIXED INCOME                                                   leverage, swaps, arbitrage, and derivatives). Because of the    LIQUIDITY RISK
 The settlement of a futures contract                                                                                                                                                           The risk stemming from the lack of marketability
                                                                Debt instruments of corporations, government or agencies        high-risk nature of these investments, hedge funds can
                                                                characterized by a fixed interest rate and stated maturity      often give returns to investors when markets are poor           of an investment that cannot be bought or sold quickly
 DERIVATIVE                                                     date. An example of a fixed income investment is a bond,                                                                        enough to prevent or minimize a loss
 An instrument derived from securities, currencies              because a bond regularly pays a fixed amount of money           HIGH NET WORTH INDIVIDUAL
 or commodities, or an index or indicator representing          (interest) to its holder until maturity                                                                                         MANDATED
                                                                                                                                A person who is worth a lot of money
 any of these, the price of which will move in a direct                                                                                                                                         When the client company agrees to use the bank for
 relationship to the price of the base instrument or index.                                                                                                                                     a specific service or transaction
 They involve the trading of rights or obligations based
                                                                FINANCIAL SERVICES AUTHORITY (FSA)                              INSTRUMENT
 on the underlying product, but do not directly transfer        The UK regulatory body for the financial services               An item which may be traded, typically stocks, bonds,
                                                                                                                                futures, options, and currencies                                MARKET CAPITALIZATION
 property. They are used to hedge risk or to exchange
                                                                FTSE 100/250                                                                                                                    The value of a company’s stock, which gives a picture
 a floating rate of return for fixed rate of return
                                                                Financial Times Stock Exchange – top 100/250 companies          INTEREST RATE                                                   of the company’s size. It is calculated by multiplying
                                                                by market value                                                 The cost of borrowing money, expressed as a percentage,         the price of shares by the number of shares outstanding
 DOW JONES INDEX                                                                                                                                                                                (in the hands of the public)
 Usually refers to the Dow Jones Industrial Index (DJII), an                                                                    usually over a period of one year. The rate may be either
 index of share prices calculated for thirty large US stocks;   FOREIGN EXCHANGE MARKET (FX)                                    fixed (unchanging) or variable (based upon an index or
                                                                An over-the-counter market where buyers and sellers             market condition)                                               MARKET MAKER
 the US equivalent of the FTSE100
                                                                trade the currencies of different countries, also referred                                                                      A firm or individual who sets a price at which they’re
                                                                to as a forex or FX market                                      INVESTMENT PRODUCTS                                             willing to sell or buy stock, providing a stable price
 EQUITY CAPITAL MARKETS (ECM)                                                                                                                                                                   against which to judge any rise or fall
 The markets on which primary equity issues (i.e. IPOs)                                                                         Similar to instrument types – different types of
 are traded; as well as the name of a division of an            FRONT OFFICE                                                    investments offered by asset managers
                                                                                                                                                                                                MARKET RISK
 investment bank which helps clients structure, buy and         Is the area or function which relates to revenue generating
                                                                                                                                INITIAL PUBLIC OFFERING (IPO)                                   The chance that a security’s value will decline. With debt
 sell primary equity                                            (trading, investing or sales) activities for a financial firm
                                                                                                                                This is the initial, or first, offering of common stock         securities, market risk is closely tied to interest rate risk –
                                                                                                                                to the public                                                   as interest rates rise, prices decline and vice versa
 EMERGING MARKETS                                               FUND
 The financial markets of developing countries, examples        A pool of money to be invested, or a fiscal and accounting
                                                                                                                                INSTITUTIONAL INVESTOR                                          MATURE
 include Mexico, Malaysia, Chile, Thailand and Philippines.     entity with self-balancing set of accounts
                                                                                                                                An investor that is a company, e.g: a pension fund              When an investment based on a fixed term, such as
 Emerging market securities are the most volatile in the
                                                                                                                                                                                                a bond, closes and repayment of principal is made
 world, they have tremendous growth potential, but also         FUND MANAGER
 pose significant risks – political upheaval, corruption and    The individual or team of individuals that manages a fund       JUNK BOND
 currency collapse, to name just a few                                                                                                                                                          MERGERS & ACQUISITIONS (M&A)
                                                                of stocks, bonds and other securities. The fund manager         Bonds that have little or no collateral or liquidation value
                                                                                                                                and are typically very risky and for this risk, they offer      Negotiating the buying and selling of companies or
                                                                decides when to buy or sell the securities held in the fund
 EQUITIES                                                                                                                       a high rate of return. Also known as high yield bonds           parts of companies. This also describes a division of
                                                                                                                                                                                                banks that, among other things, consults companies
 Securities representing ownership interest possessed by        FUTURES CONTRACT                                                                                                                on mergers and takeovers
 shareholders in a corporation – stock as opposed to bonds      A legally binding agreement to buy or sell a                    LEDGER
                                                                commodity or financial instrument at a later                    A group of accounts in which financial transactions
 EQUITY                                                                                                                                                                                         MIDDLE OFFICE
                                                                date. They are standardized according to the                    are recorded
                                                                                                                                                                                                Is the area or function which relates to risk management,
 The net worth of a company, it represents the                  quality, quantity, delivery time and location
                                                                                                                                                                                                they measure, monitor and occasionally proactively
 ownership interest of the shareholders (common                 for each commodity, the only variable is price                  LEVERAGE                                                        manage the firm’s exposure
 and preferred) of a company, for this reason, shares                                                                           The degree to which a company or individual is using
 are often known as equities                                                                                                    borrowed money
                                                                                                                                                                                                OPERATIONAL RISK
                                                                                                                                                                                                The risk of loss associated with inadequate or failed
                                                                                                                                                                                                internal processes, staff, systems, external events
                                                                                                                                                                                                or legal matters


38                                                                                                                                                                                                                                                                39
 ORGANIZATION OF PETROLEUM EXPORTING                                PROPRIETARY TRADING                                             STOCKBROKER
 COUNTRIES (OPEC)                                                   When a bank trades in the financial markets with its own        Those who advise people who want to buy/sell
 Controls the price and production of oil globally                  capital to make more money for the business                     securities

 OPTIONS                                                            PUT OPTION                                                      STOCK
 Like a futures contract, however, the purchaser pays               The right to sell shares at an agreed price on a future         Another word for shares and equities
 a premium to gain the option (rather than the obligation)          date (see call option)
 to complete the contract; the contract can be the right
                                                                                                                                    STRESS TEST
 to buy (a call option) or to sell (a put option) a set number      RETAIL INVESTOR                                                 A test used by risk managers to see what the impact
 of shares at a fixed price                                         An investor who is an individual, not a company                 would be on particular stocks, companies or markets
                                                                                                                                    in extreme hypothetical scenarios
 ORIGINATION                                                        RIGHTS ISSUE
 Generating business by pitching an idea to a client                The issue of equity to current shareholders in order            STRUCTURED PRODUCTS
                                                                    to raise capital for the company                                A tailor-made investment solution combining
 OUTSOURCING/OFFSHORING                                                                                                             bonds with options on equities and/or other asset
 When a business moves a service function of its business           RISK MANAGEMENT                                                 classes, created using complex mathematical
 to an external provider; offshoring is when that service           The measurement of the possibility of losing or not gaining     modeling techniques                                     For further details, see the Deutsche Bank
 is provided by an organization based abroad                        value and structuring risks at an optimal risk/reward ratio                                                             website and BARRON’s “Dictionary of
                                                                                                                                                                                                                                   Financial
                                                                                                                                    SWAP                                                    and Investment Terms”
 OVER THE COUNTER (OTC)                                             SARBANES OXLEY (SOX)                                            The exchange of one asset or liability for a similar
 The buying and selling of securities that are not listed           The Sarbanes Oxley Act (July 2002) introduced a series          asset or liability for the purpose of lengthening       www.db.com/careers
 on an organized exchange; trading is handled by dealers            of corporate reforms in an attempt to restore investor          or shortening maturities, or raising or lowering
 through negotiation – the majority of securities are traded        confidence and pre-empt future corporate scandals               coupon rates to maximize revenue or minimize
 over the counter                                                                                                                   financing costs
                                                                    SECURITIES
 PLAIN/VANILLA                                                      Collective noun for bonds and shares                            TOMBSTONE
 The most basic, standardized derivatives, normally                                                                                 Usually lucite (plastic) blocks detailing a closed
 exchange traded, now commonly applied to any standard              SECURITIES EXCHANGE COMMISSION (SEC)                            transaction that bankers collect on their desks
 banking product                                                    US regulatory body for the financial services industry          to show how successful they have been

 PORTFOLIO                                                          SECURITIZATION                                                  TRADER
 A collection of investments (can be shares, bonds,                 A financial technique that pools assets together and,           Person who buys and sells instruments in the
 convertibles, cash, convertibles, derivatives, property,           in effect, turns them into a tradable security                  financial markets, also known as the sell side
 art, etc.) belonging to an individual or institutional investor.
 The purpose of a portfolio is to reduce risk by diversifying
                                                                    SELL SIDE                                                       TRADING A ‘BOOK’
 investments (i.e. holding many investments and spreading
 out the risk)                                                      Used to describe brokers who sell securities to customers       An individual trader’s total positions in the market
                                                                    and the research departments of bokerage firms that             bound by specific risk limits
                                                                    make recommendations to their clientele. See also Buy Side
 POSITION
                                                                                                                                    TRADING FLOOR
 A trading view expressed by buying or selling. If the
 position is open it is exposed to market risk, if a position
                                                                     SETTLEMENT                                                     Where all trading desks sit within an investment bank
 is closed the profit/loss has been realized                         Trial stage of a transaction after clearing. Involves making
                                                                     payment and transfering ownership/documentation                UNDERWRITING
 PRIVATE CLIENTS                                                                                                                    The guarantee (which is offered by a bank in return
 People with significant personal assets (cash, company
                                                                     SHARES                                                         for a fee) to buy or to find the buyers for an entire
 stock, art, shares) requiring professional investment               A certificate issued by a company for general purchase         issue of stocks and shares
 management; also called high net worth individuals                  entitling the holder to ownership rights including dividends
 (i.e. very rich)                                                    from any profits the company may make                          VALUE AT RISK (VAR)
                                                                                                                                    A measure of the potential change in the portfolio
 PROJECT FINANCE                                                     SPREAD                                                         value for a given confidence interval and specified
 A form of loan extension in which the interest payments             The difference between the price at which a financial          time-horizon
 and repayments in respect of the funds are made largely             institution will buy a security and the price at which it
 or exclusively from the earnings of the investment                  will sell
 project concerned



                                                                                                                                                                                                                                               41
40
AUTHOR BIOGRAPHIES
                                                                                                                                                                 PHILLIP
                                                                                                                                                                                                          Business
                                                                                                               LARS                                              Graduated from the European School of
                                                                                                               Graduated from LaTrobe University, Australia      and Dublin City University with a Diploma in
FLOR                                                   SCOTT
                                                                                                               with a BA in Business and Hamburg University      Business Administration
                                                       Graduated from Dartmouth College with a Bachelor                                                                                                    Fund
Graduated from Elizabethtown College in                                                                        of Economics and Politics, Germany with a         Currently working in: DWS Fixed Income
International Studies and Administration               of Arts in Economics                                                                                                              , Germany as a Portfolio
                                                                                                               Diplom Betriebswirt                               Management, Frankfurt
                                                       Currently working in: the US Leveraged Finance Group                                                                                               United
Currently working in: the Absolute Return Strategies                                                           Currently working in: Germany as a HR Analyst     Manager and Market Specialist for the
                                                       in New York as an Analyst                                                                                                                       nd
group within Asset Management                                                                                                                                    Kingdom, Scandinavia and Switzerla
                                                                                                               MICHAEL B
INDRONEEL                                              ZUBAIR
                                                                                                               Graduated from Marist College with a BS           THOMAS
                                                       Graduated from City University with a BSc                                                                                                        he
Graduated from Wharton School at the University                                                                in Accounting                                     Graduated from Johann Wolfgang Goet
of Pennsylvania with a BS in Economics                 in Economics                                                                                                              kfurt, Germany with a Diploma
                                                                                                               Currently working in: Foreign Exchange Prime      University, Fran
                                                       Currently working in: Trust & Securities Services                                                                                                 Finance
Currently working in: Asset Management as a High                                                               Brokerage as a Relationship Manager               in Business Administration, majoring in
Yield Analyst                                          (Structured Finance Services) as a Conduit Account
                                                                                                                                                                 and Accounting
                                                       Manager                                                                                                                                          tment
                                                                                                               MICHAEL M                                         Currently working in: PWM as an Inves
MARA                                                                                                           Graduated from Rutgers University with a BA        Manager
Graduated from Georgetown University, with             PAUL
                                                                                                               in Economics
                                                       Graduated from University College Durham with
a Finance major                                                                                                Currently working in: Global Markets Emerging      CHRISTIAN
                                                       a BA Hons in Politics and Philosophy                                                                                                              School,
Currently working in: Asset Management doing                                                                   Markets Research as an Economic Analyst for        Graduated from the European Business
Product Strategy and Development                       Currently working in: Global Markets on the European                                                                           International Business and
                                                                                                               Latin America                                      London with a BA in
                                                       Trading Desk in London                                                                                                                               ce
                                                                                                                                                                  Management Studies with a focus on finan
JAMES                                                                                                          KRISHNA                                            Currently working in: PWM, Prod uct Management
Graduated from Warwick University with a BSc           ROBERT                                                                                                     and Investment Solutions as Advisor, Hedg
                                                                                                                                                                                                            e Funds
                                                                                                               Graduated from Nanyang Technological
in Economics                                            Graduated from Trinity College, Cambridge University                                                      Investments  International
                                                                                                               University, Singapore with a B.Eng in Computer
Currently working in: FX Options in Finance             with a BA in Economics
                                                                                                               Engineering
                                                        Currently working in: Global Markets in UK
                                                                                                               Currently working in: Credit Risk Management        HENNING
                                                        Credit Sales                                                                                                                                          ,
KATE                                                                                                           in South Asia                                       Graduated from the University of Bayreuth
Graduated from Edinburgh University with                                                                                                                           Germany, with a Diploma   in Business
an MA in Economics                                      GOPI                                                   NADIA                                               Administration
Currently working in: UK Corporate Broking              Graduated from Indian Institute of Management                                                              Currently working in: DWS Investments
                                                                                                                                                                                                            as
                                                                                                               Graduated from CASS Business School with a
in Global Banking as an Associate                       with an MBA and has an undergraduate degree                                                                a Portfolio Manager, International Equities
                                                                                                               BSc in Business Studies
                                                        in Computer Science and Engineering
                                                                                                               Currently working in: Emerging Markets and
                                                        Currently working in: Sales and Trading, Global
CARLYN                                                                                                         some parts of Global Credit Trading (GCT) as
                                                        Markets, New York
Graduated from Amherst College with a BA                                                                       a Market Risk Manager
in Economics
Currently working in: Leveraged Finance in Global                                                              ROSIE
Banking as an Analyst                                                                                          Graduated from Queen’s University, Belfast with
                                                                                                               an MEng in Computer Science
CHAD                                                                                                           Currently working in: Information Enterprise
Graduated from Georgetown University with double                                                               Services in the web infrastructure group
major in Finance and Accounting
Currently working in: an Associate position in the                                                              CHRIS
Distressed Products group within Global Markets                                                                 Graduated from University College London with
after three years as an Analyst in the M&A and                                                                  a MSc in Computer Science
Consumer groups                                                                                                 Currently working in: Group Technology
                                                                                                                & Operations in front-office IT for Global
                                                                                                                Credit Trading

                                                                                                                ANNABEL
                                                                                                                Graduated from Cambridge University (St Johns
                                                                                                                College) with a BA in Economics
                                                                                                                Currently working in PWM as an Analyst

42                                                                                                                                                                                                                    43
Expect the be
             tter career.
www.db .com/careers

								
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