Deutsche Bank in Asia

DEUTSCHE BANK in asia ★

2010 Edition

★ InsideR

★ The bank—and what makes it tick ★ Key jobs at Deutsche Bank in Asia ★ Corporate culture and career paths ★ How to win over a DB recruiter

Scoop: Front-Line Reports ★

WetFeet Research Methodology You hold in your hands a copy of the highest-quality research available for job seekers. We’ve designed this Insider Guide to save you valuable time doing job research by gathering highly accurate information, analyzing it, adding the perspective of industry insiders, and presenting it all in an appealing, contemporary format. We hope you enjoy reading it—we want to help make your job search as painless as possible! Each WetFeet Insider Guide represents hundreds of hours of in-depth research, critical analysis and precise writing. We survey massive amounts of publicly available information, and augment our findings with dozens of in-depth interviews of rank-andfile employees who work for the companies and industries we cover. (We keep our company contacts anonymous to encourage candor.) In addition, WetFeet writers— experts at reading between the lines—interview company recruiting staff members to make sure you get accurate information about the recruiting process, compensation, and hiring targets. Finally, each Insider Guide undergoes extensive editorial review and fact-checking to ensure that the information and writing live up to our exacting standards. Because WetFeet retains all editorial control of our Insider Guides, you can be confident you’re reading the unvarnished truth, not corporate PR. Are we perfect? No—but we do believe you’ll find our content to be the highest quality of its kind available on the Web or in print. (Please see our guarantee below.) We’re eager to hear about your experiences on the recruiting front, and we welcome your feedback (both positive and negative) about our products and services. Thanks for your interest!

The WetFeet and Universum Guarantee You’ve got enough on your mind with your job search in swing. So, if you don’t like this Insider Guide, send it back within 30 days of purchase and we’ll refund your money. Contact us at 1-800-926-4JOB or www.wetfeet.com/about/contactus.asp.

Insider

Guide Deutsche Bank in Asia

2010 EDITION

Deutsche Bank in Asia

WetFeeT 1518 Walnut St. Suite 1800 Philadelphia, PA 19102 Phone: (215) 546-4900 or 1-800-926-4JOB Fax: (215) 546-9921

Website: www.wetfeet.com Deutsche bank in asia 2010 Edition

ISBN: 978-1-58207-913-4 Photocopying Is Prohibited Copyright 2010 WetFeet. All rights reserved. This publication is protected by the copyright laws of the United States of America. No copying in any form is permitted. It may not be reproduced, distributed, stored in a retrieval system, or transmitted in any form or by any means, in part or in whole, without the express written permission of WetFeet. The publisher, author, and any other party involved in creation, production, delivery, or sale of this WetFeet Insider Guide make no warranty, express or implied, about the accuracy or reliability of the information found herein. To the degree you use this guide or other materials referenced herein, you do so at your own risk. The materials contained herein are general in nature and may not apply to particular factual or legal circumstances. Under no circumstances shall the publisher, author, or any other party involved in creation, production or delivery of this guide be liable to you or any other person for damages of any kind arising from access to, or use of, its content. All illustrations by mckibillo

Deutsche Bank in Asia

CHAPTER

1 2 1 Deutsche Bank in Asia at a Glance

7 The Firm 8 Overview

10 The Bottom Line 11 Competitive Strategy 14 Industry Position 15 A Quick History of Deutsche Bank in Asia

Deutsche Bank in Asia

17 Organization of the Firm 19 What’s Hot

conte 2010 EDITION

3456 23 On the Job

35 The Workplace

47 Getting Hired

24 Global Markets

36 Lifestyle and Hours

48 Career Opportunities

26 Global Banking

36 Culture

49 The Recruiting Process

29 Additional Opportunities

38 Workplace Diversity 39 Travel Requirements

51 On-the-Record Recruiter Interview

57 For Your Reference 58 Investment Banking Lingo 63 Recommended Reading 64 For Further Study

40 Compensation, Annual Leave, and Benefits

53 Interviewing Tips 54 Grilling Your Interviewer

41 Civic Involvement 42 Training 43 Language Skills 43 Relocation and Immigration

nts 43 Career Path

44 The Inside Scoop

Deutsche Bank in Asia at a Glance

1

At a glance The Firm On the Job The Workplace Getting Hired FOR YOUR REFERENCE

Deutsche Bank in Asia

Deutsche Bank in Asia at a Glance Headquarters Theodor-Heuss-Allee 70 60486 Frankfurt Germany Phone: +49 69 910-00 Fax: +49 69 910-34225 www.db.com Asia-Pacific Regional Head Office and Primary Singapore Office: One Raffles Quay South Tower Level 17 Singapore 048583 Phone: +65 6423-8001 Fax: +65 6225-9442 Primary Hong Kong Office: 48th Floor Cheung Kong Center 2 Queen’s Road Central Hong Kong Phone: +852 2203 8888 Fax: +852 2203 7300 Japan Regional Head Office: Sanno Park Tower 2-11-1 Nagatacho Chiyoda-ku, Tokyo 100-6171 Phone: +81 3 5156 6000 Fax: +81 3 5156 6001 Additional Asia-Pacific Locations: Australia, China, India, Indonesia, Korea, Malaysia, Mauritius, New Zealand, Pakistan, Philippines, South Korea, Sri Lanka, Taiwan, Thailand, Vietnam 2

W E T F E E T I N SIDER GUIDE

New York Ticker: DB Frankfurt Ticker: DBK London Ticker: DBKG Paris Ticker: DBKG

Primary Global Competitors Bank of America, Citigroup, Credit Suisse Group, Goldman Sachs, HSBC, JPMorgan Chase, Merrill Lynch, Morgan Stanley, UBS

Additional Asian Competitors Calyon, Commerce International Merchant Bank, China International Capital Corporation, Daiwa, Mitsubishi, Mizuho, Nomura, Somerley, South China Financial Holdings, Sumitomo Mitsui

Key Differentiating Factors • • • • •

Strong international brand recognition Stability in the leading ranks Long history of success in international markets and transactions Key player in development of banking throughout Asia A truly global organization, not just a foreign bank with locations in several countries

Editor’s Note: This guide addresses opportunities in Hong Kong, Singapore, and Tokyo, where nearly all graduates studying at overseas universities will be placed in the region. When we mention Asia in this guide, we are referring to opportunities in all three cities. However, note that Deutsche Bank operates two management structures in the area: Asia, excluding Japan (sometimes referred to as Asia ex-Japan), and Japan.

In the Recruiters’ Words “We don’t have one ideal candidate profile. Of course we look for solid academics and relevant experience, but a lot of our strength also comes from our diversity. We want people with different backgrounds, whether that’s based on language, or knowledge of world markets, or anything else.”

In the Interview •

• •

“I’ve absolutely done a lot of cross-border work. We have 15 different markets at the moment, so I’m always dealing with lots of different people in lots of different places.” “I love the pace of things here. There are always new projects, and markets are constantly expanding and changing. In more established banking centers, that may not be the case.” “The Asian market is less mature than London or New York, but I think that’s a good thing. It provides us an opportunity to work through unique issues that more mature markets don’t have. It forces us to be creative.” “Starting at Deutsche in Japan was trial by fire. It was like learning to ride a bike. You might fall and scrape your knees, but someone is always there to help you back up. You never stop moving with your career, and you’re always learning new things.” “I’ve learned much more by being in Asia. Deutsche encourages you to try new things, and you become familiar with a broader array of products and clients.” WETFEET INSIDER GUIDE

3

FOR YOUR REFERENCE

•

Know where you would fit in the organization, and embody the five Deutsche Bank values: customer focus, teamwork, innovation, performance, and trust. Know why you want to work for Deutsche Bank. Be confident, but not arrogant. Interviewers will be looking for self-confidence, but if you come across as a know-it-all, you won’t get past the first interview. Convey a genuine desire to work in Asia, and demonstrate some knowledge of its cultures and markets.

“Working in Asia I get to see the big picture in addition to doing all the detailed analysis. You work on bits and pieces, but then you go to meetings and hear your seniors talking to clients about the book you prepared.”

Getting Hired

“Some candidates want to be in Asia because they have natural ties to the region. If you don’t, you’ll have to really prove you want to be here. That means demonstrating interest through hobbies, classes, clubs, and market knowledge.”

“In Asia you get thrown into new situations. There aren’t as many people around to hold your hand. If you need more structure, perhaps it’s not the place for you. But if you thrive on trying out new things, you’ll do well here.”

The Workplace

“Banking in Asia requires the same skills as anywhere else. The skills are transferable to Wall Street or any other market. But in the Asian markets, you will get more responsibility, more quickly, so you have to be more independent and more entrepreneurial.”

What Insiders Say

On the Job

“Yes, we are a German bank by heritage, but our culture is not German. We are even more than an international European bank. We are a global organization.”

Be prepared to discuss how your passions relate to banking. Volleyball player? Explain how you are fueled by competition and teamwork. Love painting portraits? Explain how your attention to detail and creativity will transfer to helping clients finance their growth.

The Firm

“Passion is essential, and it’s hard to define. We look for candidates with drive and hunger. When we interview candidates, the feedback about a declined candidate will often say, ‘He lacked passion.’ We look for people who are deeply interested in markets and business and can show that passion.”

•

At a glance

“In Asia your exposure is not limited to your office location or country. You’ll be involved in lots of crossborder deals, such as Asian and Australian companies wanting to list stock in the U.K. or U.S. You’ll learn different regulations, different ways of working.”

At a glance The Firm On the Job The Workplace

Deutsche Bank in Asia

“Deutsche Bank is incredibly diverse. I work with history majors and English majors, people from different countries and people who speak different languages. We work hand in hand as a team, and our diversity makes us stronger.” “The culture at Deutsche is entrepreneurial with a focus on innovation. It’s a perfect fit for the Asian region because there’s so much here that needs inventing.” “It’s a demanding place to work, but when we compete, we don’t compete with each other. We compete to be the best bank. Teamwork is essential.”

Deutsche Bank hired about 900 graduates in 2009 and the 2010 projection should be close to that number. The internship program is a pipeline into the full-time graduate training program and a recruiter tells us the bank usually fills the majority of full-time positions, though not all, from the internship program. For remaining openings, recruiters seek qualified students beginning their final year of study.

Estimated Compensation, 2010 Analysts

The Career Ladder

Base salary

US $70,000

•

Year-end bonus

Discretionary

•

•

•

The bank’s international recruits are largely sourced from the U.S. and U.K. universities. However, in 2007, DB began a sizeable recruitment effort in Australia, and that will continue in 2010. It also recruits from India, China, Singapore, and Korea. International undergraduates are primarily being recruited for analyst positions in Global Banking and Global Markets. In Japan, there are some opportunities in support roles such as human resources, operations, and finance. MBAs are being recruited for associate positions in Global Banking and Global Markets. The bank is exploring new markets to source talent for its graduate programs. Internships, which are held during student breaks, are often the best way to secure a full-time analyst or associate position.

FOR YOUR REFERENCE

Getting Hired

Anticipated Hires for 2010

4

W E T F E E T I N SIDER GUIDE

Associates Base salary

US $100,000

Signing bonus

US $30,000

Year-end bonus

Discretionary Source: Based on WetFeet research and estimates (Deutsche Bank does not release compensation data)

At a glance

The Firm

On the Job

The Workplace

Getting Hired

FOR YOUR REFERENCE

5

WETFEET INSIDER GUIDE

The Firm

2

Overview������������������������������������������� 8 The Bottom Line�����������������������������10

Competitive Strategy���������������������� 11 Industry Position ���������������������������14 A Quick History of Deutsche Bank in Asia������������������������������������ 15 Organization of the Firm���������������� 17 What’s Hot������������������������������������� 19

At a glance The Firm On the Job The Workplace Getting Hired FOR YOUR REFERENCE

Deutsche Bank in Asia

Overview Wall Street offers a fitting symbol for the investment banking industry, with its classical pillars and towering skyscrapers—but Asia will almost certainly play a defining role in the industry’s future. While the New York Stock Exchange is well-established at more than 200 years old, the Singapore Exchange is 10 years young. While Wall Street’s culture can come off as staid, if not conservative, the Asian markets offer an exploratory environment more typical of emerging and diverse economies. While Wall Street bankers follow a path of long-standing traditions, Asian bankers must use innovation to forge ahead and set precedents. Maybe that’s one reason Deutsche Bank has been successful there; the company has a long history of evolving in response to new opportunities. And though growth in Asian markets ebbed in 2008–2009 as a result of the global financial crisis, it wasn’t stunted to the degree Wall Street was. Though some of the more bullish analysts expect Asian markets to come crashing out of the gates—some even projecting as much as 30 percent growth in 2010—most economists foresee more of a U-shaped recovery. Regardless, Deutsche Bank is positioning itself to respond quickly to markets once again. It helps that Deutsche Bank is a global institution. Unlike some of its competitors, such as Citibank, Goldman Sachs, and Morgan Stanley, Deutsche Bank has had an international base from the get-go: The bank opened its first international divisions in China and Japan in 1872. As of March 2009, Deutsche Bank operated in 72 countries and employed more than 1,200 people in Japan and more than 16,000 in the rest of the Asia-Pacific region. At the end of 2008, the Asia-Pacific region accounted for 21 percent of the bank’s global workforce of more than 80,000 people—a 3 percent increase from 2007. Also, just over 65% of the global workforce is located outside of Germany. Insiders describe the company as “a mini U.N.,” “more diverse than I expected,” and “open to different types of people with different types of ideas.” 8

W E T F E E T I N SIDER GUIDE

INSIDER SCOOP “We are not a German bank with Asian and U.S. representation. We’re multicultural, and that shows in our offices. Diversity is something we value in Asia—bankers here must be more culturally adroit than in other parts of the world, because we deal with many different cultures and kinds of individuals.” Even the bank’s leadership reflects its commitment to building a globally diverse team. Swiss-born CEO Dr. Josef Ackermann is the first non-German to run the bank. Anshu Jain, head of Global Markets, was born in India and studied economics at Shri Ram College of Commerce in New Delhi. Michael Cohrs, head of Global Banking, is an American with a Harvard MBA, and has studied abroad in Japan. Deutsche Bank’s global strategies are developed on the ground, with regional directors formulating strategies specific to their markets. This autonomy has been a key driver in the growth of the bank’s business, and a cornerstone of its culture. “No one is telling us we have to do this or we have to do that,” says a director in the Asian markets. “We look around us, listen to our clients, watch the markets, and do what looks best from our position in the region. It makes us more flexible, versatile, and able to react more quickly.” Toward this end, Deutsche Bank in Asia looks for employees who will offer new ideas. “When I talk to people, I find they have a very entrepreneurial spirit,” says one insider. “The bank is young, and there’s a lot to learn. Hierarchy is less prominent because people really listen to different views.” The bank believes that with this culture, it can adapt to changing markets and act aggressively to be a leader in the region.

INSIDER SCOOP “So often, there’s no precedent for the things I do. We’re creating something new, that hasn’t been done before…there’s a lot more trial and error than I anticipated. That’s what makes it interesting, though, the complexity. “

gETTINg hIrED FOr yOur rEFErENcE

9

ThE WOrkPlacE

WETFEET INSIDER GUIDE

ON ThE JOb

Insiders say the stability of the bank’s leadership has been key during the crisis. CEO Ackermann

ThE FIrm

Euromoney bestowed its 2009 Lifetime Achievement Award on CeO Josef Ackermann, saying, “He has been a thoughtful and powerful spokesman on behalf of the banking industry as a whole.” –euromoney.com, July 2009.

aT a glaNcE

This approach has worked, allowing the bank to grow along with the growth of Asian markets and develop successful strategies during less profitable times. For example, the bank decided to stick around after the 1997 Asian financial crisis and patiently wait for the right time to ramp up investments. This paid off in growth years such as 2007, when Deutsche Bank’s revenue in Asia-Pacific shot up 31 percent from the year before, reflecting an increase of 8.2 percent in Singapore’s economy and an 11.4 percent surge in China’s. In 2008 and 2009, as the global economy experienced a deep recession, Asia’s phenomenal growth slowed significantly. According to the Asian Development Bank (ADB), economic growth in developing Asia fell from 9.5 percent in 2007 to 6.3 percent in 2008. In 2009, the ADB predicts that growth will be 3.4 percent. Insiders at Deutsche Bank are optimistic about the future and the fact that the Asian markets are still growing, albeit at a slower pace than in previous years. “It’s true to say that in markets like India and China, it’s been a slow year,” says one managing director. “But the engine here was never stalled; it was just idling. Now we’re starting to see activity speed up across the board, and I think next year we’ll see a huge amount of activity. We at DB have the people, the balance sheet, and the pipeline to take advantage of this.”

This optimism is not unfounded. In comparison to Europe and the U.S., Asia’s economies felt the tremors of the financial crash later and appear to be stabilizing earlier. The World Bank predicted the Chinese economy would grow 7.2 percent in 2009, and India’s economy 5.1 percent, but the U.S. economy is expected to contract another 3 percent. Deutsche is poised to ride this wave of growth. The bank has been able to weather the storm without accepting capital from government rescue funds, requiring mass layoffs, or freezing its uptake of fresh talent—unlike many of its global competitors. Deutsche Bank reported a loss of $5.5 billion for 2008, its first one-year loss in more than 50 years, and its corporate banking has been hit especially hard. But the bank rebounded early in 2009, reporting a net profit of $3.3 billion for the first six months of the year (compared to $735 million in the first half of 2008), showing the bank wasn’t as exposed to risk as detractors had asserted. Anshu Jain, Deutsche Bank’s head of Global Markets and joint head of the global investment bank, told Euromoney in May 2009, “We suffered, but we are in much better shape than many of our more established competitors.”

At a glance

has been a confident advocate of the bank, and when his contract was up in April 2009, he agreed to renew until 2013. “We still have our CEO and our heads of investment banking,” says one insider. “We’re doing business as usual, and clients see that and feel confident about it. Our survival starts with financial stability but it manifests with the stability of our people.” The bank’s success also is evidenced by the professionals it has been able to attract from competitors. In February 2009, Deutsche hired 12 bankers in Asia from Merrill Lynch. In May, it named Robert Rankin, formerly of UBS, as chief executive officer of Asia-Pacific (ex-Japan).

Getting Hired

The Workplace

On the Job

The Firm

Deutsche Bank in Asia

The Bottom Line

FOR YOUR REFERENCE

Asia is a mosaic of national economies, most

of which are still experiencing long-term growth, and Deutsche Bank has a prominent 17-market footprint in the region. New talent and new ideas are in high demand. Employees will have the chance to work across borders, learn a variety of regulations, and experience new ways of thinking—which isn’t always possible in the more single-market mindset 10

W E T F E E T I N SIDER GUIDE

of London or New York. The Asian markets are also smaller, leading to more of a startup feeling relative to U.S., U.K., and Australian markets. You’ll have a lot of responsibility out of the gate, working on a variety of products and supporting projects that might not be in your primary area. As a result, you can expect to gain a lot of experience in many areas fairly quickly. In addition, Deutsche Bank’s organization is rather flat, meaning you’ll be working with senior people from the start. Those who prefer a structured environment are advised to look elsewhere. The constant flux will sometimes take you out of your comfort zone, but if you stick with it, the opportunities for growth in Hong Kong, Japan, and Singapore will very likely make the effort worthwhile. Landing a job won’t be easy. You’ll be competing with other talented candidates from around the world and will need to distinguish yourself. Recruiters look for team players with raw intelligence, agile minds, strong quantitative abilities, passion, and creativity. Once in, you’ll have to be willing to work long days (and sometimes put work before your personal life) to succeed—but you’ll be rewarded with the pleasure of working with other smart, passionate individuals who will likely become some of your closest friends.

Most overseas candidates will join the Hong Kong, Tokyo, or Singapore divisions. The experience of working in each place varies. In Asia ex-Japan, for example, you’ll be involved with diverse multinational deals, whereas Japan is a highly integrated singlecountry and -office location.

“The leadership is committed to Asia and understands the culture here. They won’t superimpose American, European, or German ideas onto clients who won’t accept them.”

Japan Japan is something of an anomaly in Asian markets. The country traditionally has been thought of as a closed market, in which Japanese businesses will

The Workplace

Pacific. Its primary goals for the Corporate and Investment Bank (CIB) Group Division involve leveraging its existing Global Markets strength, deepening its Global Transaction Banking penetration, and taking advantage of Corporate

INSIDER SCOOP On the Job

Deutsche Bank has broad initiatives for Asia-

π Why Start Your I-Banking Career in Asia?

“We used to advise graduates to start in a major financial hub and then move out to smaller locations. But the reality is that in Asia we now have every product and industry group represented. It’s possible to do the same type of work in Asia as you would in New York and London. We’re still growing, still vibrant. Things tend to happen here–sometimes too

fast and chaotic–but opportunities will present themselves a little faster.” “You’re in London and everyone talks about London. In Asia, the sheer diversity of the region is huge. You’ve got goodness knows how many countries and how many cities. You’ve got a powerhouse of growth coming out of China and India. Then you’ve also got Vietnam, Indonesia, Malaysia. What makes our jobs interesting is that we’ve got markets in different states of development, and we have different problems to solve, what works in Japan doesn’t necessarily work in Kuala Lumpur.”

WETFEET INSIDER GUIDE

FOR YOUR REFERENCE

“The shelf life for junior bankers in New York has been a lot shorter these days. Here, the markets are

more dynamic, with many more developing economies that are going to get a lot bigger than they are today. The exposure you’ll get to all the creative activity here will give you more options later on. The sooner you get here, the better it will be.”

Getting Hired

The cachet of working on Wall Street or in London is appealing if you’re considering a job in banking. However, with the growing strength of many Asian economies, a shift is under way in the financial services industry that might give those who start their careers in Asia an advantage. In your interviews, make sure to ask about the specific opportunities and challenges associated with working in Asia. These comments from senior managers at Deutsche Bank insiders express sentiments you’re likely to hear:

The Firm

Competitive Strategy

Finance’s ability to complete complex cross-border transactions, while expanding divisions such as Private Wealth Management and Private & Business Clients in China and India. Beyond the bank’s broad initiatives, competitive strategies vary by location; each region decides what direction is best to follow. Deutsche Bank operates two Asia-Pacific management regions, Asia (ex-Japan) and Japan, with five main hubs: Mumbai, Singapore, Hong Kong, Tokyo, and Sydney. There are 58 registered entities in the region, and divisions in 17 markets.

At a glance

Those concerned about whether their experience will prepare them for banking in more established markets should realize the skill set needed to succeed in Asia, New York, or London is essentially the same. You’ll train with your peers at desks in New York and the U.K., and learn and practice that skill set in a part of the world that continues to provide new opportunities. Indeed, opportunities to work with peers in offshore locations, plus the diversity of the APAC region, provide the ingredients to accelerate your learning.

11

aT a glaNcE ThE FIrm ON ThE JOb ThE WOrkPlacE

deal only with Japanese banks. But after a decade of recovery from a near-complete collapse and a dozen years of opened banking markets, Japan remains the second largest economy in the world and one that, unlike the rest of Asia, operates similarly to large banking centers outside the region. “We have many major global competitors in Japan and every type of business,” says one insider. “It’s like a more compact model of the financial world, which makes it a great place to learn banking.” During the past few years, Deutsche Bank has been building a broader business base in Japan. This has included expanding and enhancing its flow businesses in credit, equities, foreign exchange, and interest rates, and expanding advisory services and client coverage, particularly in real-estate investment; technology, media, and telecommunications (TMT); and natural resources. In the past, Deutsche Bank’s primary competitive advantage in Japan was its ability to offer products Japanese banks did not. But this is changing; Japanese banks are becoming more sophisticated and can offer most of what large international banks do. “Competition is very tight here,” says one insider. “In order to compete, we have to leverage our global relationships.” The bank differentiates itself from Japanese banks, which appeal to Japanese clients, and from U.S. bulge-bracket banks, whose competency lies in North American clients, by using a middle path—providing access to Asian, European, and North American markets. This strategy has allowed the bank to remain competitive even during 2008 and 2009, when the

> tIp Deutsche Bank divides the Asia-Pacific region into Japan and the rest of Asia. Newcomers and prospective bankers should note that when Deutsche Bank people talk about Asia, they’re usually referring to all of Asia except Japan (which is sometimes called Asia ex-Japan).

FOr yOur rEFErENcE

gETTINg hIrED

Deutsche Bank in Asia

12

W E T F E E T I N SIDER GUIDE

Japanese economy struggled because of decreased global demand for exports. In the first quarter of 2009, Japan’s economy contracted 4 percent. And while the rest of Asia saw signs of renewed growth, Japan’s market remained slow. Still, the senior management at Deutsche Bank is optimistic. “The Japanese economy is still struggling, but business is increasing,” says one Global Banking head in Japan. “There are an increasing number of players who need capital and who are leveraging the upward yen value.” The bank’s continued success can be seen in the number of recent deals coming out of the region. In 2008, Deutsche Securities Inc. (DSI), the Japanese investment banking arm, made strides in bonds, structured and derivative products, real estate, and financial advisory. DSI became the first non-Japanese institution to lead-manage a samurai (a yendenominated bond from a non-Japanese issuer) by the Korea Development Bank. The bank also closed a ¥90 billion nonrecourse financing deal (a loan that can be repaid only with income from the project the loan is funding) for the sale of the Shinsei Bank headquarters building in Tokyo. The deal was awarded Best Structured Product Deal of the Year 2008 by Euromoney Japan, as well as Best Securitization Deal of the Year in 2008 from FinanceAsia. In October 2008, Deutsche Bank overtook Morgan Stanley to be the biggest seller of commercial mortgage-backed securities in Japan. Also, in the second quarter of 2009, Deutsche moved up 22 spots from a year earlier to rank fifth in the Thomson league tables for announced mergers and acquisitions in Japan.

INSIDER SCOOP “I would say come to Japan sooner than later. As a young person you can pick up the language and enjoy the unique culture here. There are a lot of foreigners, lots of good international cuisine, and it’s very safe.” Deutsche Bank’s goals for Japan in 2009 include making a large imprint in debt and equity platforms, acting as a major player in the restructuring of the

Hong Kong and Singapore

“We perceive the crisis to be a once-in-a-lifetime opportunity to really take over market share and carve a bigger niche in Asia. We aren’t changing strategy; we’re being bold by staying the course and continuing our commitment to investment banking and building our business. ”

FOR YOUR REFERENCE

13

Getting Hired

WETFEET INSIDER GUIDE

The Workplace

Deutsche Bank has made inroads into the Chinese market in several areas, including cross-border M&A, state-owned entity (SOE) IPOs, and retail banking. In 2005, the bank advised Temasek Holdings’ $1.7 billion offshore bond, the largest offshore bond from Singapore in history and the largest debut bond from Asia at the time. In 2006, Deutsche Bank was one of three banks that worked on the $21.9 billion initial public offering of the Industrial and Commercial Bank of China, the largest IPO in world history at the time. To unify Chinese banking operations, Deutsche Bank China was established in January 2008, incorporating all existing divisions of Deutsche Bank AG in Shanghai, Guangzhou, and Beijing. During the same year, the bank also managed the $494 million IPO of Sociedad de Jogos de Macau, (Macau’s largest casino operator by market share), and financed a coal exploration license for China’s largest coal miner, Shenhua Energy Corporation. Deutsche Bank was selected in June 2009 to be a global coordinator for the IPO of AIG’s Asian lifeinsurance unit, which Dealogic sees as potentially the largest in the region in nearly two years. Additionally, Deutsche Bank’s 2009 agreement with Shanxi Securities Co. to form a new securities joint venture was approved by the China Securities Regulatory Commission. The deal is expected to boost the bank’s ability to offer a broad range of products and services, giving Deutsche Bank access to China’s attractive securities market.

On the Job

Hong Kong and Singapore are central hubs for Deutsche Bank’s Asia ex-Japan region. Singapore is the center for Deutsche Bank’s debt trading in Asia and a contact point for clients in the southern part of the continent. Hong Kong has been focused on equity markets and clients in China and the rest of northern Asia. However, both provide the full spectrum of services and products that can be found in Deutsche Bank’s U.S. and European locations. Insiders at Deutsche Bank compare the Asian markets of today to the European markets of 15 years ago. “Before the European Union, we had 15 or 20 countries all with different languages trying to coordinate their economies,” says one insider. “Deutsche learned in Europe to build the business locally using the local languages, culture, and businesses. We’re used to banking across many countries and many cultures. In fact, it’s what we’re best at.” Deutsche Bank has a relatively deep history in China, where it opened one of its first divisions outside of Germany in 1872. In 1985, it lead-managed the first international bond issue, a DM 50 Eurobond for The People’s Bank of China, and it has been working closely with the Chinese government ever since. Josef Ackermann sits on boards that advise the mayors of Beijing and Shanghai; Lee Zhang, chairman of Deutsche Bank’s Chinese operations, is one of only three foreign-employed individuals who serve on the powerful Chinese People’s Political Consultative Conference. “We work closely with the government of China and of other Asian countries, and have taken a very proactive role in the development of these economies,” says a director in Hong Kong. “We are building the markets as we build our business. It’s very exciting.” In Singapore, Deutsche Bank also works

INSIDER SCOOP

The Firm

closely with regulatory agencies. One Deutsche Bank senior staffer is a director of the Singapore Exchange and another is a director of the Singapore Commodity Exchange.

At a glance

Japanese corporate and financial sector, and playing a central role in bringing external capital into Japan and injecting Japanese capital into foreign markets. The sixmember Japan Advisory Board, established in 2008 by DSI, counsels the bank on achieving these goals.

At a glance The Firm On the Job The Workplace Getting Hired

Deutsche Bank in Asia

Industry Position Ranking banks is as much art as science, given

the many different ways bankers slice and dice deal information to convince clients of their dominant position on the league tables. Where Deutsche Bank falls depends on what benchmarks you’re using. That said, Deutsche Bank has been working its way up the league tables for global and Japanese M&A while holding first place for global collateralized debt obligations and Asian G3 currency bonds. The league tables tell only a part of the story. Deutsche Bank’s Asian offices might not grab as many headline-making M&A deals as its competitors, but the bank has consistently garnered attention for its work in derivatives, as well as recent accolades for foreign exchange and risk management. In 2009, the bank was named Best Global Risk Management House (second year in a row) and Best at FX Management in Asia by Euromoney. FinanceAsia gave Deutsche Bank its coveted Best Bank award in 2008, and The Asset Triple A Regional Awards named Deutsche Bank the Best Investment Bank and the Best Transaction Bank in 2009.

League Tables League-table rankings are widely used in investment banking circles to analyze and compare banking activity in various markets around the world. The tables are based on a single set of globally consistent criteria and transaction classifications that bring reliability to an otherwise subjective and changing set of numbers.

FOR YOUR REFERENCE

Research Rankings Institutional Investor’s annual analysis of investment bank research departments has become a measuring tool for assessing best practices in research. Firms are competitively ranked on their abilities to research companies and analyze trends. Investment banks have become very careful about avoiding the appearance of conflicts of interest and work 14

W E T F E E T I N SIDER GUIDE

hard to separate research activities from deal-making. Deutsche Bank’s rankings show strength in emergingEMEA (Europe, Middle East, and Africa) research. Institutional Investor awards: • 2009 All-Japan Research Team: Deutsche Securities ranked number nine out of fifteen • 2009 All-Asia Research Team: Deutsche Bank ranked number eight out of thirteen • 2006 Emerging-EMEA Research Team: Deutsche Bank ranked number five out of fifteen

Awards for Business in Asia Deutsche Bank has received many awards, reflecting its leader status in Asian markets. The following list, while not exhaustive, provides a look at some areas where Deutsche Bank’s strengths have been recognized in 2008 and 2009. • Named Derivatives House of the Year 2008 by IFR Asia. • Voted Best Global Cash Management Services in Asia Pacific by large Financial Institutions, ranked No. 1 Best Private Bank in China ($5.01 million to $25 million under management), No. 1 Best Private Bank in India ($1 million to 5 million, $5.01 million to $25 million, and $25 million under management), No. 1 Private Bank in Singapore ($1 million to 5 million, $5.01 million to 25 million and $25 million under management), and No. 1 Private Bank in Other Countries in Asia ($1 million to 5 million and $35 million under management) in the 2009 Asiamoney poll. • Voted number one in Asia and Australasia in the 2009 Euromoney FX Poll. • Named Best Commercial Bank in Japan in Euromoney’s Liquid Real Estate Awards 2008   • Awarded Best Investment Bank in India in 2009 by Euromoney. • Won the Financial Express newspaper’s Best Bank for Growth in India award in 2009 for the second consecutive year. • Awarded Best Corporate Career Website in Asia in a 2009 Potentialpark Communications Web Benchmark Study.

At a glance

Deutsche Bank’s League Table Rankings in Global and Asian Categories 2009, Second Quarter: Rank

2009, Second Quarter: Market Share (%)

2009, Second Quarter Revenue ($M)

Global debt & equity

5

5.6

$196,668

Global debt

5

5.7

$180,868.5

All international bonds

4

6.7

$148,710.7

All international securitizations

6

6.7

$911.9

Global asset-backed securities

6

6.7

$6,213.9

Global collateralized debt obligations

1

50.0

$1,298.0

Global high-yield debt

4

10.1

$6,184.9

All international emerging market bonds

6

8.0

$3,682.2

Asia-Pacific emerging market bonds

4

13.3

$826.2

Asian G3 currency bonds

1

16.1

$4,558.8

Japanese securitizations

7

3.4

39,800.0

Global equity & equity-related

8

4.8

$15,799.5

Global convertibles

9

5.0

$1,794.3

M&A

2009, Second Quarter: Rank

2009, Second Quarter: Market Share (%)

2009, Second Quarter: Revenue ($M)

Any Japanese involvement announced (based on value)

5

10.5

$4,696.8

The Firm

Debt Capital Markets

On the Job

Additional Rankings

Adelbert DelbrÜck is regarded as the founder of Deutsche Bank. One of a handful of private bankers

Rank

Amount Market ($B) share

Announced M&A Australasia 6

17.7

7%

IPOs - Asia (excluding Japan) 1

1.4

8.7%

All ECM (IPO, Follow-On, Equity-Linked) - Asia (excluding Japan)

5

2.7

5.6%

G3 Bonds - Asia (excluding Japan)

2

2.0

12.9%

Source: Dealogic (YTD to August 8, 2008)

in the second half of the 19th century who led a very traditional banking sector toward new, modern ways of doing business, his initial charter for the bank when it opened in 1870 was to “promote and facilitate trade relations between Germany, other European countries, WETFEET INSIDER GUIDE

15

FOR YOUR REFERENCE

A Quick History of Deutsche Bank in Asia

Dealogic Rankings Getting Hired

Deutsche Bank also has fared well in other competitive rankings for corporate achievements: • Number 70 on Fortune’s 2009 “Global 500” list • Number 34 on Fortune’s 2009 “100 Top MBA Employers” list

The Workplace

Source: Thomson

At a glance The Firm On the Job The Workplace Getting Hired FOR YOUR REFERENCE

Deutsche Bank in Asia and overseas markets.” With tea and silk exports booming, DelbrÜck brought on Hermann Wallich, who had worked for a Parisian bank in China, India, and Japan, to open the bank’s first foreign divisions—in Shanghai and Yokohama—in 1872. Deutsche Bank’s business in Asia got off to a rough start. Germany had switched from the silver standard to the gold standard in 1871, and the bank decided to sell its huge silver reserves to the Asian market. Although this initially brought in huge profits, the market was flooded in a few years and silver prices sank. This devastated the divisions in Shanghai and Yokohama, where silver was the operating capital. After two years of losses, both divisions were closed in 1875. Deutsche Bank focused instead on its booming business in Europe, which was undergoing rapid expansion. A decade and a half later, Deutsche Bank made a new attempt to gain a foothold in eastern Asia through its participation in Deutsch-Asiatische Bank, a coalition of European banks. Deutsch-Asiatische opened divisions in China, India, and Japan, and started to issue its own banknotes in China in 1906. The bank centered its activity on trade financing, but also played a significant role in underwriting bonds for the Chinese government and financing its railway construction. After World War I, Germany went through a period of great inflation. In 1929, Deutsche Bank merged with its most powerful rival, Disconto-Gesellschaft, in an effort to reduce costs and keep up with overall industry consolidation at the time, forming Germany’s largest bank. The worldwide depression that followed—the single most disastrous economic event of the 20th century—resulted in a shortage of liquidity, fueled by a combination of short-term debt and borrowers no longer able to pay their debts, paralyzing banks. This crisis was followed by the subordination of German banks to the power of the Nazi state—a situation that lasted until the end of World War II. The 1950s saw significant change in the banking industry. International issuing business (that is, issuing credit to corporations and governments) became more important as Germany moved from being a debtor to a creditor nation. Deutsche Bank played an important 16

W E T F E E T I N SIDER GUIDE

role in this evolution. For example, the bank’s 1958 flotation of a foreign-currency bond for the AngloAmerican Corporation of South Africa was its first foreign bond since 1914. It reopened the German bond market to foreign companies and initiated a period of international expansion. In 1962, Deutsche Bank re-entered Asia by opening an office in Tokyo. International business played an increasingly significant role for Deutsche Bank beginning in the 1970s, when the bank began to pursue its goal of being a global organization, and throughout the 1980s. With partner banks, Deutsche Bank founded EuropäischAsiatische Bank. After the partners abandoned the coalition in 1986, the bank’s name was changed to Deutsche Bank (Asia). In 1987, Deutsche had 14 divisions in Asia. After 123 years, Deutsche Bank returned to Shanghai in 1995, first with a representative office and, since 1999, with one of its own divisions. On November 2, 2004, Deutsche Bank moved from having a representative office in Beijing, which it had maintained since 1981, to running a full-fledged division there. In 2005, the bank made two major leaps into the Chinese market: first, by developing a joint venture with Harvest Fund Management, a major People’s Republic of China asset management company; and second, by purchasing with Sal. Oppenheim 9.9 percent of the midsize, national Hua Xia Bank, which closed in 2006. Deutsche launched a joint credit card venture with Hua Xia in 2007, and in October 2008, increased its stake in the bank to 13.7 percent. In January 2009, the bank entered another significant joint venture in China with Shanxi Securities Co. Ltd., to form the Zhong De Securities Co. Ltd., in which Deutsche Bank will hold a 33.3 percent share.

View from the Top

Corporate and Investment Bank (CIB) • Global Markets • Global Banking

WETFEET INSIDER GUIDE

17

FOR YOUR REFERENCE

Global Banking delivers integrated solutions to its clients through a wide range of services around the world. The division includes Corporate Finance and Global Transaction Banking products. It also includes a coverage function consisting of corporates, financial institutions, and German mid-caps. Carefully coordinated teamwork and well-developed client focus are key factors in ensuring exceptional returns for the Global Banking business. Global Banking is headed by Michael Cohrs, who joined Deutsche Bank in 1995, after working at Goldman Sachs and S.G. Warburg. Under his leadership, Global Banking has cemented its leading position in Europe, and has seen the establishment of

Getting Hired

Each line of business is led by a group head. These businesses are supported by several corporate infrastructure divisions: Finance, Legal, Risk & Capital, Human Resources, Group Technology & Operations, and Communications. Deutsche Bank had offices in 72 countries and more than 80,000 employees as of March 31, 2009. Approximately a third of the bank’s employees work in Germany, with the rest spread throughout the rest of Europe, the Americas, Africa and the Middle East, and the Asia-Pacific region. Josef Ackermann joined Deutsche Bank as a member of the board of managing directors in 1996; in 2002 he became spokesman of the management board and chairman of the group executive committee, and was appointed chairman of the management board in 2006.

Global Markets includes sales, trading, and research in equity, debt, and other products including: – foreign exchange – commodities – equities – equity-linked products – fixed-income securities and OTC derivatives – distressed products – government-, agency-, and mortgage-backed securities Global Markets is headed by Anshu Jain and has historically been Deutsche Bank’s most profitable business. Its organization is unique in that equity and fixed-income operations are combined. Integrated sales teams are assigned to major clients rather than organized around product offerings. Deutsche Bank is among the industry leaders in this approach to client service.

The Workplace

Private & Business Clients and Asset Management • Private Wealth Management • Private & Business Clients • Asset Management Note: Information about these business can be found at www.db.com

Corporate and Investment Bank The Corporate and Investment Bank Group Division oversees Deutsche Bank’s capital markets business, including origination, sales, and trading of capital markets products; corporate advisory; corporate lending; and transaction banking. CIB is organized into two main divisions: Global Markets and Global Banking.

On the Job

Deutsche Bank is a publicly owned corporation headquartered in Frankfurt. It operates two group divisions:

View from the Middle

The Firm

Organization of the Firm

At a glance

Today, Deutsche Bank’s long history in Asian markets shines through its established relationships with clients and governments in the region. Its 17 AsiaPacific divisions average a history of 31 years.

At a glance The Firm On the Job The Workplace Getting Hired FOR YOUR REFERENCE

Deutsche Bank in Asia strong franchises in the Americas and the Asia-Pacific region. The Global Banking business consists of the following: Investment Banking consists of M&A advisory, equity capital markets, leveraged debt capital markets, commercial real estate, asset finance & leasing, and corporate lending businesses. Industries covered are: – Consumer/retail – Financial institutions – Financial sponsors – Infrastructure and transportation – Healthcare – Logistics – Natural resources – Real estate, gaming, and lodging – Technology, media, and telecommunications Global Transaction Banking (GTB) is a combination of commercial banking products and services for corporate clients and financial institutions dealing with the management and processing of domestic and cross-border payments, professional risk mitigation for international trade, asset and liability management, and the provision of trust, agency, depository, custody, and related services. Business units include cash management, trade finance, capital market sales, and trust & securities services. The cash management unit offers a complete range of services to handle the complexities of global, regional, and domestic cash management, including channel management, global payments, check services, liquidity management, information and reporting services, and financial supply chain management. The trade finance unit offers comprehensive solutions along the client’s trade value chain by combining international trade risk mitigation products and services with custom-made solutions for structured trade and export finance. The capital market sales unit provides clients with 18

W E T F E E T I N SIDER GUIDE

asset-, liability-, and risk-management solutions across a wide range of different asset classes, such as foreign exchange, interest rates, equities, commodities, and credit. The trust & securities services unit is a global leader in the field of securities administration, providing issuers and investors with a wide range of trust, payment, recordkeeping, safekeeping, and clearing services.

View from the Bottom Seen from below, Deutsche Bank can seem like the huge global bank it is. With offices around the world, tens of thousands of employees, and clients in nearly every industry, getting a handle on it can be hard. Insiders advise newcomers to focus on their team, which they say is the key to success at Deutsche Bank. Teams range from three to eight people—depending on your project and division—and typically consist of a mix of associates, analysts, and a manager, with researchers getting involved on an as-needed basis. They’re also fluid; as one deal is completed and another begins, you might find yourself with new teammates. That can be good (or bad) news, depending on your performance: As your network of former teammates grows, so will your reputation. In Asia, with continual flux and new opportunities, the broad experience you’ll gain translates into substantial flexibility to take on new opportunities with varying people. As you move among teams on different types of projects, for different clients, with different products, and in different locations, you’ll expand your network and your knowledge base—both of which will help you move from your bottom-up view to one that rises incrementally closer to the top.

INSIDER SCOOP “The money factor is still there. It’s just that now more of us have our sights set on performance rather than the old model of walking around with dollar signs in our eyes.”

Flow Businesses

Renewable Energy Initiatives The global fight against climate change and the race to develop more sustainable energy sources has made “green” a buzzword in the banking world. Deutsche Bank has several climate change initiatives, including an external Climate Change Advisory Board, which will advise Deutsche Bank management on strategic questions, business risks, and aspects of climate protection. This includes the decision by the WETFEET INSIDER GUIDE

19

FOR YOUR REFERENCE

Islamic banking, or banking that follows Islamic religious law (known as Sharia), has been growing at a rate of more than 10 percent per year, according to a Forbes special report in April 2008. With Islamic banking capitals located in Asian centers, such as Malaysia, Singapore, and Dubai, this fast-growing sector is sure to be a strategic area for investment banks in the region. Deutsche Bank has been a major player at the forefront of Islamic banking since 2005, when it acted as a joint bookrunner for the Islamic

Sovereign wealth funds (SWFs), which are government funds created to invest in national savings accounts, have typically been invested in safe, long-term investments. But China, Russia, and other governments with emerging economies are following the example of Singapore’s Temasek and setting up new SWFs to make bigger, more daring purchases. In one 2007 headline-grabbing deal, China bought a chunk of The Blackstone Group, an alternative asset management company, just before IPO. Deutsche Bank was a bookrunner on the company’s IPO. Keep an eye out for Deutsche Bank’s participation in additional deals like this one.

Getting Hired

Islamic Finance

Sovereign Wealth Funds

The Workplace

“Being able to work in teams is the most important soft skill. You have to be a team player. But you also have to be prepared to troubleshoot and work well when there are problems or you don’t get agreement.”

In May 2008, the 50th anniversary of the bank’s presence in Hong Kong, DB announced it would nearly triple its office capacity in the region by 2010—allowing it to grow from 1,500 employees to 4,000 employees—and move into a new building in Kowloon. The bank has been experiencing rapid growth in the area, and believes a more sizable presence in Hong Kong will help it strengthen its investment banking, transaction banking, asset management, and private wealth management divisions.

On the Job

INSIDER SCOOP

Growing in Hong Kong

The Firm

When markets bust, some areas of investment banking are hit harder than others. In the case of the late-2000s recession, asset-backed securities and other complicated financial instruments went poof. Although Deutsche has traditionally been a strong house in structured products, such as derivatives, its priorities have shifted for the moment toward “flow” products, such as interest-rate trading, money markets, and foreign exchange. Deutsche’s foreign exchange business was exceptionally strong in the beginning of 2009, driving a 185 percent jump in sales and trading revenue for the first quarter of the year compared to the first quarter of 2008. In essence, the bank is using flow products to hedge against the boom and bust nature of markets. “Foreign exchange, and flow in general, has always been a key part of our business,” said Global Markets head Anshu Jain in an interview with Euromoney. “Its contribution may have more than doubled in the last two years during the crisis, but it was always a significant contributor to our results.”

Development Bank’s issuance of Sukuk securities, the first ever Islamic EMNT program. In 2009, the bank launched the first Sharia-compliant Issuance Platform and appointed Hussein Hassan, previously head of Islamic Structuring, to the role of head of Structuring MENA and Islamic Finance.

At a glance

What’s Hot

At a glance The Firm

bank to have its global business operations CO2neutral from 2013 onward, which will be helped in part by the modernization and greening of its Frankfurt headquarters. But the bank is also focused on delivering its portfolio of advisory services and products in this field to clients to support their climate change strategies, offering investment opportunities in environment-focused funds, and making its own green investments, such as a partnership with Solar Impulse, developers of the world’s first solar powered airplane. In Asia, where energy consumption goes hand-inhand with economic growth, several countries, such as China, South Korea, and Taiwan, have dedicated millions in government money to renewable energy, creating the chance for new investments and projects in the region. Go to www.banking-on-green.com to learn more.

FOR YOUR REFERENCE

Getting Hired

The Workplace

On the Job

Deutsche Bank in Asia

20

W E T F E E T I N SIDER GUIDE

At a glance

The Firm

On the Job

The Workplace

Getting Hired

FOR YOUR REFERENCE

21

WETFEET INSIDER GUIDE

On the Job

3

Global Markets�������������������������������24 Global Banking�������������������������������26 Additional Opportunities����������������29

At a glance The Firm On the Job The Workplace Getting Hired FOR YOUR REFERENCE

Deutsche Bank in Asia

Global Markets Deutsche Bank’s Global Markets (GM) division employs 6,000 people and operates in every country that has a functioning financial market. It has trading floors in 39 countries, including China, Indonesia, Hong Kong, Singapore, and Japan. The division has clients that range from corporations to governments, and provides services such as origination, sales, structuring, and trading of fixed income, equity, commodity, foreign exchange, derivative, and money-market products. In Asia, Global Markets is the top-rated foreign exchange bank, as well as number two in debt capital markets. The division has strong working relationships with nearly every central bank and more than 90 percent of the world’s top 1,000 companies. The volume and rate of trading conducted through Deutsche Bank can be head-spinning. Although people in GM might work slightly fewer hours than their counterparts in Global Banking, insiders say the work is more demanding. “Our work is very intense,” says one GM associate. “When you’re on the floor, your mind can’t leave for a second. It’s not like a desk job where you can check your email. You’re moving a lot of money very quickly.” INSIDER SCOOP “I love the pace of things here,” says one GM analyst. “There are always new projects, and markets are constantly expanding and changing. In more established banking centers, that may not be the case.” Deutsche Bank’s GM team is well known for developing innovative products and techniques, such as derivatives. The cutting-edge opportunities in this field are numerous. “Derivatives are very complex, and we’re developing new products all the time,” says one derivatives insider. “I know people who have been here 24

W E T F E E T I N SIDER GUIDE

ten years who still have to ask questions.” Because trading floors are smaller in Asia than in other large banking centers, traders are required to learn about more products and conduct a greater variety of transactions. One GM managing director says the small size of the trading floor also allows traders to interact with employees of all levels. “In Tokyo, our trading floor has an extremely flat structure, both literally and figuratively. I will often speak to the most junior person on the floor and then the head of the bank within ten minutes of each other.”

“I love that I can speak with anyone in the office about business questions that pop up,” says one GM analyst. “Moreover, the communication is unparalleled.” The breadth of experience and know-how you’ll gain working in GM Asia are two reasons why insiders recommend considering a career in the region. Another is the opportunity to perform and be rewarded for success. “On the floor I am surrounded by risk-takers and am encouraged to take risks myself,” says one associate. “When I perform well, it pays off with more responsibility. Sales and trading are really performance-based.” Deutsche Bank is recruiting heavily for undergraduates and MBAs to become analysts and associates, respectively, in Global Markets for Asia.

Typical Responsibilities Associates and analysts can expect to rotate across Global Markets’ full debt/equity sales and trading platforms. Whether you’re involved in sales,

“This job is quantitatively demanding. A background in finance is helpful, but not necessary. I was a biology major and didn’t know the first thing about economics. You don’t have to know the exact techniques when you enter, but you should love numbers and be able to manipulate them. If you study hard and work hard, you can be taught.”

6:15 A.M. Wake up and prepare for the day. 6:45 A.M. Leave for the office.

11:00 A.M. Market’s a.m. session ends. Head out to pick up lunch, which I’ll eat at my desk, just in case clients call during lunch. 12:30 P.M. Market’s p.m. session opens. I return to my state of constant vigilance. 2:20 P.M. Lead the afternoon call with IT to make sure the technology side and the business side are in sync with regard to system changes, client connectivity, etc. 3:00 P.M. Jasdaq/Tokyo Stock Exchange p.m. sessions close. Begin communicating with clients and our Sales Operations about post-allocated bookings, confirmations, etc. 3:10 P.M. Osaka Securities Exchange p.m. session closes. Continue with “end of day” work for clients that traded on the OSE. WETFEET INSIDER GUIDE

25

FOR YOUR REFERENCE

A Day in the Life of a Global Markets Analyst

9:00 A.M. Market opens. At this point especially I must be ready to react to clients’ requests and orders.

Getting Hired

INSIDER SCOOP

8:15 A.M. Participate in the Asia-Pac morning call to hear updates from the Hong Kong and Sydney offices, and to share our own thoughts, performance, and progress with new clients.

The Workplace

As an analyst, you might take on sales, trading, or research roles in such areas as trading, institutional client group sales, OTC derivatives, foreign exchange, or emerging markets. If you’re part of the debt capital markets team, you could work on covering corporations, financial institutions, and agencies for all of their fixed-income requirements, portfolio valuation, and interaction with trading floors and clients.

7:45 A.M. Read about the U.S./European markets. Prepare report on the previous day’s trading through my desk.

On the Job

“You always know what’s going on with everyone. You have a much broader view and can see your work in the context of the whole department. Outside of Asia, you have to focus on your one little area. Your opportunities to experiment are often more limited, as you’re so specialized.”

7:30 A.M. Eat breakfast at my desk, which I probably picked up from the Tully’s one floor down (on the DB floor, subsidized just for us!).

The Firm

INSIDER SCOOP

6:55 A.M. Arrive at my train station (which is in the basement of our building!).

At a glance

origination, research, or trading, you’ll become familiar with foreign exchange, debt capital markets, mortgages, over-the-counter derivatives, integrated credit, money markets, futures and options, and metals and commodities. Generally, you’ll analyze market and economic trends, make recommendations on Deutsche Bank’s market position, manage risk, and participate in team presentations to new clients.

At a glance The Firm

Deutsche Bank in Asia 5:00 P.M. Finish up daily work, and begin working on longer-term projects. Perhaps have a call with a client in Europe, or with our London office to discuss a global client.

11:30 A.M. The market closes for lunch. Sometimes I go for a walk and grab lunch outside, but usually I bring it back to my desk so I can prepare for the second half of the day.

7:00 P.M. Finish up my day and leave for home.

12:30 P.M. Afternoon trading session starts and I’m back on the floor doing what I did in the morning.

A Day in the Life of a Global Markets Associate

FOR YOUR REFERENCE

Getting Hired

The Workplace

On the Job

6:00 A.M. Alarm clock goes off. I hit the snooze button twice. 6:30 A.M. Finally wake up and check my BlackBerry to see if anything has exploded overnight. Luckily, I’m safe, and I get ready to leave. 7:00 A.M. On the subway, my mind drifts to thoughts about positions and trade ideas. I check my BlackBerry to read up on news that I won’t have a chance to look at when I get to work. 7:30 A.M. Arrive at work and grab breakfast from downstairs. Bring it back to my desk and log in to all my applications to prepare pricing models for the trading day. 8:30 A.M. Morning meeting. Hear summaries about the previous day from various trading desks and recaps of overnight activities for each product within my team, Global Finance and Foreign Exchange. I’m listening for important economic indicators like GDP and CPI. 9:00 A.M. The markets open and all the fun starts. I rush around calculating bid/offer prices on products, mostly swaps, so our clients have liquidity. I’m also in contact with salespeople and brokers to answer any client questions. When I get the chance, I take calculated risk positions. 26

W E T F E E T I N SIDER GUIDE

4:00 P.M. Things were winding down as local dealers and clients got ready to go home. But then London starts its day and the markets perk again. I call my London colleagues to talk about the day’s trading, and we share ideas. 5:30 P.M. I work on my end-of-day routines— checking trades, calculating profit and loss, managing risks, etc. Then I report these results to senior management. 7:30 P.M. Leave the office and head out for drinks and food with colleagues.

Global Banking The Global Banking division helps corporations and governments raise cash to fund growth. Services and products offered include loans, corporate advisory on M&A and divestments, and support for IPOs and capital market transactions. The division also provides payment solutions for companies and financial institutions, trade and export finance, and a range of administrative services for debt and equity securities. Working in the Global Banking division gives you valuable exposure to the high-stakes world of IPOs, privatizations, and M&A. But with the adrenaline high that comes with this deal-driven work are long hours hunched behind a computer, poring over

INSIDER SCOOP

9:15 A.M. A colleague grabs me to head to the cafe for breakfast. I bring my food to my desk and eat while reading news articles and internal market update emails to stay in the loop on any new important news.

A Day in the Life of a Global Banking Analyst 8:30 A.M. Head to the office and start checking emails that came in overnight from my colleagues around the world. Banking never sleeps. 9:00 A.M. Get to the office and send out a few files that the London office requested.

10:30 A.M. Meet with my associate and head of TMT to talk about what materials are needed WETFEET INSIDER GUIDE

27

FOR YOUR REFERENCE

10:00 A.M. Receive an email from my associate informing me that we need to prepare discussion materials for the head of Technology, Media, and Telecom (TMT) for his meeting with a key software-chip manufacturer in Taiwan. We agree to meet at 10:30.

Getting Hired

Associates work on teams that provide strategic advice on M&A, disposals, and restructures; create and execute IPO fundraising plans; develop a specialty in an industry, such as technology or energy and utilities; and arrange strategic financing for mergers or acquisitions through debt restructuring, risk management, and transaction banking services. An important skill for this job involves developing and

“The job can be very demanding at times. The learning curve is very steep and you have to quickly adapt to new situations. Hours vary depending on the stage of the deal or project, but don’t be surprised if you need to pull an allnighter.”

The Workplace

Typical Responsibilities

INSIDER SCOOP

On the Job

“I started right away working with very senior people. This is bad in some ways, because when you mess up they’re going to notice. But if you’re willing to work hard and can learn quickly, they’re going to reward you for it.”

The Firm

maintaining long-term relationships with senior executives in corporations and governments, regionally and globally. As an analyst, you’ll perform lots of the research and analytics involved in deals. You might travel to meetings, where you’ll take notes and carry the pitch books—during a “road show” there might be ten meetings a day, and you’ll bring boxes of presentation books to each one.

At a glance

financial statements and churning out spreadsheets by the pound. People in this division describe their job as “intense.” You’ll need an abundance of personal ambition if you want to work in this part of banking. Banking in Asia provides the same kind of exposure to clients, deals, and products as at other financial centers. Every product and industry is represented; this wasn’t true three years ago. You’ll have the same range of opportunities as you would working in London or New York, but with one important exception: There are a lot more of them. Outside of Asia, “you specialize in an industry or a product and get to know it very well,” says one Asia-based managing director. “Here I tend to move people around more. Once you learn an area, I’ll move you around. If you get tired of working in Hong Kong, move to Singapore. Once you get hold of one type of client, you should try to learn about a new type of client.” Insiders say understanding business in Asia is itself a highly prized specialization, which will be more valuable in the long term than becoming a product- or client-type specialist. Undergraduates are recruited for a two-year analyst training program. MBAs are recruited as associates and, after a customized training program, are assigned to an industry or product group. In Asia, assignments are fluid and change frequently.

At a glance The Firm

for the Taiwan presentation. The head would like to review it by 8 p.m. tonight. 11:30 A.M. Return to my desk and get a call from a client asking for a comparable analysis of global telecom players from the last 12 months. The client needs the analysis done by 1 p.m., so I begin work on it straight away. 12:30 P.M. Email the analysis to the client and head out to buy lunch. I bring it back and eat it at my desk so I can begin working on the TMT materials.

The Workplace

2:00 P.M. Complete the business overview pages of the discussion materials and start building the accretion/dilution model to support the discussion. 4:00 P.M. Jump on a financial due-diligence call for a Thailand deal that I’m working on. Since I’m normally working on 2 to 4 deals at once, so time management is key.

Getting Hired

On the Job

Deutsche Bank in Asia

6:00 P.M. Put together pages for the discussion with [the help of ] my associate. He has a few comments on the overall layout so I start editing accordingly.

5:00 P.M. Call ends and I get back to the discussion materials. My associate calls and asks for a status update.

FOR YOUR REFERENCE

7:30 P.M. Do a final check before I send the discussion materials to the head of TMT for review. Head to the gym. 9:30 P.M. Get back to my desk and start reviewing notes from the financial due-diligence call. Incorporate new information into the financial model. Notice a potential breach and call my VP to discuss. He instructs 28

W E T F E E T I N SIDER GUIDE

me to build a “stress” case scenario to identify any other potential breaches. 10:30 P.M. Receive comments on the discussion materials from the head of TMT. Thankfully they are minor and I start on the revised version. 12:00 A.M. With the associate, I do a final page-bypage check of the materials. Then we email the soft copy to the Taiwan office for printing. I stay to continue working on the case scenario suggested by the VP. 1:30 A.M. Wrap up for the day and head home.

A Day in the Life of a Global Banking Associate 8:45 A.M. Sit down at my desk and start checking email. 9:00 A.M. Receive call from a client, a private equity firm, asking me to revise a model for a leveraged buyout. My nose hits the grindstone. I put everything on hold to work on this model for five hours straight. 2:00 P.M. I’m getting a bit stiff from sitting at my desk, so I go out and buy lunch, which I eat at my desk while looking over my morning’s work. 3:00 P.M. Attend a kickoff meeting with a managing director, another associate, and an analyst to start planning a pitch for an electronics company interested in selling off one of its divisions. The electronics company has been trying to get rid of this division for at least three years and has finally found an interested buyer. We must move quickly before the buyer gets cold feet. The pitch book is due Tuesday.

INSIDER SCOOP

Additional Opportunities Deutsche Bank in Asia primarily hires overseas

Human Resources

8:35 A.M. Read through headlines and business pages of the New York Times online. Then respond to a variety of emails that came in over the weekend, including questions about hotel arrangements for the intern training program. 9:30 A.M. Check my calendar for the day to prepare myself for meetings. 10:00 A.M. Attend our weekly team meeting to give updates from the previous week and WETFEET INSIDER GUIDE

29

FOR YOUR REFERENCE

Working in human resources means you’ll be involved in making sure Deutsche Bank has the people power necessary to operate its global business. Human Resources professionals say doing HR at Deutsche Bank is especially rewarding because it involves working with high-performing individuals in a fastpaced industry—but the firm only hires students from overseas schools into positions in HR in Japan. The bank’s primary competitive advantage is its intellectual

8:15 A.M. Head out for work. Check my [personal] BlackBerry on the short train ride for emails that came in overnight. Stop by Starbucks for a coffee before going up to the office.

Getting Hired

applicants into Global Markets and Global Banking. However, a few additional opportunities are available in critical support functions, such as human resources, technology, and finance.

A Day in the Life of a Human Resources Analyst

The Workplace

“If you find processes that don’t make sense or that aren’t in our clients’ best interests, you need to speak up and make a case for a better way of doing things.”

The responsibilities within HR vary greatly depending on the job and the day. Developing and administrating employee compensation and benefits, coordinating the hiring process, strategizing outsourcing, and planning employee events are just a handful of potential responsibilities. At Deutsche Bank, human resources is recognized as a strategic role, and those joining in such a role should be prepared to contribute to business decision-making. Newcomers rotate through a variety of HR positions in their first year before settling into one of three key areas: resourcing (a strategic role that involves defining the direction of employer branding, recruiting, and outsourcing); reward (designing compensation and benefit plans); and development (managing training curricula, diversity programs, and organizational development).

On the Job

10:00 P.M. Leave the office to get dinner. It’s a Friday night, so I decide to go home and relax a little before I return to the office Saturday to keep working on the pitch.

Typical Responsibilities

The Firm

9:00 P.M. Meet with the managing director to go over my progress on the pitch book. So far, he likes what he sees. I have just a few things to touch up before leaving the office.

capital, so attracting the best and brightest and fueling their passion to perform is vital to Deutsche Bank’s success. This is especially true in Asia, where growing banks are competing fiercely to attract talent.

At a glance

4:00 P.M. Start sketching out the skeleton of the pitch book and delegating work to our presentations team.

At a glance The Firm

Deutsche Bank in Asia discuss plans for this week. There are three weeks until the start of the summer internship, so most of my updates center around that. 11:00 A.M. Confirm visa and flight booking status for all of the interns. Work on the Summer Internship Online book.

Getting Hired

The Workplace

On the Job

12:30 P.M. Take an hour lunch at a local hamburger spot with some graduates from my year. 1:30 P.M. Return to my desk to field emails and prepare for my next meeting. 2:00 P.M. Attend a meeting with a nonprofit organization to plan and coordinate our summer intern corporate social responsibility event. 3:00 P.M. Attend a meeting with the COO of Global Markets to discuss updates and brief him on the summer internship program 3:30 P.M. Stop by the Global Banking area to meet with the business manager for a quick update on the domestic marketing process. 4:00 P.M. Create the schedule and presentation topic for an HR candidate who is coming into the office for an on-the-job interview next week. Communicate this information to the HR team.

FOR YOUR REFERENCE

5:30 P.M. Speak to a vendor about an upcoming domestic marketing event to determine how many giveaways and brochures to send. 6:30 P.M. Call a regional recruiter to ask about her summer intern training programs to get ideas about the content of our training. 30

W E T F E E T I N SIDER GUIDE

7:30 P.M. Finish up my day and leave to get dinner with friends.

Technology As at all major financial institutions, IT experts are in demand at Deutsche Bank. The bank needs people to develop, install, manage, and troubleshoot the wide array of technologies it uses to conduct business—ranging from internal sales/trading and accounting systems to corporate intranets, online trading systems, and big enterprise systems, big enterprise systems, such as SAP or Oracle, that manage human resources, customer relationships, and all sorts of functions in between. Currently, Japan is the only country recruiting for Group Technology & Operations (GTO) from overseas. The Technology division consists of two teams: Application Development and Infrastructure.

INSIDER SCOOP “Deutsche Bank, especially in Asia, has a flat hierarchy. You don’t have a totem pole of people above you who have been at the bank for 20 or more years. Instead, you interact with a greater variety of people at all levels, and people wear a number of hats.” Application Development You’ll develop software and system innovations that are vital to all of the bank’s activities—delivering businessto-consumer and business-to-business applications, and facilitating functions ranging from the simple (information production, report collation) to the critical (electronic trading worth billions of dollars every day). You’ll work primarily in an NT and Unix environment, using tools such as Oracle, SQL, C, VB, Java, and the latest Web and mobile computing technologies. As a software developer, you’ll need to work at tremendous speed and have the flexibility to deliver high-quality systems. You also will develop project management skills and participate in business analysis and vendor management.

Perform the necessary margin movement to respective entities and client on daily basis. (T+1 for domestic/T+2 for overseas).

3:30 P.M. Market closed. Now make sure all the executed trades have been placed in the good accounts. For Japanese domestic clients, we have to create the statement and send it to them by 4:30ish pm. Reconcile our statement with the confirmations that there is no discrepancy for the trade details and commission/tax. Even 1yen difference, we need to amend them to the client figure. Accuracy and speed is required! WETFEET INSIDER GUIDE

31

FOR YOUR REFERENCE

Margin movement process: Margining is a process by which obligations under the futures contract are satisfied every day on an ongoing basis as mark-to-market profits or losses are realized.

2:00 P.M. If there are any booking amendments or backdated trade amendments, we manually take care of them before today’s clearing/settlement process starts.

Getting Hired

8:45 A.M. T+1 Reconciliation: Reconcile cash and position against exchange. In the listed future market it is important to keep no discrepancy between exchange and our booking.

1:00 P.M. After the lunch, check the trades and if there is any trades which hasn’t got allocated in respective accounts, contact the trader/sales/client support and get them allocated by EOD. As our clients and internal sales traders are all over the world, we chase them up via email/phone calls until we receive the allocations!

The Workplace

8:30 A.M. As the market opens, start logging in to the applications for the trade capture support and clearing. Make sure all systems are working without any issues.

12:00 A.M. We have lunch shift within a team. Sometimes I do early lunch and sometimes late. Usually grab some food outside with my colleagues.

On the Job

8:15 A.M. Head to the office and start checking emails that came in overnight from other regions and clients. Future markets are all over the world.

10:00 A.M. Trade Capture Support/Monitoring: Tokyo GES opt. is responsible for the clearing and settlement for those futures/ options based on the Japanese Exchanges. It is normal that everyday has some issues. It could be system matter or client matter. Investigate the root cause of the issue and response the queries from other entities/ brokers/clients in earliest manner is one of our important work.

The Firm

A Day in the Life of a Global Exchange Services (GES) Analyst

At a glance

Infrastructure In this group you’ll manage existing technology infrastructure. Deutsche Bank’s global infrastructure operations manage more than 200 million phone conversations a year, more than 10,000 servers, and more than 200 terabytes of storage. The group also delivers millions of messages via the Internet and the bank’s intranet. Analysts focus on the construction and maintenance of the bank’s core technical systems, such as networks, databases, and telecommunications. Analysts in this area also manage specific projects and participate in business and client management. Network engineers work primarily with Unix, NT, Linux, and TCP/IP networking.

At a glance The Firm On the Job

5:00 P.M. Clearing process: After all trades (both of domestic and non-domestic) are fed into our clearing system, we process reconciliations to compare our booking versus exchange and our booking versus front office booking. If any breaks are found here, we investigate the cause until all breaks are cleared. Margin information: Create the funding vouchers for T+1 margin calls for domestic clients. Send the margin/trade data to the trust bank for the paticular domestic clients. We also perform the reconciliation for those margin movement with the clients and the trsut banks. 6:30 P.M. Print out trade tickets as it’s required regulatory. Check emails and queries before leaving the office. 7:00 P.M. Go home!

FOR YOUR REFERENCE

Getting Hired

The Workplace

Deutsche Bank in Asia

32

W E T F E E T I N SIDER GUIDE

At a glance

The Firm

On the Job

The Workplace

Getting Hired

FOR YOUR REFERENCE

33

WETFEET INSIDER GUIDE

The Workplace

4

Lifestyle and Hours��������������� 36 Culture���������������������������������� 36 Workplace Diversity ������������� 38 Travel Requirements������������� 39 Compensation, Annual Leave, and Benefits���������������40 Civic Involvement����������������� 41 Training�������������������������������� 42 Language Skills��������������������� 43 Relocation and Immigration� 43 Career Path��������������������������� 43 The Inside Scoop�������������������44

At a glance The Firm On the Job The Workplace Getting Hired FOR YOUR REFERENCE

Deutsche Bank in Asia

Lifestyle and Hours If you’re looking to work 9 to 5, Deutsche Bank—and investment banking in general, for that matter—is not for you. Your hours, and your lifestyle, will depend on where in the bank you work. On the trading floor, your hours are set by the market: You might get in at 7:00 a.m., but you’re done trading by 7:00 p.m. Hours are longer for the first two years, but after that, working 12-hour days is the norm. Weekends are rarely required. In Asia, because the markets close at about the time European markets open, you might find yourself staying late to place a trade in London. Traders also are on call overnight, when their trades are being processed in overseas markets that aren’t open during Asian business hours. However, traders say they only occasionally get a phone call late at night, and rarely do they have to spend more than 30 minutes dealing with one of these calls. “I’ll be out with my friends and have to take a call about a trade being conducted in London,” says one Global Markets insider. “I think it makes me look like a hotshot.” It’s a different story in Global Banking, where “the deal” will run your life. Your day will typically start about 9:00 or 10:00 a.m. and last until midnight or so (though what you do during the day will rarely be typical). You’ll also spend many weekends in the office. “It’s a challenging, demanding job that you have to feel passion for to do well,” says a first-year analyst. INSIDER SCOOP “I got very, very good at time management. If something is important to me, I make the time to do it. I go to the gym almost every day. I make the time to work out, even if it means I have to work out after midnight.”

36

W E T F E E T I N SIDER GUIDE

Analysts and associates say being in Asia provides some advantages for maintaining a work/life balance. First, commutes are usually shorter. Second, lunches are a little longer and offer an opportunity to socialize, even with friends outside the bank. And third, all industries in Asia tend to have long workdays, making banking hours seem more normal. “It’s part of the way of life here,” says an insider.

Culture Hermann Wallich, who founded Deutsche

Bank’s first Asian divisions in 1872, wrote in his diaries about his time in Asia: “The routine way of life and the awareness of being dependent upon one another meant that the tone was primarily one of comradeship and that the ties between each individual were closer than was customary in Europe.” More than a century later this still rings true. Because the Asian markets are growing and changing so quickly, employees in the region must work closely together and remain open to new assignments. “We all pitch in,” says one insider. “The market is so small that we all know enough to work on all kinds of trades. So if you need help with something, you just ask the person sitting across from you.”

INSIDER SCOOP “I enjoy the people that I work with. They’re smart, hard workers, but not overly pushy. Our team has a nice international feel to it, and everyone knows how to have fun. Insiders at Deutsche Bank really like the people they work with. “You’ve probably heard this so many times that it’s starting to sound like a party line, but people are what make Deutsche Bank different,” says one insider. “It’s the drive and the passion that fuels us.” Deutsche Bank is known for its entrepreneurial culture, but this is even truer in Asia. “Just coming to Hong Kong or Singapore means that you looked outside of the Wall Street box,” says another insider.

“You can work on the biggest deals and make the most money, but at the end of the day, you’re going to be miserable if you don’t like the people you work with. The guy sitting next to you is really important.”

“With smaller office sizes there’s more opportunity to work closely with other departments and management. It feels more intimate because it’s easier to get to know more people.”

INSIDER SCOOP

“The first thing I noticed about Deutsche was the people I met during training. I was impressed by their openness and intelligence. I knew I was going to like working here.”

“In my first year, I was assigned a big model to do overnight, and I wasn’t very familiar with it yet. So my VP, a pretty senior VP, sat down with me to explain theories and give me help. He basically sat with me for an all-nighter. The next day we took the model to the client. It was a great learning experience.” “Deutsche Bank in Japan has an extremely flat structure, which allows for good communication vertically in the office.”

Globalization “People make the mistake of thinking of us as a German bank. It’s probably because of the name. Deutsche Bank is culturally not a German bank. We’re more European than we are German, and more international than we are European.” “One of our advantages is that we have such an enormous global network, and we are leveraging our global relationships for the good of our local WETFEET INSIDER GUIDE

37

FOR YOUR REFERENCE

Collegiality

“There are a lot of experts here from a lot of markets all over the world, and everyone is very willing to help each other. I thought people wouldn’t be friendly, that traders would be scary and seniors would ignore me. But that isn’t the case. Some people do fit that stereotype, but they are few and far between.”

Getting Hired

“U.S. investment banks have been around a long time. There are very few lateral hires at the big bulge-bracket firms, so there’s a greater sense of hierarchy. We’ve only been in capital markets in Japan since 1986, so we’ve hired a lot of people from outside the bank, from so many different cultures and institutions. It makes it so much more eclectic. There is no ‘Deutsche Bank person.’ We’re open to lots of different types of individuals; there’s no push to conform.”

Accessibility

The Workplace

“You have to be a team player. If you want to get ahead, you can’t do it by stepping on everyone’s toes.”

“When you’re in school, you’re either right or wrong. Here, people accept that things will sometimes not run according to plan. Obviously you want to avoid that; it’s more about learning it for next time.”

On the Job

“Our performance is evaluated to some degree on our team’s performance, which shows how much teamwork is valued here. It’s not important to be the big guy with all the attention. It’s important to work well with those around you.”

“We respect each other, no matter what the level of seniority or what team you’re from. I admire so many of the people I work with.”

The Firm

Collaboration

“I work long hours with the people on my team. But we’ll still hang out on the weekends. We don’t get sick of each other.”

At a glance

“You’ve already stepped outside of a comfort zone. Business here attracts people who like to try new things.” Overall, insiders at Deutsche Bank in Asia tend to identify six key aspects of Deutsche Bank’s culture:

At a glance The Firm On the Job The Workplace Getting Hired

Deutsche Bank in Asia businesses. It’s like the old adage—we’re thinking globally, acting locally.” “When you work on Wall Street, you tend to think only about Wall Street. When you work in Asia, you’re constantly thinking about other markets and what’s going on around the world. You work with clients around the world, and the people you work with are from around the world.” “In Japan our culture is very flexible because of our diverse mix. I think of it as a pile of sand. Loose, not cohesive, but you can mold it into whatever you want it to be.”

Entrepreneurial Attitude “Working in Hong Kong is entrepreneurial. You’re given a lot of responsibility right away. You also have more freedom to do what you want to do.” “Here there is less structure. There are fewer people telling you exactly what to do. So you have to be good at figuring things out. You have to be comfortable trying things by yourself.” “You have to be more flexible and more willing to try things. You have to be good at dealing with a lot of different people and a lot of different situations. Multitasking is important.” “In Asia it’s harder to know what is expected of you. You don’t have as much of a safety net. You’re thrown into it. If you need structure or someone to hold your hand, you’d do better in the U.S. or U.K.”

FOR YOUR REFERENCE

“We approach everything with a sense of aggression and passion in order to be able to break new ground.”

Regional Autonomy “We don’t run our business from abroad. Our businesses are run by local folks and built from the ground up.” 38

W E T F E E T I N SIDER GUIDE

“We don’t have people in New York and London telling us what to do in Asia. We’re more independent and more strategic.” “We operate as a regional group but we organize geographically. We’ve got bankers working on location-specific clients in Sydney, Tokyo, Hong Kong, Singapore, and Beijing.” “We’re like a global firm with local franchises.”

Workplace Diversity Deutsche Bank prides itself on being a “onebank culture” as opposed to a “one-culture bank.” As an organization, diversity is a natural product of the bank’s global structure, yet on the ground level, each location boasts a good deal of internal variety as well. “Walking around our office can be like walking around the world,” says one insider in Singapore. “You hear so many languages and see so many kinds of faces.” This diversity encompasses not only cultural and ethnic diversity—though the Asia-Pacific region has plenty of that, with more than 50 nationalities represented in the workforce—but also a broad spectrum of educational backgrounds, personalities, and politics. Deutsche Bank has taken active steps to maintain diversity. In particular, its Global Networks are a series of groups that bring together employees with similar interests and values and provide an inclusive and supportive environment. On a local level, several Asian locations have Diversity Councils, which bring key decision makers together to assess diversity needs and create local programs and initiatives. Japan, for instance, recently established an employee-driven diversity forum to explore issues and host events. The bank also participates in the Diversity and Inclusion Asia Network, which brings several regional

The amount of time you spend on the road

will depend on your position and your seniority. Employees in Global Markets do travel, with analysts traveling slightly less than more senior people. Investment bankers can certainly expect to be on the road a lot, dealing with clients. Those in Tokyo will likely travel shorter distances than those in Hong Kong and Singapore, whose regions cover a large area of Asia. WETFEET INSIDER GUIDE

39

FOr yOur rEFErENcE

Insiders indicate that, historically, Asia has been behind its global counterparts in terms of supporting women’s initiatives. Deutsche Bank has been working to reverse this trend. In 2008, 42 percent of new hires in the region were female, which is above the firm’s global average of 36 percent. In recent years, the bank has created a number of new initiatives focused on supporting

gETTINg hIrED

Opportunities for Women

travel reQuIrements

ThE WOrkPlacE

“even as our marketplace becomes increasingly global, we must still take account of local cultures and the different wishes of clients in different regions.” —CeO Josef Ackermann

ON ThE JOb

“Highly qualified and highly motivated people from all over the world—their diversity, their different experience and cultural backgrounds— are trump cards for us.”

ThE FIrm

INSIDER SCOOP

women in Asia. Among these is the Top Women’s Initiative, designed to support female employees through the transition into managing director, director, and VP positions across Asia-Pacific. Although top leadership roles at Deutsche Bank are disproportionately filled by men, these efforts are designed to begin to change that. All three hubs also have women’s networks for female employees, to encourage support and collaboration. In 2008, Japan held its first women’s networking event, and Hong Kong and Singapore sponsored Women in Finance Asia forums in each city, which allowed female financial professionals to get together and share insights and experiences.

aT a glaNcE

companies together to identify diversity challenges and solutions. Though these initiatives are important to the bank, insiders indicate the Asia-Pacific region hasn’t had a problem attracting people from different ethnic backgrounds, and therefore hasn’t focused as much energy on diversity in the region as it has in other regions.

At a glance The Firm On the Job The Workplace

Compensation, Annual Leave, and Benefits Deutsche Bank does not release compensation

information, but based on WetFeet research, we estimate that in 2009, starting salaries for analysts in Asia will be comparable to those paid in the U.S.— around US$70,000. MBAs will likely start at about US$100,000, with a signing bonus of approximately US$30,000. Bonuses are an incentive and vary widely based on performance—the firm’s, your department’s, and your own. WetFeet research also indicates compensation levels at Deutsche Bank are competitive with those at other U.S. and U.K. financial services institutions its size. Compared to Asian banks, however, Deutsche Bank pays considerably better. Although Deutsche Bank’s compensation levels are generally equal around the world, regional differences will affect how far your money goes. According to Mercer’s 2008 Worldwide Cost of Living Survey, Tokyo was the second most expensive city, Hong Kong the sixth, Singapore the thirteenth, and Sydney the fifteenth.

For comparison, London was the third most expensive and New York the 22nd. Tax rates vary in these cities. Hong Kong and Singapore, for example, have lower income-tax rates than Sydney and Tokyo, meaning you could find yourself with more takehome pay. In Mercer’s 2008 Worldwide Quality of Living Survey, which considers 39 indicators, including economic environment, health and sanitation, schools and education, natural environment, and recreation, Singapore ranks 32nd, Tokyo 35th, and Hong Kong 70th. Sydney ranks 10th, London 38th, and New York 49th. Deutsche Bank provides a flexible benefits package that includes full medical and dental insurance, life insurance, and disability insurance. The bank pays for cell phones or BlackBerrys if they’re needed for work, and it offers reduced gym membership rates wherever possible. On those nights when you have to work late, Deutsche Bank pays for dinner and a taxi ride home.

πGO EAST Certainly a sense of adventure and desire to learn draw more than a few recruits to explore banking in Asia. Working within a diverse workplace and within fast-paced, emerging markets will put you to the test professionally, but expect to be challenged and rewarded outside the office as well. Here’s what some insiders had to say:

FOR YOUR REFERENCE

Getting Hired

Deutsche Bank in Asia

40

W E T F E E T I N SIDER GUIDE

“Hong Kong is a vibrant city where you get the best of both worlds: Asian culture with a strong Western flare.” “Asia is a fun place to live, but you have to be prepared for a different language experience, especially in terms of writing. It does help to be in a big city, as there are a lot more English speakers around. But picking up the local language always helps.”

“Hong Kong and Singapore are two of the easiest places to move to because you’ll be among a lot of ex-patriots with foreign experiences and languages.” “Japan is expensive, but the upside is that there’s a high living standard and it’s very safe. Also, the culture here is fast-paced and exciting.”

In all Deutsche Bank locations in Asia employees are encouraged to become involved in socially responsible activities in their communities; for example, this could include hands-on project work, mentoring and coaching students, or advising nonprofit organizations.

Getting Hired

Eligible Activities

The Workplace

Other Initiatives Another one of Deutsche Bank’s civic priorities is environmental sustainability. This is demonstrated through several green initiatives. The bank is a participant in the U.N. Global Compact, a formal agreement with the United Nations to protect WETFEET INSIDER GUIDE

FOR YOUR REFERENCE

Deutsche Bank’s CSR program is targeted at addressing critical issues based on five core areas of activity: sustainability, corporate volunteering, social investments, art, and education. For instance, it is part of the Global Commercial Microfinance Consortium, providing local-currency financing to self-employed poor—street vendors, local farmers, market merchants—in communities in developing Asian countries and around the world. In Japan, Deutsche Bank and its employees support Special Olympics. The

Not only can employees make a difference by volunteering their time and skills to a charitable organization, the charity can gain financially from their support. Individuals: Volunteers who give more than four hours of their time to a nonprofit organization and believe the charity would be a worthy recipient of a DBAF grant are considered for a €250 donation to the chosen cause. Groups: Employees who form groups of ten people or more and volunteer with a nonprofit organization can apply for a group grant of €250 per participating employee, pro rata, to a maximum of €5,000 (equivalent to 20 participants).

On the Job

“Deutsche Bank’s corporate social responsibility approach centers on building human capital in five ways: sustainability, corporate volunteering, social investments, art, and education.”

Getting Involved

The Firm

Deutsche Bank views corporate social responsibility (CSR) as an investment in society and makes an effort to involve employees in the community. As part of orientation for the full time graduate program—a training period for newgraduate hires that takes place in London and New York—most new recruits participate in communityservice projects that can last up to three days, such as building playgrounds, improving local schools, and participating in special-education programs. The bank encourages continued civic involvement after the training is completed.

Deutsche Bank Asia Foundation (DBAF) is the bank’s long-term social responsibility program, focusing on those in greatest need; it has initiatives for education, social outreach, and financial assistance and shelter for at-risk children. In 2008, DBAF committed €3.7 million to addressing issues of poverty, education, and health in Asia. In 2008 and 2009, DBAF made relief contributions in the wake of the Myanmar typhoon, China earthquake, and Australian bushfires. The bank’s Initiative Plus program is a global corporate volunteering effort. The goal is to get employees engaged in volunteer activities with local non-profit organizations.

At a glance

Civic Involvement

41

aT a glaNcE

the environment and human rights. To reduce its environmental impact, the bank has vowed to decrease its carbon emissions by 20 percent each year, with the goal of being climate-neutral by 2013. Deutsche Bank also has diversified its investment offerings to include green funds, and is the main partner of Solar Impulse, a team whose goal is to launch the first solar-powered flight around the globe in 2011. With a new website, banking-on-green.com, Deutsche Bank hopes to spread the word about these and other green initiatives.

> tIp

FOr yOur rEFErENcE

gETTINg hIrED

ThE WOrkPlacE

ON ThE JOb

ThE FIrm

Deutsche Bank in Asia

Deutsche Bank puts out an annual report on its social responsibility programs. To find it, go to the bank’s website and click on the “Social Responsibility” link.

traInInG Once hired, you’ll go through training called

“induction,” which takes place in London or New York. For Global Banking associate recruits, who come from MBA programs, training consists of three weeks in New York. For Global Banking analyst recruits, who come from undergraduate programs, training takes place for six weeks in London. For recruits in Global Markets, induction lasts seven weeks in London, with an additional optional two-week math course for those who lack the required quantitative skills. Japan also provides language-skills training. Induction serves to give employees with widely different backgrounds a common set of baseline skills. Recruits are expected to complete homework and take tests to show they are acquiring proficiency, although people rarely fail out of the program. A highlight of the orientation program is the opportunity to meet colleagues from around the world. These connections 42

W E T F E E T I N SIDER GUIDE

become part of your network at Deutsche Bank, which will be global. “When I call up London or New York, I’m speaking with people I know,” says one associate. “I met them during training and we formed a bond. Even though we’re so far apart, it’s still like we work together.” After orientation, your training opportunities will vary by division. After about a year of employment, most analysts and associates receive an additional week of training in which they learn about any new products and build their business skills. Deutsche Bank strongly encourages mentorship as well. During training you’re assigned a buddy—a recruit from the previous year who can give you the lowdown on surviving your first year. How much you use your buddy’s help is up to you. In many locations, new recruits also are assigned a mentor—a person in a more senior position than you, yet who is not in your direct line of supervision. Mentor relationships vary; some people have regular monthly meetings with their mentor while others just keep the mentor’s phone number handy in case a problem comes up. .

π FINDINg yOur NIchE Deutsche Bank typically doesn’t assign new hires into specific roles. The process for finding the right position for you comes out of a process of mutual recognition: You realize what you want to do—and are best able to do—while the division heads recognize your talent. The goal is to find the right job

for each person. This method provides some nice leeway for those who aren’t sure what role they want to take on. Although there is room to move from one position to another, recruits are expected to remain within the geographic region where they begin for at least three years

INSIDER SCOOP

INSIDER SCOOP “Immigrating to the United States is much harder than moving to Asia. We have very few issues with immigration in Asia compared with the U.S.”

Career Path

WETFEET INSIDER GUIDE 43

FOR YOUR REFERENCE

Promotion philosophies across Deutsche Bank vary by division, though there has been a recent move toward standardized promotion practices within divisions. Across the bank, most employees must put in their two years before rising to the next level. But that doesn’t mean their experiences will be identical. In Asia, analysts and associates might share a title with their peers in New York or London but have a different set of responsibilities—or, potentially, more responsibility, because of the rapid growth of the business. “In Asia you’re given more responsibility,” says one managing director. “You have more opportunities to experiment and try new things, so you learn much more of the business.” Says another, “You get more

Getting Hired

The language skill requirement varies by job and location. In Japan, in most divisions you’ll need to know basic Japanese as well as have fluency in Japanese honorifics—in particular keigo (polite language). Knowing sonkeigo (respectful language), and kenjōgo (humble language) will certainly serve you well, too. In Hong Kong and Singapore, English is the official language of business. Mandarin skills are used often and might be required, but this depends on where you work in the bank. “I took one semester of Mandarin in college,” says one associate trader on the Hong Kong floor. “As of yet, there hasn’t been one occasion when I’ve needed to know Mandarin.”

for recruits heading for Asian offices includes reimbursement for economy airfare to your new location, the first shipment of your moving boxes, a month of rent in a furnished short-term apartment, and a lump-sum relocation allowance to cover any expenses connected with your move. Deutsche Bank also will set you up with a rental agency to help you find a place to live. The bank arranges all necessary legal documents for immigration.

The Workplace

“At Deutsche Bank the standard language is English. But in Japan, 80 percent of your interactions could be in Japanese. In order for this to work, you really need to understand the culture and understand that Japanese isn’t the only mode of communication. There’s also nonverbal communication through behavior. You have to be a good listener, polite, and humble.”

The comprehensive relocation package

On the Job

skills in Deutsche Bank’s Asian offices—from those who speak an Asian language as a first language and minimal English to those fluent (or almost fluent) in English and an Asian language to those (in the minority) who speak only English. All analysts and associates need business-level English. In Japan, the majority of recruits speak at least business-level, if not fluent, Japanese, though in Global Markets this isn’t as important.

The Firm

You’ll come across a spectrum of language

Relocation and Immigration

At a glance

Language Skills

At a glance The Firm On the Job The Workplace Getting Hired

Deutsche Bank in Asia exposure to senior managers here, whereas in other locations you might be three layers deep.” After speaking to a few employees that have worked both in Australia and Asia, we get the sense that working in these two markets share more similarities than with the U.S. or U.K. However, there are some differences worth noting: Working in Asia, graduates tend to get more exposure to clients and to more businesses with higher volumes, and have more responsibility and greater expectations to perform. Meanwhile, Australia tends to have a flatter structure that allows for greater exposure to and interaction with senior team members, and a greater focus on work-life balance. Analysts and associates we spoke with agreed. “I work on big, exciting deals that they probably wouldn’t let me touch in New York,” says an analyst. An associate says, “The more you prove you can do, the more they’ll give you to do.” Although this might not lead to a traditional promotion in terms of title, it will lead to experience that your peers on Wall Street and in London might not gain at the same pace.

INSIDER SCOOP “It’s all about raising your hand. Your track record will often get you noticed, but you definitely have to be your own sponsor.”

The Inside Scoop

FOR YOUR REFERENCE

What Employees Really Like

cities that serve as its hubs. “No one is surprised to see a person from another country,” says one associate in Hong Kong. “Being from Latin America, I looked for Mexican food and salsa dancing when I moved here—and I found it.”

Make Your Own Opportunity Deutsche Bank’s corporate culture supports entrepreneurial, out-of-the-box thinking. This is especially true in Asia, where formal structures are less rigid than in London, New York, and Sydney. Several insiders told us how they pitched an idea and were given a team and funding to go after it. Management is supportive of staff members’ efforts to find the right opportunity where they can perform optimally—even when it means losing talented people to other Deutsche Bank groups. The bank posts jobs internally, which often get responses from employees in all divisions. “Once you’re trained by Deutsche, it’s hard to leave,” says one associate. “They’ll let you try a different job or a different location rather than have you go to a competitor.”

The Local Global Bank Analysts and associates in Deutsche Bank’s Asian offices are too busy exploring the uncharted territory of Asia’s emerging markets to waste time envying Wall Street. But localized strategy also keeps the Asian offices from developing any inferiority complexes. Unlike bulge-bracket firms in Asia that take direction from their HQs on the Street, Deutsche Bank grants its Asian offices autonomy. This translates into an experience of working for a bank locally with global resources, rather than simply fulfilling orders from a corporate office thousands of miles away.

Go Global

Passion to Perform

Deutsche Bank is not an Asian bank, nor is it a German bank with a few far-flung Asian offices—it’s a global bank. Working at Deutsche Bank requires working with clients and markets around the world. The global experience of working at Deutsche Bank is complemented by the cosmopolitan nature of the

We hear this about many investment banks and consulting firms, and it seems to be true here as well: People at Deutsche Bank respect their coworkers. A few representative comments convey the feeling best:

44

W E T F E E T I N SIDER GUIDE

“Because the work is so intense, you really rely on your

“The thing I like best is the people. We treat each other well, and there’s a lot of respect for everyone. You never feel like a little bug waiting to get squashed.”

Watch Out!

INSIDER SCOOP

The Firm

“I was surprised by the people I met. I thought there was an investment banker type of person—boring and uptight. But that isn’t right. People here are passionate and driven, and they push you ahead.”

result is a major headache for banks in Asia; you might find yourself essentially on call around the clock. On the other hand, analysts and associates in Asian markets sometimes feel like they’re ahead of the curve on Monday mornings, when they’re making trades while New Yorkers are eating their Sunday dinners. The Asian markets are literally always ahead of Wall Street.

At a glance

teammates to hold you up and support you. I couldn’t do this work without the great people I work with.”

“When I’m going to sleep at night, I think, ‘New York is just now reading my email.’ It causes some anxiety.” On the Job

Trial and Error In Asia, smaller offices mean you will likely be called on—time and time again—to get out of your comfort zone and try something new. You might not always be successful, and you might find it frustrating—if not downright scary. You’ll need to come into your job with a willingness to fail, and the understanding that such failure is often the precursor to greater success. “I’ve made my share of mistakes,” says one insider. “You have to admit them and learn from them, so you can move on.”

The Workplace Getting Hired

Lack of Structure Although most insiders say the lack of rigid bureaucracy and structure in Asian offices allows for more flexibility and taking on more responsibility, it can be overwhelming for some. You’ll need to navigate a lot of things on your own, not the least of which is your career. A buddy-system program offers some support, but the fast pace of the workplace and continual change can take their toll. “There’s no one here to hold your hand,” says one insider. Others think this sentiment is overstated, noting that your training will provide needed support.

FOR YOUR REFERENCE

Time Zone Troubles When it’s 6:00 p.m. in Tokyo, 5:00 p.m. in Hong Kong, and 7:00 pm in Sydney, it’s 10:00 a.m. in London and 5:00 a.m. in New York. New Yorkers are just getting into the office when most bankers in Asia are wrapping up their day and heading home. The WETFEET INSIDER GUIDE

45

Getting Hired

5

Career Opportunities����������������������48 The Recruiting Process��������������������49 On-the-Record Recruiter Interview.51 Interviewing Tips����������������������������53 Grilling Your Interviewer����������������54

aT a glaNcE ThE FIrm ON ThE JOb ThE WOrkPlacE gETTINg hIrED

Deutsche Bank in Asia

career OppOrtunItIes

aDvaNcED-DEgrEE caNDIDaTEs

diverse cultures and backgrounds. It wants strong personal qualities and agile minds in addition to academic excellence and relevant work experience. “We’re after engaging people with high moral standards who know how to be team players,” says one insider.

During the past few years, Deutsche Bank has increasingly hired advanced-degree holders as associates—particularly engineering graduates and PhDs with an interest in finance and skill sets that complement the bank’s business. If you’re an advanceddegree candidate with relevant work experience and interested in Deutsche Bank, apply online. The information for MBAs is relevant to you, too. If you don’t have previous work experience you will be hired as an analyst.

uNDErgraDuaTEs aND mbas

INTErNshIPs

Each year, Deutsche Bank brings in a substantial number of undergraduates and MBAs for internship and full-time training programs. Undergraduates are offered roles as analysts, and MBAs are offered roles as associates. The exact number of new hires depends on the year and the needs of each division, but in 2010 the fi rm projects it will take on about 1,000 graduates (analysts and associates) across the bank. In Asia, the majority of its international hires will be in Global Banking and Global Markets, though there may be opportunities in Japan to fill support roles, such as in HR, Finance, and Operations. Candidates are recruited from a variety of places to work in Asia. Although the bank heavily targets students in the U.S., U.K., and Australia, it also looks to candidates from countries, such as China, Singapore, India, and increasingly, Korea. International hires are traditionally placed in one of Deutsche Bank’s three Asian hubs: Hong Kong, Singapore, or Tokyo.

Undergraduates who have not entered their final year of study can complete an analyst internship. MBA internships take place during the break after the first year of study. The program lasts eight to ten weeks and takes place during a long break (June and July for U.S. and U.K. students, December through February for Australian students). For Australian students, your fellow classmates during the internship will also be from Australia; similarly, U.S. and U.K. students will intern together. The internship in Asia commences with all interns undergoing an intensive first week of training. For students from Australia joining the Asia program, that training takes place during the first week of December to accommodate the December holidays.During an internship, students will typically be assigned to teams to work on various projects; the content of the work depends on what the team is working on at the time. Recruiters say work can vary quite dramatically from day to day: “In banking, at any one time, interns can be staffed on multiple deals, putting together pitching materials, quoting prices for live transactions, building models; it depends on the deal.” Although interns will partake in orientation and team-building exercises, we get the sense the program does a good job of immersing participants in real work and real-time projects. Th is gives newbies the chance to shine. “When I did internships at other banks in the region,” says a former intern, “I felt like I was only focusing on what I was asked to do. At Deutsche Bank, I could really step up and perform.”

Deutsche Bank seeks out individuals from

> tIp

FOr yOur rEFErENcE

One of the best ways to set yourself up for a full-time position after graduation is to do a summer internship at Deutsche Bank the year before you graduate.

48

W E T F E E T I N SIDER GUIDE

“After my internship, working in Asia was a lot less scary. I had extra time to [adjust] to the region and got background on how things work. Doing an internship makes you more comfortable.”

Getting Hired FOR YOUR REFERENCE

WETFEET INSIDER GUIDE 49

The Workplace

Before applying, recruiters say networking is an essential step. Interested candidates are encouraged to speak with people who work in Deutsche Bank in Asia or other locations, or to contact students from their school who interned at the bank the previous year. Schools’ career services offices often keep track of where alumni work and might be able to provide some leads. Whether this networking will help you get a job will depend on your skills (would this person be willing to recommend you based on his or her faith you would do a good job?), whom you’re contacting (does this person have sway in the organization?), and the impression you make (will this person go to bat for you?). Once you know you want to apply, go to Deutsche

The Asian recruitment process for students in Australia, the U.S., or U.K. begins with a road show. Road shows are when recruiters and business representatives visit major cities and hold reception-type events (often at exclusive hotels) to teach students about opportunities with the bank. Deutsche Bank in Asia is one of the few banks that sends recruiters from its Asian offices to Australia, the U.S., and the U.K., rather than relying on its overseas colleagues to recruit for Asia. Because Asia has fewer applicants than New York or London, it typically does not hold on-campus events. The road show format allows Deutsche Bank to be efficient and target a number of campuses during their visit to the city. There are two rounds of road shows in the U.S., U.K., and Australia. The first presents information on internships, and typically includes a presentation and a networking opportunity in which students are encouraged to seek out people in the divisions they’re interested in and ask questions. Recruiters say this time is a chance to introduce yourself to the bank and show some of the personality behind your resume. “If you’re interested in Global Markets, go out and meet everyone in the room in Global Markets,” says one recruiter. “Standing around talking to your friends and getting some free food and drink will get you no more than some free food and drink.” In 2008, the road show also incorporated interactive role-playing activities to give students insight into important areas and activites at the bank.

On the Job

The Recruiting Process

Road Shows

The Firm

For students interested in coming on at Deutsche Bank full time, the internship is a doorway. “We are typically fill our future full-time class from our summer class,” says one recruiter. “If you meet our requirements during your internship, you’ll get an offer sooner.” The internship is also a trial run that allows students to sample the bank’s culture before making a long-term commitment. “They have a chance to interview us for ten weeks,” says a recruiter. “It’s a big decision that they’re making. It’s a stepping stone in your career, so you want to make sure you’re starting on the right foot and with the right company. You have a chance to assess the culture, your colleagues, the work you want to do. Some people may come away saying no, but I think it’s valuable that they find out prior to starting full-time.”

Bank’s career website and fill out an online application, choosing either Hong Kong, Tokyo, or Singapore as your preferred location. You can indicate other preferred locations, such as New York and London, though recruiters say this might cast doubt on your commitment to working in Asia—and you’ll also have to go through more than one recruiting process. The website is also a one-stop shop for tips, employee profiles, and news, plus practical information such as global recruiting schedules and event calendars. Be sure to check application deadlines, because they vary for different office and recruitment locations.

At a glance

INSIDER SCOOP

aT a glaNcE ThE FIrm ON ThE JOb ThE WOrkPlacE gETTINg hIrED FOr yOur rEFErENcE

Deutsche Bank in Asia

“We want to see a real genuine interest and hunger to work in the industry, through active reading and learning,” says one deutsche Bank recruiter. “We can usually spot it a mile off when people haven’t done their research and are just interested in making a lot of money.” In 2008, the first round of the U.S. road show visited Chicago, Philadelphia, Boston, New York and Toronto in October, and 2009 should be similar, with the exception of Toronto. (Japan will conduct the majority of its U.S. full-time and summer interviews at the Boston Career Forum after the roadshow.) The U.K. road show took place in November and visited London, Cambridge, and Oxford, and is also expected to be similar this year. In Australia, the roadshow takes place in March and typically visits Melbourne and Sydney. Th e second round of road shows, which is just for internship interviews, takes place in January for the U.S. and the U.K., and July in Australia. Students are asked to travel to cities hosting road shows in order to be interviewed. If students can’t make it, the bank will sometimes do a phone interview, but one recruiter tells us that it’s not recommended: “You have a much better chance of making an impact if you are there in person.” For Australian candidates, Deutsche Bank holds events on and off campus starting in March. Interviewing for all positions for the full-time analyst training programs occurs in April, and interviews for summer internships are conducted in July. Interviews are held both face-to-face and via video conference. 50

W E T F E E T I N SIDER GUIDE

> tIp If you plan to attend a Deutsche Bank in Asia reception, do your homework: Prepare one or two questions regarding the bank’s Asian operations to ask during the Q&A session. Recruiters say smart questions will help you stand out from the crowd.

Full-Time Recruiting Interviews Because deadlines for full-time applications are earlier than internship applications, Deutsche Bank recruiters conduct full-time interviews for U.S. and U.K. students while they’re in town for the first-round road show. Applicants interested in Asian locations must be prepared to interview during this time. “Once you miss the boat, it’s hard to get back into the process,” says a recruiter. Offers are typically made within a week of interviewing. These interviews consist of two rounds, which, depending on the number of interviewees, can take place on the same day or on consecutive days. Make it clear you’re looking to join the bank’s Asian region. Recruiters don’t expect you to know exactly how you want your career to proceed, but you should be very sure you want it to be under the investment banking umbrella and have a genuine commitment to working in Asia.

π ausTralIaN rEcruITmENT Deutsche Bank began focusing on recruitment in Australia in 2007. “We’ve found there are a number of people who choose to study in Australia from this region, and many want to return to Asia to build their careers,” says a recruiter. “We’ve found the talent pool in

Australia [both natives and non-natives] to be pretty strong.” Because of Australia’s academic calendar, the bank offers a separate internship for students from the country, beginning in January and lasting for eight weeks.

π INTErvIEW PrEParaTION Be prepared to answer the question “Why do you want to work in Asia?” Recruiters say this is a major stumbling block for many candidates. “We’re looking for people who definitely want to be in Asia for the middle term,” says one insider, who notes that “middle term” is about three to five years. “We’re weeding out the people who just want a holiday.”

WETFEET INSIDER GUIDE

FOr yOur rEFErENcE

Looking for a change, feeling adventurous, and referring generically to growing

economies in China and India won’t cut it. Instead, cite specific examples of recent Deutsche Bank deals in the region or other fresh developments that have excited your inner banker. Also be able to explain how you are personally prepared to live in Asia: Do you have family there? Have you spent time there in an exchange program? Have you been studying the culture and language in school? A personal connection to the region can complement your interest in its banking markets.

gETTINg hIrED

What do you look for in candidates’ resumes? We’re looking for really well-rounded resumes. The resume is an excellent tool for gauging thinking patterns and looking at the choices people make. So that’s why we look at the whole basket the candidate is offering. We’re looking for extraordinary people— individuals who have agile minds and have shown maturity, intelligence, and leadership in their lives. We want true achievers. Academic performance is key. We also look for extracurricular activities like clubs; so if an MBA student is a member of the investment banking club or the finance club, that shows a strong interest in the industry. We look at hobbies and interests, too—what does this person do outside of his or her academic or work life? There needs to be something beyond books and working. We want well-balanced people. We also look at candidates’ work experience, and it doesn’t have to be investment banking or finance experience.

ThE WOrkPlacE

The on-the-record recruiter interview is designed to get you inside the recruiter’s head and answer your questions to help you land the position you want.

ON ThE JOb

On-the-recOrd recruIter IntervIew

What are immediate turnoffs on a resume? A mass-mailed resume and cover letter. Too often these have typos and names misspelled. They don’t show any thought or commitment to Deutsche Bank. Resumes like this immediately jump out. In this day and age you shouldn’t be making any spelling mistakes—there are too many tools to help you avoid that. And in investment banking you need to have good attention to detail.

ThE FIrm

If you want to work in Japan, consider attending the annual Boston Career Forum, the world’s largest career fair for JapaneseEnglish bilingual students.Held in November, the fair hosts recruiters from Deutsche Bank and over 100 other global companies. Registration is free, and you may even be eligible for a travel scholarship. Find more information at www.careerforum.net.

But if someone has a blue-chip company on his or her resume, it certainly jumps out. We want to see jobs that have taught a candidate transferable skills. We’re not necessarily looking for people from Ivy League schools; we look for people from all schools. In the end, we want people who know how to work hard and show it on their resume. They need to demonstrate that they understand how to work as part of a team and show passion.

aT a glaNcE

> tIp

51

At a glance The Firm On the Job The Workplace Getting Hired FOR YOUR REFERENCE

Deutsche Bank in Asia Also, a poorly laid-out resume gets an immediate negative response. We don’t want to see messy or unattractive resumes. Candidates should take the time to either put together a concise, well-laid-out summary of their experience and schooling, or go to their career services office for guidance. Something else frustrating is when a candidate leaves out information like graduation date or grades, or when a candidate doesn’t answer all the questions properly on the application form. Every question is there for a reason, and we don’t always have time to chase you down to follow up. Leaving out information or saying “refer to my resume” makes you look lazy.

INSIDER SCOOP “I don’t need someone to walk in and be a banker already. We’re always looking for smart people who are [excited] about this way of life.” How do you decide whether a candidate advances in the interviewing process? We like people to tell us why they should work for Deutsche Bank. Obviously, if a person walks into the room and has a presence, that makes a positive impression. We want people who are confident, who know what they’re talking about, but who are not arrogant, because that trait will go nowhere with our firm. We believe in letting people shine during the interview, and we give them every opportunity to do that. We want to see whether the person can solve problems. Is he smart? Can she follow a thought pattern and explain herself? We look for results and want people who show that they can be committed to Deutsche Bank. Tell us your opinions. Don’t get boxed into an idea that you need to regurgitate headlines or website copy. We are looking for people who process information and are not afraid to communicate their thoughts. What’s the biggest mistake a candidate can make in the interview? Going into the interview thinking that you know 52

W E T F E E T I N SIDER GUIDE

everything. Most likely you’ll interview with several senior people in the bank, each one asking you about your knowledge of the industry and the bank’s products. If you’re not sure about something, give the most educated, intelligent answer you can. Or, if you don’t know something, be truthful and admit that. You can’t fake knowledge in these interviews. We value candor and honesty and look for those qualities in the people we hire. The interview process is an opportunity for us to assess your personality and whether you’re articulate, and find out what matters to you. It’s about finding out whether you’re a good fit for the bank, and also helping you decide whether we’re right for your goals. What’s the best way to break into the interview cycle? Submitting an online application is the starting point for everyone. (Be aware of deadlines.) You should also network to learn as much as possible about the industry. If you use alumni networking, you’re not guaranteed an interview. But getting to know someone in the bank does give you perspective on the firm and feed you information that you otherwise wouldn’t have. What’s the most effective way for a candidate to follow up after an interview? Email is always an effective tool for following up and is definitely acceptable. As long as the email is short and concise, it’s appreciated. Be focused and direct when you communicate by email. You should also check your email often and respond promptly. What are the qualities necessary for success at your bank? We want people who are smart and engaging. Be interested in learning. People here love it when you get involved in what they’re thinking. We’re looking for qualities that are hard to show on a resume—like ambition, entrepreneurship, open-mindedness, performance-oriented, and passion. You don’t have to come from an accounting or finance background, but you do have to be able

• •

INSIDER SCOOP “Be 100 percent truthful. We’ve made offers and had to take them back after doing background checks.”

What countries does Deutsche Bank operate in? How many divisions does it have? What divisions operate in your target country? What is the organizational structure? Who are the bank’s leaders in Asia, Europe, and the U.S.?

4. Follow up. Immediately after the interview, ask about next steps. Many recruiters say thank-you emails are a nice gesture but not a make-or-break thing. One recruiter says it’s better to follow up with an interviewer who isn’t a recruiter. “Think of follow-up as less of a courtesy and more of a networking opportunity for the future.”

WETFEET INSIDER GUIDE

53

FOR YOUR REFERENCE

• • • • •

3. Know the industry/know the job. Your job will have a steep learning curve, but you’ll want to educate yourself on the investment banking industry before your interview. Understanding fundamental industry concepts about the type of work you’ll be doing and demonstrating why you want to join Deutsche Bank are critical to showing why you’re a fit. Get used to banking lingo. Be able to talk fluently about fixed income, cash flow, bond deals, and PE ratios. Follow the markets. You won’t be expected to know the exact percentage change of a specific stock, but you will need to know the major trends in some of the large financial markets. Have they been up or down? Volatile? Bearish or bullish? What are the current forces affecting their performance? Know who the major players are in the industry and in the region. Have some questions prepared to show you’ve done some research and want more information.

Getting Hired

2. Know Deutsche Bank. This is an old, wellestablished institution. Know the bank’s history as well as the recent deals it has just closed. Study its corporate and careers websites thoroughly, and do a library search for articles about Deutsche Bank. Understand what differentiates it from its competitors. Reading this guide gives you a great start.

•

The Workplace

• • • •

Why do you want to be a banker? What are some extracurricular activities you’ve been involved in? What kind of person are you? What are your strengths and weaknesses? What do you love and hate? Know your resume.

• •

On the Job

1. Know yourself. Before you put yourself through the interview process, make sure you know who you are. Know what you want to do and why you want to do it. People get into financial services for lots of reasons; know yours. You’ll be asked about them.

•

How many people from your school did Deutsche Bank hire last year? What are some of the important/newsworthy deals the bank recently closed? Have you talked with any current employees? What do recent Deutsche Bank summer interns at your school have to say about the bank? What makes Deutsche Bank different from its competitors, and why would you rather work here than at Credit Suisse, Goldman Sachs, or elsewhere?

The Firm

Interviewing Tips

•

At a glance

to learn quickly, think on the spot, and have great attention to detail. So when I interview people, I pay attention to how quickly they react to questions, and how thorough their answers are.

At a glance The Firm On the Job The Workplace

Deutsche Bank in Asia

Grilling Your Interviewer This is your chance to learn about the firm firsthand. Plan on preparing your own questions, but in the meantime, here are some sample questions to get you started. “Rare” questions are mild-mannered and largely innocuous. Those in the “Well-Done” category are designed to put the fire to your interviewers’ feet and will help you be remembered by those interviewers. Use them at your own risk! Rare What sort of training opportunities does the firm offer, and how will my career progression flow? What makes working in Asia different from working in the U.S., Europe, or Australia? How will my career in Asia be different from a career in New York or London? How does the market’s performance affect your day-today activities? What are Deutsche Bank’s strengths relative to its competitors? What’s the most exciting project you’ve worked on?

FOR YOUR REFERENCE

Getting Hired

Medium What are the biggest risks or challenges of taking a job in Asia? How do you feel about diversity at Deutsche Bank? What programs or strategies does the bank have to hire and support women and minorities? What’s the team environment like at Deutsche Bank? What are Deutsche Bank’s strategies for developing its market in emerging economies? Which markets are you prioritizing, and why?

INSIDER SCOOP “You can’t come across like you know everything. No matter how smart you are, if you come across as ‘been there, done that’ at age 22 or 25, it will be difficult to justify bringing you on. 54

W E T F E E T I N SIDER GUIDE

Well-Done Deutsche Bank has made strategic acquisitions in geographic areas that have controversial social conditions (sweatshop labor practices in China, for example) and volatile political conditions (such as in the Middle East). Does the bank have plans to make a difference in these communities with its social responsibility philosophy?

At a glance

The Firm

On the Job

The Workplace

Getting Hired

FOR YOUR REFERENCE

55

WETFEET INSIDER GUIDE

For Your Reference

6

Investment Banking Lingo��������������58 Recommended Reading������������������63 For Further Study����������������������������64

At a glance The Firm

Deutsche Bank in Asia

Investment Banking Lingo To become an investment banker, you’ll need to talk the talk. Although what follows is by no means a complete list of the terms you’ll encounter in the field, it’s a good start. Some of these might help you in an interview; others won’t, but are good to know anyway.

FOR YOUR REFERENCE

Getting Hired

The Workplace

On the Job

Arbitration Buying and selling securities simultaneously on differently priced markets to make a quick profit. This requires speedy trading, but is relatively risk-free.

Bake-off The meeting where groups of Hermès-tied and Chanel-scarfed bankers parade into a company’s boardroom (analyst minions trailing behind, furiously scribbling into their Treos) one after another to pitch their underwriting or advisory services as the only choice for the company’s upcoming deal. Also known as a beauty contest.

estimated future earnings for specific companies and can graph performance. It tells you how many shares of the company the president owns, as well as the president’s salary. It even gives current sports scores, Vegas odds, cartoons, and philosophical quotes about the market.

Bulge bracket Generally defined as the top five to ten full-service investment banks on Wall Street. It’s not a fixed set; firms move into and out of the bulge bracket. The name derives from the top bracket on a tombstone ad in The Wall Street Journal. (See also: Tombstone)

Bull A condition of the market characterized by rising prices. Also an optimistic investor. Opposite: bear.

Buy side and sell side Buy side refers to institutional buyers of securities, specifically asset management firms, mutual funds, and pensions. At an investment bank, you’re working on the sell side, providing research and selling securities to investors. Your clients, the investors, are on the buy side.

Bear

Chinese wall

A condition of the market characterized by falling prices. Also a pessimistic investor. Opposite: bull.

The boundaries that separate research, corporate finance, and sales and trading, with the aim of preventing transmission of inside information. The wall may be physical (different divisions on different floors of the same building, or trading at one site and corporate finance at another), or it may be an impalpable series of procedures to control documents. When a research analyst is finally told of a deal, usually right before it’s announced to the public, he or she is “brought over the wall” and becomes restricted from commenting on the stock. See also: Insider trading.

Bloomberg Also known as Pandora’s box or the black box. This funky little computer, used daily by almost every investment banker, is a one-stop shop for a very wide range of company, economic, and market news, provided you can learn its idiosyncratic navigational commands. Bloomberg (the name of the company that sells the service) was one of the first providers of real-time stock quotes, news feeds, and economic reports. Increasingly, other online services are encroaching on its turf, but some banks still prefer Bloomberg’s “closed” system and encourage using it in conjunction with other Internet resources. Bloomberg gives you published 58

W E T F E E T I N SIDER GUIDE

Comps Also known as comparable company analysis and competitive pricing analysis, comps are an endless part of an analyst’s work. Comps are spreadsheet models

A bond or security that can be exchanged for shares of common stock of the issuing company.

Equities Simply put: shares of stock or ownership interest in a company.

Exotic/Hybrid

The only thing you remember from calculus, a derivative is also a financial instrument with no inherent value other than what it derives from some other underlying asset. For example, one type of derivative is an interest rate cap. Let’s say a company has a floating-rate loan. To manage its interest-rate risk, the company might purchase a 7 percent interest rate cap from the issuer for $200,000. The issuer of the cap assumes the risk of an increase in interest rates above 7 percent. If rates exceed 7 percent, the issuer pays for the excess cost owed by the company. If rates stay below 7 percent, the issuer pockets the whole 200 grand. Other types of derivatives include swaps (referring to the swapping of variable- for fixed-rate cash flows) and reinvestment products.

Custom-made financial instruments, the majority traded OTC, that are more complicated than usual. Exotics give investors options beyond the standard call and put options, and that can complicate the way payoffs are calculated. Hybrids contain two or more financial instruments. Understandably, exotics and hybrids are more risky instruments, though they give investors more control.

When a bank decides to conduct a deal for a client, it goes through a process of due diligence, in which the bankers and their lawyers sit down with management

This is the time after 8:00 p.m. when you choose to stay at work just because others—particularly senior others—are there, even though you don’t have anything to do. The significance of this around bonus time each year is unclear. Do not ask your interviewer how much face time is required.

Futures These are similar to options, except that they represent an obligation to buy or sell an asset on a specific date WETFEET INSIDER GUIDE

59

FOR YOUR REFERENCE

Due diligence

Face time

Getting Hired

Derivatives

The Workplace

Deals are deals, but investment bankers are ultimately neither buyer nor seller. For them, a deal is the process and completion of a security issuance or the acquisition/merger of a company. The number of deals completed in a year is one of the most important measures of the success of the bank and the individual banker.

One of several processes for selling an offering, a Dutch auction is designed to be highly objective. Interested investors place bids indicating the number of shares they want and the price they will pay. The deal closes at the lowest price at which all the shares would be sold. Bid too low and you don’t get any shares (even if you’re a Fidelity fund manager); bid too high and you risk driving up the price more than necessary. Dutch auctions haven’t caught on.

On the Job

Deals

Dutch auction

The Firm

Convertibles

and their accountants and ask them every question they can think of that may uncover possible risks. The bank must do this because if it issues a security for a company with undisclosed risks and then the business falters, causing the security to tank, investors could lose a lot of money and the bank could be sued.

At a glance

(generally done in Microsoft Excel) that compare the vital financial statistics of companies in the same industry, such as Nike, Reebok, and Converse. Comps help bankers value a company’s financial position relative to others in the same industry by comparing data such as current stock prices, earnings, and financial ratios. An analyst can expect to run comps for just about every deal.

At a glance The Firm On the Job The Workplace

Deutsche Bank in Asia for a specific price. Producers of commodities such as corn use futures to protect themselves from falling prices, though they may lose money if prices go up. Futures contracts, as opposed to actual commodities, are traded on exchanges and paid out daily, but futures traders speculate the supply and demand of commodities.

Hedge fund Don’t take the name literally. Hedge fund is the term used to describe a private investment partnership. Because they are private, hedge funds (unlike mutual funds, which are sold to the public) are not regulated by the SEC and cannot advertise. Some consultants specialize in reviewing hedge funds and disseminating the information to potential investors. A share of profits/losses is allocated to all partners on the basis of their percentage of ownership; the general partner is paid an additional incentive fee.

High yield High-yield bonds, also called junk bonds or junk, are bonds to which Moody’s or Standard & Poor’s gives low ratings. They produce high yields, unless they go into default. See also: Investment grade.

FOR YOUR REFERENCE

Getting Hired

Insider trading Crack a joke about insider trading around bankers and you’ll certainly be warned it’s not to be taken lightly. As an investment banker, one is privy to a huge amount of information that cannot be acted on. Imagine, for example, that you were part of the team advising IBM in its acquisition of a publicly traded software developer. Knowing IBM would be offering a 30 to 50 percent premium over the going market price for the company’s stock, you could buy a couple hundred (or thousand) shares of the company and sell them a month later, after the deal goes through, making a tidy profit. This is illegal, and if you were caught, you could be banned from the securities industry for life, fined, and/or thrown in jail. (See the movie Wall Street for a Hollywood portrayal of such an event.) 60

W E T F E E T I N SIDER GUIDE

Investment banker A term used by outsiders only. If you’re in the business, you’re a banker (as opposed to a commercial banker).

Investment grade Low-risk bonds, as determined by Standard & Poor’s (AAA to BBB) or Moody’s (AAA to Baa). Standard & Poor’s and Moody’s provide independent credit ratings, research, and financial information to the capital markets. See also: High yield.

IPO Initial public offering. An IPO occurs when a privately owned company sells shares of stock to the public for the first time. Then the shares are publicly traded through a stock exchange.

LBO Leveraged buyout. An LBO happens when a company is purchased using very little equity and a lot of debt. Let’s say you buy an ailing automobile for $100, using $10 of your own cash and a $90 loan from your parents. You agree to pay your parents back the full $90, plus 1 percent interest per month until the loan is paid off. You then proceed to sell the wheels for $10 each, the muffler for $8, the stereo and speakers for $25, the engine for $50, the axle and drive train for $17, and the body to the junkyard for $5. You give your parents back their $90 plus two months’ interest ($1.80), and you still have $53.20 left over, which is a 532 percent return on your initial $10 investment. An LBO is significantly more complicated, but, in general, a corporation is purchased at a low price, its assets are sold off at a much greater value, and the bank in charge makes a handsome profit.

LTM Last 12 months. For example, a senior banker might say to you, “Get me the company’s LTM revenue and earnings numbers.”

Liquidity The ease with which an asset can be converted into cash, or bought and sold while retaining its value. Cash

At a glance

is the asset with the highest liquidity, but intangible assets can have liquidity as long as the market contains consistent buyers and sellers. Generally, as investment products get more complicated, they lose liquidity. Also known as marketability.

NASDAQ

Lucite

OTC

Brand name for a durable clear plastic material, as well as versions of tombstones (see: Tombstone) encased in Lucite that are distributed to members of the deal team. Lucites are highly coveted among bankers, and different firms compete to see which can create the cleverest designs. You may need to keep your pillshaped, jewel-cut, and working-slot-machine Lucites at home to protect them from covetous coworkers.

Over-the-counter securities aren’t traded on an organized exchange such as the New York Stock Exchange. A broker/dealer will “make a market” for OTC securities.

When a publicly held company meets or beats an analyst’s quarterly or annual earnings estimates, it’s made the quarter.

Market maker

Municipal bond Debt issued by a local or state government body. Usually the interest is exempt from federal (and sometimes local and state) taxes.

NASD

The process of initiating a loan, taking into account all factors, such as the borrower’s credit history and income, underwriting, and interest rate and terms.

PE multiple The price-to-earnings multiple is a very important ratio on Wall Street. It can tell you if a stock is overvalued or undervalued relative to its historical performance and relative to other companies. To compute it, divide the market price of a share of common stock by the earnings per share of the stock for the preceding 12 months. A forward PE uses estimated earnings in the denominator.

Pitch book Investment bankers spend as much time pitching deals as they do working on them. Every time one of the calling officers (the top two or three levels of bankers) WETFEET INSIDER GUIDE

61

FOR YOUR REFERENCE

The National Association of Securities Dealers, the parent company of the NASDAQ Stock Market, is responsible for operating and regulating NASDAQ and other over-the-counter (OTC) securities markets.

Origination

Getting Hired

A bank or brokerage firm that is ready at any moment during the trading day to buy or sell stock, thus “making a market” for anyone who wants to complete these transactions instantly. Market makers help markets maintain their momentum and liquidity.

Securities in the form of contracts that give you the right to buy (call option) or sell (put option) an underlying asset for a set price by a set date. These basically give investors the opportunity to lock in a price (called the strike price) on a security, without an obligation to buy or sell. The option can be utilized if an asset’s value goes above the strike price (for a call option) or below the strike price (for a put option). If the option is not used, it loses its value and the investor loses the premium paid for the option.

The Workplace

Make the quarter

Options On the Job

Get used to this shorthand because virtually no insiders bother saying “mergers and acquisitions.”

The Firm

M&A

The NASDAQ Stock Market is a decentralized network of competitive market makers or firms that stand ready to buy or sell securities at publicly quoted prices.

At a glance The Firm On the Job

Deutsche Bank in Asia goes to a meeting with the management of a potential client, he or she takes along a slide presentation or bound stack (“deck”) of bullet-point pages and charts, which is called a pitch book. It discusses the client’s industry and why your bank is the best one for the client to use in any deal it contemplates. The upside of putting together a pitch book: It’s one of your initiation rites as an investment banker. Moreover, you’ll learn a lot about a company and an industry, and maybe you’ll even meet someone cute in the copy center (where you’ll spend long, long hours). The downside? Insiders tell us that putting together pitch books can be pretty dull and repetitive, especially for low-on-the-totem-pole analysts. If you’re an associate, typically you’ll be writing and designing a pitch book while the analysts put together the charts and graphs, compile the statistics, and make all the edits.

FOR YOUR REFERENCE

Getting Hired

The Workplace

Printer A company that prints financial documents for a deal. Young bankers and lawyers spend a lot of time here before a deal, checking and rechecking the progress of a prospectus or proxy statement.

Position The amount of a security held by a dealer or individual. If the dealer or individual owns the security, it is a long position (as opposed to a short position, which is borrowed).

analysts on the deal team will visit institutional investors to tell the story behind the company and convince them to buy into the offering.

Rights issue A way for companies to raise extra capital by offering new shares to existing shareholders before they are offered to the public, usually for a discounted rate.

Secondary offering Any offering after a company’s IPO—that is, when a publicly traded company offers additional stock on the market—is a secondary offering. Also known as a follow-on.

Share of voice A securities analyst’s level of credibility with respect to a particular stock is referred to as share of voice. It’s usually earned by making accurate calls on the stock’s price movement. The analyst with the most share of voice may be called the ax on a stock.

Spread The difference between a bid and ask price.

Synergy

The preliminary prospectus on a deal. Printed along the side of the front cover, in red ink, is a notice indicating that it is preliminary. A road show (see below) starts once a firm is cleared by the SEC to “print the reds.”

This term is often an attempt to explain CEO hubris. In doing an analysis of one company acquiring another, a banker might say a company makes $50 million per year, and that a company it hopes to acquire makes $20 million per year, but together they’ll make $100 million. Nobody taught you this in college math, did they? The basic idea is that neither company can reach its full potential on its own, but by each linking with a well-positioned strategic partner, both parties achieve the stuff dreams are made of.

Road show

Tombstone

A sales trip around the country (and sometimes other countries) with the upper management of a company during the month or so before the company’s securities issue. During the road show, the company management, investment bankers, and research

If you read The Wall Street Journal (which you should be doing regularly if you’re interested in investment banking), keep an eye out for the big box advertisements in Section C declaring, “Company X completed the issuance of X hundreds of millions

Red herring

62

W E T F E E T I N SIDER GUIDE

The baseline version of a financial instrument—no frills, add-ons, or complicated options. The opposite of this is an exotic or hybrid.

Worthless securities. The issuing company has defaulted or gone bankrupt.

“Asian Markets Face Challenging Expectations” Insiders at Deutsche Bank indicate that Asian markets WETFEET INSIDER GUIDE

63

FOR YOUR REFERENCE

“Interview with Michael Cohrs: ‘We want to be among the five largest investment banks in corporate finance’” Bettina Schulz, Frankfurter Allgemeine Zeitung, June 20, 2007

Josef Ackermann’s Speech at the General Meeting of Deutsche Bank AG Deutsche Bank’s CEO gives a comprehensive view of the global financial situation and the bank’s current position and future. A hefty read, but Ackermann is a dynamic speaker and it’s worth reading to get a feel for how the bank has fared and where it is headed. May 26, 2009

Getting Hired

“The Outsiders” This highly readable cover story about Deutsche Bank’s U.S. competitive strategy asks whether the “three foreigners that have taken Deutsche Bank far beyond its German roots can break into Wall Street’s elite.” Even though it focuses on the U.S., this is a valuable read before your interview for a perspective on Swissborn Josef Ackermann and his lieutenants, Indianborn Anshu Jain and American Michael Cohrs, as well as the challenges they face and their early successes. Tom Buerkle, Institutional Investor, May 2006

“Anshu Jain cranks up the flow at Deutsche Bank” Insight into how Deutsche Bank has been able to weather the financial crisis, provided via a Q&A with the bank’s head of Global Markets, Anshu Jain. Also worth checking out is the Euromoney article by the same author about Deutsche Bank’s dominance in foreign exchange, “Can anyone topple Deutsche in FX?”. Both articles detail areas of strength within the bank’s operations, which can be useful to talk about during interviews. Clive Horwood, Euromoney, May 2009

The Workplace

Recommended Reading

“Deutsche Bank Posts $1.6 Billion Profit” Details the first-quarter 2009 jump in Deutsche’s revenue. David Jolly, The New York Times, April 28, 2009

On the Job

Wallpaper

The Firm

Vanilla

“Deutsche Bank Fallen Trader Left Behind $1.8 Billion Hole” Boaz Weinstein was somewhat of a rock star in the derivatives market. He joined Deutsche Bank in 1998 as a pioneer of derivatives, and in just six months was promoted to head of the group. But in 2008, Weinstein’s big profits turned into big losses. Though Weinstein didn’t work in Asia, his story is a lesson regarding the risks of taking risks and the need to reorient when the market has put aggressive proprietary trading out of fashion. Weinstein left the firm in January to start his own hedge fund. Scott Patterson and Serena Ng, The Wall Street Journal, February 6, 2009

At a glance

of shares [or dollars of debt],” and listing all the investment banks involved in the deal. The size and grouping of the bank names show each one’s level of involvement in a particular deal. The largest name on the left side of the tombstone is the one to pay attention to because it is the lead manager—the bank that did most of the work and received the lion’s share of fees. See also: Lucite.

At a glance

For Further Study Deutsche Bank Online (www.db.com) Deutsche Bank has a comprehensive website you should research before interviewing. The Careers section (www.db.com/careers) provides details about the divisions that recruit and their global entrylevel programs, training opportunities for MBAs and undergraduates, internship programs, necessary qualifications, geographic locations, and general tips on landing a job at Deutsche Bank.

FOR YOUR REFERENCE

Getting Hired

On the Job

were hit later by the financial crisis, and will likely recover sooner, than other markets. Some analysts agree, projecting the region will have a “V-shaped recovery,” or a sharp recovery to mirror its steep decline. This article questions these projections on the basis of a report by Citi Investment Research’s Asia Ex-Japan strategist Markus Rosgen warning of the challenges and risks Asian businesses may face as a result of being overly optimistic. seekingalpha.com, July 20, 2009

The Workplace

The Firm

Deutsche Bank in Asia

Killer Investment Banking Resumes! This comprehensive WetFeet Insider Guide will help you land an interview in investment banking. We’ll teach you everything you need to know about how to write your resume and cover letter. In this book, we examine real resumes from real people to show you how cover letters and resumes are used in the I-banking recruiting process, pass on industry insiders’ best tips for resume formatting and content, let you in on what recruiters are looking for, and help you keep your resume out of the circular file.

64

W E T F E E T I N SIDER GUIDE

Beat the Street: Investment Banking Interviews and Beat the Street II: I-Banking Interview Practice Guide Turn to these WetFeet Insider Guides for an in-depth description of the I-banking interview process, including tips for acing interviews in corporate finance, research, sales, and trading. The career experts at WetFeet talked to recruiters, new hires, and senior bankers at the leading investment banking firms to answer all your questions about interviews—from information sessions to the final interview to the offer. You’ll get the skinny on how to prepare (our three R’s: research, rehearse, review), as well as a variety of Q&A worksheets, detailed advice for impressing your interviewer, and a ton of useful—and often surprising—tips from investment banking insiders. Major Offices A directory of Deutsche Bank’s global offices can be found under Deutsche Bank Worldwide at www.db.com

At a glance

Key Numbers and People

The Firm

Management Team

2008 (Dec.)

2007 (Dec.)

Share price at period end ($)

39.51

126.93

Share price high ($)

127.49

168.24

Share price low ($)

26.39

Basic earnings per share ($)

Most Recent Key Numbers First Quarter, 2008 (three months ended March 31)

Share price at period end ($)

41.96

99.32

115.46

Share price high ($)

45.59

124.39

-10.81

19.39

Share price low ($)

21.30

89.48

Diluted earnings per share ($)

-10.81

18.53

Basic earnings per share ($)

2.73

-0.37

2.66

-0.37

Total revenue ($M)

19,151

43,648

Diluted earnings per share ($) Total revenue ($M)

9,975

6,392

Net income ($M)

-5,535

9,248

Shareholder equity ($M)

Net income ($M)

1,636

-195

43.6

53.8

Shareholder equity ($M)

46.6

42.5

Total assets ($B)

3,130

2,735

Total assets ($B)

2,910

3,047

Source: Deutsche Bank Interim Report, March 31, 2009

WETFEET INSIDER GUIDE

65

FOR YOUR REFERENCE

Source: Deutsche Bank Annual Report, 2008

Getting Hired

First Quarter, 2009 (three months ended March 31)

The Workplace

Key Numbers 2008 versus 2007

On the Job

Josef Ackermann, chairman of the management board and group executive committee Hugo Banziger, chief risk officer Michael Cohrs, head of Global Banking Jürgen Fitschen, head of regional management worldwide Anshu Jain, head of Global Markets Stefan Krause, chief financial officer Hermann-Josef Lamberti, chief operating officer Rainer Neske, head of private & business clients Caio Koch-Weser, vice chairman Kevin Parker, head of asset management Pierre de Weck, head of private wealth management

FOR YOUR REFERENCE Getting Hired

The Workplace

On the Job The Firm At a glance

Deutsche Bank in Asia

66

W E T F E E T I N SIDER GUIDE

Resumes & Cover Letters Killer Consulting Resumes Killer Cover Letters & Resumes Killer Investment Banking Resumes

Financial Services Companies Deutsche Bank Deutsche Bank in Asia Goldman Sachs Group J.P. Morgan Merrill Lynch Morgan Stanley UBS

Industries and Careers: Specific Careers in Advertising and Public Relations Careers in Pharmaceuticals Careers in Brand Management Careers in Consumer Products Careers in Entertainment and Sports Careers in Health Care Careers in Human Resources Careers in Information Technology Careers in Insurance and Risk Management Careers in Marketing Careers in Nonprofits and Government Agencies Careers in Real Estate Careers in Retail Careers in Sales Careers in Supply Chain Management

WETFEET INSIDER GUIDE

FOR YOUR REFERENCE

INTERNATIONAL CAREERS 25 Top Global Leaders The International MBA Student’s Guide to the U.S. Job Search A.P. Moller–Maersk

Industries and Careers: General Industries and Careers for Engineers Industries and Careers for MBAs Industries and Careers for Undergraduates Million-Dollar Careers

Getting Hired

Financial Services Careers 25 Top Financial Services Firms Careers in Accounting Careers in Asset Management and Retail Brokerage Careers in Investment Banking Careers in Venture Capital

Career Management Be Your Own Boss Careers with a Conscience Changing Course, Changing Careers Finding the Right Career Path Negotiating Your Salary and Perks Networking Works! Green Careers Survival Guide for Women in Business

The Workplace

Job Hunting Getting Your Ideal Internship Job Hunting A to Z: Landing the Job You Want Job Hunting in New York City Job Hunting in San Francisco

Consulting Companies Accenture Bain & Company Booz & Company Boston Consulting Group Deloitte Consulting McKinsey & Company

On the Job

Interviewing Ace Your Interview! Beat the Street®: Investment Banking Interviews Beat the Street® II: I-Banking Interview Practice Guide The Wharton MBA Case Interview Study Guide: Volume I The Wharton MBA Case Interview Study Guide: Volume II

Consulting Careers 25 Top Consulting Firms Careers in Management Consulting Careers in IT Consulting Consulting for PhDs, Lawyers, and Doctors

The Firm

Ace Your Case - Consulting Interviews Ace Your Case® I: Consulting Interviews, 3rd ed. Ace Your Case® II: Mastering the Case Interview Ace Your Case® III: Market-Sizing Questions Ace Your Case® IV: Business Strategy Questions Ace Your Case® V: Business Operations Questions

At a glance

WETFEET INSIDER GUIDES series

67

Who We Are WetFeet was founded in 1994 by Stanford MBAs Gary Alpert and Steve Pollock. While exploring their next career moves, they needed products like the WetFeet Insider Guides to guide them through their research and interviews. But these resources didn’t exist. So they started writing! Today, WetFeet is the trusted destination for job seekers aiming to research companies and industries, and launch and manage their careers. WetFeet helps more than a million job candidates each year to nail their interviews, avoid making ill-fated career decisions, and add thousands of dollars to their compensation packages. At WetFeet, we understand the challenges you face and the questions you need answered, so we do the research for you and present our results in a clear, credible, and entertaining way. Think of us as your own private research company whose primary mission is to assist you in making the best possible career choices. In addition to our Insider Guides, WetFeet offers services at two award-winning websites: WetFeet. com and InternshipPrograms.com. Our team members, who come from diverse backgrounds, share a passion for the job search process and a commitment to delivering the highest-quality products and customer service. WetFeet is a Universum company. Universum also publishes Jungle magazine, Jungle Campus, The Companies You Need to Know About, Hispanic Professional, and the Ideal Employer insert for Black Collegian. Through our combined efforts, we aim to provide you with an ever-expanding array of career resources that will put you on the inside track to a successful professional life.

“What’s the Story Behind the Name WetFeet?” The inspiration for our name comes from a popular business school case study about L.L. Bean, the successful mail-order company. Leon Leonwood Bean got his start because he, literally, had a case of wet feet. Every time he went hunting in the Maine woods, his shoes leaked. So, one day, he decided to make a better hunting shoe. And he did. He told his friends, and they lined up to buy their own pairs of Bean boots. And L.L. Bean, the company, was born . . . all because a man who had wet feet decided to make boots. The lesson we took from the Bean case? Lots of people get wet feet, but creative problem-solvers make boots. And the same entrepreneurial spirit motivates us at WetFeet! UNIVERSUM is the Global Employer Branding Leader As thought leaders, we drive the industry forward, having focused exclusively on Employer Branding for 18 years. We’re a trusted partner to more than 500 clients worldwide, including a majority of Fortune 100 companies. We help employers attract, understand, and retain their ideal employees. Our full-solution media portfolio—encompassing some 40 employer branding publications, ads, top company videos, and events—guides our audience of highly educated talent in the search to identify ideal employers.

Turn to this WetFeet Insider Guide to explore ★ OPPORTUNITIES AT DEUTSCHE BANK IN HONG KONG, SINGAPORE, AND JAPAN

★ DEUTSCHE BANK’S POSITION IN ASIA AND HOW IT PLANS TO INCREASE ITS PRESENCE

★ HOW THE BANK HAS RESPONDED TO THE RECENT FINANCIAL CRISIS

★ WHAT DEUTSCHE BANK RECRUITERS LOOK FOR IN CANDIDATES—AND HOW TO PREPARE

★ THE PROS AND CONS OF STARTING AN

★ THE LIFESTYLE, COMPENSATION, AND HOURS YOU CAN EXPECT IF YOU LAND THE JOB

INVESTMENT BANKING CAREER IN ASIA ★ WHAT INSIDERS LOVE—AND HATE—ABOUT WORKING FOR THIS GLOBAL BANK

★ HOW THE FIRM IS ORGANIZED, FROM TOP TO BOTTOM

WetFeet has earned a strong reputation among college graduates and career professionals for its series of highly credible, no-holds-barred Insider Guides. WetFeet’s investigative writers get behind the annual reports and corporate PR to tell the real story of what it’s like to work at specific companies and in different industries. www.WetFeet.com

★ DEUTSCHE BANK in asia ★

it wasn’t stunted to the same degree as Wall Street. With its rich heritage as an international bank, Deutsche Bank in Asia is well positioned to ride the upswing when Asian markets return to the rapid growth of recent years—and will be looking for new talent to help them do so. Recruiters are looking for passionate employees who will embrace responsibility out of the gate. If you want to prove your worth in some of the world’s hottest markets, you’d better be prepared to prove that you can look past boundaries to see global opportunities. WetFeet’s career experts have done intensive research and interviewed company insiders to start you on your way.

Illustration by mckibillo

>>Although growth in Asian markets ebbed in 2008-2009 as a result of the global financial crisis,