Deutsche Bank AG (NYSE: DB), the largest bank in Germany, said in a statement that it has hired Greg Sommer away from Citigroup, Inc (NYSE: C) who will join the company as managing director and head of energy mergers and acquisitions for the Americas.
Sommer recently was the head of energy mergers and acquisitions activity at Citigroup, Inc (NYSE: C). He will report to Bruce Evans, head of M&A for the Americas, according to the statement.
Deutsche Bank hopes to double its pretax profit in its operating business by 20122 to EU 10 billion compared to its 2009 levels. The firm is riding on investment banking gains and Asian growth. Deutsche Bank’s corporate banking and securities arm is currently forecasted to earn 6.3 billion euros in profit next year and transaction banking 1.3 billion euros.
Deutsche Bank AG is a global investment bank. The Company offers a range of investment, financial and related products and services to private individuals, corporate entities and institutional clients worldwide. As of December 31, 2009, it operated in 72 countries through 1,964 branches worldwide. The Company operates in three segments: Corporate and Investment Bank (CIB), Private Clients and Asset Management (PCAM) and Corporate Investments (CI). In February 25, 2009, it completed the acquisition of a minority stake in Deutsche Postbank AG. In October 2009, the Company completed the disposal of its interest in Daimler AG. In November 2009, the Company completed the acquisition of Dresdner Bank’s Global Agency Securities Lending business from Commerzbank AG. In March 2010, the Company closed the acquisition of Sal. Oppenheim Group. In April 2010, the Company acquired commercial bank business in Holland from ABN Amro N.V.
Shares of Deutsche Bank traded up 1.29% on Monday hitting $65.37.
