Twists and turns in Deutsche Banks modern history

FRANKFURT, March 28 (Reuters) – Deutsche Bank has extended CEO Christian Sewing’s contract, while its deputy and another top executive will depart as part of a management revamp, cementing the leadership team of Germany’s largest lender for the next phase of its turnaround.

Here’s a timeline of the bank’s modern history:

Deutsche Bank expands into investment banking, buys a controlling stake in British merchant bank Morgan Grenfell. Sewing joined the bank the same year.

Deutsche Bank moves most of its investment banking activities to London from Frankfurt, and lures American Edson Mitchell from Merrill Lynch with a multimillion-pound salary.

Deutsche Bank starts merger talks with rival Dresdner Bank.

Deutsche Bank buys Bankers Trust Corp. for $10 billion, giving investment bankers critical mass to influence the German lender’s strategy.

Deutsche Bank agrees to a “merger of equals” with rival Dresdner Bank.

In April, the Dresdner-Deutsche Bank deal is called off after investment bankers at Dresdner Kleinwort Wasserstein reject planned cuts.

The failure of the deal undermines Deutsche Bank CEO Rolf Breuer’s authority and bolsters the power of investment banking chief Josef Ackermann. Mitchell is nominated to the Deutsche Bank management board.

Mitchell dies in a plane crash in December, giving Ackermann a dilemma over how to run the investment bank. Ackermann promotes Anshu Jain to be co-chief of the division.

Ackermann takes over from Breuer as chief executive of Deutsche Bank.

Deutsche Bank and Citigroup discuss a potential takeover. Citigroup CEO Sandy Weill and Ackermann have lunch in the Adlon Hotel in Berlin, where Weill proposes a deal: Deutsche would run the combined investment banking operations while Citigroup would take over retail and private banking.

Ackermann informs his supervisory board about a potential sale to Citigroup but the plan is torpedoed.

German Chancellor Gerhard Schroeder, who had been lobbied by captains of German industry to keep Deutsche Bank independent, called Ackermann and nudged Deutsche to buy retail lender Postbank.

Deutsche Bank’s investment bank uses the lender’s balance sheet to make a $25 billion bet on mortgage-related securities.

Deutsche Bank to take over Deutsche Postbank.

Deutsche Bank says Jain and Juergen Fitschen will take over from Ackermann as co-chief executives.

Deutsche Bank raises 3 billion euros in fresh capital. Jain says: “The hunger march is over.”

Deutsche Bank reviews a sale of Postbank as part of a strategic overhaul but eventually keeps it.

Jain resigns. Deutsche Bank installs John Cryan as sole chief executive.

Deutsche Bank lists its asset manager DWS, generating proceeds of around 1.4 billion euros.

Deutsche Bank dismisses Cryan, appoints retail banking chief Sewing as chief executive.

Deutsche Bank and Commerzbank hold merger talks but they fall apart.

Deutsche Bank revamps its strategy with a streamlined investment bank and focus on corporate banking.

Police raid six Deutsche Bank offices in and around Frankfurt over money laundering allegations linked to the “Panama Papers”.

Deutsche Bank has disappointed customers with service lapses at Postbank after a botched integration. Germany’s top financial regulator appoints a supervisor to investigate.

Deutsche says it will make a legal provision in a long-running Postbank suit that will eventually hit the bank’s profit streak.

Deutsche Bank’s CEO, who has restored the bank to profit, wins a third term.

(Reporting by Tom Sims and Reuters staff; Editing by Joe Bavier)