deutsche bank

NO DOUBT about it, Deutsche Bank is at last in a league that befits Germany's biggest bank.

Deutsche Bank's chief is to leave next year, ending his nine-year reign at the top of Germany's largest lender.

Deutsche Bank was an aggressive dealer in CDOs in the period when the market was beginning to crack.

A Deutsche Bank spokesman, Ted Meyer, said the bank was pleased to resolve the matter.

People close to the matter say Mr Dorman is negotiating an employment agreement with Deutsche Bank.

Regulators said Deutsche Bank's local securities unit would not be able to trade shares and derivatives on its own account from April.

"Deutsche Bank does not approve of any adult entertainments and such expenditures will not be reimbursed, " the memo said.

While Khuzami has said he would recuse himself from matters involving Deutsche Bank, he's free to probe its competitors.

The defense might also claim that it was the ratings agencies, not Deutsche Bank, that were to blame.

Josef Ackermann, Deutsche Bank's chief executive, was more upbeat however in an interview over the weekend.

Not long after that, I was summoned to a meeting on an upper floor of the building with a senior manager at Deutsche Bank.

And yet he has faced criticism from analysts including Deutsche Bank's Michael Mayo, who said it wasn't clear what he did to earn his pay.

The company plans to raise about $500m in an offering managed by Deutsche Bank, among others, said two people close to the situation.

Nevertheless, Robert Clifford, an analyst at Deutsche Bank, said the indications were "pretty positive" .

The Deutsche Bank AG trader's early embrace and mastery of credit-default swaps helped catapult him to managing director at the age of 27.

Barclays, Deutsche Bank, HSBC and Royal Bank of Canada are among the names to have been bandied about as predators in recent weeks.

Analysis by Deutsche Bank suggests that at least 23 gigawatts of new gas-fired capacity would need to be built by the same year.

Research by Deutsche Bank in 2005 suggested that production costs of the Logan were less than half those of a standard European compact car.

It has surplus generating capacity and low prices that are unlikely to rise much in the next few years, notes Mark Lewis of Deutsche Bank.

Chinese equipment manufacturers will be among the nation's best performers over the next five years, according to Deutsche Bank.

Earlier this year Josef Ackermann, the head of Deutsche Bank, warned that unilateral pay limits would leave it unable to attract good staff.

However, Deutsche Bank said the euro looks capable of extending its gains to near $1. 50, or 30 percent above purchasing power parity (PPP).

Barclays Capital and Deutsche Bank said on Friday the current levels might be a good buying opportunity.

Another economist, Pavan Sukhdev of Deutsche Bank, told the Diversitas meeting that he had put a price on some of those services.

Deutsche Bank will end up with a core capital ratio of about 8% after the share issue and its purchase of the rest of Postbank.

You may not establish a hyperlink to any page of the X-markets Website without the prior written consent of Deutsche Bank AG.

And yes too says Mayer at Deutsche Bank, who spent eight years in London watching the boom-bust come to grief.

Mr Krause spoke as Deutsche Bank earnings outstripped expectations in a strong first quarter.

To set back Western consumers by the equivalent today, Deutsche Bank calculates, the price of oil would have to rise to $134 a barrel.

A timely piece of research by Deutsche Bank boldly states that phasing out nuclear power plants "is not a viable policy option. "

By some estimates more than $12 billion flowed from AIG to Deutsche Bank in collateral as a result of these policies.

The cross-shareholdings have been unwound: Deutsche Bank, for instance, no longer owns chunks of insurers, carmakers or sugar processors.

Deutsche Bank's salespeople should have informed their clients directly about the risky nature of Gemstone 7's securities.

Deutsche Bank in Tokyo predicts a "severe depression" , with the economy shrinking at least until late 2010.

Numerous e-mails uncovered by the PSI show that Deutsche Bank's traders knew full well the risks of these securities.

By Deutsche Bank said, is the bank raid target customers, rather than the bank itself.

They are forecast by Deutsche Bank to see their assets more than double to $7 trillion in less than 10 years.

Two employees of Deutsche Bank have already left the company.

Chris Whitmore, a Deutsche Bank analyst, said he believes Kodak's operations burned more than $200 million in the third quarter.

Deutsche Bank in mid-January announced a new position for a head of residential mortgage-backed securities for the Asian-Pacific region.

As the financial crisis started rumbling in 2007, I was working at Deutsche Bank and went on CNBC in November to air my concerns.

"We are living a bit on borrowed time in a sweet spot where the deficit countries haven't yet adjusted, " says Deutsche Bank's Mr Mayer.

The chairman, from Deutsche Bank, suggests an opening price and Booker relays it to his trading room and customers.

Deutsche Bank predicts 5% inflation early next year, even with all the tightening noise coming out of Japan.

DEUTSCHE BANK's solution to its succession problem has not pleased everyone.

A single gas well in Europe might cost as much as $14m to sink, three-and-a-half times more than an American one, estimates Deutsche Bank.

Analysts at Deutsche Bank reckon that the labour deal could narrow the cost gap by a few dollars more.

Thomas Mayer, an economist at Deutsche Bank, believes that the impact of all this will be marked.

Executives at Barclays, Deutsche Bank and UBS have done the same, even though the first two have avoided government injections of capital.

Deutsche Bank CEO Josef Ackermann took a harder line in an interview with Bild am Sonntag to appear on Sunday.

Since the Deutsche Bank case, South Korea has introduced limits on the derivative positions investors can hold.

Deutsche Bank has assembled its top 200 executives in New Delhi, in a sign of the German bank's push into India and other emerging markets.

Currently, Deutsche Bank and DBS Securities CD-up is the company to arrange the listing.

William Schmitz, who follows consumer-goods industries for Deutsche Bank, is one who thinks that size can become an inhibitor of growth.

The Shanghai-based company hired Morgan Stanley and Deutsche Bank last March to help sell a 20 per cent stake for an expected $500m.

"It would be a call for action, " for ratings agencies, said Deutsche Bank analyst Gilles Moec.

Even so, Mr Meyer at Deutsche Bank reckons that the export performance of the past two years is "unrepeatable" .

However, he joined the board of Deutsche Bank after the war and was honoured by Frankfurt University in 1951.

"The data breakdown is not as weak as the December headline suggests, " said Alan Ruskin, an analyst at Deutsche Bank.

Hesse, Deutsche Bank's home state, enacted some of the world's first data protection laws back in 1970.

The company has hired Credit Suisse and Deutsche Bank to advise it on the listing.

Deutsche Bank AG, Germany's largest bank by assets, said over the weekend that it won't tap the bailout package.

The two banks agreed to merge last summer in a bid to create a more powerful rival to Deutsche Bank AG.

Citigroup, Goldman Sachs, Morgan Stanley and Deutsche Bank are the global coordinators for the AIA IPO.

Investors are pressing Deutsche Bank to reduce its reliance on investment banking, no matter how stable its executives insist it has become.

As Michael Lewis of Deutsche Bank points out, three-quarters of the world's supply comes as a by-product from copper, lead and zinc mines.

A spokeswoman for Deutsche Bank, which is among the most influential of the group, said this system will reduce the risks in the market.

Deutsche Bank still needs to increase in size in Germany as a counterweight to global investment banking.

Gilles Moec, head of European economic research at Deutsche Bank, says a "technical cabinet" would be better placed to negotiate a bail-out.

And for those worried we are just in a bear rally, Deutsche Bank's forecast that China faces a W-shape recovery will be unwelcome.

Deutsche Bank agreed to many of these so-called novation requests, but charged more than usual to do so.

"There's no loan demand, and long-term rates have declined so much, " Deutsche Bank's O'Connor said.

According to Deutsche Bank, Brazil received the most inflows of any emerging country last month, with $900m, followed by Mexico with $541m.

The evidence implicates many of Deutsche Bank's employees, and is far more convincing than the evidence in many of the various SEC cases.

'Event risk is building in the oil market, ' Deutsche Bank says in a recent report, citing the Bahrain and Libyan situation.

A good illustration of this attribute is a recent development by Goldman Sachs and Deutsche Bank.

Deutsche Bank was in the vanguard of institutions that spotted an investment opportunity in these disruptive changes in agriculture.

Deutsche Bank AG reserves the right to modify or amend these terms and conditions at any time.

Merrill sued Deutsche Bank in New York in March, alleging raiding staff, breach of contract and misappropriating trade secrets.

He believes Asian countries feel more culturally attuned to Europe than to the US, a mood that has benefited Deutsche Bank.

The writer, a research fellow at the Judge Business School, Cambridge University, previously ran a trading desk for Deutsche Bank.

Michael Lewis, who works for Deutsche Bank, noted: "We don't see anything out there that's going to reverse the appetite for gold. "

Subprime lenders have also been scooped up by investment banks, including Morgan Stanley, Merrill Lynch and Deutsche Bank, in recent months.

Deutsche Bank's Chris Whitmore: Apple announced iPhone customers on AT&T will be allowed to upgrade 6 months early.

Deutsche Bank's equity derivatives strategy group, in a December 14 note to clients, predicted volatility is here to stay.

Bankers Trust, now part of Deutsche Bank, was arguably quickest off the mark.

In a report, Deutsche Bank also cited the lack of clarity pertaining to Bumi's loans.

Deutsche Bank reached a deal to acquire part of ABN Amro Holding NV's commercial-banking activities in the Netherlands from Fortis in July.

Deutsche Bank AG and Banco Santander SA led financial shares lower as German Chancellor Angela Merkel's government rattled investors.

UBS (UBS) and Deutsche Bank (DB), among others, have been raiding U. S. financial firms for brokers and other financial professionals.

Mr. Perez 'hasn't delivered on most of his financial targets for the past five years, ' said Chris Whitmore, a Deutsche Bank analyst.

"We believe these signs will start to build and may first appear in a drop in Chinese import figures, " Deutsche Bank said in a note.

The engine-room of Deutsche Bank's wealth is London and its battleground is the global capital market.

On Deutsche Bank estimates, China's stimulus actually needs less than $150bn of annual lending.

Deutsche Bank has created the ELVIS index, which generates returns when stockmarket volatility increases.

Mr Lowy caused a stir when he resigned from Deutsche Bank in March, having founded its Asian distressed debt operation in 1999.

But more of the barrels of oil bought and sold around the world are priced off Brent, according to Deutsche Bank AG.

Deutsche Bank AG said it substantially reduced its 'net exposure' to Italy, both by selling bonds and buying default protection.

In Europe, oil prices are down. Financial sector stocks like UBS and Deutsche Bank are also taking a hit.

Moreover, a major CDO trader at Deutsche Bank sold an enormous volume of similar securities, earning nearly $6 billion for the firm overall.

BlackRock, Deutsche Bank and ETF Securities hope to join JPMorgan in offering investors exposure to physical copper.

Morgan Stanley, Goldman Sachs and Deutsche bank are the underwriters for the deal, according to people familiar with the situation.

Deutsche Bank has raised its earnings forecasts for the first time in two years, and others may follow.

Like all investment banks, Deutsche Bank is cagey when it comes to revealing where it earns its money and what profit it makes.

Deutsche Bank spokesman Ted Meyer said, 'Citadel is a valued customer and our relationship is business as usual. '

In just seven weeks, yuan trading in the city has jumped from nothing to $50 million in daily turnover, Deutsche Bank says.

"There is no bottom-up culture of innovation in France to match Germany's, " says Thomas Mayer, at Deutsche Bank.

A deal would bring together the second and third-biggest German banks behind Deutsche Bank, with the largest private-sector branch network.

GE and Deutsche Bank, which is advising the company, declined to comment.

Deutsche Bank has said, however, that it remains committed to owning its art collection.

"We think the ECB is right not to get optimistic too quickly, " said Mark Wall at Deutsche Bank.

A recent report from Deutsche Bank drastically cut forecasts for growth at sovereign-wealth funds worldwide.

But the shift in economic fortunes is too sudden to be due solely to exports, according to Thomas Mayer of Deutsche Bank.

Deutsche Bank said this week that it would miss its year-end profit target.

It would indeed be sensible for Deutsche Bank to focus on building links at home.

Goldman Sachs and Deutsche Bank have secured lead roles in the blockbuster initial public offering of Agricultural Bank of China.

Anshu Jain, head of investment banking at Deutsche Bank, is similarly a leading candidate to succeed Mr Ackermann.

Gerald Lucas, senior investment adviser at Deutsche Bank, said: "Investors now believe the credit squeeze will last a lot longer. "

Deutsche Bank AG lowered its recommendation for the Vienna-based company to "sell" from "buy. "

Group Vice Chairman and Managing Director Raymond Kwok (left) and Deutsche Bank Asia Pacific CEO Colin Grassie at the signing ceremony.

Mr Cai and several of his colleagues subsequently turned up at Deutsche Bank.

Deutsche Bank AG and China International Capital Corp. also expect a higher February inflation rate.

Illumina has about two-thirds of the market in the most technologically advanced sequencers, says Deutsche Bank analyst Ross Muken.

"I could imagine the EU pitching in" , says the Deutsche Bank representative.

Michael Lewis of Deutsche Bank has come up with several different ways of comparing past and present oil prices.

Deutsche Bank has banned staff from putting hotel television porn channels on their company credit card.

Demand for oil in July fell five per cent from the previous month, and is up just two per cent year on year, according to Deutsche Bank.

In contrast to some of its rivals, Deutsche Bank said its investment-banking business had performed well.

Many German voters view Mr. Ackermann and Deutsche Bank as symbols of raw capitalism and boardroom greed. Mr.

That Deutsche Bank should face such charges from an investor is not simply embarrassing.

In a note issued early Monday, Deutsche Bank's Chris Whitmore is telling clients to expect both -- an iPhone 5 and an iPhone 4S.

In 2010 we will witness the emergence of a banking super-league comprising Goldman Sachs, JPMorgan Chase and Deutsche Bank.

Deutsche Bank's shares dropped on Friday after reports that it planned a share issue.

"It's a huge development, " said Mirza Baig, a Singapore-based currency strategist for Deutsche Bank.

In recent weeks three German banks, including Deutsche Bank, have reduced business with Iran.

"If you want to stay clean, the exit strategy is easier, " says Thomas Mayer of Deutsche Bank.

Deutsche Bank now wants Paul Achleitner, Allianz's chief financial officer, as chairman.

A court in Milan cleared Bank of America, Citigroup, Deutsche Bank and Morgan Stanley on charges related to the collapse of Parmalat.

Wise King Mining, another mainland company, is targeting a smaller offering of about $150m, co-managed by Deutsche Bank and UBS.

Just four major German companies will remain listed in the US. , including Siemens AG and Deutsche Bank AG.

Deutsche Bank is seeking to have that case dismissed.

Deutsche Bank continues to deal with the spying affair on other fronts.

A new study by Deutsche Bank attacks UK energy strategy as being a discouragement to green-power investors.

Morgan Stanley, Deutsche Bank and Credit Suisse took lead roles in bringing Renren public.

And today Deutsche Bank unveiled the world's first real-time carbon counter to measure these microscopic murderers.

Carrefour is being advised by Goldman Sachs and UBS, while Casino is being advised by Deutsche Bank.

Additionally, an industry report by Deutsche Bank suggests that memory prices are unlikely to rise again until the second half of 2011.

Deutsche Bank analyst Tom Ernst says the market for packaged software has already peaked.

Deutsche Bank said: "We are confident as regards to the completion of the other probes. "

Deutsche Bank said in a research note that analysts on average had expected signings of $12 billion to $13 billion.

John Gallagher, a spokesman for Deutsche Bank in New York, declined to comment.

In 2008, platinum plummeted from record highs to fall below the price of gold, said Deutsche Bank analyst Michael Lewis.

Are the legal hassles of Deutsche Bank's bosses harming its future?

Credit Suisse AG and Deutsche Bank AG have won approvals for securities ventures that can underwrite offerings in Shanghai and Shenzhen.

As Adam Sieminski at Deutsche Bank points out, oil prices are driven both by current conditions and by future expectations.

As Adam Sieminski of Deutsche Bank points out, oil prices are driven both by current conditions and by future expectations.

According to Gillian Edgeworth, an economist at Deutsche Bank, 51% of Hungarian credit is in foreign currencies.

Tony Burgess, global head of M&A at Deutsche Bank, said there were fewer deals as share prices declined.

With 1. 8m homes already in foreclosure, a "similar amount" may be heading that way, reckons Torsten Slok, an economist at Deutsche Bank.

Deutsche Bank expects U. S. manufacturing activity to contract in the months ahead.

The fiasco is embarrassing for Mr Fischer, chief executive since 2004, who once headed risk management at Deutsche Bank.

Deutsche Bank's new follow-up note emphasizes the risks posed by intense competition.

That helps Deutsche Bank preserve capital amid a worsening economic outlook, said a person familiar with the situation.

"Banks are essentially technology firms, " says Hugo Banziger, chief risk officer at Deutsche Bank.

JPMorgan, Deutsche Bank, HSBC and Citigroup have said they are cooperating with officials.

'There are certain situations if you don't act now, you've lost your chance, ' said Bruce Evans, head of Americas M& A at Deutsche Bank.

SOME on Wall Street casually call it the "anti-Deutsche Bank rule" because of its potential impact on Germany's biggest bank.

A manager at Deutsche Bank suggested that stock-holders sell off their Times stock.

The Deutsche Bank Building was damaged in the 911 attacks and is being demolished.

Deutsche Bank, the bookrunner, has stepped in to make up the $40. 7m shortfall.

Deutsche Bank announced a fourth-quarter loss for its investment bank.

Reports say, deutsche bank will chair the bookkeeping did the IPO leopard.

His office sued Deutsche Bank (DB) today, seeking triple damages and penalties under the False Claims Act.

Deutsche Bank on Tuesday said $1, 600 an ounce isn't out of the question for 2012.

Deutsche Bank last night downgraded their outlook for Sina, based on potential government action against Sina Weibo.

That price level for crude futures, if sustained, is seen as roughly the break point for U. S. demand, according to Deutsche Bank.

Deutsche Bank AG also includes bets on yuan gains among its top regional trades.

Deutsche Bank said that while no big policy relaxation was likely in the third quarter of the year, the fourth quarter could see some moves.

Xinhua Xinhua Beijing February 4 2 Russian judicial investigators descended on the headquarters of Deutsche Bank office in Moscow.

The ratio has since fallen by more than one-quarter, says Deutsche Bank.

"There is definitely worry about supply, " Marcus Huie, an interest-rate strategist at Deutsche Bank Securities Inc. , said yesterday.

Evans, head of government trading at Deutsche Bank in New York.

Analysts at Deutsche Bank said price declines for metals are likely, and the third quarter may see 'considerable pressure. '

SJM and Deutsche Bank, sole global co-ordinator for the listing, declined to comment.

Deutsche Bank and Merrill Lynch have each done more than 20, worth several billion dollars.

Deutsche Bank and Citigroup declined to comment.

Of all commodities, industrial metals have the closest correlation with equities, according to Deutsche Bank AG.

Both Credit Suisse and Deutsche Bank declined to comment.

Deutsche Bank was quick to cut its losses when markets turned sour, too.

Analysts at Deutsche Bank calculate that more than E400m ($780m) of BA revenue could be at risk.

'The problem (for OPEC) could be the second half of 2010' as those issues take hold, said Deutsche Bank chief economist Adam Sieminski.

Average water prices in Europe are anywhere from four to 10 times higher, according to Deutsche Bank estimates.

The decisions by Barclays and Deutsche Bank to spurn government help may, at first glance, seem like signs of strength.

It does contain Deutsche Bank (5% of the portfolio) but no energy companies among its top 25 positions.

Both Bear Stearns and Deutsche Bank declined to comment.

Western, Japanese and Korean companies accounted for two-thirds of the market in 2010, according to Deutsche Bank.

Deutsche Bank is under pressure to bring down its leverage ratio, a measure of gross assets to capital.

This new-found demand means rents could grow at more than 2 per cent this year, says Deutsche Bank.

Huaxia Bank, partly owned by Deutsche Bank, estimates that its net profit rose 90 per cent year-on-year in the first half.

Deutsche Bank wants to extend its investment-banking expertise to other retail products, such as mortgages, via securitisation.

(PLG, you need to meet Anshu Jain, head of global markets at Deutsche Bank).

Deutsche Bank reckons the tie-up will produce revenues and cost savings of almost ? 1 billion.

In part that reflects lower manufacturing costs for the 8520, Deutsche Bank analyst Brian Modoff notes.

China is the world's fourth largest gold consumer, after India, Turkey and Italy, according to Deutsche Bank estimates.

Deutsche Bank says its executives stopped the plan before it was carried out.

A usual level of cash would be 1% to 3% of a portfolio, according to Deutsche Bank.

Even boring old Treasury bonds returned 9. 1% annually between 1982 and 2007, according to a Deutsche Bank study of long-term returns.

Deutsche Bank AG led financial shares higher.

Deutsche Bank is acting as sole global co-ordinator for China Central Properties.

The committee is made up of CDS dealers such as Deutsche Bank and Goldman Sachs, as well as investors including US-based Elliott and Pimco.

Deutsche Bank has nearly doubled its forecast for Chinese export growth to 30% this year, from 16%.

In the quarter ended June, losses related to the weak euro totaled only $13 million, Deutsche Bank says.

Now he deals in distressed debt at Deutsche Bank in Mumbai.

JetBlue Airways Corp. rallied 5. 2 percent after Bank of America Corp. and Deutsche Bank AG advised buying the shares.

The deal in question involves a $1. 1 billion offering called Gemstone 7, assem- bled by the large German bank Deutsche Bank.

In recent weeks, Germany's Deutsche Bank had also been in talks with Bank of Beijing but those negotiations are believed to have stalled.

China is the world's largest producer of the metal, accounting for about 25 per cent of global output, according to Deutsche Bank.

Today, the $700 million of investments in Gemstone 7 that Deutsche Bank sold to clients are worthless.

Investors surveyed by Deutsche Bank said they expected hedge funds to earn a median 7. 5% return this year.

Binky Chadha, chief strategist for Deutsche Bank in New York, has been predicting the S&P 500 will hit 1550 by the end of 2011.

Deutsche Bank is mulling a new vault, bankers said.

"This has been long suspected and now we have some harder evidence, " said Alan Ruskin, strategist at Deutsche Bank.

Daily trading in offshore yuan now totals more than $600 million, according to Deutsche Bank AG.

Richard Parkus of Deutsche Bank reckons the default rate could eventually reach 12%.

Deutsche Bank's securitisation team expects negative equity to peak at 48% of total homes by 2011.

Deutsche Bank estimates that Asian financial assets are just 90 per cent of GDP, compared with 360 per cent in the US.

Deutsche Bank says global demand will peak by 2016 at around 90 million barrels a day, versus about 85 million currently.

Lyxor and Deutsche Bank both offer Russia ETF products with annual management charges of 0. 65 per cent.

"This is a major shift in the markets, " says Bilal Hafeez, global head of FX strategy at Deutsche Bank.

The judgment may affect 24 other cases against Deutsche Bank.

"This is a clear demonstration that emerging markets have emerged, " said Hakan Wohlin, a senior banker at Deutsche Bank.

That group has been steadily declining since 2007, according to Jun Ma, Deutsche Bank's chief economist for Greater China.

"When skyscrapers rise, the market falls" , runs the assertion made in 1999 by Andrew Lawrence, a security analyst of Deutsche Bank.

Analysts at Deutsche Bank AG predict that yuan-settled trade would amount to 3. 7 trillion yuan next year, or 15% of China's total trade.

It was the first time Woods had three straight rounds in the 60s on the PGA Tour since the Deutsche Bank Championship last year.

Deutsche Bank first established a presence in China in 1872 with the opening of an office in Shanghai.

According to Deutsche Bank, diesel prices have risen by only 31% since January 2009, whereas the price of crude oil in rupees is up by 180%.

Of all commodities, industrial metals have the highest correlation to equities, according to Deutsche Bank AG.

This is proposed by Thomas Mayer, an economist at Deutsche Bank, who started his career at the fund in the 1980s.

They can't compete with the likes of us or Deutsche Bank, so they tend to focus on a niche.

Today Deutsche Bank is locally incorporated in China, and employs over 500 staff in Beijing, Shanghai, Guangzhou and Tianjin.

For Deutsche Bank it is a good result: Mr. Ackermann is back on the job full-time.

Deutsche Bank shares fell 3. 2% to $59. 98 in afternoon trading in the U. S.

In Germany, Commerzbank climbed almost 5%, with Deutsche Bank gaining 3. 5%.

The Deutsche bank building was damaged in the 911 attacks and it's been demolished.

Deutsche Bank, for example, became a major player in the United States with its acquisition of Bankers Trust in 2001.

According to Deutsche Bank, a basket of forex strategies would have delivered annualised returns of 12 per cent between 1980 and 2005.

Yet most banks are likely to build up buffers of 8-10%, and big ones, such as Deutsche Bank, will be required to hold more than the minimum.

Over the past year, Chinese goods have risen 3. 5%, adds Joseph LaVorgna of Deutsche Bank.

But it has also been wrong, notably in 1994, 1995, and 2003, according to Deutsche Bank.