Deutsche Bank hires Greenspan as advisor

13 August 2007

Deutsche Bank has hired Alan Greenspan as senior advisor to its investment banking unit.

The appointment of the former chairman of the Federal Reserve is believed to have been spearheaded by Deutsche Bank chief US economist Peter Hooper who was a Fed staffer during Mr Greenspan's tenure.

Dr Greenspan's new role will see him act as a figurehead at conferences and meetings as well as taking part in conference calls with clients, analysts and traders, according to a report in the Wall Street Journal.

However, in order to avoid conflicts with an already-established relationship with Pacific Investment Management, he will not be involved with the German bank's asset management division.

Deutsche Bank chief executive officer Josef Ackerman said: "Dr. Greenspan's position as one of the architects of the modern financial system gives him a unique perspective from which to help our clients make critical risk-management decisions."

News of Dr Greenspan's hire follows Deutsche Bank recently posting second quarter profits of $3.6 billion - a 31 per cent rise from the year ago period.

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