Pennzoil Place is a set of two 36-story towers in Downtown Houston , United States . designed by Philip Johnson / John Burgee Architects from a concept by Eli Attia, a staff architect with the firm. Completed in 1976, it is Houston's most award-winning skyscraper and is widely known for its innovative design.
127-620: In May 1976 Deutsche Bank and other partners in a West German investment group bought a 90 percent interest in the Pennzoil Place building for $ 100 million. As of 2002 Arthur Andersen was vacating about 300,000 square feet (28,000 m) of space in Pennzoil Place. Pennzoil Place, developed and managed by Gerald D. Hines Interests, consists of two 495 ft (151 m) trapezoidal towers placed ten feet apart and sheathed in dark bronze glass and aluminum. The buildings are mirror images of each other. The entire street-level plaza joining
254-696: A fiefdom to the Teutonic Knights , a German military order of crusading knights, headquartered in the Kingdom of Jerusalem at Acre . In 1225 he expelled them, and they transferred their operations to the Baltic Sea area. Konrad I , the Polish Duke of Masovia , had unsuccessfully attempted to conquer pagan Prussia in crusades in 1219 and 1222. In 1226 Duke Konrad invited the Teutonic Knights to conquer
381-644: A coalition of Hanseatic cities of western Prussia, rebelled against the Order and requested help from the Polish king, Casimir IV Jagiellon . The Teutonic Knights were forced to acknowledge the sovereignty of, and to pay tribute to Casimir IV in the Second Peace of Thorn (1466) , losing western Prussia ( Royal Prussia ) to Poland in the process. Pursuant to the Second Peace of Thorn, two Prussian states were established. During
508-650: A continental great power and Prussia satisfied its desire for merging the once separate territories and gaining strong economic and strategic power, particularly from the full access to the resources of the Ruhr. Bismarck desired Austria as an ally in the future, and so he declined to annex any Austrian territory. But in the Peace of Prague in 1866, Prussia annexed four of Austria's allies in northern and central Germany – Hanover, Hesse-Kassel , Nassau and Frankfurt . Prussia also won full control of Schleswig-Holstein . As
635-450: A crown from a revolutionary assembly without the sanction of Germany's other monarchs. The Frankfurt Parliament was forced to dissolve in 1849, and Frederick William issued a constitution by his own authority in 1850. This conservative document provided for a two-house parliament, the Landtag of Prussia . The lower house, or Prussian House of Representatives was elected by all males over
762-579: A crown placed around its neck as a symbol of submission to Poland. Albert I, a member of a cadet branch of the House of Hohenzollern became a Lutheran Protestant and secularized the Order's Prussian territories. This was the area east of the mouth of the Vistula river, later sometimes called "Prussia proper". For the first time, these lands came into the hands of a branch of the Hohenzollern family, who already ruled
889-462: A desire for German unification in this period was the Burschenschaft student movement, by students who encouraged the use of the black-red-gold flag, discussions of a unified German nation, and a progressive, liberal political system. Because of Prussia's size and economic importance, smaller states began to join its free trade area in the 1820s. Prussia benefited greatly from the creation in 1834 of
1016-646: A favoured location for immigration by (later mainly Protestant) Germans ( see Ostsiedlung ), as well as Poles and Lithuanians along the border regions. Before its abolition, the territory of the Free State of Prussia included the provinces of East Prussia ; Brandenburg ; Saxony (including much of the present-day state of Saxony-Anhalt and parts of the state of Thuringia in Germany); Pomerania ; Rhineland ; Westphalia ; Silesia (without Austrian Silesia ); Schleswig-Holstein ; Hanover ; Hesse-Nassau ; and
1143-681: A global systemically important bank by the Financial Stability Board since 2011. It has been designated as a Significant Institution since the entry into force of European Banking Supervision in late 2014, and as a consequence is directly supervised by the European Central Bank . According to a 2020 article in the New Yorker , Deutsche Bank had long had an "abject" reputation among major banks, as it has been involved in major scandals across various issue areas. Deutsche Bank
1270-516: A government bailout. One of them claims that "If Lehman Brothers didn't have to mark its books for six months it might still be in business, and if Deutsche had marked its books it might have been in the same position as Lehman." Deutsche had become the biggest operator in this market, which were a form of credit derivative designed to behave like the most senior tranche of a CDO. Deutsche bought insurance against default by blue-chip companies from investors, mostly Canadian pension funds, who received
1397-744: A higher rate of a discount than English or French bills. The founding members were: Hermann Zwicker (Bankhaus Gebr. Schickler, Berlin); Anton Adelssen (Bankhaus Adelssen & Co., Berlin); Adelbert Delbrück (Bankhaus Delbrück, Leo & Co.); Heinrich von Hardt (Hardt & Co., Berlin, New York); Ludwig Bamberger (politician, former chairman of Bischoffsheim, Goldschmidt & Co); Victor Freiherr von Magnus (Bankhaus F. Mart Magnus); Adolph vom Rath [ de ] (Bankhaus Deichmann & Co., Cologne); Gustav Kutter (Bankhaus Gebrüder Sulzbach, Frankfurt); and Gustav Müller (Württembergische Vereinsbank, Stuttgart). The First directors were Wilhelm Platenius, Georg Siemens , and Hermann Wallich . Georg Siemens
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#17328689456151524-550: A required 9% core Tier 1 ratio after sovereign debt write-down starting in mid-2012. As of 2012, Deutsche Bank had negligible exposure to Greece , but Spain and Italy accounted for a tenth of its European private and corporate banking business with credit risks of about €18 billion in Italy and €12 billion in Spain. In 2017, Deutsche Bank needed to get its common equity tier-1 capital ratio up to 12.5% in 2018 to be marginally above
1651-532: A result of these territorial gains, Prussia now stretched uninterrupted across the northern two-thirds of Germany and contained two-thirds of Germany's population. The German Confederation was dissolved, and Prussia impelled the 21 states north of the Main river into forming the North German Confederation . Prussia was the dominant state in the new confederation, as the kingdom comprised almost four-fifths of
1778-463: A risk specialist from Merrill Lynch , who hired two other former Merrill Lynch risk specialists Anshu Jain and William S. Broeksmit. By the mid-1990s, the buildup of a capital-markets operation had got underway with the arrival of a number of high-profile figures from major competitors. Ten years after the acquisition of Morgan Grenfell, the US firm Bankers Trust was added. Bankers Trust suffered losses during
1905-571: A small detached area in the south called Hohenzollern , the ancestral home of the Prussian ruling family. The land that the Teutonic Knights occupied was flat and covered with fertile soil. The area was perfectly suited to the large-scale raising of wheat. The rise of early Prussia was based on the raising and selling of wheat. Teutonic Prussia became known as the "bread basket of Western Europe" (in German, Kornkammer , or granary). The port cities which rose on
2032-505: A stream of insurance premiums as income in return for posting a small amount of collateral. The bank then sold protection to US investors via the CDX credit index , the spread between the two was tiny but was worth $ 270m over the 7 years of the trade. It was considered very unlikely that many blue chips would have problems at the same time, so Deutsche required collateral of just 10% of the contract value. The risk of Deutsche taking large losses if
2159-476: A territory free of any feudal obligations, which constituted the basis for their later elevation to kings. Frederick William I succeeded in organizing the electorate by establishing an absolute monarchy in Brandenburg-Prussia, an achievement for which he became known as the "Great Elector". Above all, he emphasised the importance of a powerful military to protect the state's disconnected territories, while
2286-556: The Prussian House of Lords , was appointed by the king. He retained full executive authority, and ministers were responsible only to him. As a result, the grip of the landowning classes, the Junkers, remained unbroken, especially in the eastern provinces. The constitution nevertheless contained a number of liberal elements such as the introduction of jury courts and a catalog of fundamental rights that included freedom of religion, speech and
2413-573: The 1998 Russian financial crisis since it had a large position in Russian government bonds, but avoided financial collapse by being acquired by Deutsche Bank for $ 10 billion in November 1998. On 4 June 1999, Deutsche Bank merged its Deutsche Morgan Grenfell and Bankers Trust to became Deutsche Asset Management (DAM) with Robert Smith as the CEO. This made Deutsche Bank the fourth-largest money management firm in
2540-765: The Allies , was officially abolished by an Allied declaration in 1947. The international status of the former eastern territories of the Kingdom of Prussia was disputed until the Treaty on the Final Settlement with Respect to Germany in 1990, but its return to Germany remains a cause among far-right politicians, the Federation of Expellees and various political revanchists and irredentists . The terms "Prussian" and " Prussianism " have often been used, especially outside Germany, to denote
2667-557: The Battle of Jena-Auerstedt , leading Frederick William III and his family to flee temporarily to Memel . Under the Treaties of Tilsit in 1807, the state lost about one-third of its area, including the areas gained from the second and third Partitions of Poland , which now fell to the Duchy of Warsaw . Beyond that, the king was obliged to pay a large indemnity, to cap his army at 42,000 men, and to let
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#17328689456152794-625: The Congress of Vienna was the recovery of her lost territories, as well as the whole of the Rhineland , Westphalia , 40% of Saxony and some other territories. These western lands were of vital importance because they included the Ruhr region, the centre of Germany's fledgling industrialisation, especially in the arms industry. These territorial gains also meant the doubling of Prussia's population. In exchange, Prussia withdrew from areas of central Poland to allow
2921-527: The Edict of Potsdam (1685) opened Brandenburg-Prussia for the immigration of Protestant refugees (especially Huguenots ), and he established a bureaucracy to carry out state administration efficiently. On 18 January 1701, Frederick William's son, Elector Frederick III, elevated Prussia from a duchy to a kingdom and crowned himself King Frederick I . In the Crown Treaty of 16 November 1700, Leopold I , emperor of
3048-629: The Frankfurt Stock Exchange and the New York Stock Exchange . Deutsche Bank was founded in 1870 in Berlin . From 1929 to 1937, following its merger with Disconto-Gesellschaft , it was known as Deutsche Bank und Disconto-Gesellschaft or DeDi-Bank. Other transformative acquisitions have included those of Mendelssohn & Co. in 1938, Morgan Grenfell in 1990, Bankers Trust in 1998, and Deutsche Postbank in 2010. As of 2018,
3175-464: The Hohenzollern dynasty . The Teutonic Order wore a white coat embroidered with a black cross with gold insert and black imperial eagle. The combination of the black and white colours with the white and red Hanseatic colours of the free cities Bremen , Hamburg and Lübeck , as well as of Brandenburg , resulted in the black-white-red commercial flag of the North German Confederation , which became
3302-590: The Holy Roman Empire , allowed Frederick only to title himself " King in Prussia ", not " King of Prussia ". The state of Brandenburg-Prussia became commonly known as "Prussia", although most of its territory, in Brandenburg, Pomerania, and western Germany, lay outside Prussia proper. The Prussian state grew in splendour during the reign of Frederick I, who sponsored the arts at the expense of the treasury. Frederick I
3429-567: The House of Hohenzollern ruled Prussia, expanding its size with the Prussian Army . Prussia, with its capital at Königsberg and then, when it became the Kingdom of Prussia in 1701, Berlin , decisively shaped the history of Germany . The name Prussia derives from the Old Prussians ; in the 13th century, the Teutonic Knights – an organized Catholic medieval military order of German crusaders – conquered
3556-726: The Landesbank für Bosnien und Herzegowina in Sarajevo , together with the Société Générale de Belgique and its affiliate Banque Belge pour l'Étranger . In 1940, following the German invasion of Belgium , Deutsche Bank bought out the Belgian stake under duress and became the AJB's dominant shareholder, with 88 percent held either directly or through Creditanstalt. Deutsche Bank simultaneously took control of
3683-598: The Margraviate of Brandenburg , since the 15th century. Furthermore, with his renunciation of the Order, Albert could now marry and produce legitimate heirs. Brandenburg and Prussia united two generations later. In 1594 Duchess Anna of Prussia , granddaughter of Albert I and daughter of Albert Frederick, Duke of Prussia (reigned 1568–1618), married her cousin Elector John Sigismund of Brandenburg. When Albert Frederick died in 1618 without male heirs, John Sigismund
3810-767: The National Bank of Greece during the Axis occupation of Greece , without however acquiring ownership out of consideration for Italian sensitivities. Through the Creditanstalt-Bankverein, Deutsche Bank also became a major shareholder of the Allgemeiner Jugoslawischer Bankverein (AJB), which had been formed in 1928 from the two former branches of the Wiener Bankverein in Belgrade and Zagreb, and of
3937-935: The Northern Pacific Railroad in the US and the Baghdad Railway (1888). In Germany, the bank was instrumental in the financing of bond offerings of steel company Krupp (1879) and introduced the chemical company Bayer to the Berlin stock market. The second half of the 1890s saw the beginning of a new period of expansion at Deutsche Bank. The bank formed alliances with large regional banks, giving itself an entry into Germany's main industrial regions. It thus formed community-of-interests partnerships with Bergisch-Märkische Bank [ de ] in Elberfeld and Schlesischer Bankverein [ de ] in Breslau , linked to
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4064-580: The Panama papers and money laundering . Deutsche Bank released a statement confirming it would "cooperate closely with prosecutors". Prussia Prussia ( / ˈ p r ʌ ʃ ə / , German : Preußen [ˈpʁɔʏsn̩] ; Old Prussian : Prūsija, Prūsa ) was a German state centred on the North European Plain that originated from the 1525 secularization of the Prussian part of
4191-651: The State of the Teutonic Order . The Knights had to relocate their headquarters to Mergentheim , but managed to keep land in Livonia until 1561. Prussia formed the German Empire when it united the German states in 1871. It was de facto dissolved by an emergency decree transferring powers of the Prussian government to German Chancellor Franz von Papen in 1932 and de jure by an Allied decree in 1947. For centuries,
4318-431: The clearing center for the three banks. Since the mid-1990s Deutsche Bank commercial real estate division offered Donald Trump financial backing, even though in the early 1990s Citibank , Manufacturers Hanover , Chemical , Bankers Trust , and 68 other entities refused to financially support him. In 2008, Trump sued Deutsche Bank for $ 3 billion and a few years later, he shifted his financial portfolio from
4445-628: The crisis summer of 1931 the Deutsche Golddiskontbank , a subsidiary of the Reichsbank , acquired 35 percent of DeDi-Bank's equity as part of a sector-wide rescue, bringing total government ownership of the bank to 38.5 percent. This did not, however, result in significant government interference in the management of the company, unlike at Dresdner Bank whose capital was near-completely nationalized. When Adolf Hitler became leader of Germany, Deutsche Bank increasingly became integrated into
4572-624: The defeat of Napoleon in Russia , Prussia quit its alliance with France and took part in the Sixth Coalition during the "Wars of Liberation" ( Befreiungskriege ) against the French occupation. Prussian troops under Marshal Gebhard Leberecht von Blücher contributed crucially (alongside the British and Dutch) to the final victory over Napoleon at the Battle of Waterloo of June 1815. Prussia's reward in 1815 at
4699-451: The main square of the Polish capital Kraków , Albert I resigned his position as Grand Master of the Teutonic Order and received the title "Duke of Prussia" from King Zygmunt I the Old of Poland. As a symbol of vassalage, Albert received a standard with the Prussian coat of arms from the Polish king. The black Prussian eagle on the flag was augmented with a letter "S" (for Sigismundus) and had
4826-694: The papacy and to the Holy Roman Emperor . Their initially close relationship with the Polish Crown deteriorated after they conquered Polish-controlled Pomerelia and Danzig in 1308. Eventually, Poland and Lithuania, allied through the Union of Krewo (1385), defeated the Knights in the Battle of Grunwald (Tannenberg) in 1410. The Thirteen Years' War (1454–1466) began when the Prussian Confederation ,
4953-589: The (compulsory) protection of Prussia. Additionally, mutual defence treaties were concluded. However, the existence of these treaties was kept secret until Bismarck made them public in 1867 when France tried to acquire Luxembourg . The controversy with the Second French Empire over the candidacy of Leopold, Prince of Hohenzollern to the Spanish throne was escalated both by France and Bismarck. With his Ems Dispatch , Bismarck took advantage of an incident in which
5080-563: The 12% median CET1 ratio of Europe's 24 biggest publicly traded banks, so there would be no dividend for 2015 and 2016. Furthermore, 15,000 jobs were to be cut. In June 2015, the then co-CEOs, Jürgen Fitschen and Anshu Jain, both offered their resignations to the bank's supervisory board, which were accepted. Jain's resignation took effect in June 2015, but he provided consultancy to the bank until January 2016. Fitschen continued as joint CEO until May 2016. The appointment of John Cryan as joint CEO
5207-415: The 12.25% required by regulators. In January 2014, Deutsche Bank reported a €1.2 billion ($ 1.6 billion) pre-tax loss for the fourth quarter of 2013. This came after analysts had predicted a profit of nearly €600 million, according to FactSet estimates. Revenues slipped by 16% versus the prior year. Deutsche Bank's Capital Ratio Tier-1 (CET1) was reported in 2015 to be only 11.4%, lower than
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5334-533: The 19th century. Frederick the Great (reigned 1740–1786) practised enlightened absolutism . He built the world's best army, and usually won his many wars. He introduced a general civil code, abolished torture and established the principle that the Crown would not interfere in matters of justice. He also promoted an advanced secondary education, the forerunner of today's German gymnasium (grammar school) system, which prepares
5461-622: The 39-story building continued for nearly a decade, and was completed in early 2011. In October 2001, Deutsche Bank was listed on the New York Stock Exchange . This was the first NYSE listing after interruption due to 11 September attacks . The following year, Josef Ackermann became CEO of Deutsche Bank and served as CEO until 2012 when he became involved with the Bank of Cyprus . Then, beginning in 2002, Deutsche Bank strengthened its U.S. presence when it purchased Scudder Investments. Meanwhile, in Europe, Deutsche Bank increased its private-banking business by acquiring Rued Blass & Cie (2002) and
5588-466: The Austrian Army at the Battle of Mollwitz on 10 April 1741, Frederick succeeded in conquering Lower Silesia (the northwestern half of Silesia). In the next year, 1742, he conquered Upper Silesia (the southeastern half). Furthermore, in the Third Silesian War (part of the Seven Years' War ) Frederick won a victory over Austria at the Battle of Lobositz on 1 October 1756. In spite of some victories afterward, his situation became far less comfortable
5715-426: The Baltic Prussian tribes on his borders. During 60 years of struggles against the Old Prussians , the Order established an independent state that came to control Prūsa. After the Livonian Brothers of the Sword joined the Teutonic Order in 1237, the Order also controlled Livonia (now Latvia and Estonia ). Around 1252 they finished the conquest of the northernmost Prussian tribe of the Skalvians as well as of
5842-414: The Baltic Sea for foreign countries. In the course of the Ostsiedlung (German eastward expansion) process, settlers were invited , bringing changes in the ethnic composition as well as in language, culture, and law of the eastern borders of the German lands. As a majority of these settlers were Germans, Low German became the dominant language. The Knights of the Teutonic Order were subordinate to
5969-443: The Brandenburg territories with those of Prussia proper. The partition also added Polish Royal Prussia to the kingdom, allowing Frederick to re-style himself King of Prussia. During this period, he also opened Prussia's borders to immigrants fleeing from religious persecution in other parts of Europe, such as the Huguenots . Prussia became a safe haven in much the same way that the United States welcomed immigrants seeking freedom in
6096-481: The Creditanstalt expanded its operations into Nazi-occupied Czechoslovakia, Poland, Yugoslavia, and in Nazi-allied Bulgaria. In September 1938, following the Munich Agreement , Deutsche Bank took over the branches of Prague-based Böhmische Union Bank (BUB) in the Sudetenland . In March 1939, it forcibly took over control of the BUB itself, in which it built a majority stake complemented with prior shareholding of Creditanstalt. It also took over management control of
6223-431: The Danes, who surrendered both territories. In the resulting Gastein Convention of 1865 Prussia took over the administration of Schleswig while Austria assumed that of Holstein. Bismarck realised that the dual administration of Schleswig and Holstein was only a temporary solution, and tensions rose between Prussia and Austria. The struggle for supremacy in Germany then led to the Austro-Prussian War (1866), triggered by
6350-444: The Duchy of Prussia, which was still held in fief from the Polish crown. In January 1656, during the first phase of the Second Northern War (1654–1660), he received the duchy as a fief from the Swedish king who later granted him full sovereignty in the Treaty of Labiau (November 1656). In 1657 the Polish king renewed this grant in the treaties of Wehlau and Bromberg . With Prussia, the Brandenburg Hohenzollern dynasty now held
6477-452: The French ambassador had approached William. The government of Napoleon III , expecting another civil war among the German states, declared war against Prussia, continuing Franco-German enmity . However, honouring their treaties, the German states joined forces and quickly defeated France in the Franco-Prussian War in 1870. Following victory under Bismarck's and Prussia's leadership, Baden , Württemberg and Bavaria, which had remained outside
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#17328689456156604-399: The French garrison troops throughout Prussia, effectively making the kingdom a French satellite. In response to this defeat, reformers such as Stein and Hardenberg set about modernising the Prussian state. Among their reforms were the liberation of peasants from serfdom , the Emancipation of Jews and making full citizens of them. The school system was rearranged, and in 1818 free trade
6731-429: The German Customs Union ( Zollverein ), which included most German states but excluded Austria. In 1848, the liberals saw an opportunity when revolutions broke out across Europe . Alarmed, King Frederick William IV agreed to convene a National Assembly and grant a constitution . When the Frankfurt Parliament offered Frederick William the crown of a united Germany, he refused on the grounds that he would not accept
6858-513: The German Empire was a version of the North German Confederation's constitution. Officially, the German Empire was a federal state. In practice, Prussia overshadowed the rest of the empire. Prussia included three-fifths of the German territory and two-thirds of its population. The Imperial German Army was, in practice, an enlarged Prussian army, although the other kingdoms ( Bavaria , Saxony and Württemberg ) retained their own small armies, coming under Imperial control in wartime. The imperial crown
6985-444: The Hanseatic League) until the decline of the League in about 1500. The expansion of Prussia based on its connection with the Hanseatic League cut both Poland and Lithuania off from the coast of the Baltic Sea and trade abroad. This meant that Poland and Lithuania would be traditional enemies of Prussia, which was still called the Teutonic Knights. In 1211, King Andrew II of Hungary granted Burzenland in Transylvania as
7112-444: The Landesbank in Sarajevo. Following the German invasion of Yugoslavia , the AJB was divided into two separate institutions, respectively the Bankverein AG Belgrad in occupied Serbia , and the Bankverein für Kroatien AG in the Independent State of Croatia . Both these banks' assets were eventually confiscated by the newly established Communist authorities in October 1944, and they were subsequently liquidated. During
7239-503: The Nazi government fully re-privatized Deutsche Bank in 1935–1937, largely out of budgetary considerations. Its name changed back to Deutsche Bank in 1937. While the Nazi policies of financial repression were largely unhelpful to the domestic business of Deutsche and other German commercial banks, its expansionary behavior created opportunities that Deutsche Bank pursued. In 1938 following Hitler's Anschluss of Austria , Deutsche Bank gradually took control of Creditanstalt-Bankverein ,
7366-511: The Nazi power structures, and fully implemented the Nazi policy of aryanization . In 1934 it dismissed its three Jewish management board members, Oscar Wassermann , Theodor Frank, and Georg Solmssen ; in 1938 it dismissed its last Jewish supervisory board member. By the end of 1938, it had been involved as an intermediary and lender in at least 363 cases of expropriation of Jewish-owned businesses. In 1938, it acquired Jewish-controlled German bank Mendelssohn & Co. under duress. Meanwhile,
7493-405: The North German Confederation, accepted incorporation into a united German Empire . The empire was a "Lesser German" solution (in German, " kleindeutsche Lösung ") to the question of uniting all German-speaking peoples into one state, because it excluded Austria, which remained connected to Hungary and whose territories included non-German populations. On 18 January 1871 (the 170th anniversary of
7620-558: The Reichsbank, of which 744 kg came from Holocaust victims. In an effort to come to terms with its past during the Nazi era, Deutsche Bank in 1995 published a history volume that detailed its entanglement with the dictatorship. In December 1999, along with other major German companies, Deutsche Bank contributed to a US$ 5.2 billion compensation fund following lawsuits brought by Holocaust survivors; U.S. officials had reportedly threatened to block Deutsche Bank's $ 10 billion purchase of Bankers Trust if it did not contribute to
7747-805: The Russian investment bank United Financial Group (2005) founded by the United States banker Charles Ryan and the Russian official Boris Fyodorov which followed Anshu Jain 's aggressive expansion to gain strong relationships with state partners in Russia. Jain persuaded Ryan to remain with Deutsche Bank at its new Russian offices and later, in April 2007, sent the president and chairman of the management board of VTB Bank Andrey Kostin 's son Andrey to Deutsche Bank's Moscow office. Later, in 2008, to establish VTB Capital , numerous bankers from Deutsche Bank's Moscow office were hired by VTB Capital. In Germany, further acquisitions of Norisbank , Berliner Bank and Deutsche Postbank strengthened Deutsche Bank's retail offering in its home market. This series of acquisitions
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#17328689456157874-430: The U.S. in 1939 after more than one year in custody. Later in 1938, Creditanstalt was jointly taken over, without compensation, by German government holding VIAG [ de ] , Deutsche Bank, and the Reichsbank , which held respectively 51 percent, 25 percent, and 12 percent of its capital. In April 1942, Deutsche Bank raised its ownership to 51 percent by acquiring a block of shares from VIAG. During wartime,
8001-418: The acquisition in 1993 of Banca Popolare di Lecco from Banca Popolare di Novara for about $ 476 million. In 1999, it acquired a minority interest in Cassa di Risparmio di Asti . In the 11 September 2001 terrorist attacks the Deutsche Bank Building in Lower Manhattan , formerly Bankers Trust Plaza, was heavily damaged by the collapse of the South Tower of the World Trade Center. Demolition work on
8128-429: The age of 25. They were divided into three classes whose votes were weighted according to the amount of taxes paid. In one typical election, the first class (with those who paid the most in taxes) included 4% of voters and the third class (with those who paid the least) had 82%, yet each group chose the same number of electors. The system but assured dominance by the more well-to-do men of the population. The upper house,
8255-459: The army in relation to the total population, Mirabeau said later: "Prussia, is not a state with an army, but an army with a state." Frederick William also settled more than 20,000 Protestant refugees from Salzburg in thinly populated East Prussia, which was eventually extended to the west bank of the Neman river, and other regions. In the Treaty of Stockholm (1720), he acquired half of Swedish Pomerania . Frederick William I died in 1740 and
8382-428: The back of this wheat production included: Stettin in Pomerania (now Szczecin , Poland); Danzig in Prussia (now Gdańsk , Poland); Riga in Livonia (now Riga, Latvia); Königsberg in Prussia (now Kaliningrad , Russia); and Memel in Prussia (now Klaipėda , Lithuania). Wheat production and trade brought Prussia into a close relationship with the Hanseatic League during the period of time from 1356 (official founding of
8509-450: The bank developed and owned the Cosmopolitan of Las Vegas , after the casino's original developer defaulted on its borrowings. Deutsche Bank ran it at a loss until its sale in May 2014. The bank's exposure at the time of sale was more than $ 4 billion, and sold the property to Blackstone Group for $ 1.73 billion. On 3 January 2014, it was reported that Deutsche Bank would settle a lawsuit brought by US shareholders, who had accused
8636-561: The bank entered retail banking by introducing small personal loans. In the 1970s, the bank pushed ahead with international expansion, opening new offices in new locations, such as Milan (1977), Moscow , London , Paris , and Tokyo . In the 1980s, this continued when the bank paid U$ 603 million in 1986 to acquire Banca d'America e d'Italia . In 1972, the bank established its Fiduciary Services Division which provides support to its private wealth division . At 8:30 am on 30 November 1989, Alfred Herrhausen , chairman of Deutsche Bank,
8763-407: The bank of bundling and selling bad real estate loans before the 2008 downturn. This settlement came subsequent and in addition to Deutsche's $ 1.93 billion settlement with the US Housing Finance Agency over similar litigation related to the sale of mortgage-backed securities to Fannie Mae and Freddie Mac . Former employees including Eric Ben-Artzi and Matthew Simpson have claimed that, during
8890-672: The bank purchased the state's share of Universum Film Aktiengesellschaft ( UFA ). In 1926, the bank assisted in the merger of Daimler and Benz. The bank merged with Disconto-Gesellschaft in 1929 and rebranded itself Deutsche Bank und Disconto-Gesellschaft , sometimes referred to as DeDi-Bank. By 1930, Deutsche Bank & Disconto-Gesellschaft maintained a similar dominant position as before World War I, with 4.8 billion Reichsmarks in total deposits ahead of Danat-Bank (2.4 billion), Dresdner Bank (2.3 billion), Commerz- und Privatbank (1.5 billion), Reichs-Kredit-Gesellschaft (619 million), and Berliner Handels-Gesellschaft (412 million). In
9017-426: The bank's network spanned 58 countries with a large presence in Europe, the Americas, and Asia. It is a component of the DAX stock market index and is often referred to as the largest German banking institution , with Deutsche Bank holding the majority stake in DWS Group for combined assets of 2.2 trillion euros, rivaling even Sparkassen-Finanzgruppe in terms of combined assets. Deutsche Bank has been designated
9144-399: The basis that Deutsche may be forced to book another €3 billion to €4 billion of litigation charges in 2016." May 2017, Chinese conglomerate HNA Group became its biggest shareholder, owning 9.90% of its shares. However, HNA Group's stake reduced to 8.8% as of 16 February 2018. In November 2018, the bank's Frankfurt offices were raided by police in connection with investigations around
9271-512: The battleground against Austria and other powers proved Prussia's status as one of the great powers of Europe. The Silesian Wars began more than a century of rivalry and conflict between Prussia and Austria as the two most powerful states operating within the Holy Roman Empire (although both had extensive territory outside the empire). In 1744, the County of East Frisia fell to Prussia following
9398-571: The beginning of three Silesian Wars (1740–1763). The First Silesian War (1740–1742) and the Second Silesian War (1744–1745) have, historically, been grouped together with the general European war called the War of the Austrian Succession (1740–1748). Holy Roman Emperor Charles VI had died on 20 October 1740. He was succeeded to the throne by his daughter, Maria Theresa . By defeating
9525-575: The brightest pupils for university studies. The Prussian education system was emulated in various countries, including the United States. During the reign of King Frederick William II (1786–1797), Prussia annexed additional Polish territory through the Second Partition of Poland in 1793 and the Third Partition of Poland in 1795. His successor, Frederick William III (1797–1840), announced
9652-517: The circumstances that fell into place. Bismarck curried support from large sections of the people by promising to lead the fight for greater German unification. He successfully guided Prussia through three wars, which unified Germany and brought William the position of German Emperor . The Kingdom of Denmark was at the time in personal union with the Duchies of Schleswig and Holstein , both of which had close ties with each other, although only Holstein
9779-400: The collateral was wiped out in a crisis was called the gap option. Ben-Artzi claims that after modeling came up with "economically unfeasible" results, Deutsche accounted for the gap option first with a simple 15% "haircut" on the trades (described as inadequate by another employee in 2006) and then in 2008 by a $ 1–2bn reserve for the credit correlation desk designed to cover all risks, not just
9906-456: The company is to transact banking business of all kinds, in particular, to promote and facilitate trade relations between Germany, other European countries and overseas markets. Prior to the founding of Deutsche Bank, German importers and exporters were dependent upon British and French banking institutions in the world markets—a serious handicap in that German bills were almost unknown in international commerce, generally disliked and subject to
10033-517: The coronation of King Frederick I ), William was proclaimed "German Emperor " (not "Emperor of Germany") in the Hall of Mirrors at Versailles outside Paris, while the French capital was still under siege . The two decades after the unification of Germany were the peak of Prussia's fortunes, but the seeds for potential strife were built into the Prusso-German political system. The Constitution of
10160-581: The creation of Congress Poland under Russian sovereignty. In 1815 Prussia became part of the German Confederation . The first half of the 19th century saw a prolonged struggle in Germany between liberals, who wanted a united, federal Germany under a democratic constitution, and conservatives , who wanted to maintain Germany as a patchwork of independent, monarchical states with Prussia and Austria competing for influence. One small movement that signalled
10287-769: The creation of the Deutsch-Asiatische Bank in Shanghai , in 1894, of the Banca Commerciale Italiana in Milan , and in 1898, of the Banque Internationale de Bruxelles . In addition, the bank rapidly perceived the value of specialist institutions for the promotion of foreign business. Gentle pressure from the Foreign Ministry played a part in the establishment of Deutsche Überseeische Bank in 1886 and
10414-430: The crisis, Deutsche failed to recognize up to $ 12 billion of paper losses on its $ 130 billion portfolio of leveraged super senior trades, although the bank rejects the claims. A company document of May 2009 described the trades as "the largest risk in the trading book", and the whistleblowers allege that had the bank accounted properly for its positions its capital would have fallen to the extent that it might have needed
10541-463: The crucial victory at the Battle of Königgrätz under Helmuth von Moltke the Elder . The century-long struggle between Berlin and Vienna for the dominance of Germany was now over. As a sideshow in this war, Prussia defeated Hanover in the Battle of Langensalza (1866) . While Hanover hoped in vain for help from Britain (as they had previously been in personal union), Britain stayed out of a confrontation with
10668-480: The disconnected Hohenzollern lands, especially the occupying Swedes . The ineffective and militarily weak Elector George William (1619–1640) fled from Berlin to Königsberg , the historic capital of the Duchy of Prussia, in 1637. His successor, Frederick William I (1640–1688), reformed the army to defend the lands. Frederick William I went to Warsaw in 1641 to render homage to King Władysław IV Vasa of Poland for
10795-479: The dispute over Schleswig and Holstein, with Bismarck using proposed injustices as the reason for war . On the Austrian side stood the south German states (including Bavaria and Württemberg ), some central German states (including Saxony ), and Hanover in the north. On the side of Prussia were Italy , most north German states, and some smaller central German states. Eventually, the better-armed Prussian troops won
10922-535: The eastern part, called the Duchy of Prussia from 1525, a feudal fief of the Crown of Poland up to 1657. The union of Brandenburg and the Duchy of Prussia in 1618 led to the proclamation of the Kingdom of Prussia in 1701. Prussia entered the ranks of the great powers shortly after becoming a kingdom. It became increasingly large and powerful in the 18th and 19th centuries. It had a major voice in European affairs under
11049-617: The era of postmodernism . The buildings combined contain 1,400,000 square feet (130,000 m) of leasable space. The interior offices were designed by M. Arthur Gensler Jr. & Associates , the San Francisco-based interior architecture firm. Architect Philip Johnson was awarded the 1978 AIA Gold Medal and became the first laureate of the Pritzker Prize in Architecture in 1979 for his work on Pennzoil Place. Pennzoil Place
11176-522: The extinction of its ruling Cirksena dynasty. In the last 23 years of his reign until 1786, Frederick II, who understood himself as the "first servant of the state", promoted the development of Prussian areas such as the Oderbruch . At the same time he built up Prussia's military power and participated in the First Partition of Poland with Austria and Russia in 1772, an act that geographically connected
11303-686: The fast-growing industrial economies of the Rhineland and Silesia respectively; it eventually acquired the two banks in 1914 and 1917 respectively. Joint ventures were symptomatic of the concentration then under way in the German banking industry. For Deutsche Bank, domestic branches of its own were still something of a rarity at the time; the Frankfurt branch dated from 1886 and the Munich branch from 1892, while further branches were established in Dresden and Leipzig in 1901. In 1889, Deutsche Bank participated in
11430-594: The flag of the German Empire in 1871. Suum cuique ("to each, his own"), the motto of the Order of the Black Eagle created by King Frederick I in 1701, was often associated with the whole of Prussia. The Iron Cross , a military decoration created by King Frederick William III in 1813, was also commonly associated with the country. The region, originally populated by Baltic Old Prussians who were Christianised, became
11557-408: The following years, as he failed in his attempts to knock Austria out of the war and was gradually reduced to a desperate defensive war. However, he never gave up and on 3 November 1760 the Prussian king won another battle, the hard-fought Battle of Torgau . Despite being several times on the verge of defeat Frederick, allied with Great Britain , Hanover and Hesse-Kassel , was finally able to hold
11684-456: The former country's leading bank. On 26 March 1938 the latter was coerced to enter a "friendship agreement" with Deutsche Bank, by which the latter secured a presence in its board of directors. Creditanstalt executive Louis de Rothschild was immediately arrested and imprisoned, deprived of his position and property, then released upon payment of $ 21,000,000, believed to have been the largest bail bond in history for any individual, and migrated to
11811-513: The fund. Following Germany's defeat in World War II , the Allied authorities, in 1948, ordered Deutsche Bank's break-up into regional banks. These regional banks were later consolidated into three major banks in 1952: Norddeutsche Bank AG; Süddeutsche Bank AG; and Rheinisch-Westfälische Bank AG. In 1957, these three banks merged to form Deutsche Bank AG with its headquarters in Frankfurt. In 1959,
11938-553: The gap option but actively mismarking the value of their trades. In 2008, Deutsche Bank reported its first annual loss in five decades, despite receiving billions of dollars from its insurance arrangements with AIG , including US$ 11.8 billion from funds provided by US taxpayers to bail out AIG. Based on a preliminary estimation from the European Banking Authority (EBA), in late 2011, Deutsche Bank AG needed to raise capital of about €3.2 billion as part of
12065-429: The gap option. In October 2008, it stopped modeling the gap option and just bought S&P put options to guard against further market disruption, but one of the whistleblowers has described this as an inappropriate hedge. A model from Ben-Artzi's previous job at Goldman Sachs suggested that the gap option was worth about 8% of the value of the trades, worth $ 10.4bn. Simpson claims that traders were not simply understating
12192-467: The investment banking division to Deutsche Bank private wealth division with Rosemary Vrablic , formerly of Citigroup , Bank of America , and Merrill Lynch , becoming Trump's new personal banker at Deutsche Bank. In 2007, the company's headquarters, the Deutsche Bank Twin Towers building, was extensively renovated for three years, certified LEED Platinum and DGNB Gold. In 2010,
12319-404: The lands inhabited by them. In 1308, the Teutonic Knights conquered the region of Pomerelia with Danzig . Their monastic state was mostly Germanised through immigration from central and western Germany , and, in the south, it was Polonised by settlers from Masovia . The imposed Second Peace of Thorn (1466) split Prussia into the western Royal Prussia , becoming a province of Poland, and
12446-494: The militarism, military professionalism, aggressiveness, and conservatism of the Junker class of landed aristocrats in the East who dominated first Prussia and then the German Empire. The main coat of arms of Prussia , as well as the flag of Prussia , depicted a black eagle on a white background. The black and white national colours were already used by the Teutonic Knights and by
12573-417: The new state's territory and population. Prussia's near-total control over the confederation was secured in the constitution drafted for it by Bismarck in 1867. Executive power was held by a president , assisted by a chancellor responsible only to him. The presidency was a hereditary office of the Hohenzollern rulers of Prussia. There was also a two-house parliament. The lower house, or Reichstag (Diet),
12700-529: The period of the monastic state of the Teutonic Knights, mercenaries from the Holy Roman Empire were granted lands by the Order and gradually formed a new landed Prussian nobility, from which the Junkers would evolve to take a major role in the militarization of Prussia and, later, Germany. On 10 April 1525, after signing of the Treaty of Kraków , which officially ended the Polish–Teutonic War (1519–21) , in
12827-412: The press. In 1862, King Wilhelm I appointed Otto von Bismarck as Minister President of Prussia . Bismarck was determined to defeat both the liberals and conservatives and increase Prussian supremacy and influence among the German states. There has been much debate as to whether Bismarck actually planned to create a united Germany when he set out on this journey, or whether he simply took advantage of
12954-417: The reign of Frederick the Great (1740–1786). At the Congress of Vienna (1814–15), which redrew the map of Europe following Napoleon's defeat, Prussia acquired rich new territories, including the coal-rich Ruhr . The country then grew rapidly in influence economically and politically, and became the core of the North German Confederation in 1867, and then of the German Empire in 1871. The Kingdom of Prussia
13081-496: The stake taken in the newly established Deutsch-Asiatische Bank three years later, but the success of those companies showed that their existence made sound commercial sense. By end-1908, Deutsche was by far the largest German joint-stock bank by total deposits, with a total of 489 million Marks ahead of Dresdner Bank (225 million), Disconto-Gesellschaft (219 million), Darmstädter Bank (109 million) and A. Schaaffhausen'scher Bankverein (72 million). At that time, Deutsche Bank
13208-585: The status quo. In 1863, Denmark introduced a shared constitution for Denmark and Schleswig. This led to conflict with the German Confederation, which authorised the occupation of Holstein by the Confederation, from which Danish forces withdrew. In 1864, Prussian and Austrian forces crossed the border between Holstein and Schleswig initiating the Second War of Schleswig . The Austro-Prussian forces defeated
13335-421: The two structures is enclosed in a 115-foot (35 m) glass pyramid-shaped atrium. Deliberately designed as an optical illusion , Pennzoil Place's appearance will vary depending on the different locations from where it is viewed. Pennzoil Place is considered significant in architectural circles for breaking the modernist glass box design made popular by followers of Ludwig Mies van der Rohe and for introducing
13462-574: The union of the Prussian Lutheran and Reformed churches into one church . Prussia took a leading part in the French Revolutionary Wars , but remained quiet for more than a decade because of the Peace of Basel of 1795, only to go once more to war with France in 1806 as negotiations with that country over the allocation of the spheres of influence in Germany failed. Prussia suffered a devastating defeat against Napoleon 's troops in
13589-620: The war, Deutsche Bank provided banking facilities for the Gestapo and, through its branch in Katowice , loaned the funds used to build the Auschwitz camp and the nearby IG Farben facilities. Deutsche Bank publicly acknowledged its involvement at Auschwitz in 1999. It also was a principal participant in the Nazi regime's gold transactions. Between 1942 and 1944, Deutsche Bank purchased 4,446 kg of gold from
13716-453: The western Baltic Curonians , and erected Memel Castle , which developed into the major port city of Memel . The Treaty of Melno defined the final border between Prussia and the adjoining Grand Duchy of Lithuania in 1422. The Hanseatic League officially formed in northern Europe in 1356 as a group of trading cities. This League came to hold a monopoly on all trade leaving the interior of Europe and Scandinavia and on all sailing trade in
13843-484: The whole of Silesia against a coalition of Saxony , the Habsburg monarchy, France and Russia . Voltaire , a close friend of the king, once described Frederick the Great's Prussia by saying "...it was Sparta in the morning, Athens in the afternoon." Silesia, full of rich soils and prosperous manufacturing towns, became a vital region to Prussia, greatly increasing the nation's area, population, and wealth. Success on
13970-513: The world after UBS , Fidelity Investments , and the Japanese post office's life insurance fund. At the time, Deutsche Bank owned a 12% stake in DaimlerChrysler but United States banking laws prohibit banks from owning industrial companies, so Deutsche Bank received an exception to this prohibition through 1978 legislation from Congress. Deutsche continued to build up its presence in Italy with
14097-644: Was a hereditary office of the House of Hohenzollern, the royal house of Prussia. The Minister President of Prussia was, except for two brief periods (January–November 1873 and 1892–94), also imperial chancellor . But the empire itself had no right to collect taxes directly from its subjects; the only incomes fully under federal control were the customs duties, common excise duties, and the revenue from postal and telegraph services. While all men above age 25 were eligible to vote in imperial elections, Prussia retained its restrictive three-class voting system. This effectively required
14224-522: Was a prime necessity for the establishment of credit for the German trade in what was then the world's money center. Deutsche Bank also took advantage of the Panic of 1873 by taking over a number of banks in liquidation, including the Berlin-based Deutsche Union which had itself consolidated a number of failed banks in the early 1870s. Major projects in the early years of the bank included
14351-796: Was a son of a cousin of Werner von Siemens . The bank initially operated from the first floor of a building at 21 Französische Strasse, then in 1871 moved to premises near the Berlin Stock Exchange , and in 1876 started building its massive head office complex on Mauerstrasse. The bank's first domestic branches, inaugurated in 1871 and 1872, were opened in Bremen and Hamburg . Its first overseas offices opened in Shanghai and Yokohama in 1872, and London in 1873, followed by South American offices between 1874 and 1886. The branch opening in London, after one failure and another partially successful attempt,
14478-420: Was announced, effective July 2015; he became sole CEO at the end of Fitschen's term. In January 2016, Deutsche Bank pre-announced a 2015 loss before income taxes of approximately €6.1 billion and a net loss of approximately €6.7 billion. Following this announcement, a bank analyst at Citi declared: "We believe a capital increase now looks inevitable and see an equity shortfall of up to €7 billion, on
14605-419: Was closely aligned with the bank's strategy of bolt-on acquisitions in preference to so-called "transformational" mergers. These formed part of an overall growth strategy that also targeted a sustainable 25% return on equity , something the bank achieved in 2005. On 1 October 2003, Deutsche Bank and Dresdner Bank entered into a payment transaction agreement with Postbank to have Postbank process payments as
14732-673: Was effectively dismantled into Nazi German Gaue in 1935. Nevertheless, some Prussian ministries were kept and Hermann Göring remained in his role as Minister President of Prussia until the end of World War II . Former eastern territories of Germany that made up a significant part of Prussia lost the majority of their German population after 1945 as the Polish People's Republic and the Soviet Union both absorbed these territories and had most of its German inhabitants expelled by 1950. Prussia, deemed "a bearer of militarism and reaction" by
14859-459: Was elected by universal male suffrage . The upper house, or Bundesrat (Federal Council) was appointed by the state governments. The Bundesrat was, in practice, the stronger chamber. Prussia had 17 of 43 votes, and could easily control proceedings through alliances with the other states. As a result of the peace negotiations, the states south of the Main remained theoretically independent, but received
14986-473: Was founded in 1870 in Berlin as a specialist bank for financing foreign trade and promoting German exports. It subsequently played a large part in developing Germany's financial services industry, as its business model focused on providing finance to industrial customers. The bank's statute was adopted on 22 January 1870, and on 10 March 1870 the Prussian government granted it a banking license. The statute laid great stress on foreign business: The object of
15113-559: Was granted the right of succession to the Duchy of Prussia, then still a Polish fief. From this time the Duchy of Prussia was in personal union with the Margraviate of Brandenburg. The resulting state, known as Brandenburg-Prussia , consisted of geographically disconnected territories in Prussia, Brandenburg, and the Rhineland lands of Cleves and Mark . During the Thirty Years' War (1618–1648), various armies repeatedly marched across
15240-454: Was introduced. The process of army reform ended in 1813 with the introduction of compulsory military service for men. By 1813, Prussia could mobilize almost 300,000 soldiers, more than half of which were conscripts of the Landwehr of variable quality. The rest consisted of regular soldiers that were deemed excellent by most observers, and very determined to repair the humiliation of 1806. After
15367-571: Was killed when a car that he was in exploded while he was traveling in the Frankfurt suburb of Bad Homburg . The Red Army Faction claimed responsibility for the blast. In 1989, the first steps towards creating a significant investment-banking presence were taken with the acquisition of Morgan, Grenfell & Co. , a UK-based investment bank which was renamed Deutsche Morgan Grenfell in 1994. In 1995 to greatly expand into international investments and money management, Deutsche Bank hired Edson Mitchell,
15494-535: Was named "Building of the Decade" in 1975 by The New York Times architecture critic Ada Louise Huxtable because of the dramatic silhouette it added to the Houston skyline. Deutsche Bank Deutsche Bank AG ( German pronunciation: [ˈdɔʏtʃə ˈbaŋk ʔaːˈɡeː] ) is a German multinational investment bank and financial services company headquartered in Frankfurt , Germany, and dual-listed on
15621-559: Was now so large and so dominant in the new Germany that Junkers and other Prussian élites identified more and more as Germans and less as Prussians. The Kingdom ended in 1918 along with other German monarchies that were terminated by the German Revolution . In the Weimar Republic , the Free State of Prussia lost nearly all of its legal and political importance following the 1932 coup led by Franz von Papen. Subsequently, it
15748-559: Was part of the German Confederation . When the Danish government tried to integrate Schleswig, but not Holstein, into the Danish state, Prussia led the German Confederation against Denmark in the First War of Schleswig (1848–1851). Because Russia supported Austria, Prussia also conceded predominance in the German Confederation to Austria in the Punctation of Olmütz in 1850, resulting in a return to
15875-592: Was referred to as one of the four "D-Banks" (all of which had names starting with a D) that dominated German commercial banking, together with Darmstädter Bank, Disconto-Gesellschaft, and Dresdner Bank. During World War I and in its immediate aftermath, the operations of Deutsche Bank in Brussels, London, Tokyo and Yokohama were expropriated; conversely, its activity in the Ottoman Empire expanded considerably, and it greatly expanded its footprint in Germany. In 1919,
16002-419: Was succeeded by his son, Frederick II , whose accomplishments led to his reputation as "Frederick the Great". As crown prince, Frederick had focused, primarily, on philosophy and the arts. He was an accomplished flute player and composer. In 1740, Prussian troops crossed over the undefended border of Silesia and rapidly conquered the region. Silesia was the richest province of Habsburg Austria . It signalled
16129-512: Was succeeded by his son, Frederick William I (1713–1740), the austere "Soldier King", who did not care for the arts but was thrifty and practical. He was the main creator of the vaunted Prussian bureaucracy and the professionalised standing army, which he developed into one of the most powerful in Europe. His troops only briefly saw action during the Great Northern War . In view of the size of
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