EFTA01415502.pdf

Subject: RE: YE progress update [I] From: Terri Sohrab Date: Mon, 04 Dec 2017 14:27:17 -0500 To: Stewart Oldfield e > 3 Terri Sohrab Managing Director Deutsche Bank Wealth Management 345 Park Avenue, 24th Floor New York, NY 10154 Securities offered through Deutsche Bank Securities Inc. From: Stewart Oldfield Sent: Monday, December 04, 2017 2:25 PM To: Terri Sohrab e > Subject: FW: YE progress update [I] Classification: For internal use only Sent. Thanks From: Stewart Oldfield Sent: Monday, December 04, 2017 2:24 PM To: Andrew Gallivan e > Subject: YE progress update [I] EFTA01415502 Classification: For internal use only Andrew, I know you have a ton of reviews to do, but given our last breakfast conversation, I would like you to spend some extra time on mine this year. Happy to catch up whenever you like to refine the conversation and the broader messaging. And apologies for the length of this — lots to cover and I thought it would be best to start with an email to lay it all out. I think you and I have consistently been on the same page about the opportunities and challenges I have experienced at DB, and my performance in light of both. I appreciate the support you've given me and hope you know how much I value having you in my corner, especially since Chip left. As you know, I'm focused on a short list of things here - primarily, I want to add value to DB and our clients above all else. You know I enjoy what I do, so results and progress are really what matter to me. After three years here during an extremely difficult time for the bank (and our group specifically), I feel I need to be recognized for both my efforts and contributions and need to progress to the next level in terms of compensation and title. Brief history: Hired in 2014 to focus on investments given 16yr+ (now 20yr) career in structured fixed income and equity products 12yr relationship with Chip ensured that he knew my capabilities and deep level of client relationships Initially teamed up with Paul Morris, who left DB in early 2016 When I joined, KCP was fairly new and ISG was nonexistent. Paul was having limited success. At various times, I have been offered positions as head of ISG or part of KCP Financial progress: 2014 revenues (Paul)— $0.9mm 2015 revenues (combined) — $1.3mm EFTA01415503 2016 revenues (combined) — $1.6mm 2017 targets Revenues $6.2mm — based primarily on $4mm+ fee from AMP Investment revs $2.0mm Deposits $150mm New relationships 3 2017 actuals Revenues (Stew, annualized) $1.7mm, just under target (ex AMP) Revenues exit run rate (Stew) $2.5mm, above target Deposits $150mm+, on target (and significant given loss of 2016 assets during D03) New relationships 2. Significant other wins in account retention 2017 performance highlights: EFTA01415504 Southern Financial — one of the most complicated client situations I've seen. Have been extremely vocal about our lack of trading capabilities in KCP. Withdrew large portion of assets during 2016 (not DOJ related). Client was offboarded by Global markets at the end of 2016 due to lack of profitability. Further internal issues nearly caused us to offboard the client completely. Client was quite close to Paul and viewed his departure as a negative. We've managed to salvage and massively improve this relationship in 2017. To start, we won $50mm of deposits into DBNY based on strong relationship coverage of client and his family office. We've also turned around the GM/trading issues via KCP. Client has been re-onboarded and ISDA reestablished, and is now the first and largest trading counterparty of the KCP capital markets group. Current balances are —$150mm across brokerage and deposits. Revenues should be up 100% yoy vs. 2016 and investment revenue run rate (via KCP) is substantial. EFTA01415505 Elysium — Leon Black family office. Have been working tirelessly to develop relationship with them. Hard to get traction given Leon's focus on private markets and strong embedded relationships with US Trust and 3PM. Finally earned chance to compete for a $300mm loan and lost due to DB's inability to provide long-term committed unsecured financing. KCP — KCP remains a major initiative for the bank and I've been one of the most involved and supportive bankers. On the private markets side, I've worked on their two largest opportunities over the last 18 months, AMP and MCM. I've also worked to help build/rebuild their capital markets business. With Southern Financial now trading actively, I'm working closely with Martin and the team to develop new trading relationships with clients we couldn't previously cover efficiently. KCP will remain a core focus of mine, but they need to build a stronger pipeline. Losing a mandate to sell Virage was a setback there. EFTA01415506 Stew MDs who should be supportive of promotion Management: Steve Mattus Patrick Harris Kim Hart Salman Mandi Caroline Kitidis Wealth Planning: Sam Petrucci EFTA01415507 ISG: Coley Jellinghaus KCP: Todd Stevens Dan Kaiser Xavier Avila Tazia Smith DPM: Larry Adam Paul Bartilucci Credit: Tom Clarke Nick Haigh Laura Farischon Pete Ferrara Deposits: Charlie Burrows Bankers: Terri Sohrab Bruce McDermott (based on KCP experience) EFTA01415508 Heather Kirby Deirdre Judge CIB: Several, can discuss fcid:[email protected] Stewart Oldfield, CFA, CAIA Director Deutsche Bank Trust Company Americas Deutsche Bank Wealth Management 345 Park Avenue. New York, NY 10154 Tel. Mobile blackberry Email Securities offered through Deutsche Bank Securities Inc. EFTA01415509