Deutsche Bank AG (literally “German Bank”; ) is a German global banking and financial services company with its headquarters in the Deutsche Bank Twin Towers in Frankfurt. It has more than 100,000 employees in over 70 countries, and has a large presence in Europe, the Americas, Asia-Pacific and the emerging markets. In 2009, Deutsche Bank was the largest foreign exchange dealer in the world with a market share of 21 percent. It is considered to be one of the most prestigious and most influential banks in the world. Deutsche Bank has offices in major financial centres including London, New York City, Zurich, Singapore, Hong Kong, Milan, Tokyo, Paris, Moscow, Sydney, Toronto, Jakarta, Istanbul, Madrid, Dublin, Amsterdam, Warsaw, Mumbai, Pune, Kuala Lumpur, São Paulo, Dubai, Riyadh, Bangkok, Karachi, Belgrade, Manila and George Town (Cayman Islands). The bank offers financial products and services for corporate and institutional clients along with private and business clients. Services include sales, trading, research and origination of debt and equity; mergers and acquisitions (M&A); risk management products, such as derivatives, corporate finance, wealth management, retail banking, fund management, and transaction banking. On 26 July 2011, along with its second quarter earnings report, Deutsche Bank reported that Anshu Jain, head of investment banking and Juergen Fitschen, head of the German business, will replace Josef Ackermann as co-CEOs starting in 2012. Fears that Deutsche Bank could neglect its German roots and expand risk-taking activities prompted key members of the supervisory board to opt for the dual CEO model. Deutsche Bank is listed on both the Frankfurt (FWB) and New York stock exchanges (NYSE). In January 2014 it was reported that 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. According to the Scorpio Partnership Global Private Banking Benchmark 2014 the company had 384.1 USD Bn of assets under management an increase of 13.7% on 2013.