Greenspan Appointment
August 13, 2007
Deutsche Bank Chief executive Josef Ackerman described Greenspan as one of the "architects of the modern financial system" as he announced the move on Monday.
He added that the 81-year-old economist would "provide ongoing advice and insight to Deutsche Bank's investment team and its clients by sharing his perspective and opinions on a range of issues affecting markets."
Deutsche Bank did not comment on Greenspan's salary.
Active retirement
Greenspan headed the US central bank for 18 years. He started a consultancy and has been prominent on the lecture circuit after handing over the reins to Ben Bernanke in January.
According to Germany's Frankfurter Allgemeine Zeitung (FAZ) on Monday, the economist will not be advising the German bank on asset management as he already works in this role for Pacific Investment Management (PimCo). His role will reportedly be restricted to the "Corporate and Investment Bank" division.
The FAZ also reported that the Deutsche Bank had contacted Greenspan immediately after his retirement, but Greenspan had initially turned down the offers because he wanted to write his memoirs. They are due to be published in September.