After a number of its 400 brokers campaigned against a name change, Deutsche Bank Alex. Brown did an about face and decided to dump the idea of dropping Alex. Brown from its name. The firm changed the name of all of its units except the private client brokerage division.
“It’s too recognizable of a name in the industry,” says a Southern-based rep from the firm. “The Alex. Brown portion of our name defines the private client brokerage part of the business. We did not want to see the name disappear.”
Deutsche Bank acqired BT Alex. Brown, which traces its origins back some 200 years, in 1999. Deutsche Bank had branded all of its brokerage operations and investment banking in the U.S. under the Deutsche Banc Alex. Brown name.
However, it decided to rename the firm's U.S. brokerage business Deutsche Bank Securities—until some brokers stepped in, presented their case and ultimately won. The lone change the company made with the private client group is by making Deutsche Bank Alex. Brown “a division of Deutsche Bank Securities Inc.”