Greenspan joins Deutsche Bank

Alan Greenspan, former chairman of the US Federal Reserve, has joined Deutsche Bank's investment banking division as a senior adviser.

Greenspan served as Fed chairman for 19 years, from 1987 to 2006, when he was succeeded by Ben Bernanke. He was praised for dealing with the aftermath of the 1987 stock market crash, and for overseeing the long economic expansion of the 1990s. He also warned of "irrational exuberance" in the equity markets in 1996, well ahead of the eventual collapse of the equity bubble in 2000-1. However, he has also been blamed for the development of a housing bubble in the US since 2001. In 2006, he was named as an honorary adviser to the UK treasury.

Josef Ackermann, Deutsche Bank's chairman, said: "Dr. Greenspan's position as one of the architects of the modern financial system gives him a unique perspective from which to help our clients make critical risk management decisions."