PRIVILEGED AND CONFIDENTIAL

                                                     Exhibit 10(iii)A(11)(d)

Dear Mr. Shattuck:

            In connection with the proposed merger between Bankers Trust and
Deutsche Bank (the "Merger") and subject to the consummation of the Merger,
Bankers Trust is happy to provide you with the following retention bonus and pay
guarantee package. For purposes of this Agreement, the term "Bankers Trust"
shall include its successors.

1.  Title; Position. You shall serve as Co-Head of the Global Investment
    Banking division of the Global Corporates and Institutions division of
    Deutsche Bank ("GCI"), reporting to the Co-Heads of GCI. You shall have
    responsibility, among other matters, for (i) client coverage (industry
    groups, country and regional coverage, financial sponsors); (ii) equity
    capital markets; (iii) private equity investment; (iv) mergers and
    acquisitions; (v) leveraged lending/high yield sales and trading (joint
    responsibility with applicable GCI executive); (vi) structured and
    project finance; (vii) research (jointly with applicable GCI executive);
    (viii) retail brokerage in the U.S.; and (ix) certain aspects of
    corporate lending (to be determined). You shall also serve as a Vice
    Chairman of the Bankers Trust U.S. bank holding company and as
    Co-Chairman and Co-Chief Executive Officer of the Bankers Trust Section
    20 subsidiary (to the extent such corporate entities exist). You shall be
    located in Baltimore, Maryland.

2. Retention Bonus. The amount of your retention bonus is $15 million.

             One half of your retention bonus, equal to $7.5 million, is in
cash. Half of that amount will be paid to you on the second anniversary of the
closing of the Merger and the other half will be paid to you on the third
anniversary of the closing of the Merger, provided that you are employed on
those dates. If after the closing of the Merger and prior to the third
anniversary of the closing of the Merger your employment is terminated by
Bankers Trust without Cause (as such term is defined under the Bankers Trust
Change in Control Severance Plan in effect as of the date hereof (the "Severance
Plan")), you die or are disabled or you terminate your employment for Good
Reason (in each case, a "Qualifying Termination"), then you will be paid any
unpaid portion of the cash retention bonus within five business days after such
termination. For purposes of this Agreement, "Good Reason" shall mean:

            (i)   the assignment to you of any duties materially and adversely
                  inconsistent with your position (including, without
                  limitation, status, offices, titles and reporting
                  requirements), authority, duties or responsibilities as
                  contemplated by this Agreement, or any other action by Bankers
                  Trust or its affiliates which results in a material diminution
                  in such position, authority, duties or responsibilities,
                  excluding for this purpose any action not taken in bad faith
                  and which is remedied by Bankers Trust or its affiliates
                  promptly after receipt of notice thereof given by you;

            (ii)  any material failure by Bankers Trust or its affiliates to
                  comply with any of the compensation provisions of this
                  Agreement, other than a failure not occurring in bad faith and
                  which is remedied by Bankers Trust or its affiliates promptly
                  after receipt of notice thereof given by you;

            (iii) Bankers Trust's requiring you to be based at any office or
                  location except as set forth herein and except for required
                  travel consistent with your position; or

            (iv)  any failure by Bankers Trust to cause any successor to assume
                  this Agreement, unless such failure does not occur in bad
                  faith and is remedied by the Company
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                  promptly after receipt of notice thereof given by you.

            Notwithstanding the foregoing, no event, action or omission shall
constitute Good Reason if (x) you shall have consented in writing thereto or (y)
you shall not, within 60 days of knowledge thereof have given Bankers Trust
written notice of your termination on the grounds that such event, action or
omission constitutes Good Reason.

            The other half of your retention bonus, initially equal to $7.5
million, may be based on the value of the Deutsche Bank common stock at the
closing of the Merger and will be paid to you either in shares of Deutsche Bank
common stock or in cash. The value of the bonus at the time it is paid or
distributed to you will fluctuate with the value of the stock, provided that the
value of the payments made to you, at the time they are paid, will not be less
than 50% of the initial value of the Deutsche Bank stock on a U.S. dollar basis
on the closing of the Merger. One half of this portion of the bonus will be paid
or distributed to you on the second anniversary of the closing of the Merger and
the remaining shares will be paid or distributed to you on the third anniversary
of the closing of the Merger, provided that you are employed on those dates. If
you have a Qualifying Termination after the closing of the Merger and prior to
the third anniversary of the closing of the Merger, then you will be paid the
value of the remaining bonus in cash within five business days after such
termination, subject to the 50% floor.

3. Pay Guarantee. In addition, your annual base salary for each of 1999, 2000
and 2001 will not be less than $350,000 and your annual bonus will not be less
than $7,150,000 ("Annual Bonus"). At least 70% of your Annual Bonus will be paid
to you as current cash compensation. The remainder may be paid to you as a
performance incentive in or based on the value of Deutsche Bank common stock.
The initial value of that stock will be equal to the remaining amount of the
Annual Bonus (the "Initial Value"). This portion of the Annual Bonus for each
year will be paid and vested as follows: (i) 1999 - in three equal parts on each
of the first, second and third anniversaries of the Merger, (ii) 2000 - in two
equal parts on each of the second and third anniversaries of the Merger, and
(iii) 2001 - in full on the third anniversary of the Merger. The amount of the
bonus will fluctuate, based on the value of the stock, provided that the value
at the time that the bonus is paid to you will not be less than 75% of its
Initial Value on a U.S. dollar basis. Any 1999 pro rata bonus paid to you for
the period prior to the Merger will count towards this guarantee.

            If you have a Qualifying Termination after the closing of the Merger
and prior to December 31, 2001, then you will be paid in cash within five
business days of the termination any unpaid compensation for the remainder of
the guarantee period at the guaranteed level (whether or not originally payable
in cash or stock) as if you had continued your employment through the end of
such period. Any deferred bonus for a year prior to the year of termination will
also vest and be paid, based on the value of Deutsche Bank stock, as described
and subject to the 75% floor set forth above, whether such Qualifying
Termination occurs before or after December 31, 2001.

4. Benefits. You shall be provided with the service credit you currently enjoy
for all purposes (other than benefit accrual) in all benefits plans in which you
participate and shall be provided with employee benefits (retirement, welfare,
etc.) no less favorable than those provided to your peer executives at Bankers
Trust.

5. Other Agreements. The foregoing benefits replace your benefits under the
Bankers Trust Change of Control Severance Plan and any other severance benefit
to which you may be entitled and this Agreement supersedes all prior agreements
between you and Bankers Trust or its affiliates. However, if you have a
Qualifying Termination `while you would have been protected by the Severance
Plan, then Bankers Trust guarantees that the total amount paid to you as
retention bonuses and as the payout of your pay guarantee (as described in the
second paragraph of Section 3 above) will at least equal the benefit to which
you would have been entitled under the Severance Plan or any other severance
benefit to which you are currently entitled. You will be paid the excise tax
gross-up payment described in Section 4 of the Severance Plan, to the extent you
become subject to that tax. Also, you agree that your outstanding options to
acquire shares of Bankers Trust Common Stock will be treated as provided for in
the Merger Agreement.


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6 Deferral. You are entitled to certain amounts upon shareholder approval of the
Merger or consummation of the Merger, pursuant to the Bankers Trust stock option
plans and other programs. In consideration of the foregoing, you agree that the
payment to you of two-thirds of the cash value of those amounts will be
deferred. One third of the deferred payment will be paid on each of the first,
second and third anniversaries of the consummation of the Merger. During the
deferral period, the amounts will accrue interest at a rate equal to 12-1/2
percent compounded semi-annually. You also agree that any amounts that would
become payable or vested upon shareholder approval of the merger shall not be
payable or vest until consummation of the Merger.

7. Miscellaneous. Bankers Trust's obligations to make the payments provided for
in this Agreement and otherwise to perform obligations hereunder shall not be
affected by any set-off, counterclaim, recoupment, defense or other claim, right
or action which Bankers Trust or its affiliates may have against you or others.
In no event shall you be obligated to seek other employment or take any other
action by way of mitigation or the amounts payable to you under any of the
provisions of this Agreement, and such amounts shall not be reduced whether or
not you obtain other employment.

            If there is a dispute between you and Bankers Trust about these
commitments, then Bankers Trust will pay your reasonable legal fees if you
prevail in a substantial way in the dispute.

            I am very excited about the opportunities ahead.

                                          Sincerely,

                                          /s/  Mark Bieler
                                          --------------------------------------
                                          Bankers Trust Corporation
                                          Name: Mark Bieler
                                          Title: Executive Vice President

Agreed and accepted:                      Agreed and acknowledged as
                                          a Guarantor of performance:

/s/ Mayo A. Shattuck, III
----------------------------------        --------------------------------------
Mayo A. Shattuck, III                     Deutsche Bank AG
                                          Name:
                                          Title:


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