Deutsche Bank to add 300 employees to wealth management ranks

Announcement comes three years after bank offloaded its private client services unit to Raymond James

Jul 1, 2019 @ 2:46 pm

By Jeff Benjamin

Deutsche Bank Wealth Management plans to add 300 client-facing relationship and investment managers over the next two years, the company announced Monday.

The additional representatives will increase the ranks of such managers at the bank by about a third, and the hiring will be undertaken along with additional investments in current employees, systems and technology, according to the announcement.

"These investments will set us on the path to achieve our ambition of being a top-tier global wealth manager," Fabrizio Campelli, global head of Deutsche Bank Wealth Management, said in a prepared statement.

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The announcement follows the bank's report last year that it will work to increase its share of revenues from more stable sources such as wealth management by 65% by 2021.

The bank identified key areas of strategic growth, including global China growth, Americas entrepreneurs and European market penetration, and emerging high-net-worth clients in South East Asia.

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Industry recruiter Danny Sarch questioned the appeal of going to work for Deutsche Bank, considering the 2016 sale of its private client services unit, Alex. Brown, to Raymond James.

"Considering they just sold [their wealth unit] to Raymond James a few years ago, it strikes me that anybody who is considering going there in the U.S. must be careful of Deutsche Bank's long-term commitment to the business," Mr. Sarch said.

A Deutsche Bank representative said company executives were not available to comment.

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