Deutsche Bank (DB.US) reorganizes German wealth management business to boost profits

The Zhitong Finance App learned that Deutsche Bank (DB.US) is restructuring its wealth management business in Germany. The bank aims to simplify the leadership structure and increase the benefits of this lucrative business. Germany's largest bank said in a statement issued on Monday that the different departments that currently serve wealthy and high-net-worth customers will be merged into a single wealth management department. The bank's SME business unit has a similar organizational structure, and its operations will be divided according to regions within Germany.

As part of this transformation, Nasim Amini will leave HypoVereinsBank and join the company in January next year to be responsible for the management of the southern region. Deutsche Bank has also hired Naveed Arshad from Privatbank Hauck Aufhaeuser Lampe to provide product services to high-net-worth customers seeking digital solutions. Lisa-Marie Woehrle will leave UBS (UBS.US) to join the company in charge of a new division to provide retirement and inheritance consulting services to wealthy families.

Christian Sewing, CEO of Deutsche Bank, is working hard to expand the wealth business as lenders across Europe seek to reduce their dependence on interest income. Deutsche Bank's private banking division manages 632 billion euros (approximately $741 billion) of assets, including wealth management and personal banking. Despite this, Deutsche Bank is still a smaller player in an industry where large institutions such as UBS and Morgan Stanley (MS.US) manage more than a trillion dollars in assets.

“Through our strategy, we are creating the conditions to grow beyond the market level, become the absolute leader in German wealth management, and further expand our market share,” said Raffael Gasser, head of Deutsche Bank's German wealth management business.