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Europe Turmoil Shows Why Deutsche Bank Chases Wealth Abroad

  • Firm is seeking to become a top-five wealth manager by 2020
  • Assets to rise even as stricter tax rules apply, Campelli says
Bloomberg business news

What's Driving the Spotlight on European Banks?

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Deutsche Bank AG is pushing ahead with plans to become one of the world’s top five wealth managers as the business outlook for European banks worsens because of the Brexit vote and Italy’s banking crisis.

Market volatility after the U.K.’s vote to leave the European Union underscores the need for Germany’s largest bank to bolster its presence outside the region and expand fee income from looking after rich people’s money, Fabrizio Campelli, the lender’s global wealth management head, said in an interview in Singapore.