Deutsche Bank Presses On With Wealth Business Consolidation
- Bank plans to shutter ‘a few’ more wealth booking centers
- Head of wealth Fabrizio Campelli comments in interview
The logo of Deutsche Bank AG sits on windows of the bank's offices in Berlin, Germany, on Monday, Oct. 12, 2015. Deutsche Bank co-Chief Executive Officer John Cryan may eliminate a dividend that's stood since Germany's postwar reconstruction as he tries to overhaul the firm without asking shareholders for more capital.
Photographer: Krisztian Bocsi/BloombergDeutsche Bank AG plans to push ahead with the consolidation of its global wealth-management operations, despite the negative effect on client assets in locations such as Japan and Australia where it has shut booking centers to cut costs and streamline the business.
Germany’s largest bank plans to focus on growing its wealth business in markets such as Hong Kong, Singapore, the U.S. and Switzerland, while closing “a few more” booking centers between now and the end of next year, according to Fabrizio Campelli, Deutsche Bank’s head of global wealth management.