Deutsche Bank wealth management arm to hire 100 client managers

The logo of Deutsche Bank is pictured during the company's annual shareholder meeting in Frankfurt, Germany, on May 18, 2017.
The logo of Deutsche Bank is pictured during the company's annual shareholder meeting in Frankfurt, Germany, on May 18, 2017.PHOTO: AFP

NEW YORK (REUTERS) - Deutsche Bank's wealth management division said Monday it plans to hire about 100 client managers worldwide this year, as part of its efforts to win more super-rich customers, particularly in the Asia-Pacific region.

The bank said it would invest 65 million euros (S$100.9 million) in digital technology to develop new features such as customized Chief Investment Office news and portfolio health checks.

Deutsche Bank's wealth management arm has seen soft growth and several staff departures over the last couple of years.

In October, the wealth management unit in Asia and Europe witnessed significant outflows, following the imposition of a US$14-billion fine by the U.S. for misselling toxic mortgage-backed securities before the financial crisis.

Get The Straits Times
newsletters in your inbox

In an unrelated development, the bank said it has agreed to pay US$170 million (S$235.15 million) to settle an investor lawsuit accusing it of conspiring with other banks to manipulate the benchmark European Interbank Offered Rate, or Euribor, and related derivatives.

The preliminary settlement was filed on Monday with the US District Court in Manhattan, and requires a judge's approval.

It follows similar settlements with Barclays and HSBC Holdings for a respective US$94 million and US$45 million, which have won preliminary approval, according to court papers.