Deutsche Bank to hire 100 staff to boost wealth business

It is also building up tech to draw clients in high-growth markets

Deutsche Bank Wealth Management plans to hire around 100 new client-facing employees this year and invest heavily in digital technology as it seeks to attract more wealthy clients in high-growth markets.

Half of the new hires will be aimed at boosting the bank's coverage of high-net-worth individuals in the Asia-Pacific, it said. The rest will serve entrepreneurs in the United States and well-off clients in Britain, Europe, the Middle East and Africa.

The business will also invest an additional €65 million (S$101 million) in new client-focused digital technology, including building a digital core offering with features such as customised chief investment office news and portfolio health checks.

The bank will make further investments over the next 18 months in upgrading systems and processes that directly impact clients, it added.

"Deutsche Bank Wealth Management is making significant investments in growth, targeted at opening up brand new relationships in high-growth markets and in meeting the needs of our clients to interact with them in new digital ways," said Deutsche Bank Wealth Management global head Fabrizio Campelli.

The investments form part of the bank's aggressive moves to turn itself around. It has previously said it would cut about 9,000 jobs globally from 2015 through next year -a 9 per cent reduction across the firm.

Deutsche Bank chief executive John Cryan has slashed bonuses for senior executives, suspended dividends and sold risky assets to shore up capital. The bank has also exited higher-risk countries.

  • $101m How much Deutsche Bank Wealth Management is investing in new client-focused digital technology.

In March, it said it would raise about US$8.5 billion (S$11.7 billion) in a share sale, sell a piece of its asset management business and abandon the sale of its consumer banking unit.

However, it sees "very attractive growth opportunities" for wealth management, building on the business' strong home market in Germany and a sizeable presence in Europe, the Middle East, North America and the Asia-Pacific.

A version of this article appeared in the print edition of The Straits Times on June 14, 2017, with the headline 'Deutsche Bank to hire 100 staff to boost wealth business'. Print Edition | Subscribe