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Deutsche Bank combines wealth management and international retail ops
[FRANKFURT] Deutsche Bank said on Wednesday that it was combining its international retail and wealth management operations into a single division, marking a further step in a broad restructuring.
The new division - dubbed the international private bank - has revenues of around 3 billion euros (S$4.71 billion), or 13 per cent of the global bank.
Claudio de Sanctis, currently head of global wealth management, will oversee the combined business.
The bank hopes the streamlining will allow it to cut primarily back-office jobs as it works towards its goal of reducing headcount globally by 18,000 people.