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Deutsche Bank targets top five slot in wealth management
[FRANKFURT] Deutsche Bank aims to become one of the world's top five wealth managers, it said in a memo to staff on Tuesday, after losing ground to rivals over the last couple of years.
It did not detail how it would do achieve this, but Fabrizio Campelli, global head of Wealth Management, said in the note that Deutsche Bank's priorities were investing to minimise risks in a "challenging regulatory and control environment", investing in a modern and resilient operating model and building the business around the needs of its clients.
Deutsche Bank previously set out the goal of becoming a top five wealth manager in 2012, but its ranking dropped to 12th from 8th between 2012 and 2014, according to Scorpio Partnership, a market research and strategy consultancy.
Scorpio's latest rankings, for 2014, have UBS, Morgan Stanley, Bank of America, Credit Suisse and Royal Bank of Canada occupying the top five global positions.
John Cryan, who took charge as co-CEO of Germany's biggest bank in July, is under pressure to overhaul Deutsche, which is struggling to end costly litigation from past scandals and adapt to tighter banking rules.
Deutsche Bank has been restructuring its business, not only splitting its investment bank in two, but also dividing its wealth management business into one arm looking after its super rich clients and another focusing solely on institutional clients and funds.
Deutsche Bank has transferred some 340 billion euros (US$369 billion) in assets under management held by private banking clients as of September 2015, which had been part of the asset and wealth management arm, into its retail banking unit.