Deutsche Bank has cut dozens in Asia private banking overhaul
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DEUTSCHE Bank trimmed 10 private banking roles in Asia over the past week, adding to dozens of cuts in recent quarters as it zooms in on more profitable markets and weeds out underperformers, according to people familiar with the matter.
As many as 60 roles were culled in Singapore and Hong Kong at the German bank over the past year, said the people, who asked not to be identified as the information is private. Those affected include relationship managers that joined last year from Credit Suisse for Greater China, as well as employees in products and supporting roles, said the people.
After years of breakneck growth, a downturn in China’s economy has slowed revenues for many wealth managers in the region. UBS Group cut about 70 roles earlier this year mainly in Hong Kong and Singapore.
Deutsche Bank’s relationship manager headcount stood at 241 in Asia as of 2022, according to Asian Private Banker’s ranking.
A spokesperson for the Frankfurt-based firm declined to comment.
Global banks are shrinking headcount in roles that deal with China’s wealthy after a collapse in capital-market transactions and a slump in stocks shifted investor interest to booming markets in India and Japan.
At Deutsche Bank, many private bankers have been let go either because of performance reasons or to make way for new roles in other markets including the Middle East, some of the people said.
Claudio De Sanctis, the bank’s global wealth head who was elevated to the management board last year, is seeking to expand in locations across the Middle East and boost revenues from South-east Asia. In September he hired a team of 10 Credit Suisse bankers mostly in Dubai. BLOOMBERG
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