6/30/2019, 11:36 AM (Source: TeleTrader)
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Deutsche Bank to expand wealth management business

Deutsche Bank AG plans to substantially expand its wealth management business by 2021, media reported on Sunday.

As part of its plans, the bank will hire 300 more relationship and investment managers, around one-third of its current numbers, over the next four years. They will be spread across its America, Europe and Emerging Markets regions. The hiring spree is part of the plan of its global head of wealth management Fabrizio Campelli to allocate more resources to businesses that have more stable revenue streams such as wealth management, according to Reuters.

The news come at a turbulent time for the German lender. The Wall Street Journal first reported on Tuesday that Deutsche Bank's global head of equities Peter Selman could leave as part of the bank's ongoing downsizing. The same media outlet then reported on Friday that the bank was considering trimming up to 20,000 jobs.

Breaking the News / DZ