German banking giant Deutsche Bank is aiming to become one of the world’s top five wealth management firm over the next few years, the bank in a memo to staff said.
The memo sent by the bank’s wealth unit head Fabrizio Campelli did not detail how it would do achieve this.
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In the note, Campelli told colleagues that Deutsche Bank will engage in "continuous investment in response to an ever more challenging regulatory and control environment."
According to the memo, the bank’s wealth management unit will be split between four regions. Joachim Haeger will oversee Germany, Marco Bizzozero will head the rest of the EMEA, Chip Packard will lead the Americas and Ravi Raju will run the Asia Pacific region.
As of the end of 2015, Deutsche Asset and Wealth Management had EUR90bn in assets under management.
John Cryan, who took charge as co-CEO of Germany’s biggest bank in July 2015, split the combined asset and wealth management unit. The asset management unit is led by former BlackRock executive Quintin Price.
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