Deutsche Bank has unveiled plans to boost growth in its asset and wealth management unit as part of a major restructure of its business strategy.
The lender said that it intends to boost the balance sheet of Deutsche Bank Asset & Wealth Management by 5-10% annually until 2020.
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It is also set to increase the number of relationship managers by 15% in key markets over the next two years, as well as hire additional product specialists.
For its Private & Business Clients (PBC) arm, the bank aims to focus on developing an advisory-driven, omni-channel proposition for private as well as commercial clients requiring a superior product offering.
The PBC arm intends to remain a leader in Germany with strong positions in five other attractive European markets.
The bank has vowed to invest substantially in digital technologies across all business lines. It is set to invest around EUR 400-500m in digital technology between now and 2020, and slash its branches by up to 200 by 2017.
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By GlobalDataDeutsche bank has also revealed intention to re-IPO Postbank and deconsolidate it, lower the number of countries or local presences by 10-15%, and actively invest in markets and urban centres which are important to international and multinational clients.
At the same time, its next phase of strategy highlights its aim to develop a more relationship-driven investment bank, and transform its operating model to increase efficiency and reduce complexity.
Deutsche co-chief executives Jürgen Fitschen and Anshu Jain said in a statement, "Our course for the next five years is simple: we are focusing to deliver value. We are confident that, by 2020, Deutsche Bank will be better capitalized and less leveraged; more cost-efficient; well-funded; more value-creating for shareholders; and better governed, with stronger systems and controls. We look forward to celebrating Deutsche Bank’s 150th anniversary by delivering results which are worthy of this great institution."
