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July 1, 2019

Deutsche Bank to expand wealth management headcount

German lender Deutsche Bank is set to increase the number of relationship and investment managers at its wealth management unit by 300 by 2021, reported Reuters.

The move is said to be carried out in a bid to generate steadier revenue.

Deutsche Bank Wealth Management global head Fabrizio Campelli was quoted as saying: “This drive to grow our business is now materialising with a big investment push.”

The hiring will be done in America, Europe and emerging markets.

“We looked at trends we believe Deutsche Bank wealth management can be particularly relevant in and within those areas we are making some very targeted investments,” Campelli noted.

Earlier this year, Deutsche Bank strengthened its wealth management team with the appointments of Michael Rogers and Marco Pagliara.

Rogers, who most recently worked at Merrill Lynch, was named the new head of the US West Coast business at Deutsche Bank.

Pagliara was named the head of Northern and Eastern European wealth management. He joins from Goldman Sachs.

The hiring push comes shortly after talks of a merger with Commerzbank collapsed.

In turnaround efforts, Deutsche Bank announced plans to restructure its trading business last month and create a bad bank to hold non-core assets.

However, the bank came under the scanner of the US regulators for its ‘bad bank’ plans.

 

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