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Deutsche Bank combines wealth management and international retail ops

imageStock Markets1 hour ago (Jun 10, 2020 10:40AM ET)

(C) Reuters. FILE PHOTO: The financial district with the headquarters of Germany’s largest business bank, Deutsche Bank , is photographed on early evening in Frankfurt

FRANKFURT (Reuters) – Deutsche Bank (DE:DBKGn) said on Wednesday that it was combining its international retail and wealth management operations into a single division, marking a further step in a broad restructuring.

The new division – dubbed the international private bank – has revenues of around 3 billion euros, or 13% of the global bank.

Claudio de Sanctis, currently head of global wealth management, will oversee the combined business.

The bank hopes the streamlining will allow it to cut primarily back-office jobs as it works towards its goal of reducing headcount globally by 18,000 people.

Deutsche Bank combines wealth management and international retail ops

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