Deutsche Bank to decentralize its wealth management services at a local level
Deutsche Bank has announced a significant restructuring of its business, focusing on affluent and high-net-worth private clients. The key element of this strategy is the merger of the bank's affluent and high-net-worth client divisions into a single wealth management unit. This consolidation aims to foster synergy, providing a more streamlined, agile, and client-focused service model.
The merged wealth management unit will be led by a unified management team, aiming to reduce management layers and increase enterprise agility. This move allows the bank to tailor advice and products more specifically to client needs, both personal and digital. Furthermore, a new wealth planning unit will be created to advise clients on managing large or complex family assets, pension and retirement planning, and asset transfers.
Deutsche Bank is also organising its wealth management into six regions, aligned with its medium-sized business support regions. This regional structure is designed to foster closer coordination and synergy between wealth and corporate client services within the same geographical markets. Frankfurt is one such region under the new structure. This holistic approach caters to clients who may have both personal and business banking needs.
In addition to these changes, Deutsche Bank is investing in digital platforms and services for "digitally savvy wealthy individuals." This move aims to speed up service delivery and improve the client experience, while also supporting integration with corporate clients who increasingly expect seamless digital interactions.
By merging affluent and high-net-worth client divisions and aligning its regional structure with corporate banking, Deutsche Bank intends to drive operational efficiency, improve client-centricity, and create synergies across its wealth management and corporate client offerings. This integrated approach is designed to enhance market share in wealth management while fostering stronger, more comprehensive relationships with corporate clients who have affiliated wealth management needs.
This reorganisation is part of Deutsche Bank's efforts to defend and expand its market leadership in the business with affluent and high-net-worth clients in its home market. The bank has also been poaching specialists from Hauck Aufhäuser Lampe, HVB, and UBS to strengthen its wealth management division. The merger of the two previously independent divisions is intended to enable faster decision-making.
In conclusion, Deutsche Bank's restructuring strategy is a strategic move to streamline its operations, improve client service, and create synergies between its wealth management and corporate client offerings. This integrated approach is expected to strengthen the bank's position in the market and build stronger relationships with its clients.
The merged wealth management unit will have a unified management team, aiming to reduce management layers and increase enterprise agility, providing a more streamlined service for both personal and digital needs. Deutsche Bank is also creating a new wealth planning unit to advise clients on managing complex family assets, pension and retirement planning, and asset transfers, catering to clients with both personal and business banking needs.
