Deutsche Bank Wealth Management – a dark horse?
Once a global wealth management (WM) powerhouse, DBWM no longer sits in the top 10 when it comes to AuM or stature.
At the end of 2018, DBWM had $243 billion under management – about one-10th the amount at UBS.
Indeed, it might be tempting to write the business off as a basketcase, given the constant turmoil at Deutsche Bank more broadly – including the 18,000 jobs being culled within the latest restructuring plan.
However, there are several clues that point to the WM arm as being one to watch.
Last year, Claudio de Sanctis, who had run Credit Suisse’s European WM business, left to take the same title at Deutsche, expanding his role to include running the Swiss bank only months later.
De Sanctis had helped turn Credit Suisse into an ‘entrepreneurs’ bank in the region, joining up private banking, investment banking and trading. He’s a smart and aggressive banker, and would not have left to join a sinking ship.