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Deutsche Bank eyeing market share gains with wealth management shakeup
(Sharecast News) - German bank giant Deutsche Bank has announced it is restructuring its domestic wealth management arm by consolidating its services for wealthy and high-net-worth clients, bringing previously separate client segments under a single management team. The company said the move, which includes reducing management levels and increasing enterprise agility, is "more clearly aligned to the different needs of customers".
Among the changes being made are additional investments into digital platforms and creating a new unit to serve its growing client base of "digitally savvy wealthy individuals".
The restructuring also includes building a new wealth planning unit, advising clients on large or complex family assets, pension and retirement strategies, and offering solutions for asset transfers such as trusts or testamentary executions.
"With our strategy, we are laying the foundation for outgrowing the market as the clear number one in wealth management in Germany and gaining further market share," said Raffael Gasser, head of the bank's German wealth management division.
"In the future, our clients will benefit from advice and a product offering that we tailor even more specifically to their specific needs - both personally and digitally."
Shares were up 1.4% at €24.83 by the close of play on Monday.
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