Deutsche Bank, Europe’s largest investment bank, plans to sell its U.S. private-client brokerage, according to people briefed on the matter.
Bloomberg News reports that Raymond James Financial is in talks to buy the business, which manages money for individuals and has about 250 advisers, said two of the people, who asked not to be identified because the deal hasn’t been completed.
The sale doesn’t include Deutsche Bank’s U.S. private bank, which handles some of its wealthiest clients and had been expanding in recent years.
Deutsche Bank co-CEO John Cryan is preparing to shrink the investment-banking empire built by his predecessors to lower costs, lift capital levels and raise the company’s stock price. The bank is considering selling a life-insurance unit and a $250 billion portfolio of credit-default swaps, people familiar with the matter said this month.
Hit the link below to access the complete Bloomberg article: