Bloomberg News reports that the bank will engage in “continuous investment in response to an ever more challenging regulatory and control environment,” Fabrizio Campelli, who leads the wealth unit, said in a note to staff seen by Bloomberg on Tuesday.
Deutsche Bank is balancing a goal of raising profitability with efforts to prevent a repeat of fines for misconduct that have eroded capital levels and made it the worst-valued global lender. The company faces competition for affluent clients as banks across the globe shift their focus from trading businesses, which have become costlier to run since the 2008 financial crisis.
The bank said in October that it ranked among the 10 biggest global wealth managers. Scorpio Partnership, a London-based consulting firm, ranks Deutsche Bank as the 12th biggest wealth manager based on assets under management at the end of 2014. That ranking includes U.S. firms that don’t have a global presence.
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