Deutsche Bank plans to push ahead with the consolidation of its global wealth-management operations, despite the negative effect on client assets in locations such as Japan and Australia where it has shut booking centers to cut costs and streamline the business.
Bloomberg News reports that the bank plans to focus on growing its wealth business in markets such as Hong Kong, Singapore, the U.S. and Switzerland, while closing “a few more” booking centers between now and the end of next year, according to Fabrizio Campelli, Deutsche Bank’s head of global wealth management.
“The cost of complexity, partly because of regulation and the controlled environment that we want to enforce, has gone up significantly and become too high,” Campelli said in an interview Friday in Singapore. “To do that effectively and efficiently, we need to choose” the countries to focus on, Campelli added.
Deutsche Bank has already closed wealth booking centers in Japan, Australia and the Nordic region as it seeks to whittle down the number of locations to a “low double-digit” number by the end of 2018, Campelli said.
Hit the link below to access the complete Bloomberg News article: