Deutsche Bank to expand wealth management business

Germany's biggest lender Deutsche Bank wants to expand its private banking business in its home market and may hire additional staff, according to a report in German weekly WirtschaftsWoche. "Next to Asia, Germany is our most important market with double-digit growth rates," Pierre de Weck, head of Deutsche Bank's private wealth management business, told the magazine in comments from an interview to be published on Monday.
"We're investing again," de Weck said, adding that "we now want to additionally focus on investors whose funds are within a single-digit million range". The business plans to increase the number of financial advisors and may also add more locations, the magazine quoted de Weck as saying. On Monday, Deutsche Bank's Chief Executive Josef Ackermann said that if the weaker market activity seen in August continued into September and October, Deutsche Bank would have to think about job cuts.