Deutsche Bank plans to hire 300 more relationship and investment mangers for its wealth management business by 2021, as part of a plan to bulk up in areas the German lender hopes will bring steadier revenue streams. Deutsche Bank is in the middle of a major restructuring as it tries to shrink its investment bank that has struggled to generate sustainable profits since the 2008 financial crisis. The shake up is expected to lead to thousands of job cuts in areas like equities trading.
Chief executive Christian Sewing wants instead to allocate more resources to businesses that have more stable revenue streams, with wealth management one of them. "This drive to grow our business is now materialising with a big investment push," Fabrizio Campelli, global head of Deutsche Bank Wealth Management told Reuters in an interview. Under Campelli's plan the number of relationship and investment managers will grow by 300 - around a third of the current numbers - globally.