Deutsche Bank Closes Wealth Arm in Australia

(Picture: Deutsche Bank)

(Picture: Deutsche Bank)

Deutsche Bank is going to relocate its Australian private banking services to Singapore.

The German lender will close its private banking arm in Australia with the loss of 15 jobs, according to serveral reports on Friday. The move will see Deutsche’s local private banking services transferred to Singapore. This will affect three key product offerings in Australia: advisory, portfolio management and lending.

«The restructuring of our business in Australia is in line with Deutsche Bank’s Strategy 2020, which aims to achieve a simpler and more efficient organisation, and the global Wealth Management strategy to serve clients through selected, scalable hubs,» a Deutsche Bank spokeswoman said to «The Australian» on Thursday.

Completition in the First Half of 2017

The transition of Deutsche’s Wealth Management’s client activities to alternative providers is expected to be completed in the first half of 2017.

Earlier this month reported Deutsche Bank executives had been contemplating dramatic options for the German lender, including selling all or part of a key business, a sign of growing pressure to speed up a flagging overhaul.

Selling Possibilities

According to other sources, CEO John Cryan has set out a long-term plan to shrink the bank and cut costs. As part of a continuing review of strategic options, the bank has analysed possibilities including selling all or part of its asset-management business.

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