At the end of 2018, DBWM had $243 billion under management – about one-10th the amount at UBS.
Indeed, it might be tempting to write the business off as a basketcase, given the constant turmoil at Deutsche Bank more broadly – including the 18,000 jobs being culled within the latest restructuring plan.
However, there are several clues that point to the WM arm as being one to watch.
Last year, Claudio de Sanctis, who had run Credit Suisse’s European WM business, left to take the same title at Deutsche, expanding his role to include running the Swiss bank only months later.
De Sanctis had helped turn Credit Suisse into an ‘entrepreneurs’ bank in the region, joining up private banking, investment banking and trading. He’s a smart and aggressive banker, and would not have left to join a sinking ship.
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Jürg Zeltner |
And then in August, another Swiss wealth management former senior executive also agreed to assume a connection with Deutsche Bank.
Jürg Zeltner, former president of UBS Wealth Management, was nominated to Deutsche’s supervisory board, alongside his new role as group CEO of KBL European Private Bankers.