German banking giant to close Australian wealth unit
(22 September 2016 – Australia) The Australian unit of Deutsche Bank’s wealth management arm will close, culling 15 jobs sources have said.
The move will affect three private banking products including advisory, portfolio management and lending.
The German bank will. however, continue to service local clients from its Singapore and Hong Kong offices.
“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 in a statement.
The bank’s CEO, John Cryan has previously tabled plans for a significant overhaul of the business, which includes extensive cost cutting and a shirking of its exposure to unprofitable units.
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