While Deutsche Bank embarks on a major restructuring, which could reportedly see 20,000 jobs trimmed from the firm worldwide, it is planning to hire 300 additional client-facing employees in its wealth management division. The jobs would be filled by 2021, according to a company announcement, and approximately 100 of the positions would be in its Americas division.
The hires come as the bank is deciding to focus on “growing revenue from stable sources.” For the U.S., the bank will be focused on new coverage for entrepreneurs along the West Coast. The tech boom, which has produced new millionaires and billionaires, is an opportunity for the company to grow, said a company executive.
“These investments will set us on the path to achieve our ambition of being a top-tier global wealth manager,” said Fabrizio Campelli, global head of Deutsche Bank Wealth Management. “They focus on growth markets where we have a distinctive and attractive proposition to offer our target clients, while maintaining sound operational, financial and non-financial risk management.”
Of the firm’s most recent eight hires in its Americas division that have been announced, half have been in California. Campelli told Reuters he would be “very disappointed” if the bank can’t improve its standing relative to its wealth business competitors.