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Deutsche Bank Names Successor For Emerging Markets Wealth Role
Tom Burroughes
14 January 2020
said in a statement. In September last year, Deutsche Bank Wealth Management appointed Jeffrey Yen Chieh Peng as its head of China onshore wealth.
As far as reporting lines are concerned, Tham will report globally to Gregor Hirt, global head of wealth discretionary, and locally to Lavanya Chari, global head of global products and solutions.
Globally, Deutsche Bank is adding 300 client-facing personnel to its wealth management business over the next two years.This is part of the firm's broader restructuring to cut back on the investment banking side of its business.
Deutsche Bank’s fortunes have waned in recent years. High costs, weak profits and the sluggish performance of the eurozone (even though Germany is the zone’s largest economy) have been burdensome. Its equities trading and sales activities, and aspects of investment banking are threatened by new technology and by a need for banks to cut risk assets and bolster capital. A number of other major banks such as UBS, JP Morgan, BNP Paribas and Credit Suisse have restructured and cut risk exposures.