Deutsche Bank combines wealth management and international retail ops

FRANKFURT (Reuters) - Deutsche Bank said on Wednesday that it was combining its international retail and wealth management operations into a single division, marking a further step in a broad restructuring.

The new division - dubbed the international private bank - has revenues of around 3 billion euros, or 13% of the global bank.

Claudio de Sanctis, currently head of global wealth management, will oversee the combined business.

The bank hopes the streamlining will allow it to cut primarily back-office jobs as it works towards its goal of reducing headcount globally by 18,000 people.

(Reporting by Patricia Uhlig and Tom Sims; editing by Thomas Seythal)

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• US equity funds record nine-month high outflows as oil stokes inflation fears
• Kroger cuts annual sales forecast as consumer spending sputters
• Macy’s falls despite beating estimates on weak revenue guidance