Deutsche Bank sells U.S. private client unit to Raymond James

FRANKFURT (Reuters) - Deutsche Bank has agreed to sell its U.S. private client services unit to financial services firm Raymond James as it continues to cut costs and hive off non-core businesses.

Terms of the transaction were not disclosed.

"This agreement will allow us to focus on our strategic priorities including investing in our U.S. Private Bank," Fabrizio Campelli, Deutsche Bank's Head of Wealth Management said in a statement. The unit focuses on super-rich clients.

As part of the deal, Deutsche's co-head of wealth management Americas, Haig Ariyan, will join Raymond James alongside several other managers from Deutsche's private client services unit.

The transaction is expected to close in the third quarter of 2016.

Deutsche Bank's new Chief Executive John Cryan in late October warned of two years of dividend cuts, pay restraint and thousands of job cuts, as well as cuts to its business.

(Reporting by Arno Schuetze)

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