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Deutsche Bank (DB) to Expand Wealth Management Arm in London
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Deutsche Bank AG (DB - Free Report) is mulling over expanding its wealth management business in London, as per an interview given by Peter Hinder — head of wealth management for Europe, the Middle East and Africa (EMEA) — to Reuters. In the process, the company will hire 20 private bankers this year.
The private bankers of the wealth management division will be spread across the U.K., Switzerland, Italy and the Middle East. Currently, there are less than 10 senior bankers to handle the division.
Hinder referred to the London region as a “magnet for wealth” as Asian countries such as China really like London because they speak English. He thinks the company has not utilized the London market to its full capacity and that Brexit will not affect private banks.
By invested assets, EMEA is the second largest wealth management market after Germany for Deutsche Bank.
Notably, Deutsche Bank is optimistic about getting business again, though not as much as it was six months ago. This is because its clients did not close their relationships and instead diversified post headlines that the bank hit on legal cases last year.
About two months ago, the bank announced its plans of hiring new staff for managing its wealth management division across the globe. This shows that the bank is dynamically taking steps to improve the performance of this business line, which lost some key executives and faced a fall in assets because of several stringent regulations globally.
Deutsche Bank’s shares have gained 15.5% in one year, underperforming the industry’s rally of 23.9%
Currently, the bank carries a Zacks Rank #2 (Buy).
KB Financial’s earnings estimates have been revised upward by 16.2% for the current year, in the past 60 days. Also, its share price has increased 3.7%, in the last three months.
Bank of Nova Scotia has witnessed a 4.2% upward earnings estimate revision for the current year, in the past 60 days. Moreover, its shares have gained 9.6% in the last three months.
Bank of Montreal’s current-year earnings estimates have been revised 6.2% upward, over the last 60 days. Further, its shares have rallied 5.4%, in the last three months.
Zacks' 10-Minute Stock-Picking Secret
Since 1988, the Zacks system has more than doubled the S&P 500 with an average gain of +25% per year. With compounding, rebalancing, and exclusive of fees, it can turn thousands into millions of dollars.
But here's something even more remarkable: You can master this proven system without going to a single class or seminar. And then you can apply it to your portfolio in as little as 10 minutes a month.
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Deutsche Bank (DB) to Expand Wealth Management Arm in London
Deutsche Bank AG (DB - Free Report) is mulling over expanding its wealth management business in London, as per an interview given by Peter Hinder — head of wealth management for Europe, the Middle East and Africa (EMEA) — to Reuters. In the process, the company will hire 20 private bankers this year.
The private bankers of the wealth management division will be spread across the U.K., Switzerland, Italy and the Middle East. Currently, there are less than 10 senior bankers to handle the division.
Hinder referred to the London region as a “magnet for wealth” as Asian countries such as China really like London because they speak English. He thinks the company has not utilized the London market to its full capacity and that Brexit will not affect private banks.
By invested assets, EMEA is the second largest wealth management market after Germany for Deutsche Bank.
Notably, Deutsche Bank is optimistic about getting business again, though not as much as it was six months ago. This is because its clients did not close their relationships and instead diversified post headlines that the bank hit on legal cases last year.
About two months ago, the bank announced its plans of hiring new staff for managing its wealth management division across the globe. This shows that the bank is dynamically taking steps to improve the performance of this business line, which lost some key executives and faced a fall in assets because of several stringent regulations globally.
Deutsche Bank’s shares have gained 15.5% in one year, underperforming the industry’s rally of 23.9%
Currently, the bank carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the same space are KB Financial Group Inc. (KB - Free Report) , Bank of Nova Scotia (BNS - Free Report) and Bank of Montreal (BMO - Free Report) , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
KB Financial’s earnings estimates have been revised upward by 16.2% for the current year, in the past 60 days. Also, its share price has increased 3.7%, in the last three months.
Bank of Nova Scotia has witnessed a 4.2% upward earnings estimate revision for the current year, in the past 60 days. Moreover, its shares have gained 9.6% in the last three months.
Bank of Montreal’s current-year earnings estimates have been revised 6.2% upward, over the last 60 days. Further, its shares have rallied 5.4%, in the last three months.
Zacks' 10-Minute Stock-Picking Secret
Since 1988, the Zacks system has more than doubled the S&P 500 with an average gain of +25% per year. With compounding, rebalancing, and exclusive of fees, it can turn thousands into millions of dollars.
But here's something even more remarkable: You can master this proven system without going to a single class or seminar. And then you can apply it to your portfolio in as little as 10 minutes a month.
Learn the secret >>