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Deutsche Bank (DB) Mulling to Form New Global Private Bank
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Continuing its restructuring moves, German bank Deutsche Bank (DB - Free Report) is now mulling to combine the company's Wealth Management and Private & Commercial Business International units, and form a new International Private Bank. The bank targets to serve 3.4 million private, wealth and commercial clients through the new entity.
Though the new division, Deutsche Bank aims to merge globally-connected Wealth Management’s clients across Germany, Europe, the Americas, Asia and the Middle East and Africa, along with private clients and small- and medium-sized enterprises in Italy, Spain, Belgium and India. The combined business is likely to hold around 250 billion euros of assets under management and record revenues of about 3 billion euros.
Moreover, Claudio de Sanctis, the recent Global Head of Wealth Management, will head the International Private Bank and serve as CEO EMEA.
Karl von Rohr, Deutsche Bank’s president and head of the Private Bank, said, “This exciting combination is the next step in the Private Bank’s transformation announced last July. I am delighted that Claudio will lead our new growth pillar. He has made a major contribution since joining Deutsche Bank in December 2018 and possesses all the qualities and energy needed to lead this strategically vital business for Deutsche Bank.”
De Sanctis further noted, “With the International Private Bank, we will create a truly global organization with a unique focus on serving entrepreneurial individuals and families with European connectivity as well as a personal banking powerhouse in major Eurozone markets. Combining our internationally focused Private Bank businesses will allow us to develop our market share within and across local markets. We will be able to provide greater access for private banking clients to our wealth management capabilities and to combine forces to offer superior digital services to our private, wealth and commercial clients.”
Deutsche Bank’s restructuring moves were initiated before the pandemic hit us. In a bid to improve long-term profitability, the bank announced a number of major restructuring plans and a fresh set of targets it seeks to achieve by 2022 without raising additional capital last July.
Following the restructuring moves, Deutsche Bank reported net loss of €5.4 billion for 2019 and revenues of €23.2 billion. Further, the pandemic has made it more difficult to retrieve its profitability. Notably, at a virtual conference, chief financial officer James von Moltke has announced reserving about €800 million in the current quarter for problem loans, per Bloomberg.
Though Deutsche Bank’s restructuring efforts, including cost-saving measures, look encouraging, it is difficult to determine how much the bank will gain, considering the prevalent headwinds.
The stock has gained 29.2% on the NYSE in the past six months as against the industry’s decline of 27.5%.
Grupo Financiero Galicia S.A. (GGAL - Free Report) has witnessed upward earnings estimate revisions for 2020 over the past 60 days. Moreover, this Zacks #1 Ranked stock has lost 22.2% over the past six months on the NYSE.
Macro Bank Inc.’s (BMA - Free Report) current-year earnings estimate moved north in 60 days’ time. Further, the company’s shares have declined 22.8% over the past six months on the NYSE. At present, it holds a Zacks Rank of 2 (Buy).
United Overseas Bank Ltd. (UOVEY - Free Report) has witnessed upward earnings estimate revision for the ongoing year in the past 60 days. This Zacks #2 Ranked stock has depreciated 13.3% in six months’ time.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
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Deutsche Bank (DB) Mulling to Form New Global Private Bank
Continuing its restructuring moves, German bank Deutsche Bank (DB - Free Report) is now mulling to combine the company's Wealth Management and Private & Commercial Business International units, and form a new International Private Bank. The bank targets to serve 3.4 million private, wealth and commercial clients through the new entity.
Though the new division, Deutsche Bank aims to merge globally-connected Wealth Management’s clients across Germany, Europe, the Americas, Asia and the Middle East and Africa, along with private clients and small- and medium-sized enterprises in Italy, Spain, Belgium and India. The combined business is likely to hold around 250 billion euros of assets under management and record revenues of about 3 billion euros.
Moreover, Claudio de Sanctis, the recent Global Head of Wealth Management, will head the International Private Bank and serve as CEO EMEA.
Karl von Rohr, Deutsche Bank’s president and head of the Private Bank, said, “This exciting combination is the next step in the Private Bank’s transformation announced last July. I am delighted that Claudio will lead our new growth pillar. He has made a major contribution since joining Deutsche Bank in December 2018 and possesses all the qualities and energy needed to lead this strategically vital business for Deutsche Bank.”
De Sanctis further noted, “With the International Private Bank, we will create a truly global organization with a unique focus on serving entrepreneurial individuals and families with European connectivity as well as a personal banking powerhouse in major Eurozone markets. Combining our internationally focused Private Bank businesses will allow us to develop our market share within and across local markets. We will be able to provide greater access for private banking clients to our wealth management capabilities and to combine forces to offer superior digital services to our private, wealth and commercial clients.”
Deutsche Bank’s restructuring moves were initiated before the pandemic hit us. In a bid to improve long-term profitability, the bank announced a number of major restructuring plans and a fresh set of targets it seeks to achieve by 2022 without raising additional capital last July.
Following the restructuring moves, Deutsche Bank reported net loss of €5.4 billion for 2019 and revenues of €23.2 billion. Further, the pandemic has made it more difficult to retrieve its profitability. Notably, at a virtual conference, chief financial officer James von Moltke has announced reserving about €800 million in the current quarter for problem loans, per Bloomberg.
Though Deutsche Bank’s restructuring efforts, including cost-saving measures, look encouraging, it is difficult to determine how much the bank will gain, considering the prevalent headwinds.
The stock has gained 29.2% on the NYSE in the past six months as against the industry’s decline of 27.5%.
Deutsche Bank currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Stocks to Consider
Grupo Financiero Galicia S.A. (GGAL - Free Report) has witnessed upward earnings estimate revisions for 2020 over the past 60 days. Moreover, this Zacks #1 Ranked stock has lost 22.2% over the past six months on the NYSE.
Macro Bank Inc.’s (BMA - Free Report) current-year earnings estimate moved north in 60 days’ time. Further, the company’s shares have declined 22.8% over the past six months on the NYSE. At present, it holds a Zacks Rank of 2 (Buy).
United Overseas Bank Ltd. (UOVEY - Free Report) has witnessed upward earnings estimate revision for the ongoing year in the past 60 days. This Zacks #2 Ranked stock has depreciated 13.3% in six months’ time.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
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