Deutsche Bank to recruit 250 bankers for wealth management – report

Group 1: Wealth Management Expansion - Deutsche Bank plans to hire up to 250 bankers to support the expansion of its wealth management business across Germany, Italy, the UK, the Middle East, and Asia, with most appointments scheduled for next year [1] - The bank expects to allocate approximately €300 million ($348 million) to talent acquisition and technology for its wealth management division over the next three years [1] Group 2: Strategic Financial Targets - Deutsche Bank outlined its next phase of strategy and financial targets through 2028, focusing on enhancing value creation by scaling the Global Hausbank [2] - The bank raised its return on tangible equity target to more than 13% by 2028, up from a previous target of above 10% for 2025 [2] - Plans to distribute 60% of profits to shareholders starting next year were also unveiled [2] Group 3: Revenue Growth and Cost Efficiency - The bank anticipates annual revenue growth of more than 5%, increasing from a forecast of around €32 billion in 2025 to approximately €37 billion in 2028 [3] - The wealth management division aims for revenue growth exceeding the 5% to 6% annual growth rate of the broader private banking unit [3] - Deutsche Bank will continue investing in business growth and technology, implementing programs designed to achieve gross cost efficiencies of about €2 billion [3] Group 4: Leadership and Market Position - CEO Christian Sewing emphasized the bank's improved capabilities to support clients and generate more value for shareholders, positioning Deutsche Bank as a market leader in Germany and a European alternative in global banking [4] - The bank reportedly initiated the process of divesting its retail banking operations in India, which includes 17 bank branches [4]