Deutsche Bank's private bank eyes hiring push in emerging markets

Group 1 - Deutsche Bank plans to hire up to 50 relationship managers in its emerging markets private banking unit in 2024, aiming to increase its wealth footprint in the Gulf region and North Asia [1] - The private bank intends to grow its emerging markets front office headcount by 50% over the next three years, with a significant portion of the 250 bankers to be hired focusing on this franchise [1] - Global financial wealth reached an all-time high of $305 trillion in 2024, indicating a growing market for private banking services [1] Group 2 - There is a rising trend among wealthy clients for diversification in asset allocation, with increased interest in wealth centers like Switzerland, Luxembourg, and the UK, as geopolitical risks influence investment decisions [1] - Lombard lending, where clients borrow against their investment portfolios, is gaining traction, with a global market size of approximately $4.3 trillion as of 2024 [1] - The private bank is focusing on Lombard lending as a means to expand its assets under management, reflecting a growing appetite for leveraging among clients [1]