Germany’s largest bank wants to expand its business with wealthy customers. Following the departure of an important manager, the DAX group has found what it was looking for at the major Swiss bank UBS.
At Deutsche Bank, the reshuffling in the domestic private customer business continues. The DAX group has appointed Raffael Gasser as head of the Wealth Management & Private Banking division in Germany, in which the institute serves wealthy and high net worth clients, effective November 1. Gasser will report directly to private customer board member Claudio de Sanctis, Deutsche Bank announced in Frankfurt. Gasser comes from the major Swiss bank UBS, where he headed the northern European business with wealthy private clients.
The personnel change follows the impending departure of Lars Stoy, who was most recently responsible for both the broad private customer business of Deutsche Bank and Postbank in Germany and the business with wealthy customers in private banking and wealth management. He will become the new head of the direct bank ING Germany at the beginning of 2025. He was succeeded by Dominik Hennen, who now heads the broad private customer business of Deutsche Bank and Postbank and is responsible for private banking on an interim basis until Gasser starts.
Growth potential in business with wealthy customers
Just on Wednesday, Deutsche Bank announced that it was closing a mid-double-digit number of smaller branches in Germany. At the same time, the bank is investing in video and telephone consulting and its digital offering for private customers. Deutsche Bank sees growth potential in business with wealthy customers: It is increasingly relying on so-called private banking centers in its branches, which focus on business with wealthy customers.
Source: Stern
