Deutsche Bank Wants U.S. Wealth Managers Who Can "Grow Big Books"
Despite recently being labeled a “troubled” bank by the Federal Reserve, Frankfurt-based Deutsche Bank plans to expand its team of U.S. wealth managers by 25% this year, the head of the unit tells FA-IQ’s sister publication, the Financial Times.
Patrick Campion tells the paper he was given a green light by Deutsche’s new group chief executive Christian Sewing to “grow, grow, grow.”
Campion plans to bring on bankers with a history of growing big books of business across the U.S, from New York to California and Miami, he tells the paper.
His unit is also considering possible recruits from Deutsche’s investment bank but so far hasn’t hired anyone from there, Campion says, according to the FT. But the Americas wealth management unit has a collaborative relationship with other parts of the company, giving them the ability to cater to a wide range of clients, he tells the paper.
“We’re getting dollar investment going into the unit for headcount ... there’s great access to the management board,” he tells the FT. “The growth characteristics for our market is strong and it makes sense to invest in the U.S.”
Campion also says that while acquiring another private bank isn’t part of its current plan, the company may consider it in the future, according to the paper.
Currently UBS is the only European bank that makes the ranks of the top 10 wealth management firms in the U.S., according to data portal Statista, the FT writes.
Some European banks, such as Credit Suisse, in fact sold off their U.S. private banks following the financial crisis, according to the publication.
At least one analyst, meanwhile, is skeptical about Deutsche’s growth aspirations in the U.S. wealth management space, the FT reports.
“I think most people would question what Deutsche’s competitive advantage in the U.S. is,” the unnamed analyst tells the paper.