Deutsche Bank AG (NYSE:DB) has reportedly reduced its private banking workforce in Asia by ten roles in the past week, part of ongoing cuts to focus on lucrative markets and address underperformance.
Around 60 positions were eliminated at Deutsche Bank in Singapore and Hong Kong over the past year, as part of the German bank’s restructuring efforts, Bloomberg reported.
The impacted individuals include relationship managers recruited from Credit Suisse for Greater China last year, along with employees in product and support functions, the report read, citing people familiar with the matter.
Following years of rapid expansion, a slowdown in China’s economy has led to decreased revenues for numerous wealth management firms in the area.
UBS Group AG (NYSE:UBS) recently reduced approximately 70 positions, primarily in Hong Kong and Singapore.
As of 2022, Deutsche Bank had a relationship manager headcount of 241 in Asia, as reported by the ranking of Asian private bankers, Bloomberg said.
At Deutsche Bank, numerous private bankers have been dismissed either due to performance issues or to facilitate the creation of new positions in other markets, including the Middle East, Bloomberg added.
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Price Action: DB shares are trading higher by 0.38% to $15.86 on the last check Friday.
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