Deutsche Bank Restructures Wealth Management to Better Serve High-Net-Worth Clients
Deutsche Bank is implementing strategic changes to enhance its services for high-net-worth individuals in Germany, aiming to capitalize on its market leadership position. Raffael Gasser, head of the wealth management division, announced the closer integration of Deutsche Oppenheim Family Office AG (DOAG) into the group structure to provide comprehensive support for complex assets. Additionally, Philipp Wehle, formerly of Credit Suisse and UBS, has been appointed to lead the ultra-high-net-worth unit, reporting directly to Gasser. This move aims to improve collaboration between wealth management and the corporate banking division, leveraging Deutsche Bank's strong presence in the German mid-sized corporate sector. Gasser acknowledged that while the bank is a market leader, it underperforms relative to its potential, with some clients maintaining strategic dialogues with competitors. The restructuring includes abolishing certain management layers and aligning wealth management regions with corporate divisions. Despite digital offerings, the bank emphasizes its network of 2,000 advisors across 330 branches as the core of its service model. In 2025, the division managed approximately 700 billion euros, demonstrating higher profitability compared to mass private customer business.
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Deutsche Bank Restructures Wealth Management to Better Serve High-Net-Worth Clients
Deutsche Bank is implementing strategic changes to enhance its services for high-net-worth individuals in Germany, aiming to capitalize on its market leadership position. Raffael Gasser, head of the wealth management division, announced the closer integration of Deutsche Oppenheim Family Office AG (DOAG) into the group structure to provide comprehensive support for complex assets. Additionally, Philipp Wehle, formerly of Credit Suisse and UBS, has been appointed to lead the ultra-high-net-worth unit, reporting directly to Gasser. This move aims to improve collaboration between wealth management and the corporate banking division, leveraging Deutsche Bank's strong presence in the German mid-sized corporate sector. Gasser acknowledged that while the bank is a market leader, it underperforms relative to its potential, with some clients maintaining strategic dialogues with competitors. The restructuring includes abolishing certain management layers and aligning wealth management regions with corporate divisions. Despite digital offerings, the bank emphasizes its network of 2,000 advisors across 330 branches as the core of its service model. In 2025, the division managed approximately 700 billion euros, demonstrating higher profitability compared to mass private customer business.
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