Deutsche Bank To Boost Wealth Management Unit With New Hires

The wealth management arm of the Deutsche Bank AG (DE:DBKGn) (NYSE:DB) recently disclosed plans to increase its client base of super-rich customers by hiring almost 100 client managers globally.

The bank is planning to invest $73 million (€65 million) in digital technology. With the help of this investment, the bank seeks to introduce some new features like customized Chief Investment Office news and portfolio health checks.

Per Fabrizio Campelli, the global head of wealth management unit, the appointees would target mainly the well-off families and individuals in Asia-Pacific. The client managers will also focus on entrepreneurs and individuals in the U.S., and the super-rich in the U.K. and Middle East, as part of the EMEA region.

The bank is actively taking initiatives to improve the performance of its wealth management division, which lost some key executives and faced a fall in assets because of several stringent regulations globally.

Deutsche Bank’s shares have gained 17.8% in the last one year, underperforming the Zacks categorized Banks - Foreign industry’s rally of 26.9%.

Currently, the bank carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the same space include Bank of N.T. Butterfield & Son LTD (NYSE:NTB) , KB Financial Group Inc. (NYSE:KB) and UBS Group AG (NYSE:UBS) .

Bank of N.T. Butterfield & Son and UBS Group carry a Zacks Rank #2 (Buy), whereas KB Financial Group sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Bank of N.T. Butterfield & Son’s earnings estimates were revised upward by 4.0% for the current year, in the past 60 days. Also, its share price jumped 17.1%, over the last six months.

UBS Group witnessed a 5% upward earnings estimate revision for the current year, in the past 60 days. Moreover, its shares gained 19.9% in the last one year.

KB Financial’s current-year earnings estimates were revised 13.5% upward, over the last 60 days. Further, its shares rallied 73.1%, in the last one year.

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