Deutsche Bank intends to hire up to 250 bankers to support the expansion of its wealth management business across Germany, Italy, the UK, the Middle East, and Asia, reported Bloomberg.
Most appointments are scheduled for next year, said the German lender’s private bank head, Claudio de Sanctis, during the bank’s investor day.
The bank expects to allocate approximately €300m ($348m) to talent acquisition and technology for its wealth management division over the next three years.
Separately, Deutsche Bank outlined the next phase of its strategy and financial targets through 2028.
Following recent improvements in profitability, the bank’s next phase will focus on enhancing the value creation by scaling the Global Hausbank.
Deutsche Bank raised its return on tangible equity target to more than 13% by 2028, an increase from its previous 2025 objective of above 10%.
It also unveiled plans to distribute 60% of profits to shareholders starting next year.
This comes as the bank anticipates annual revenue growth of more than 5%, from a forecast of around €32bn in 2025 to around €37bn in 2028.
De Sanctis stated that he aims to achieve revenue growth in wealth management that exceeds the 5% to 6% annual growth rate at the broader private banking unit, which includes retail banking operations.
The bank said it will continue investing in business growth and technology, and implement programmes designed to achieve gross cost efficiencies of about €2bn.
Deutsche Bank CEO Christian Sewing said: “Thanks to the progress we made over the past years, we are better equipped than ever to support our clients as their trusted partner in a fast-changing environment, and to generate more value for our shareholders.
“As the Global Hausbank, we plan to grow by building on our position as the market leader in Germany, the European alternative in global banking, and the gateway to Europe for clients around the world.”
In September, Deutsche Bank reportedly initiated the process of divesting its retail banking operations in India, comprising 17 bank branches.
