‘We’ve fallen short’ Deutsche Bank plummets in top world rankings after losing billions
DEUTSCHE Bank is no longer classed as one of the world’s top 15 private banks after a torrid year for Germany’s biggest lender.
By LANA CLEMENTS
Express.co.uk
Mon, Aug 7, 2017
The financial giant’s private banking arm saw its revenue plunge by more than a quarter to lose billions of pounds of income last year, according to a study by wealth management researcher Scorpio Partnership.
The group is now ranked 16th out of 25 private banks – five places below its spot from last year.
It comes after Deutsche suffered a deluge of negative press last year amid sinking share price and profits, as well as huge fines for mis-selling scandals and wrong doing.
The news prompted clients to lose confidence in the bank and switch billions of pounds worth of business away from the bank.
A Deutshce Bank spokesperson told CNBC: “The majority of the decline in assets was due to the sale of the Private Client Services business in the US and the decision to exit around 50 countries as part of a business simplification and risk-reduction program.”
The lender sold a wealth management business in the United States last year and also withdrew from some markets.
This year Deutsche surprised by posting a profit jump in second quarter, although revenue was still below market expectations.
The Rest…HERE
