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Deutsche Bank (DB) to Hire People in Wealth Management Unit

Zacks Equity Research

Deutsche Bank AG DB has come up with a plan to make about 50 new appointments in its wealth management business in Asia-Pacific region during the second half of this year, per a Bloomberg article.

The bank aims to boost to its Asian unit by adding client-facing positions, including relationship managers. The bank had hired about 200 relationship managers in 2016 and about 13 positions in Apr 2017.

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

Lately, the bank has been making headlines due to the various probes conducted by several regulators on the suspicious transactions held in the 2011–2015 period in its U.S. operations. However, it recently reached a $41 million settlement with the Federal Reserve after the bank was found guilty of conducting insufficient monitoring of the transactions that resulted in mirror trades.

After having paid a huge amount in settlements, the bank is now set to improve its financial condition by making operations stronger. Also, we are hopeful on the several financial targets that the bank disclosed during its recent capital raise.

Deutsche Bank’s shares have gained 11.0% in the last six months, outperforming the Zacks categorized Banks - Foreign industry’s rally of 10.9%.

Currently, the bank carries a Zacks Rank #5 (Strong Sell).

Some better-ranked stocks in the same space include Bank of N.T. Butterfield & Son LTD NTB, KB Financial Group Inc. KB and UBS Group AG 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 2.1% for the current year, in the past 30 days. Also, its share price jumped 14.8%, over the last six months.

UBS Group witnessed a 5% upward earnings estimates revision for the current year, in the past 30 days. Moreover, its shares gained 5.0% in the last one year.

KB Financial’s current-year earnings estimates were revised 13.5% upward, over the last 30 days. Further, its shares increased 64.8%, in the last one year.

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