Deutsche said that its business build-out will concentrate on five main areas: global China growth, notably offshore wealth for ultra-high net worth and high net worth clients; the Americas -  entrepreneurs, with new coverage staff in areas such as the US West Coast and offshore Latin America; European market penetration, leveraging its market leadership with established families and mid-sized company owners in Germany and building out in areas such as southern Europe and the UK; emerging UHNW wealth in South East Asia, the Gulf region and with non-resident Indians; and family offices, working with the bank’s corporate and investment bank and asset management arm DWS.

While Germany’s largest bank has been pushing to improve profitability and scale, flirting with rival Commerzbank for a merger deal (subsequently abandoned), the move suggests that its leadership sees wealth management as an important growth area. This will put it up against European, American and international rivals such as UBS, HSBC and JP Morgan. Like those banks, it has also reduced its investment banking risk exposures following tighter capital rules post-2008.