June 10, 2020 / 3:36 PM / a month ago

Deutsche Bank combines wealth management and international retail ops

FILE PHOTO: The logo of Deutsche Bank is pictured on a company's office in London, Britain July 8, 2019. REUTERS/Simon Dawson/File Photo

FRANKFURT (Reuters) - Deutsche Bank said on Wednesday that it was combining its international retail and wealth management operations into a single division, marking a further step in a broad restructuring.

The new division - dubbed the international private bank - has revenues of around 3 billion euros, or 13% of the global bank.

Claudio de Sanctis, currently head of global wealth management, will oversee the combined business.

The bank hopes the streamlining will allow it to cut primarily back-office jobs as it works towards its goal of reducing headcount globally by 18,000 people.

Reporting by Patricia Uhlig and Tom Sims; editing by Thomas Seythal

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