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Tuesday, October 22nd, 2019

Deutsche Bank execs say outflows from wealth management unit not significant

by October 14, 2016 General

HONG KONG/SINGAPORE (Reuters) – Deutsche Bank <DBKGn.DE> has seen some outflows from its Asian and European wealth management units, but the withdrawals were not significant, senior executives told Reuters, following concerns about the impact of a U.S. fine on the German lender.

Germany’s biggest lender is battling to contain the damage from a U.S. demand for a $14 billion settlement over the sale of toxic mortgage bonds before the financial crisis. Concerns over Deutsche Bank have also shaken global markets.

Deutsche Bank also lost its head of Asia Pacific wealth management Ravi Raju and a senior banker in his team this week, underscoring the challenges faced by the bank. Deutsche swiftly promoted Lok Yim as the head of Asia Pacific wealth management unit.

“Of course there have been outflows but I would say they are not significant and we have ebbs and flows across our AUMs (asset under management),” Yim told Reuters in an interview on Wednesday.

(Reporting by Sumeet Chatterjee and Saeed Azhar; Editing by Denny Thomas and Sam Holmes)