As part of its efforts to enhance its position in the European markets, Deutsche Bank's private and business clients division plans to create nearly 2,500 new advisory positions in Germany and the European core markets over the next four years.
The bank will invest selectively in its European core markets and expand its branch network in Germany, Italy and Poland. The growth program calls for the opening of roughly 400 new branches across Europe by 2012, 150 in Germany alone. In addition, Deutsche Bank said that it will invest in building up a competitive European consumer banking franchise.
Deutsche Bank added that it will capture growth potential in Germany through its partnership with Postbank and continue to follow its strategy for German private and business clients. Deutsche Bank will also continue to pursue the course it has adopted in Asia.
The growth program will be accompanied by efficiency measures to bundle administrative activities and processes in banking services and structure them to achieve greater efficiency. As part of these plans, the bank intends to reduce the number of European back-office jobs by around 1,100. Through the growth program, Deutsche Bank is looking to attract new customers targeting a total of 18 million clients in private and business clients by 2012.
Rainer Neske, head of private and business clients and member of Deutsche Bank’s group executive committee, said: We will strengthen our market leadership in our German home market, strongly expand our European business and invest in our advisory activities. With this program, we are creating the basis for sustainable and profitable growth. We want to be the best bank with the best product and service offering at each of our locations.