Step by step, Deutsche Bank’s Co-Chief Executive John Cryan is following through on his big plan to reorganize and streamline Germany’s largest bank, an undertaking that will trim 35,000 jobs and operations around the world.
The German bank agreed to sell a U.S. wealth management business, formerly called Alex. Brown, to a Florida rival, Raymond James. Raymond James will pay $20 million to take over the operations from Deutsche Bank and cover “integration-related expenses,” according to a statement.
The unit, which Deutsche Bank had called “Private Client Services,” manages $50 billion in assets and has revenue of $300 million a year, Raymond James said.
Deutsche Bank’s other U.S. private banking operations will remain part of Deutsche Bank. Alex. Brown was part of the Banks’s Deutsche Asset & Wealth Management unit, which globally manages $1.2 trillion worth of assets.