Deutsche Bank combines wealth management and international retail ops

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)