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Deutsche Bank is planning to hire up to 50 relationship managers this year for its emerging markets private banking business, as part of a wider strategy to expand its wealth footprint in the Gulf and North Asia. The move supports a broader goal to raise emerging markets front-office staff by about 50 percent over three years. Rising global wealth, increased client diversification across regions, and growing interest in Lombard lending are shaping the bank's approach, alongside a renewed focus on Europe and Switzerland as key wealth centres.
Deutsche Bank is preparing to strengthen its private banking operations in emerging markets by adding up to 50 relationship managers over the course of this year, as part of a broader effort to deepen its presence in the Gulf region and North Asia. The plan reflects the bank's strategy to capture rising wealth flows from high-net-worth and ultra-high-net-worth clients seeking more global exposure. Advertisement
Speaking to Reuters, Marco Pagliara, head of emerging markets at Deutsche Bank Private Bank, indicated that hiring would remain selective beyond this year, continuing into 2027 and 2028. While he did not disclose the current regional distribution of relationship managers, he confirmed that the recruitment drive is central to the private bank's ambition to increase its emerging markets front-office workforce by about 50 percent over the next three years. This expansion forms a significant portion of the roughly 250 bankers the bank had earlier said it intends to hire globally.
The hiring initiative comes at a time when global lenders are intensifying their focus on private banking, particularly in Asia and the Middle East, where wealth creation has been accelerating. According to the Global Wealth Report 2025 by Boston Consulting Group, global financial wealth touched a record USD 305 trillion in 2024, underlining the scale of opportunity banks are seeking to address.
Client behaviour has also been shifting. Pagliara explained that diversification has become a priority, both in terms of asset allocation and geographic spread, as market volatility and geopolitical uncertainty have increased. Clients who traditionally concentrated assets in Singapore or Hong Kong are now opening accounts across multiple wealth centres, including Switzerland, Luxembourg and the UK, alongside a gradual rise in allocations to Europe-domiciled investments. Switzerland, in particular, is expected to see further headcount expansion as part of this trend.
This movement aligns with a broader reassessment by wealth managers, many of whom are encouraging clients to look beyond the United States and spread investments across regions and asset classes. The push reflects concerns over geopolitical tensions and unpredictable policy environments, which have influenced portfolio construction decisions among wealthy families. Pagliara noted that interest in global assets such as real estate is increasingly linked with a desire to reduce geographic concentration risk.
Alongside hiring, Deutsche Bank Private Bank is placing greater emphasis on Lombard lending, a form of credit where clients borrow against their investment portfolios. Adam Russ, the bank's global head of wealth management and business lending, said clients are beginning to deploy available liquidity more actively, though without aggressive leverage. He observed that leverage levels have edged up modestly rather than sharply.
Industry data supports this focus. A report published in 2024 by Deloitte highlighted Lombard lending as one of the fastest-growing private banking credit products since 2018, with the global market estimated at around USD 4.3 trillion. Russ indicated that unused capacity among clients could be mobilised when conviction around specific investment opportunities strengthens, making Lombard lending an increasingly important tool for the bank.
Source Reuters
5th Jun, 2025
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