Deutsche Bank dropped out of the world's top 15 private banks in 2016, a year marked by negative headlines for Germany's biggest lender, rankings by wealth management researcher Scorpio Partnership showed on Monday.
Private banking assets at Deutsche Bank fell 28 per cent in dollar terms to $227 billion (€192.5 billion) at the end of 2016, sending it tumbling five places to 16th in Scorpio’s rankings of the 25 biggest private banks in the world.
Deutsche Bank sold a wealth management business in the United States last year and withdrew from a number of countries. A spokesman for the bank said the majority of its fall in assets stemmed from the sale.
Swiss bank UBS kept its place as the world's biggest private bank with $2.06 trillion in assets under management, Scorpio found, followed by Bank of America, Morgan Stanley and Wells Fargo.
Switzerland's Credit Suisse, which has prioritised private banking under chief executive Tidjane Thiam, was overtaken by Royal Bank of Canada and fell to sixth. The biggest gainer on the list was China Merchants Bank, which rose five rungs to 15th. Bank of China also entered the list, in 24th place.
Overall, Scorpio found the biggest 25 private banks managed $13.3 trillion for clients with at least $1 million in assets, representing 63.2 per cent of the market. – (Reuters)
