One of the senior figures in the wealth and private banking segments of the bank – and he is responsible for the US market – has spelled out the lender's hiring intentions.

A head of Deutsche Bank’s wealth business intends to bring in as many as a dozen private bankers to the US this year, with a particular emphasis on Los Angeles and San Francisco, the Frankfurt-listed bank reportedly said. 

The bank has already acquired advisors from lenders including Bank of America and Citigroup since the start of 2023, a report by Bloomberg noted. 

“Our job here is to hire a small number of really experienced bankers who focus on the high net worth space,” Arjun Nagarkatti, told the news service in an interview. Nagarkatti, who is head of the private bank for central Europe and the US, said: “Then we do it again next year.” The goal, he said, is double-digit revenue growth in the years ahead.

Deutsche Bank said the bank has a generic hiring target of between 8 to 12 people in the wealth business per year, and did not have a specific target of 12 for 2024.

Deutsche Bank is scheduled to issue second-quarter financial results on July 24. 

Globally, the lender oversees €441 billion ($480.2 billion) for wealthy clients globally, the report noted. Claudio de Sanctis, the head of the private bank, has outlined plans in 2023 for Deutsche Bank to double the assets it manages for wealthy families in Southeast Asia and the Middle East. He has hired a team of Credit Suisse bankers in September for that expansion. (De Sanctis is also a former Credit Suisse banker.)