The business that is reportedly up for sale manages money for individuals, with around 250 advisors, and does not include Deutsche Bank’s US private bank, which works with some of its wealthiest clients.

The Germany-headquartered bank has indeed been aggressively growing its asset and wealth management business in recent years with hires across the US.

Bloomberg said Deutsche Bank's co-chief executive, John Cryan, is preparing to shrink the investment banking empire built by his predecessors to lower costs, lift capital levels and raise the company’s stock price.

Both Raymond James and Deutsche Bank declined to comment on the matter when contacted by Family Wealth Report today.

The news report comes after Barclays agreed in June to sell its US wealth and investment management business to Stifel Financial. Meanwhile, last month a Swiss newspaper reported that Credit Suisse plans to sell its US private bank and cut back its prime brokerage arm