Royal Bank of Saarland

14 October 2016 By Dominic Elliott

Wealth outflows have been trifling since the risk of a $14 bln U.S. fine emerged, Deutsche executives say. The German lender has more wholesale banking clout than did Royal Bank of Scotland, whose force steadily faded. But a trading slump gives boss John Cryan a similar problem.

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Deutsche Bank has seen some outflows from its wealth management division, but the withdrawals were not significant, senior executives told Reuters, responding to concerns about the possible impact of a U.S. fine.

"It is also natural that a situation like this will create some outflows and some of those clients have also decided to manage their risk, but this is not something that has resulted in any material concern for us," said Fabrizio Campelli, head of Deutsche's global wealth management business.

The bank lost Asia Pacific wealth head Ravi Raju earlier this month, but his successor, Lok Yim, also told Reuters that outflows in the region had been insignificant.

Deutsche Bank has introduced a group-wide hiring freeze to save costs, a source familiar with the matter told Reuters on Oct. 13.

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