Deutsche Bank Targets Emerging Wealth Growth

Deutsche Bank plans to hire up to 50 relationship managers this year within its emerging markets private banking unit, as it seeks to expand its presence in the Gulf and North Asia. The move forms part of a broader strategy to increase the franchise’s front-office headcount by 50 per cent over the next three years.

Marco Pagliara, head of emerging markets at Deutsche Bank Private Bank, said selective hiring would continue through 2027 and 2028. A significant share of the 250 bankers the lender previously said it would recruit globally will be allocated to the emerging markets platform. Switzerland is also set to be a focus of the expansion.

The hiring push reflects intensifying competition among global banks to capture rising wealth in Asia and the Middle East. According to Boston Consulting Group’s Global Wealth Report 2025, global financial wealth reached a record $305tn in 2024. Deutsche Bank executives said clients are increasingly seeking geographic diversification in response to heightened market volatility and geopolitical risk.

Pagliara noted that wealthy clients who historically concentrated assets in centres such as Singapore or Hong Kong are now opening additional accounts in European hubs including Switzerland, Luxembourg and the UK. Allocations to Europe-domiciled investments are rising as investors rebalance portfolios across jurisdictions and asset classes.

Lombard lending is another growth priority. Adam Russ, global head of wealth management and business lending, said clients are making greater use of leverage backed by their investment portfolios, though not in an aggressive manner. Deloitte estimated the global Lombard lending market at around $4.3tn in 2024, describing it as one of the fastest-growing credit products since 2018. Deutsche Bank sees scope to expand in this segment as clients deploy accumulated liquidity in an uncertain market environment.