Deutsche Bank is to re-brand and re-integrate its DB24 online banking offshoot into the mainstream of the bank.
The move is part of a major restructuring of the German bank's retail and business banking operations, aimed at at tripling profits in the division by 2004.
The overhaul will entail the modernisation of the branch network and the consolidation of independent service offerings, including Deutsche Bank 24, under the Deutsche Bank brand. It will result in the loss of a further 1800 jobs, over and above the 2200 redundancies already agreed.
"Private & Business Clients is the right answer to the changes in the markets and the needs of modern customers in Europe for comprehensive financial and advisory services - both professional and private - with a single bank account," states Herbert Walter, global head private & business clients. "It is our goal to significantly increase our operating result to €1 billion by 2004, thus gaining a top position in the European league."
As part of this, the 'classic' branch network will be modernised and customer target groups will be catered for by 1300 ´Investment & FinanceCenters´ across Europe, of which 770 are in Germany.
Specialised teams will be on hand to look after the affairs of affluent private clients and business customers transferred from the wealth management operation Maxblue and the investment banking division. These two units will continue to serve higher net worth customers and larger companies across Europe.
The new-look business will be unveiled after the technical conversion of all systems by the start of October.