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Deutsche Bank to close private banking arm in Australia

Deutsche BankAG will shutter its Australian private banking arm as part of itsefforts to streamline operations, TheAustralian reported Sept. 22.

The move will result in the loss of 15 jobs and affect threeproduct offerings in Australia: advisory, lending and portfolio management.

A spokeswoman for the bank said the restructuring of theAustralian business is in line with the group's aim to become a more efficientorganization.

The transition of the bank's wealth management's clientactivities to other providers is expected to be completed in the first half of2017.