Deutsche Bank AG will close down its wealth management activities in Lugano, Switzerland, and focus on international financial centers such as Zurich and Geneva.

The German bank made the decision after a thorough review of its strategy and operations, according to Swiss news agency AWP. Lugano-based clients will be served from Zurich, with some Lugano-based staff leaving the group and others receiving offers to transfer to Zurich.

Switzerland is the main base for Deutsche Bank's wealth management business in Europe, the Middle East and Africa, the report noted.