The private-client and asset-management division as a whole will have to do more to pay its way.

ECONOMIST: Germany's biggest bank reshapes itself, again

In February last year, with the merger aborted, all change: the private-client and asset-management side had a glowing future, growing faster than the investment bank up to 2003, and with twice the rate of return.

ECONOMIST: Germany's biggest bank reshapes itself, again

The rest are to be bundled into the bank's private-client and asset-management division, which houses Deutsche Bank 24, the retail-banking arm (which already serves some small firms in any case), private banking (for richer customers) and Deutsche's online broker, called maxblue.

ECONOMIST: Germany's biggest bank reshapes itself, again