US Stock Market Move | Deutsche Bank Aktiengesellschaft (DB.US) rose more than 2%. The company is restructuring its German wealth management business to increase revenue.

On Wednesday, Deutsche Bank Aktiengesellschaft (DB.US) rose more than 2%, reaching $30.15. On the news front, Deutsche Bank is restructuring its wealth management business in Germany, aiming to simplify its leadership structure and increase profitability in this lucrative business. The largest bank in Germany stated in a statement released on Monday that the separate departments serving wealthy and high net-worth clients will be merged into one wealth management department. The organizational structure of the bank's small and medium-sized enterprise business department will be similar, with operations divided by region within Germany. As part of this transformation, Nasim Amini will be leaving HypoVereinsbank and joining the company in January next year to oversee management in the southern region. Deutsche Bank Aktiengesellschaft has also hired Naveed Arshad from Privatbank Hauck Aufhaeuser Lampe Bank to provide product services for high net-worth clients seeking digital solutions. Lisa-Marie Woehrle will be leaving UBS Group AG (UBS.US) to join the company and lead a new department providing retirement and estate planning services for affluent families.