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Deutsche Bank AG has tightened lending conditions for wealthy clients since the onset of the coronavirus pandemic, even as demand for loans to the world’s rich rebounds, according to the head of its International Private Bank.
“We took a more conservative approach to collateral from sectors and industries affected by Covid-19,” Claudio de Sanctis said in a telephone interview, singling out aircraft, commercial real estate, retail and travel. That continues to be the case even as the bank is “supporting our clients, which is reflected in our loan growth in more recent months,” he said.
Deutsche Bank joins others in paring back risk on loans to rich clients in some sectors, despite the world’s biggest wealth managers seeking to boost lending to shore up revenue.Credit Suisse Group AG has reviewed itsrisk appetite at it’s international wealth management unit, Bloomberg reported in May.
161,934 in U.S.Most new cases today
+6% Change in MSCI World Index of global stocks since Wuhan lockdown, Jan. 23
-0.8739 Change in U.S. treasury bond yield since Wuhan lockdown, Jan. 23
4% Global GDP Tracker (annualized), Oct.