Germany's Deutsche Bank today said it would acquire Sal Oppenheim and subsidiaries of the private bank in a deal the companies valued at about €1.3bn ($1.92bn).

The deal aligns Deutsche Bank with one of Germany's strongest private banking brands as it attempts to boost its own distressed wealth management business, which reported a 36% decline in second quarter net revenue.

Deutsche Bank and Sal Oppenheim unveil deal

The Wall Street Journal

Deutsche Bank

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Coutts hires ex-JPMorgan banker James Todd as next private client boss

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Many on Wall Street have privately worried that political pressure will undermine the Federal Reserve’s credibility.

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Jamie Dimon Says Private Credit Is Dangerous—and He Wants JPMorgan to Get In on It

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The president again pushed the Fed to lower rates, helping power the S&P 500 and the Nasdaq composite to fresh record closing highs.

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