(Bloomberg) Deutsche Bank, Europe's largest investment bank, plans to sell its U.S. private-client brokerage, according to people briefed on the matter.

Raymond James Financial is in talks to buy the business, which manages money for individuals and has about 250 advisers, said two of the people, who asked not to be identified because the deal hasn't been completed. The sale doesn't include Deutsche Bank's U.S. private bank, which handles some of its wealthiest clients and had been expanding in recent years.

Deutsche Bank co-Chief Executive Officer John Cryan is preparing to shrink the investment-banking empire built by his predecessors to lower costs, lift capital levels and raise the company's stock price. The bank is considering selling a life-insurance unit and a $250 billion portfolio of credit-default swaps, people familiar with the matter said this month.

The U.S. private-client business, which used to be called Alex. Brown, was acquired as part of Deutsche Bank's purchase of Bankers Trust in 1999. The $9 billion deal was a record at the time for a foreign purchase of a U.S. investment bank.

The company dropped the 202-year-old Alex. Brown name from its investment bank in 2002. Deutsche Bank considered selling the brokerage as far back as 2001, when it employed 400 people.

Representatives of Deutsche Bank and Raymond James declined to comment.

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