(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.

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