Deutsche Bank has revealed plans to spin off its Postbank retail chain in Germany as part of a restructuring designed to boost profitability.
As part of the restructuring, the bank will also reduce assets in its investment bank while strengthening its transaction banking, asset and wealth management, and own retail activities.
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The bank will substantially invest in digital technologies with additional investment of up to 1bn over the next three to five years in digitization to capture new revenue opportunities through remote advisory channels and automated or digitized processes.
Deutsche Bank co-CEOs Jürgen Fitschen and Anshu Jain said: "Our strategy review process was thorough and rigorous. We consulted key stakeholders and carefully evaluated different models. As a result of our strategy review, we are convinced that pursuing a focused client-centric business model is the right choice for us.
"Our course for the next five years is simple: we are focusing to deliver value. We are confident that, by 2020, Deutsche Bank will be better capitalized and less leveraged; more cost-efficient; well-funded; more value-creating for shareholders; and better governed, with stronger systems and controls."
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