By Eyk Henning
Deutsche Bank AG said late Friday it will hive off its mass
retail unit Postbank and slash assets at its investment bank as it
seeks to boost its profitability and share price.
The executive and supervisory boards of the giant German lender
agreed to "deconsolidate Postbank," the bank said in a brief
statement Friday night. That means it will either float a majority
stake in Postbank on the stock market and/or seek a buyer for the
unit.
The move means chief executives Anshu Jain and Juergen Fitschen
are unwinding an acquisition orchestrated by their predecessor
Josef Ackermann, who decided to acquire Postbank in several steps
starting 2008.
The bank also said it would reduce assets in its investment bank
while strengthening its transaction banking, asset and wealth
management, and own retail activities. "Furthermore, [Deutsche
Bank] will increase its investments in digital banking" and
rationalize its geographic footprint, " it said without
specifying.
Deutsche Bank added it will release first quarter figures on
Sunday and provide further details on the new strategy Monday.
Write to Eyk Henning at eyk.henning@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires