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Deutsche Bank plans separate "corporate bank" unit as part of overhaul
[FRANKFURT] Deutsche Bank is planning to create a separate "corporate bank" unit that will seek to streamline services currently spread throughout the bank, two people familiar with the matter said on Friday.
The measure is one element of a sweeping, multi-billion dollar overhaul that Deutsche is planning to unveil in the coming days.
Deutsche Bank declined to comment on the plans for such a division.
Currently, a single corporate customer may have accounts with the private and commercial bank, the transaction bank and the investment bank.
The effort would seek to reduce overlap and the new division would have a seat on the board, the people said, confirming news first reported by the Sueddeutsche newspaper.
The corporate bank would include the transaction bank, which has been a segment of the investment bank, they said. The transaction bank provides everyday banking services important for the finances of corporations, such as international payments.
The investment bank is expected to bear the brunt of the cuts in the overhaul package.
The bank's supervisory board is expected to meet on Sunday to discuss the restructuring, which could see as many as 20,000 job cuts, sources have said.