FRANKFURT, April 26 (Reuters) - Deutsche Bank is to keep about 500 of its retail bank branches in Germany as well as its outlets in Spain and Italy in a global restructuring, German weekly Welt am Sonntag reported, citing financial sources.
Germany’s biggest lender said on Friday it planned to cut back investment banking, sell its Postbank retail chain via a public share offering and reduce costs in a bid to boost profits. No details of an overhaul, which is expected to be difficult, were to be revealed before Monday.
Postbank operates 1,100 branches with 14 million clients. The Deutsche Bank-branded retail operation has 730 branches and 8.5 million clients in Germany, plus another 870 branches and 5 million clients in other countries.
Welt am Sonntag also said Deutsche Bank would reduce the asset base of its investment bank by about 200 billion euros ($217.6 billion) by taking measures such as shrinking its business with hedge funds and other banks.
Deutsche Bank declined to comment on the report.
$1 = 0.9193 euros Reporting by Maria Sheahan; Additional reporting by Thomas Atkins; editing by Jane Baird