May 18, 2020 / 11:25 AM / 17 days ago

Deutsche Bank completes milestone in internal bank merger: Deputy CEO

FILE PHOTO: The logo of Deutsche Bank is pictured on a company's office in London, Britain July 8, 2019. REUTERS/Simon Dawson/File Photo

FRANKFURT (Reuters) - Deutsche Bank (DBKGn.DE) over the weekend completed a milestone in the merger of its private and business clients subsidiary in Germany with the mother ship, the lender’s deputy chief executive said on Monday.

The step is a sign of business-as-usual and progress in the bank’s restructuring at a time that the coronavirus outbreak is wreaking havoc on the global economy, disrupting operations and forcing large swathes of staff to work from home.

Deutsche has hoped that by merging the divisions it will save costs and reduce duplication.

Karl von Rohr, Deutsche’s deputy, told Reuters that the bank has transferred 41,000 assets over recent weeks and adapted hundreds of documents, an effort that involved more than 600 employees.

“The technical integration was completed over the weekend. The systems are running,” von Rohr said.

Reporting by Patricia Uhlig and Tom Sims; editing by Thomas Seythal

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