Receive Breaking News updates as they occur
Deutsche Bank, Germany's biggest lender, unveiled Monday details of a huge strategic shake-up in which it will rid itself of its Postbank unit and massively curb costs. Ending months of feverish speculation, Deutsche Bank finally lifted the veil on its blue-print for the future, bringing down annual costs by 3.5 billion euros ($3.8 billion) by 2020 and confronting the challenges of increased financial sector regulation and current low interest rates. The plans entailed the flotation of the bank's Postbank unit at the end of next year, the closure of up to 200 high-street branches by 2017 and a "re-focus" of its geographical footprint whereby it would exit or reduce its presence in some countries. "Our course for the next five years is simple: we are focusing to deliver value," said co-chief executives Anshu Jain and Juergen Fitschen.