Deutsche Bank AG is evaluating a plan to withdraw its retail operations from other German cities and consolidate the activities in its global headquarters in Frankfurt in move that could potentially reduce costs, Bloomberg News reported, citing people familiar with the matter.
The German lender has yet to make a decision, but is unlikely to exempt Frankfurt from any layoffs should it proceed with the move, the people said. The German city of Bonn, which currently serves as a head office for Deutsche Bank, will remain an important location for the lender, a spokeswoman for the bank reportedly said.
CEO Christian Sewing had pledged to bring down costs at Deutsche Bank's retail division by €1.4 billion by 2022, the news agency noted.
Deutsche Bank is also mulling plans to dissolve the management and supervisory boards of German retail unit PFK AG to simplify its legal structure, although the move will require approval from regulators, Bloomberg added.
