Deutsche Bank to sell subsidiary Bhf-Bank to the Kleinwort Benson Group, a subsidiary of the Belgian financial company Rhj International. This was announced by the German banking giant itself. The operation should yield around 384 million euros, but the parties underline that the figure "is still subject to adjustment". Under the agreement, Kleinwort Benson will pay the amount in cash to acquire 100% of the BGF-Bank capital.
Meanwhile, according to reports from the German press, Deutsche Bank would also be ready to cut thousands of jobs in Germanyto. The first few cuts could concern the headquarters of its retail bank, Deutsche Postbank, in Frankfurt.
The back-office services of the Group's retail brands, currently carried out by a number of Deutsche Bank subsidiaries, will in future be entrusted to the employees of a single unit which will be part of a new structure, while all IT services will be transferred to a single platform, which could potentially result in the elimination of thousands of jobs. This was written by the Sueddeutsche Zeitung, quoted by Reuters.
The first wave of cuts is expected to affect around 540 jobs between Bonn (80%) and Frankfurt (20%). Deutsche Bank had already announced around 1.900 cuts in July, but had assured that most would be outside Germany. Last week, the bank's top management announced that the size of the cuts will be greater than initially expected and that the cost reduction program aimed at meeting capital requirements will also lead to a drop in bonuses and the sale of assets .
