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Shake-up plan for Deutsche Bank

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Shake-up plan for Deutsche Bank

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Shares in Germany’s Deutsche Bank skidded nearly six percent after plans were announced on Monday to cut costs by 3.5 billion euros and sell off its Postbank business.

The announcement comes after four months of deliberations by co-chief executive officers Jurgen Fitschen and Anshu Jain. The plan includes cutting up to 150 billion euros in investment bank assets and investing more in equities trading and wealth management.

On Sunday the bank said net income for the first quarter had fallen by 50 percent to 559 million euros due to legal costs and regulatory fines.

The results were posted after the lender was fined 2.3 billion euros for trying to manipulate inter-bank lending.