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Deutsche Bank : sees 3.7 billion euros in restructuring costs

04/27/2015 | 01:36am US/Eastern

Deutsche Bank will cut some 200 billion euros in investment bank assets and exit one tenth of the countries it currently operates in, as part of a restructuring program that will cost 3.7 billion euros in one-off costs to implement.

The group said on Monday it would achieve cost savings targets of 3.5 billion euros, once the plan was implemented.

Deutsche Bank said it had raised its stake in Postbank to nearly 97 percent from 94 percent previously, putting it in position to start a squeeze-out of remaining Postbank shareholders by August in preparation for a re-flotation of the lender by the end of 2016.

The group aims to cut 200 branches from some 730 currently in its own-branded retail network, Deutsche Bank said in a statement.

(Reporting by Thomas Atkins and Jonathan Gould; Editing by Arno Schuetze)

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