July 4, 2019 / 5:56 PM / 16 days ago

Deutsche Bank plans separate "corporate bank" unit as part of overhaul - report

FRANKFURT, July 4 (Reuters) - Deutsche Bank is planning to create a separate “corporate bank” unit that will include its transaction banking activities, the Sueddeutsche Zeitung reported on Thursday.

The division will have a seat on the board, the paper said, citing internal documents.

Currently, the transaction bank is part of the investment bank, which will shrink as part of the overhaul, sources have said.

A spokesman for Deutsche declined to comment.

Deutsche Bank is preparing to unveil a sweeping, multi-billion euro overhaul within days that would see the axe fall heaviest on investment bankers.

The bank’s supervisory board is expected to meet Sunday to discuss the restructuring, which could see as many as 20,000 job cuts, sources have said. (Reporting by Tom Sims Editing by Alexandra Hudson)

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