FRANKFURT: Germany’s Deutsche Bank AG will review its strategy and profit targets next year and may sell its Postbank branded retail unit, in a major reversal as a hoped for turnaround in profitability slips out of reach.
The bank said on Thursday it would update strategic targets in 2015 as its three year old plan came to an end, heralding an overhaul of the roadmap that aimed to make it Europe’s last investment bank with a global footprint.
The bank’s comments come after Manager Magazine said Deutsche was considering a possible Postbank sale. Two people close to the bank’s strategic thinking, who declined to be named, confirmed it was mulling the sale of the retail network.
Germany’s biggest lender said it would be irresponsible to speculate on the sale of any business and declined further comment.