Saturday, April 25, 2015

German bank goes without Postbank in the future – Reuters Germany

– Kathrin Jones

Frankfurt (Reuters) – The German bank separates from Postbank.

“The Board today unanimously, the proposal submitted by the Board’s proposal to support, “the bank said after several hours of Board meeting late Friday. According to the union Verdi, which is prominently represented in the supervisory board, shall be on an IPO cleavage of the Bonn daughter. Verdi wants to fight for job security, go for the post Banker for weeks on the road – the last before the headquarters of Deutsche Bank in Frankfurt

The new strategy of Germany’s biggest money house had been eagerly awaited. The German bank groaning under high regulatory costs, the return is lean. The main objectives of the “Agenda 2015+” who had proclaimed the two CEOs Anshu Jain and Jürgen Fitschen nearly three years ago, were missed. The big investors who pumped several times fresh money in the bank, became increasingly restless. Until the end, according to financial circles also an unqualified success had been discussed: A spin-off of the entire private client business. Now, however, should remain in the group, the “blue” branches. A decomposition of Deutsche Bank in two parts – retail banking and investment banking -. Is off the table

How many sites disappear in the “small” solution, the Institute was initially open. Reuters had most recently learned from insiders that the branch operations of Deutsche Bank faces particularly severe cuts. Up to one third of the approximately 700 branches therefore are up for grabs. It is clear that also includes investment banking is expected to shrink that devours a great deal of capital. Details of the new strategy will present on Monday, the German bank. On Sunday afternoon, the quarterly figures to be published. Analysts expect despite the recent charges from litigation billions in profit before tax.

SEPARATION seven-year itch

How exactly the separation of the Postbank look, this could not even look at the German bank in the cards. She spoke only of the deconsolidation of the Institute. That is, the proportion of the daughter falls definitely below 50 percent. In 2008, the industry leader was entered at the Bonners, since 2010, the Bank was the majority shareholder of the Group, the financial crisis in its business model so balanced better. But size has now become expensive because regulators have tightened the reins. In addition, “focus paragraph” the integration of Postbank in the German banking remained in the past few years short of expectations, such as insider report.

The particularly strong organized at Postbank union Verdi signaled that the policy decision of Deutsche Bank at the end of the social acceptance has played an important role. This was obviously less available for the large splitting. Postbank can now go their own way, “with no future to be subject to the restrictions of a particular regulated global banking”. The IPO offer new Wachstumsperspektivem. Verdi boss Frank Bsirske, himself the Supervisory Board of Deutsche Bank represented, announced: “The next pending step by Verdi is now to provide job security for workers and employees in the group and enforce the no compulsory redundancies.”


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