Deutche Bank sells US daughter company for USD 2.9 bln

Deutsche Bank sold its US daughter company Deutsche Financial Services (DFS) to multinational General Electric Co. for US 2.9 bln. This divestment is in line with the Deutsche Bank´s strategy to focus on its core activities and sell other interests.

After having previously already sold mortgage company Eurohypo for EUR 390 mln, further discussions are going on to dispöse of the Deutsche Bank´s treasury bond company to the State Street Corporation and the outsourcing of all IT functions. Disposals of real estate holdings are well under way.

This all will lead to annual cost savings of some EUR 1.4 bln, mainly in staff: some 8,000 employees will leave the employment of Deutsche Bank.

(source: Deutsche Bank)

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