FILE PHOTO: Employees of Germany’s largest business bank, Deutsche Bank, gather ahead of the bank’s annual shareholder meeting in Frankfurt, Germany, May 23, 2019. REUTERS/Kai Pfaffenbach/File Photo
(Reuters) – Deutsche Bank is planning to overhaul its trading operations, including the creation of a “bad bank” to hold tens of billions of euros of assets and shrinking or shutting its U.S. equity and trading businesses, the Financial Times reported on Sunday.
The proposed bad bank, which is known internally as the non-core asset unit, will comprise mainly of long-dated derivatives, FT reported, citing people familiar with the matter.
Deutsche Bank did not immediately respond to Reuters’ request for comment.
Reporting by Ishita Chigilli Palli in Bengaluru; Editing by Sonya Hepinstall
