FRANKFURT (Reuters) -Deutsche Bank is streamlining its mortgage business, a move that will reduce several hundred jobs through attrition and staff reassignments, Handelsblatt reported on Wednesday.
Handelsblatt cited unnamed sources and said the move was partly in response to a gloomy market outlook.
Germany’s largest lender has been in the process of identifying ways to save additional costs, including through job cuts.
Deutsche didn’t immediately respond to a request for comment but a spokesperson told Handelsblatt that digitalisation, interest rates and inflation “have fundamentally changed” the mortgage market.
“We have further developed our mortgage financing strategy and will set up our business field more efficiently, faster and also more cost-effectively,” Handelsblatt quoted the spokesperson as saying.
Handelsblatt reported that the mortgage businesses – currently operating under the three brands DSL, BHW and Deutsche Bank – will be managed in a uniform way in the future, harmonizing processes and reducing duplication.
(Reporting by Tom Sims, Editing by Rachel More)
