Deutsche to cut investment banking, split off Postbank

FRANKFURT (Reuters) - Deutsche Bank will cut back investment banking, split off its Postbank retail chain and slash costs, the group said late on Friday, in a restructuring plan designed to restore profitability.

Germany's biggest lender ended four months of deliberations on its future saying it would invest in its transaction banking, asset and wealth management division, and own-branded retail businesses.

The group's supervisory board unanimously supported the strategic proposal, Deutsche said in a statement.

(Reporting by Thomas Atkins; Editing by Maria Sheahan)