Deutsche Bank to sell IT unit to TCS, moves closer to job-cutting target

Deutsche Bank AG agreed to sell a technology services unit to Tata Consultancy Services Ltd., helping the bank move closer to Chief Executive Officer Christian Sewing’s ambitious job-cutting target.

The two companies aim to finalise the sale of Postbank Systems AG by the end of the year, according to a statement from Deutsche Bank on Monday that confirmed a Bloomberg News report last month. The bank will take a hit of about 120 million euros ($140 million), it said.

While the price tag on the deal is a symbolic one euro, it still benefits Deutsche Bank because the lender can save on