Deutsche Bank said late Friday it will hive off its mass retail unit Postbank and slash assets at its investment bank as it seeks to boost its profitability and share price.

The executive and supervisory boards of the giant German lender agreed to "deconsolidate Postbank," the bank said in a brief statement Friday night. That means it will either float a majority stake in Postbank on the stock market and/or seek a buyer for the unit.