Deutsche Lufthansa aims to save 1.5 billion euros (£1.24 billion) in annual costs by bundling its subsidiaries' purchasing, human resources, controlling and IT at its Frankfurt headquarters, a magazine reported.

Citing company sources, Germany's WirtschaftsWoche wrote that purchasing at its AustrianAirlines, Swiss, Germanwings Lufthansa Technik and Lufthansa Cargo units would be most immediately impacted.

Chief Executive Christoph Franz's Profit Improvement plan to be presented on February 6 also foresees further savings from reviewing all flight plans for possible redundancies.

(Reporting by Christiaan Hetzner; Editing by Dale Hudson)