Deutsche Bank to close one-fifth of branches in Germany

Deutsche Bank plans to close one-fifth of branches in Germany in a bid to cut costs and take advantage of changing customer habits, a Deutsche Bank chief told Reuters.

Philipp Gossow, who oversees Deutsche Bank’s German retail banking operations, said that this reduction in the branch network to 400 units from about 500 today will take place mainly in urban areas and will take place ”in the shortest time possible”.

This process comes in the context in which Deutsche Bank is going through a global restructuring process that began in 2019, after several years in which the largest German bank recorded losses.

Deutsche Bank’s rival, Commerzbank, recently decided to close 200 of its 1,000 branches and could close several hundred more units.