Deutsche Bank to close 20% of German branches

Deutsche Bank HQ in Frankfurt

Deutsche Bank is planning to close 20% of its branches in Germany, according to a Reuters report.

Philipp Gossow, a Deutsche Bank executive who oversees its retail banking business in Germany, told Reuters that the reduction to 400 branches from around 500 would happen primarily in urban locations and take place as quickly as possible.

“Coronavirus has further changed the demands placed on advisory services and the branch business,” Gossow said.

“Even customers who were previously not very familiar with online banking are now doing many simple banking transactions from home on their computer or iPad.”

Gossow said more complex advisory services were taking place increasingly by phone or video and Deutsche Bank would invest to build out those services.