Germany’s largest bank, Deutsche Bank, is continuing to streamline its branch network. As part of a new strategy, around 50 smaller branches are set to be closed across the country.
Deutsche Bank announced on Wednesday that out of its 400 branches, roughly 50 smaller locations will be affected by the closures. The bank confirmed that a “medium double-digit” number of branches will be shut down, though the exact figure has yet to be finalized. Negotiations with the bank’s works council are expected to begin soon.
Despite the closures, Deutsche Bank emphasized that it will continue to maintain a nationwide presence. “Deutsche Bank will still be represented across the country with a comprehensive branch network,” the institution said in a statement.
Expanding digital services
In addition to the closures, Deutsche Bank plans to enhance its advisory services by expanding capacity for video and telephone consultations. This move follows growing customer demand for digital alternatives, which offer more convenient options and extended service hours. “Customers increasingly prefer this form of advice as a convenient alternative with extended consultation hours,” the bank stated.
Furthermore, Deutsche Bank plans to invest in its remaining branches by upgrading facilities, such as installing new ATMs. These measures are part of a broader strategy to modernize the bank’s private customer segment, which was previously announced. A mid-three-digit million-euro sum will be invested in the global modernization of Deutsche Bank’s private banking division.
