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Deutsche Bank plans to close one of its five branches in Germany as the bank cuts costs and continues to capitalize on changing customer behavior during the coronavirus pandemic, according to Reuters.
Philipp Gossow, who heads the German retail banking division, said the branch reduction from 500 to 400 would be carried out “as soon as possible” in most urban locations.
Frankfurt-based rival Commerzbank recently announced that it would close 200 of Germany’s 1,000 branches and cut about 10,000 jobs.
“The coronavirus has continued to change the demands for consulting services and branch operations. Even customers who were unfamiliar with online banking now conduct a lot of banking transactions via their computer or iPad,” says Gossow.
A certain percentage included in the pandemic layoffs is part of the plan announced in 2019 through which the bank aimed to lay off approximately 18,000 employees, writes thelocal.de. Deutsche has had a difficult journey in recent years due to a series of scandals and is currently in the process of restructuring.
Between April and June, the bank reported a net loss of 77 million euros. Germany’s economy contracted by 10.1% during the same period.
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