EXCLUSIVE-Deutsche Bank to close 20% of domestic branches in coronavirus shift

Credit: REUTERS/SIMON DAWSON

Deutsche Bank plans to shutter one in five branches in its home market in Germany as it seeks to save costs and capitalise on the changing habits of customers during the coronavirus pandemic, an executive said.

FRANKFURT, Sept 21 (Reuters) - Deutsche Bank DBKGn.DE plans to shutter one in five branches in its home market in Germany as it seeks to save costs and capitalise on the changing habits of customers during the coronavirus pandemic, an executive said.

Philipp Gossow, who oversees the retail banking business in Germany, told Reuters that the reduction to some 400 branches from around 500 currently would occur primarily in urban locations and take place "as quickly as possible".

Branch density differs greatly across Europe https://graphics.reuters.com/HEALTH-CORONAVIRUS/BANKS-BRANCHES/yxmvjnnmovr/

Shrinking footprint: The decline in bank branches in Europehttps://graphics.reuters.com/HEALTH-CORONAVIRUS/qzjvqywyovx/

(Reporting by Patricia Uhlig Writing by Tom Sims Editing by Michelle Adair)

((Tom.Sims@thomsonreuters.com; +49 30 220 133 645;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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