EXCLUSIVE: Deutsche Bank to close 20% of branches in Germany to save money

EXCLUSIVE: Deutsche Bank to close 20% of branches in Germany to save money

EXCLUSIVE: Deutsche Bank to close 20% of branches in Germany to save money

FRANKFURT AM MAIN (Reuters) – Deutsche Bank (DE: DBKGn) plans to close one in five branches in Germany amid efforts to cut costs and to accommodate customer preferences that have changed during the coronavirus pandemic, Philip Gossow, head of the bank's retail business in Germany, said.

The bank will reduce the number of branches to about 400 from about 500, the closures will affect mainly branches in cities and will occur “as soon as possible,” Gossov told Reuters.

(Patricia Uhlig. Translated by Vladimir Sadykov. Editor Dmitry Antonov)

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