Banking giant Deutsche Bank to close a quarter of German branches

Banking giant Deutsche Bank has announced its intention to close nearly 200 branches in Germany, citing an austerity drive and customers shifting to online banking as reasons for the move.

According to a list published on the bank's website on Sunday, more than a quarter of Deutsche Bank's branches across Germany - 188 of 723 - will be closed or "merged into bigger locations," with the state of North Rhine-Westphalia the most heavily affected.

The move is part of an austerity drive by the bank, whose share price has plummeted since the beginning of 2016 and whose market valuation has fallen to about 18 billion dollars.

Christian Sewing, head of private and commercial clients at Deutsche Bank, told dpa that the closures were linked to customers' increased focus on online banking and that the bank would invest 750 million euros (829 million dollars) in its digital offering by 2020.

In June, the bank announced its intention to cut some 3,000 positions in Germany, of which 2,500 would affect the private and commercial clients division.

Last update: Mon, 18/07/2016 - 10:38
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