Deutsche Bank to close 20% of German branches

Deutsche Bank is planning to close 20% of its branches in Germany, according to a Reuters report.

Philipp Gossow, a Deutsche Bank executive who oversees its retail banking business in Germany, told Reuters that the reduction to 400 branches from around 500 would happen primarily in urban locations and take place as quickly as possible.

“Coronavirus has further changed the demands placed on advisory services and the branch business,” Gossow said.

“Even customers who were previously not very familiar with online banking are now doing many simple banking transactions from home on their computer or iPad.”

Gossow said more complex advisory services were taking place increasingly by phone or video and Deutsche Bank would invest to build out those services.

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Dalriada Media LLC sites are edited by veteran news journalist Mark McSherry, a former staff editor and reporter with Reuters, Bloomberg and major newspapers including the South China Morning Post, London's Sunday Times and The Scotsman. McSherry's journalism has also appeared in The Washington Post, The Guardian, The Independent, The New York Times, London's Evening Standard and Forbes. McSherry is also a professor of journalism and communication arts in universities and colleges in New York City. Scottish-born McSherry has an MBA from the University of Edinburgh and a Certificate in Global Affairs from New York University.