According to experts, the Deutsche Bank cut to about 400 branches from the current 500 branches will mainly take place in cities with a “as quickly as possible.”
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German bank Deutsche Bank said the bank plans to close 20% of its branches in the domestic market to save costs and take advantage of changes in customer habits in pandemic COVID-19.
According to Philipp Gossow, an expert in supervising retail banking of Deutsche Bank in Germany, the bank cut to about 400 branches from the current 500 branches will mainly take place in cities with the degree of ” as fast as possible.”
Deutsche Bank has undergone a period of strong global business restructuring that began in 2019 after many years unprofitable.
Mr. Gossow is also expected to raise the above plan at the banking conference held on Tuesday (September 22).
The COVID-19 pandemic changed the demand of customers with online transactions soaring. There are more and more telephone or video consulting services available and Deutsche Bank will increase investment to develop services.
Before, Deutsche Bank it was assumed that the COVID-19 pandemic would cause Germany up to 1.5 trillion euros in damage.
The German economy is expected to decline by 7-8% in 2020, but will recover from the fourth quarter of 2020 and achieve decent growth in 2021./.