Deutsche Bank has confirmed its plans to shut 188 branches in Germany as it attempts to restructure its retail banking unit. The bank said on Monday that the closures would affect about 1,000 employees and their families. Deutsche Bank will close the branches throughout large cities and rural towns where it sees little potential for growth, with the majority of branch closures to commence in 2017.
Deutsche Bank has confirmed its plans to shut 188 branches in Germany as it attempts to restructure its retail banking unit. The strategic overhaul will also see the bank shed 4,000 staff positions in Germany and a further 5,000 job cuts are expected abroad while creating 100 private banking jobs. Deutsche Bank will close the branches throughout large cities and rural towns where it sees little potential for growth, with the majority of branch closures to commence in 2017.