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Deutsche to close down 188 branches

deutsche bankDeutsche Bank is expected to either close down or merge around 188 branches across Germany during 2017, according to news reports. According to the bank, North Rhine-Westphalia – Germany’s most populous state – will be the most affected, with 51 branches set to be eliminated over the next year. Berlin is set to lose 43 branches, 26 of them part of Berliner Bank, Deutsche Bank’s sister company. Even Frankfurt, the headquarters of the bank, will have five branches closing down. The bank currently has 723 branches in Germany. It said many of these branches will be merged into larger, significantly more powerful locations. Of the 188 branches that will close, around 30 will be turned into “finance agencies” that will still offer customers certain services, such as ATMs and some consultation options. There could be job losses as a result of this measure.

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