Deutsche Bank to Cut 2,000 Jobs Through Branch Closures

Deutsche Bank has announced plans to make “significant” cuts to its branch network this year, resulting in the loss of approximately 2,000 jobs. The move includes the closure of both Deutsche Bank and Postbank branches, as the lender continues to shift its focus toward digital and remote advisory services.

Deutsche Bank CEO Christian Sewing stated at a conference: “We will reduce again branches like we had planned this year in quite a significant number.” Last year, the bank closed 125 branches, citing changing customer preferences as the primary reason for the downsizing.

The bank has been investing in telephone and video advisory channels to provide customers with more convenient and flexible consultation options. Additionally, some branches are being converted into private banking centers aimed at serving wealthier clients.

In September, Deutsche Bank emphasized that the branch closures align with the needs of its customers, who are increasingly opting for remote advisory services over in-person visits.