Deutsche Bank to close nearly half of Postbank branches in response to changing demand

13/11/2023 News

According to Reuters, Deutsche Bank is set to shutter nearly half of its Postbank branches by mid-2026, adapting to evolving customer demands, according to a bank spokesperson. The plan involves reducing the current 550 branches to approximately 300. Claudio de Sanctis, Deutsche Bank's new head of private banking, revealed the branch scaling in an interview with the Financial Times, hinting at similar reductions in Deutsche-branded branches.

The acquisition of Postbank began in 2008 during the global financial crisis, but Deutsche Bank struggled for years with its integration. Recent challenges prompted Germany's top financial regulator to appoint a supervisor to oversee customer service issues arising from the Postbank integration.

These closures align with Deutsche Bank's strategic response to the growing preference for digital banking services in its retail banking business. The objective is to position Postbank as a "mobile-first" bank in the medium term. The spokesperson mentioned that approximately 100 locations will adopt a new branch format, offering on-site advice focused exclusively on banking services. Around 200 locations will continue to provide postal and parcel services.

The bank intends to negotiate these measures with employee representatives, determining final numbers and locations through these discussions. This move signifies Deutsche Bank's commitment to adapting to changing market dynamics and aligning its branch network with the digital transformation in banking.

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