Banks

Deutsche Bank to close 20% of domestic branches in coronavirus shift

A general meeting of Deutsche Bank
Arne Dedert | picture alliance | Getty Images

Deutsche Bank plans to shutter one in five branches in its home market in Germany as it seeks to save costs and capitalise on the changing habits of customers during the coronavirus pandemic, an executive said.

Philipp Gossow, who oversees the retail banking business in Germany, told Reuters that the reduction to some 400 branches from around 500 currently would occur primarily in urban locations and take place "as quickly as possible".