Deutsche Bank plans to close almost half of Postbank branches

November 01, 2023

Abstract : Postbank customers in Germany will have to brace themselves for significant cuts in the bank's network of branches.

CAPTION: Deutsche Bank plans to close almost half of Postbank branches. (picture alliance/dpa/A. Dedert/M. Skolimowska)

Postbank customers in Germany will have to brace themselves for significant cuts in the bank's network of branches. Deutsche Bank plans to close up to 250 of the 550 branches currently still in operation at its subsidiary over the next two years, as announced by the head of private banking at the Frankfurt-based DAX-listed company, Claudio de Sanctis, in the British newspaper "The Financial Times."

A Deutsche Bank spokesman explained when contacted for more information: "Stationary sales channels continue to play an important role for the personal consulting services, but in the medium term they will no longer play an important role to the same extent. Deutsche Bank is therefore planning to adapt the Postbank branch network to changing demand in the coming years and gradually reduce the number of nationwide locations from around 550 at present to around 300 by mid-2026." Postal and parcel services will continue to be offered at around 200 of these locations.

Talks with employee representatives soon

According to the plans, the remaining Postbank branches will provide services for customers as so-called tech centers. De Sanctis did not say whether and how many jobs will be lost as a result of the branch closures. The planned restructuring will yield "very significant cost savings and those should more than cover the investment we have to make," he told "The Financial Times."

The Deutsche Bank spokesman announced, "All measures will be negotiated soon with the relevant employee representatives. These talks will also determine the final figures and locations."

Deutsche Bank's branch network, which currently has around 400 locations in Germany, will also come under scrutiny, according to"The Financial Times" report. However, insiders do not expect any major cuts there.

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