Deutsche Bank presses ahead with branch reductions

Deutsche Bank plans to close every fifth branch this year. The details should be in place within the next six weeks. Another project is taking longer.

Deutsche Bank is moving ahead with its planned branch closures. In the next six weeks, the bank wants to agree with employee representatives on the modalities of the cost-cutting measure, as the F.A.Z. has learned from financial circles. The bank plans to close 100 of its 500 own branches in Germany this year. How many employees will lose their jobs as a result is not yet foreseeable. The bank will try to relocate affected employees to other locations if possible, or also to the advisory centers for customer service on the phone and the Internet.

In parallel, the bank is also negotiating the closure of 100 Postbank branches. Here, however, the situation is more complicated because many of the branches are still operated together with Deutsche Post and many employees are still civil servants. Among other things, the contracts with Deutsche Post mean that the bank can close a maximum of 50 Postbank branches this year and another 50 next year.

Von Rohr retains Knof's duties

Savings are also being made at management level. For example, no successor has yet been appointed for Manfred Knof, who left the bank four months ago to take over as Chairman of the Board of Managing Directors of Commerzbank at the turn of the year. His responsibility for mass business in Germany had been taken over by Karl von Rohr, Deputy Chairman of the Board of Managing Directors. According to reports, this is to remain the case. At least for the time being, he will continue to manage the private customer business together with the two brand managers Philipp Gossow (Deutsche Bank) and Lars Stoy (Postbank).

On Thursday, the bank will present its figures for the past fiscal year. Analysts expect that the bank has made losses with its private customer business, among other things, because of the restructuring of the more difficult earnings situation due to negative interest rates, but also because of increased risk provisions.