Deutsche Bank Announces New Branch Closures Affecting 2,000 Employees

Deutsche Bank is the latest bank in a long line to announce multiple branch closures scheduled for this year. Banks around the world have been shutting down thousands of branches as banking started evolving and moving into the digital realm.

Now, according to reports, Deutsche Bank intends to make significant cuts that will affect around 2,000 jobs. Commenting on the bank’s upcoming move, its CEO, Christian Sewin, stated that the bank will reduce branches as planned in 2025, pointing out that the reduction will be “in quite a significant number.” 

As his statement implied, this is not the first round of closures for the German banking giant. Last year alone, Deutsche Bank closed 125 branches, and now, it intends to shut both its native Deutsche Bank as well as Postbank sites.

Banks Are Responding To Customer Needs

The Bank addressed the matter of branch closures last year, in September 2024. Back then, it said that the closures came in response to the customers’ needs. With more and more of its users now increasingly using remote forms of advice and general banking, there is less and less need for the banks to have a physical presence.

Simply put, remote advice and banking is simply a more convenient alternative, and the banks can even offer extended consultation hours by doubling down on this method as opposed to running physical branches.

The company has also invested in telephone and video channels, which it now uses to provide customers with personal advisory services. Meanwhile, many of its branches will be shut down, while some will be converted into private banking centers, geared towards advising wealthier clients, who may still have the need for a more in-person approach.

Deutsche Bank is far from the only one to make moves of this kind in recent years, and in total, thousands of branches of various banking giants have been closed, especially in the UK, with many other countries following with similar situations.