Deutsche Bank is set to close 100 of its 500 German branches as it seeks to cut costs by taking advantage of customer migration to digital channels, which has accelerated during the Covid-19 pandemic.
German retail banking business chief Philipp Gossow tells Reuters that the closures will mostly come in urban areas and take place "as quickly as possible".
Gossow says that coronavirus has encouraged customers who previously did not use online and mobile banking to make the switch for basic transactions, while more complex advisory services are now increasingly being done via phone or video chat.
In May, the bank made clear that it viewed Covid-19 as a cost-cutting opportunity, noting that home working and video-conferencing could be money saver.
The branch closures also come in the context of a 2019 plan to shed 18,000 jobs, equivalent to one fifth of the global workforce, and invest €13bn on new technology over the next four years.