As the pandemic continues to change both customer and staff behaviour, Deutsche Bank will close 150 branches this year and let employees work from home for up to three days a week once offices reopen.
In a message to staff, CEO Christian Sewing says that many clients are coming to branches less often and opting instead for digital products such as remote advisory video sessions.
As a result, 150 Deutsche Bank and Postbank branches will close in 2021, with a further 50 Postbank branches going in 2022, costing more than 1200 jobs.
The branch closure news comes as Deutsche reports its best quarterly profit for seven years. The bank booked a EUR908 million profit for the first quarter on revenues of €7.2 billion.
Meanwhile, according to Business Insider, the bank is planning to introduce a hybrid model that will see staff given the option to work remotely for up to three days a week. The move is likely to prove popular with employees, 90% of which backed it in a survey.
Last May, the bank made clear that it viewed Covid-19 as a cost-cutting opportunity, noting that home working and video-conferencing could be a 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 €13 billion on new technology over the next four years.