DB - Deutsche Bank to close 200 Postbank branches by the end of 2023 - Handelsblatt

Deutsche Bank (DB +1.5%) plans to prune significantly its number of Postbank branches in the next two years. "We want to go from around 750 branches today to a target of 550 branches by the end of 2023," Philipp Gossow, head of branches and mobile sales for Deutsche Bank (NYSE:DB) and Postbank brands, told German newspaper Handelsblatt. The German lender signed an agreement with Deutsche Post that allows the bank to speed up the closure of 100 branches, allowing them to close by 2023 instead of 2024 and 2025, he said. The previous contracts between Deutsche Bank (DB) and Deutsche Post only allowed for the closing of up to 50 branches per year. Deutsche Bank (DB) went through massive restructuring the past couple of years as it seeks to boost its profitability. In March, its COO left the company as part of a management overhaul.

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Deutsche Bank to close 200 Postbank branches by the end of 2023 - Handelsblatt