Germany's biggest financial institution said it plans to close over a hundred of its branches as part of its restructuring program.
According to Deutsche Bank, 188 of the bank’s 723 branches in Germany will be shut down in the next few months.
North Rhine-Westphalia will lose most of the branches, with 51 branches set to stop their operations. In Bavaria, 11 branches will be closed, 8 of which are located in Munich. Meanwhile, 9 branches will be shut down in Hamburg and 50 branches in Berlin and Brandenburg.
Analysts say the bank’s move is aimed at cutting spending after it reported a loss of almost 7 billion euros in 2015.
The bank official said that the number of the institution’s clients turning to online banking increases every day, thus resulting in fewer people coming to the bank.
