Deutsche admits defeat on retaining large traditional branch network
Deutsche Bank has abandoned plans to sell its consumer banking unit Postbank and will instead embark on a massive integration project, rationalising technology platforms and running up a EUR1 bill on restructuring and severance costs.
The combined bank will serve over 20 million customers in Europe’s largest economy, 10 million of which are already using digital offerings.
Today the shift away from branches that began with Barclays and other UK banks 8 years ago has finally taken hold. The idea of a large bank being branchless is no longer a dream. There are many banks using the concept of shift to sales offices as a teaser, but the reality is that the traditional $1 million + branch with tellers, cash and vault infrastructure is now defunct.
In 2006 Jim Bruene, founder of Online Banking Report wrote this report. It has indeed been a long time coming but it is happening now.