Banks across the globe are looking to reduce their physical footprint as they are gaining more consumer activity online. This will save capital for banks to enhance their customer experience and turn some branches into quasi-digital “engagement hubs.”
Deutsche Bank is planning to close one in five branches across Germany. The Frankfurt-based bank aims to reduce its branches in urban areas from 500 to around 400. The focus of the closures would be in cities where multiple branches exist.
PNC Bank’s CEO William Demchak also announced that the bank plans to close 280 branches by the end of 2021. The Pittsburg-based bank intents on closing nearly 160 branches this year. PNC has 2,256 branches across the country.
Key Bank also plans to close more branches after shutting 21 this year….