Deutsche Bank to cut Europe branches amid restructuring

Deutsche Bank is taking various reformative steps to further consolidate its wide-ranged network of Italian and Spanish retail branches in favour of a lesser number of flagship locations serving wealthier clients.

The bank is taking a step away from retail banking businesses in those countries to focus more on better serving those with sufficient money to invest and who want more sophisticated investments and loans, said Claudio de Sanctis, who oversees Deutsche Bank’s retail business outside Germany. 

The process of restructuring is kicking off in Spain, followed by Italy and eventually Belgium, with plans toprioritize providing luxury clients digital banking services.

“It is a fantastic funnel” for the bank’s wealth management, Mr. de Sanctis said in an interview in his office in Zurich. If “you have the strategy of doing affluent, you end up doing a massive amount of high net worth and ultra high net worth”.