Deutsche Bank announces for this year the closure of offices and the dismissal of employees in Spain

This year, the Spanish subsidiary of Deutsche Bank will carry out a restructuring process that will entail the closure of branches and a reduction in the workforce, the estimated cost of which is 30 million euros.

When Deutsche Bank works for the mob

When Deutsche Bank works for the mob

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In an internal statement to which Europa Press has had access, the bank has reported that at the end of June it will concentrate several offices close to each other, located in provincial capitals, and will adjust its presence in certain markets with the closure of seven offices. Deutsche Bank España has also informed its workers that the adjustment will have a reduced impact on customers and employees.

According to the financial report for the second half of 2020 consulted by Europa Press, this restructuring plan was approved by the bank's administrators last November, is part of the entity's transformation process to focus on strategic segments and includes , among other issues, "the closure of offices and a reduction in the number of employees."

The estimated cost of the restructuring plan, which will be executed in 2021, amounts to 30 million euros, of which 12.49 million had been paid at the end of the year, as reflected in the annual accounts.

Deutsche Bank merged the Wealth Management and Private & Commercial Bank International units in June 2020, thus creating the new IPB International division, which serves individual clients, private banking, large estates and companies.

After the merger, a strategic plan was approved focused on taking advantage of the opportunities offered by the market, as it is the only major international bank with a network of offices in Spain, and on building a hybrid distribution model that combines personalized advisory capabilities with customer demand for digital and remote attention.

"We will continue to be a bank whose base is the client-manager relationship, so we will have larger offices focused on advice and we will increase online transactions, which entails, among other issues, the closure of offices and some compensation," they indicated Deutsche Bank sources consulted by Europa Press.

The entity assures that Deutsche Bank continues to bet on its growth in Spain and recalls that they have announced the hiring of fifty people for IT and the hiring of 25 bankers for the Wealth Management area.

Deutsche Bank Sociedad Anónima Española recorded losses of 4.78 million euros in 2020, compared to the gains of 20.48 million it obtained in the previous year. As of December 31, the entity had 2,259 employees in Spain, 42 less than a year earlier, and 168 offices for individuals, 4 less than a year earlier, most of them in Catalonia, Madrid, Valencia and Andalusia.


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