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Deutsche Bank to shut down one in five German branches

Deutsche Bank said Tuesday it will close one-fifth of its German branches to cut costs and adapt to changing consumer habits in the wake of the coronavirus pandemic.

Deutsche Bank to shut down one in five German branches
A red light next to a Deutsche Bank sign in Dresden. Photo: DPA

Germany's largest bank plans to reduce its high-street footprint from 500 to 400 branches “as quickly as possible,” said Philipp Gossow, head of the private banking division.

“Customer demand for advice has increased significantly since the coronacrisis. But customers go to the branch less often for advice” as they become more comfortable with online tools, Gossow told a conference in Frankfurt.

READ ALSO: Deutsche Bank set to cut 9,000 jobs in Germany

The closures are to take place mainly in urban locations.

Related layoffs will be part of the 18,000 job cuts already announced in 2019, the bank said.

The move comes after German rival Commerzbank said it would slash its high-street presence and cut 10,000 jobs.

Deutsche has struggled in recent years amid a series of scandals, and is undergoing a restructuring that pivots operations away from investment banking.

Deutsche lost almost 10 percent of its stock market value Monday after media reports said it was allegedly involved in money laundering while its now-chief executive Christian Sewing was head of the audit division.

Deutsche posted a second-quarter net loss of 77 million on the back of risk provisions to bolster itself against the pandemic.

Covid-19 has prompted more card and online transactions in traditionally cash-loving Germany, partly because of a desire to avoid touching notes and coins.

Card payments will surpass cash transactions for the first time in the country this year, according to research at Euromonitor International, a trend that lessens the need for brick-and-mortar bank branches.

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HEALTH

When, where and how can I get the flu shot in Germany?

Seasonal flu vaccines, Covid boosters, and the monkeypox vaccine are recommended for risk groups in Germany as it gets colder. Here’s what you need to know.

When, where and how can I get the flu shot in Germany?

Flu cases are way up in Germany this year – back to over 22,000 nationwide so far, and those are just the laboratory-confirmed ones. With many Covid-19 restrictions also having slowed the spread of flu in 2020 and 2021, German doctors are particularly encouraging at-risk groups to get this year’s flu vaccine.

Who?

In principle, anyone in Germany can speak to their doctor and get the flu vaccine. However, it is recommended particularly for certain at-risk groups.

According to the German Robert Kock Institute (RKI), which advises the government on viruses, these groups include:

  • anyone over the age of 60
  • pregnant women from their second trimester
  • people with chronic underlying medical conditions such as diabetes, HIV, Multiple Sclerosis, or various heart conditions
  • People who live or work in care homes
  • Medical personnel
  • People who work in areas with particularly high amounts of traffic. These could include schools or Kitas, for example
  • People who live with or care for someone from one of these groups

When?

Flu season’s peak is normally expected in January. That’s why doctors advise you to have your protection in place before then. So the best time to get vaccinated for the flu is between October and December.

With the vaccine taking about 10-14 days to kick in, doctors advise making sure you have the shot by mid-December, so that when the season peaks in January, your body is prepared to fight off the virus if you come in contact with it.

Where?

The easiest place to get a flu vaccine is at your doctor’s office. However, some health authorities run public vaccination campaigns, depending on your federal state. Some workplaces may also administer flu shots on site once a year.

For the first time this season though, pharmacies in Germany will be able to administer a flu shot to any adult with statutory health insurance. Check with your local pharmacy to see if they do it.

Can I get the flu shot at the same time as my Covid-19 booster shot?

In most cases, there are no restrictions on getting the flu shot and a Covid booster at the same time. Most flu vaccines given in Germany are inactivated viruses, which can be administered simultaneously with a flu shot. You don’t have to wait between getting one shot and getting the other.

If giving it you at the same time, your doctor will likely use both arms – one for each vaccine.

READ ALSO: What to know about getting a fourth Covid vaccination in Germany

What about Monkeypox?

Germany has now seen its total number of reported monkeypox cases hit 3,656—with around half of all cases being reported in Berlin. With more and more people getting vaccinated though, the seven-day average of new infections has slowed from a peak of 71 per day in mid-July to less than one a day in October.

That’s far less than the US rate of 105 a day or even Spain at just over four a day.

The vast majority of cases worldwide and in Germany have been detected in gay and bisexual men, whom German health authorities are still advising to get vaccinated if they haven’t already.

Other risk groups include people who work in certain laboratories where they might become exposed, and people who have already potentially been exposed.

Someone who suspects they’ve been in contact with a confirmed case of monkeypox is advised to get a vaccine shot within four days.

READ ALSO: Who can get the monkeypox vaccine in Germany – and how?

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