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Deutsche Bank no longer wants to offer cash in branches in the future

New Paths: Deutsche Bank has been in a restructuring process for years.
picture alliance / Daniel Kubirski | Daniel Kubirski

Deutsche Bank no longer wants to hold cash in its branches in the future. This is what Lars Stoy, the manager responsible for the private client business, as reported by “FAZ” said.

Only a few large centers should continue to offer cash. Stoy explained that this was a reaction to the trend towards more cashless payments. Instead, they want to focus more on consulting and branch sales.

Cash should also continue to be available at ATMs.

Deutsche Bank no longer wants to offer cash in its branches in the future. This is what private client chief Lars Stoy said at an investor conference he reports on “FAZ”. “In the future, I no longer want to offer cash in branches because there is a cost to holding cash,” Stoy explained in the decision. Cash will continue to be offered in only a few large centers and customers should also be able to obtain banknotes from ATMs.

Stoy went on to explain that the bank was reacting to two trends with this step: more and more cashless payments are being made, while at the same time increasing demand for advisory services. Even in this way, the supply of cash is ensured, after all, in addition to ATMs, you can also withdraw money in supermarkets or petrol stations.

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Stoy did not say when the measure should be implemented. He presented the decision as part of Deutsche Bank’s restructuring strategy that branches’ “main job” is to sell and advise clients on things like investments, mortgages, insurance and loans. If this route is taken, he expects the branches to become profitable again, Stoy said. The strategy also includes the closure of other offices.

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