Deutsche Bank to Split Teams Globally as Coronavirus Spreads

(Bloomberg) -- Deutsche Bank AG will operate in split teams globally from Monday as a way to curb the spread of the coronavirus.

Employees should also observe the separation in their free time, the lender said in a memo to staff.

Reuters reported the move earlier.

The bank has seen an increasing number of infections, including at its headquarters in Frankfurt and in London. Its asset management arm DWS has switched to split teams as well.

Deutsche Bank will keep its branches across Germany open for now, but the company can close some of them and provide services from larger locations if necessary, according to the memo to staff in the country. A few branches in Italy have been closed, a spokeswoman said.

By contrast, Deutsche Bank’s German rival, Commerzbank AG, has decided to shutter hundreds of branches across Germany, a spokesman said by phone.

Read more: Deutsche Bank CEO Praises Merkel’s Emergency Response in FAS (1)

--With assistance from Sebastian Tong.

To contact the reporters on this story: Steven Arons in Frankfurt at sarons@bloomberg.net;Nicholas Comfort in Frankfurt at ncomfort1@bloomberg.net

To contact the editors responsible for this story: Angela Moon at hmoon43@bloomberg.net, Christian Baumgaertel, Ross Larsen

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