Bundesbank to close 56 branches by 2007

GERMANY - The Deutsche Bundesbank has committed itself to cutting back on its operations which will involve shedding over 10% of its staff. It announced on Thursday that it would close down 56 of its smaller branches within the next five years, partly because of improved technology.

The Bundesbank said these changes will have been made by April 2007 at the very latest, and added that the move will affect some 1,800 employees. Some of these will be offered alternative posts or early retiremen

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