National Banks Will Downsize in the Coming Years | Business| Economy and finance news from a German perspective | DW | 18.11.2003
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National Banks Will Downsize in the Coming Years

The after-work bar crowd in Frankfurt's financial district is likely to thin in coming years, as the euro slowly drives some bankers out of their jobs. The elimination of national currencies like the Deutsch Mark, Franc and Gulden mean that national banks like the Bundesbank will cut jobs in the next few years. According to a Financial Times Deutschland poll, the Bundesbank said they would cut 25 percent of their positions in the next four years. The Banque de France will cut their worldwide workforce frtom 13,753 to 2,300. All of the euro-zone's banks, save Italy's, will close down branches as well.