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EU banks close branches, cut jobs as customers go online

Reuters  |  LONDON 

By Emma RumneyLONDON (Reuters) - European Union banks closed 9,100 branches and cut around 50,000 staff last year, according to data published on Tuesday, as customers increasingly opted for online banking. The European Banking Federation, which gathered the information, said the number of bank branches in the EU had been reduced to 189,000 at the end of 2016, a 4.6 percent fall on the previous year. Staff numbers were their lowest since 1997, at around 2.8 million people, according to the analysis. A total of 48,000 branches have been shut across the bloc since 2008 - a reduction of more ...

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First Published: Tue, September 12 2017. 22:23 IST