FRANKFURT, Sept 12: Moving further to cut costs, Deutsche Bank announced plans on Thursday to shut down 470 of its private and business client branches in Germany, or more than one-third of its current total of 1,240.

Management board member Herbert Walter announced the plans which would also pose job cuts of some 4,000, from the current level of 25,000 employees.

The branch shutdowns are part of an overall reorganization in the private and business banking operations at Germany’s largest financial institute.

Walter said that to help compensate for the shutdown of the 470 branches, the bank would be setting up 300 self-service banking terminals and 120 mobile consulting units.—dpa