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Commonwealth Bank to shut down 114 branches amid coronavirus downturn

Friday 8 May 2020 13:56 CET | News

Australia-based Commonwealth Bank has announced the temporary shutdown of 114 branches to stave off coronavirus-related downturn.

The bank confirmed more than 500 staff members would be reassigned after a reduction of in-person visits to branches. The bank has not disclosed so far which branches would close. Visits by customers to bank branches have fallen more than 50% in some branches as people follow social distancing and lockdown requirements. As a result, transaction volumes in branch have dropped while there has been a large increase in customers doing their banking online.

Most of the branches to be closed will be within 5 km of an open bank. Customers were encouraged to use the location tool on the Commonwealth Bank website to find if their local branch was open, according to dailymail.co.uk.

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Keywords: Commonwealth Bank, coronavirus, bank branch, shutdown, social distancing, online banking, location tool
Categories: Banking & Fintech | Online & Mobile Banking
Countries: Australia
This article is part of category

Banking & Fintech