Thousands of jobs cut in Frankfurt banking merger

Thousands of jobs cut in Frankfurt banking merger
Photo: DPA
The integration of the headquarters of Commerzbank and Dresdner Bank in Frankfurt will result in the loss of approximately 2,200 full-time jobs in the city, the company announced on Tuesday.

The announcement came after management and employee representatives finally reached an agreement over the integration of the head offices of Commerzbank, Dresdner Bank and Dresdner Kleinwort Investment bank. As a result of the takeover of Dresdner Bank by Commerzbank, 9,000 jobs will be lost worldwide, 6,500 of which are in Germany.

“Workers at the central divisions in Frankfurt are getting clarity now about what’s going to happen in their sectors. In this way we are progressing the integration process significantly across the whole bank,” said Eric Strutz, a member of the Commerzbank management group.

In mid-March the management and employees agreed fundamentally on a coordination of interests as well as a redundancy programme for the Frankfurt headquarters of both banks.