Editions:  Austria · Denmark · France · Germany · Italy · Norway · Spain · Sweden · Switzerland
Advertisement

Commerzbank to axe 4,000-6,000 jobs by 2016

Share this article

Commerzbank to axe 4,000-6,000 jobs by 2016
Photo: DPA
10:11 CET+01:00
Commerzbank, Germany's second-biggest bank, said on Thursday it is looking to axe 4,000-6,000 jobs – or about 10 percent of its workforce – by 2016.

"As part of our strategic agenda announced in November, Commerzbank is planning to invest more than €2.0 billion ($2.7 billion) in core operations, as well as cost savings," a bank spokeswoman told news agency AFP.

"Overall, the bank is assuming that 4,000-6,000 jobs will be cut group-wide by 2016. The exact number will be determined in negotiations with employee representatives that are likely to start in February," she said.

On September 30, 2012, Commerzbank's total workforce numbered 56,287.

While all areas would be affected, it will be the bank's retail division – its high-street branch network – which is set to bear the brunt of the cuts.

In November, the bank announced a strategic reorientation in response to the challenges posted by the financial market and sovereign debt crisis. Above all, Commerzbank would seek to "reposition itself both strategically and operationally in the private customers business," it had said at the time.

On the Frankfurt stock exchange, Commerzbank shares were among the biggest losers, shedding 1.6 percent in a slightly softer market.

AFP/mry

Europe's Leading Job Site for
International Talent - The Local Jobs
Get notified about breaking news on The Local

Share this article

Advertisement

From our sponsors

10 things you should never do in Germany

Every country has its own unique cultural dos and don'ts. You won't get a round of applause for remembering the dos, but you can get into seriously hot water for forgetting the don'ts. To help you out, here's The Local's guide to 10 things you should never do in Germany.

Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement