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

Commerzbank 'to shed 5,000 jobs'

Share this article

Commerzbank 'to shed 5,000 jobs'
Photo: DPA
10:33 CEST+02:00
Commerzbank, Germany's second largest bank, looks set to shed 5,000 jobs, it emerged on Tuesday. The move is part of an attempt to recover from heavy losses incurred during the 2008-2009 financial crisis.

Discussions about job cuts have, business daily Handelsblatt said, been ongoing since February. In the first quarter of this year, the bank set aside reserves of almost €500 million to cover the cost of redundancies.

Commerzbank employs 41,000 people and a further 13,000 in subsidiary companies. It's unclear how many jobs will be lost at the primary concern.

What is known is that the losses are expected to particularly hit Commerzbank's retail or high-street banking division, which is suffering from low profitability.

While the bank booked losses of €94 million in the first quarter of the year, it was less than analysts had predicted and significantly less than in the same period last year.

In March, Commerzbank committed to undertake a €2.5 billion capital increase to repay further chunks of a state bailout it received during the 2008-2009 financial crisis.

A final decision on the job cuts is expected on Wednesday.

The Local/kkf

Get notified about breaking news on The Local

Share this article

Advertisement

From our sponsors

The Swedish university tackling the challenges of tomorrow

Ranked among the world's best young universities in the QS Top 50 Under 50, Linköping University (LiU) uses innovative learning techniques that prepare its students to tackle the challenges of tomorrow.

Advertisement
Advertisement
Jobs
Click here to start your job search
Advertisement
Advertisement

Popular articles

Advertisement
Advertisement