• Germany's news in English
Hundreds of great job opportunities for foreign professionals at Germany's top employers - in cooperation with Monster, Experteer, Stepstone, and CareerBuilder.
Commerzbank to axe 4,000-6,000 jobs by 2016
Photo: DPA

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

Published on: 24 Jan 2013 10:11 CET

Facebook Twitter Google+ reddit

"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.


The Local(news@thelocal.de)

Facebook Twitter Google+ reddit

Your comments about this article