Cerberus seeks well over 7,000 Commerzbank job cuts
FRANKFURT (GERMANY) – Cerberus wants Commerzbank to slash more than 7,000 jobs as part of plans to reduce costs, a source said.
The US activist investor, one of Commerzbank’s largest shareholders with a stake of more than 5%, has been pressing for big changes.
Cerberus plans to present Commerzbank with a “succinct view” on measures it should take on headcount and other moves in the coming weeks.
A spokeswoman for Commerzbank, which at the end of 2019 employed around 48,500 workers, plans to announce details of cost-cutting measures by August, said:
“Currently, different options and scenarios are being discussed. No decisions have been taken.”
“A strategy that is influenced by Cerberus is definitely not in the interest of employees,” said Stefan Wittmann, who represents labour on the supervisory board.
(Photos syndicated via Reuters)
This story has been edited by BH staff and is published from a syndicated field