Commerzbank to decide on cost-cutting measures next week, says report
Finance

Commerzbank to decide on cost-cutting measures next week, says report

BERLIN (GERMANY) – Commerzbank’s board is likely to sanction more branch closures and job cuts at an extraordinary meeting next week, a German newspaper reported on Saturday.

Commerzbank, which last year announced plans to slash thousands of jobs, has said it is in the process of identifying more cost cuts and will announce plans when it releases second quarter earnings in August.

Boersen Zeitung said the supervisory board will take a decision on job cuts and branch closures during a special meeting on Wednesday.

A Commerzbank spokeswoman declined to comment.

Stefan Wittmann, who represents labour on the supervisory board and is an official at Germany’s Verdi union, said earlier this month that the cost-cutting measures would be “considerably” more than previously announced.

The bank said last year it would cut the number of branches to around 800 from 1,000. It also wants to slash 4,300 positions and add 2,000 jobs in “strategic areas”, a net fall of 2,300 full-time positions, which is equivalent to about 5.7% of its workforce.

(Photos syndicated via Reuters)
This story has been edited by BH staff and is published from a syndicated field

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