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Industry News Articles

Commerzbank plan to cut 6,000 jobs

25 January 2013

Germany’s second-largest lender, Commerzbank has announced plans to cut up to 6,000 jobs.

The bank plans to cut between 4,000-6,000 full-time jobs by 2016. Currently, 49,000 of its 56,000-strong staff are working full-time.

Most of the cuts are expected to be in its loss making domestic branch network, where business failed to meet expectations after it acquired Dresdner Bank in 2008.

The announcement comes as tougher capital requirements, sluggish economic growth and growing concerns about risky trading activity have seen several European banks announcing plans to reduce their workforce.

UniCredit’s German unit, HypoVereinsBank, plans to axe around 1,000 jobs by 2014 while Swiss financial giant UBS announced last October that it would cut 10,000 jobs in its investment bank.

Meanwhile, insurance group Allianz, announced plans to close part of its banking operations in Germany, resulting in the loss of 450 jobs.

Flexible Borer's FUSION Attendance Management System

If employees are asked to undertake different shifts or working patterns to the restructing of the company, then FUSION’s Time and Attendance System take this in their stride.

Our FUSION Time and Attendance systems deal with all clocking matters, from simple collection of employees' clocking data, through to job costing and extensive labour hours analysis. Many working patterns – flexi-time, night shifts and overtime are easily created with the software.

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Access Control Systems using Power over Ethernet (PoE) Technology from Borer