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.
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