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Germany – Commerzbank – Up to 6,000 jobs cut

Commerzbank, Germany’s second-biggest bank, is preparing to axe up to 10 percent of its workforce in the coming years, or 5,000-6,000 jobs, the weekly Die Zeit reported on Wednesday.

Die Zeit, in a pre-release of an article to appear on Thursday, said Commerzbank is planning billions of euros in cost-cutting across all divisions between now and 2016.

Die Zeit suggested the exact number of jobs being cut would not be announced Thursday, as negotiations with unions were still ongoing, a scenario confirmed to AFP by a source close to the talks…

Choosen excerpts by JMM from

via Commerzbank to axe up to 6,000 jobs – Channel NewsAsia.

Related Posts

ING to cut jobs more than 2,000 jobs worldwide

POSTED BY  ⋅ NOVEMBER 7, 2012 ⋅ LEAVE A COMMENT

ING (ING.AS), the largest Dutch financial services group, is to cut more than 2,000 jobs worldwide as it prepares to separate its banking and insurance operations in difficult markets. The cuts, which equate to 2.5 percent of ING’s workforce, come as banks across Europe shed staff in a reassessment of their businesses after the financial … Continue reading »

London – Financial sector to cut 13,000 jobs in 2013

POSTED BY  ⋅ NOVEMBER 6, 2012 ⋅ LEAVE A COMMENT

London’s financial sector will lay off 13,000 staff in 2013, cutting employment in a key UK economic sector to a 20-year low, as job vacancies also drop in Europe and even Asia, studies showed. Financial firms in Europe’s biggest financial center have laid off more than 100,000 employees since a market peak in 2007, driven … Continue reading »

Denmark – Danske Bank to cut 3000 jobs

POSTED BY  ⋅ OCTOBER 30, 2012 ⋅ LEAVE A COMMENT

Danske Bank unveiled plans to cut 3,000 jobs and sell 7 billion kroner (€900 million) in shares as Denmark’s largest lender looks for ways to increase its capital buffers. The measures were announced together with Danske’s third-quarter report, showing net income of 1.31 billion kroner, compared with a loss of 384 million kroner a year … Continue reading »

4 Big Banks to Begin New Layoffs

POSTED BY  ⋅ JULY 24, 2012 ⋅ 2 COMMENTS

Here are big banks that are or could be planning big layoffs. Bank of America (NYSE:BAC): On Wednesday, BofA announced its intention to cut costs by $3 billion annually in its investment-banking, commercial-banking and wealth-management units. These cuts will happen by 2015. Goldman Sachs (NYSE:GS): The mega bank also announced Wednesday its plans to cut …Continue reading »

Bank of America – A New Round of Layoffs

POSTED BY  ⋅ JULY 11, 2012 ⋅ 3 COMMENTS

Bank of America Corp (BAC: 7.64, +0.16, +2.12%) has been cutting jobs in its commercial banking unit in recent weeks even as it tries to boost the group’s business, people familiar with the situation said, reflecting the bank’s broader struggles to grow in a tepid economy. The job cuts are the latest round in the … Continue reading »

Swiss Bank – Vontobel to cut jobs

POSTED BY  ⋅ JULY 5, 2012 ⋅ 2 COMMENTS

Vontobel is planning to cut an undisclosed number of jobs, the latest Swiss private bank seeking to lower costs as the industry braces for lost revenue due to pressure on the country to stop harbouring tax evaders. Vontobel spokesman Reto Giudicetti confirmed comments by Chief Executive Zeno Staub in an interview with the Handelszeitung newspaper … Continue reading »

Deutsche Bank to Increase Job Cuts

POSTED BY  ⋅ SEPTEMBER 13, 2012 ⋅ LEAVE A COMMENT

Deutsche Bank AG (DBK), Europe‘s biggest bank by assets, will cut jobs and review its pay prac­tices to help boost prof­itabil­i­ty as cap­i­tal require­ments rise and Europe’s debt cri­sis drags on. “Com­pen­sa­tion prac­tices are one impor­tant way to achieve … http://www.bloomberg.com/news/2012-09-11/deutsche-bank-plans-more-cuts-in-headcount-pay-to-reach-goals.html

Bank of France aiming to cut up to 2100 jobs in branches

POSTED BY  ⋅ SEPTEMBER 12, 2012 ⋅ 1 COMMENT

Bank of France aiming to cut up to 2100 jobs in branches . . . http://www.reuters.com/article/2012/09/12/us-france-bankofrance-idUSBRE88B1DU20120912

Finance – Midlevel Jobs Going Out of Wall Street

POSTED BY  ⋅ JULY 2, 2012 ⋅ LEAVE A COMMENT

New York’s biggest investment houses are shifting jobs out of the area and expanding in cheaper locales in the United States, threatening the vast middle tier of positions that form the backbone of employment on Wall Street. The shift comes even as banks consider deeper staff cuts here, which could undermine the state and city … Continue reading »

Australia | Finance Industry Has Lost 3k Jobs in the first 4 months of 2012

POSTED BY  ⋅ APRIL 23, 2012 ⋅ LEAVE A COMMENT

A shocking 3000 jobs have been lost in Australia’s finance industry in the first four months of the year according to the National Secretary of the Financial Services Union. Though the majority of these jobs were lost in the first six weeks of the year, with the announcement from the Australia & New Zealand Banking … Continue reading »

Wall Street – More Layoffs to Come

POSTED BY  ⋅ AUGUST 16, 2012 ⋅ LEAVE A COMMENT

Big banks are unlikely to be broken up — but they will keep getting smaller by getting rid of a large numbers of workers. Wall Street financial firms cut more than 75,000 people in 2011, and their employees are bracing for another round of layoffs. Analysts estimate that Wall Street banks will have roughly 10 … Continue reading »

Australia | Finance Industry Has Lost 3k Jobs in the first 4 months of 2012

POSTED BY  ⋅ APRIL 23, 2012 ⋅ LEAVE A COMMENT

A shocking 3000 jobs have been lost in Australia’s finance industry in the first four months of the year according to the National Secretary of the Financial Services Union. Though the majority of these jobs were lost in the first six weeks of the year, with the announcement from the Australia & New Zealand Banking … Continue reading »

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