Commerzbank AG (CBK), Germany’s second- biggest bank, will cut 4,000 to 6,000 jobs over the next four years to reduce costs and meet its profit goals.
The job reductions will apply to all units worldwide with the retail bank having “significant overcapacity,” according to an internal memo obtained by Bloomberg news, the contents of which were confirmed by spokesman Simon Steiner in Frankfurt. Chief Executive Officer Martin Blessing declined to comment on the cuts at the World Economic Forum in Davos, Switzerland.
“If we want to reach our profit and growth targets amid a continuous difficult environment, we need to adjust the staff structure,” Ulrich Sieber, management board member responsible for human resources, said in the memo.
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via Commerzbank to Cut 4,000-6,000 Jobs by 2016 – Bloomberg.
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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 … Continue reading »
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