Germany’s Commerzbank AG said Friday that 1,800 jobs in its German retail branches, or about 11% of the retail jobs in Germany, will be cut by the end of 2015. The bank’s management said it has adopted a policy statement to avoid compulsory redundancies in the process.
The bank has said it plans to cut between 4,000 and 6,000 jobs across its operations by 2016 as part of a four-year strategy plan to boost revenues and cut costs. Job cuts exclude online banking unit Comdirect AG and Polish BRE Bank SA unit.
In Germany, job cuts can be achieved by measures such as early retirement, part-time work and natural attrition, thereby avoiding outright layoffs.
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via Commerzbank to cut 1,800 retail branch jobs – MarketWatch.
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