Commerzbank / To cut thousands of jobs worldwide

Germany’s second biggest lender, Commerzbank, has struck a deal with the staff council about planned layoffs. The cuts are to lay the ground for a profitable retail banking business.

Germany’s partly state-owned Commerzbank has reached a deal with its staff council to cut 5,000 jobs globally, the business newspaper “Handelsblatt” reported Tuesday. The lender warned in January that massive layoffs would be unavoidable in order for operations to be restructured.

The report said the breakthrough in negotiations had come after a week-long strategy meeting. “Talks have been successful,” Commerzbank was quoted as saying, with a final vote on the result by the staff council expected on Wednesday.

Commerzbank targets thousands of job cuts

Commerzbank said the job cuts were necessary to reform the lender’s ailing consumer business. Restructuring is to be carried out without further delay.

Chosen excerpts by Job Market Monitor

via Germany’s Commerzbank to slash thousands of jobs worldwide | Business | DW.DE | 18.06.2013.