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Commerzbank / To cut 5,200 jobs by 2016

Commerzbank AG (CBK), the German lender that plans to cut 5,200 jobs by 2016, said two executives will leave its management board as part of the reductions.

Jochen Kloesges, 49, and Ulrich Sieber, 47, who oversee a unit that is winding down assets to boost the bank’s capital levels, will step down on Dec. 31, Frankfurt-based Commerzbank said in an e-mailed statement today. Their departure will shrink the board to seven members.

Commerzbank is eliminating staff to lift profit as soured shipping and commercial real estate loans in the unit managed by the two board members eclipse earnings from corporate and retail banking. Martin Blessing, the company’s 50-year-old chief executive officer, said in August that senior management would be included in the headcount reduction.

Chosen excerpts by Job Market Monitor. Read the whole story at 

'Schnitzer Steel to cut 300 jobs in restructuring - Businessweek' - www_businessweek_com_ap_2012-08-28_schnitzer-steel-to-cut-300-jobs-in-restructuring

via Commerzbank Says Board Members to Leave as Bank Cuts 5,200 Jobs – Businessweek.

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Trackbacks/Pingbacks

  1. Pingback: Lloyds / To cut 1,080 jobs | Job Market Monitor - January 28, 2014

  2. Pingback: Nordea Bank AB (NDA) / 2,500 jobs cut is not enough | Job Market Monitor - January 29, 2014

  3. Pingback: Baclays / 400 jobs cut in corporate banking | Job Market Monitor - January 31, 2014

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