Commerzbank Said to Plan Cutting 450 Additional Jobs

Commerzbank AG (CBK), Germany’s second-biggest bank, plans to eliminate about 450 jobs in its finance department, a person familiar with the matter said.

The company began talks with workers’ representatives last week, said the person, who asked not to be identified because the plans aren’t public. The reductions will be in addition to 5,200 cuts announced in June last year, the person said.

Melenie Loriz, a spokeswoman for the company, said in e-mailed comments that Commerzbank planned to restructure the finance department. She declined to provide further details.

The job cuts were reported by Reuters earlier today.

To contact the reporter on this story: Shane Strowmatt in Frankfurt at sstrowmatt@bloomberg.net

To contact the editors responsible for this story: Frank Connelly at fconnelly@bloomberg.net Mark Bentley

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