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Commerzbank Will Eliminate 1,800 Jobs at German Branches

Feb. 22 (Bloomberg) -- Commerzbank AG, Germany’s second-largest lender, said it will eliminate 1,800 positions in branches across the country as part of wider job cuts.

The bank is seeking “mutual agreements” with employees and won’t fire people protected by German labor laws if it can cut 600 jobs in the country this year, Frankfurt-based Commerzbank said today in a statement.

Commerzbank is reducing staff and assets as the consumer bank fails to deliver the profits it anticipated and as shipping and commercial real estate loans sour. The bank, which employed about 56,000 people in 2012, said last month that it will cut 4,000 to 6,000 positions by 2016.

The lender, which has about 1,200 German branches, will discuss the progress of job cuts and other potential measures with labor officials at the end of 2014, the bank said.

Larger competitor Deutsche Bank AG had 1,946 branches in the country and employed 47,262 people in Germany at the end of September, according to company filings.

To contact the reporter on this story: Nicholas Comfort in Frankfurt at ncomfort1@bloomberg.net

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

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