Commerzbank Plans Job Cuts in Biggest Overhaul Since Bailout
- Bank plans to reduce 9,600 jobs, about a fifth of workforce
- Commerzbank taking costs of $1.2 billion in planned overhaul
Commerzbank to Cut 9,600 Jobs, Suspend Dividend
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Commerzbank AG Chief Executive Officer Martin Zielke plans to reduce about one in five jobs, suspend dividends and shrink securities trading in the biggest overhaul since the German lender’s bailout.
Under the draft plan, Commerzbank will cut 9,600 jobs, merge its Mittelstandsbank, catering to small and medium-sized companies, with the corporates and markets unit and scale back securities trading operations, the Frankfurt-based bank said in a statement on Thursday. The restructuring plan through 2020 will cost about 1.1 billion euros ($1.2 billion).