Deals
Commerzbank to Slash 4,300 Jobs as Zielke Steps Up Cost Cuts
- Lender to sell Polish mBank unit to help pay for job cuts
- New measures also include closing 200 Commerzbank branches
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Commerzbank AG is planning to cut 4,300 jobs as part of a new strategic plan that will also see the bank sell a stake in its Polish mBank unit to reduce risk and help pay for the measures.
Germany’s second-biggest listed bank plans to close 200 branches as part of the measures, and buy the 18% it doesn’t yet own in its online bank Comdirect Bank AG, according to a statement Friday. It’s the bank’s biggest overhaul since Chief Executive Officer Martin Zielke three years ago announced his strategy of focusing on lending to retail and corporate clients in its home market.