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Commerzbank Explores Closing Over 10% of Branches to Trim Costs

  • Move would aim to offset rising energy and wage expenses
  • Growth initiatives also to be discussed at strategy meeting
Signage for Commerzbank AG in Frankfurt, Germany.

Signage for Commerzbank AG in Frankfurt, Germany.

Photographer: Alex Kraus/Bloomberg

Commerzbank AG is considering cutting more than 10% of its branches to curtail surging energy and wage costs, part of a strategy update that will be discussed by the German bank’s leadership later this month.

The Frankfurt lender’s main scenario currently includes lowering the branch target to 400 from 450, people familiar with the matter said. No final decision has been made ahead of Commerzbank’s annual strategy meeting on Sept. 28, where the issue will be discussed, they said.