Commerzbank Says to Axe 4,000-6,000 Jobs by 2016
Commerzbank, Germany's second-biggest bank, said on Thursday it is looking to axe 4,000-6,000 jobs -- or about 10 percent of its workforce -- by 2016.
"As part of our strategic agenda announced in November, Commerzbank is planning to invest more than 2.0 billion euros ($2.7 billion) in core operations, as well as cost savings," a bank spokeswoman told Agence France Presse.
"Overall, the bank is assuming that 4,000-6,000 jobs will be cut group-wide by 2016. The exact number will be determined in negotiations with employee representatives that are likely to start in February," she said.
On September 30, 2012, Commerzbank's total workforce numbered 56,287.
While all areas would be affected, it will be the bank's retail division -- its high-street branch network -- which is set to bear the brunt of the cuts.
In November, the bank announced a strategic reorientation in response to the challenges posted by the financial market and sovereign debt crisis.
Above all, Commerzbank would seek to "reposition itself both strategically and operationally in the private customers business," it had said at the time.
On the Frankfurt stock exchange, Commerzbank shares were among the biggest losers, shedding 1.6 percent in a slightly softer market.