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Commerzbank To Cut 10,000 Jobs In Strategy Overhaul - Source

Commerzbank To Cut 10,000 Jobs In Strategy Overhaul - Source

Germany's Commerzbank will cut 10,000 jobs and close hundreds of branches as part of a strategy overhaul, a person with knowledge of the matter said on Thursday.

FRANKFURT: Germany’s Commerzbank will cut 10,000 jobs and close hundreds of branches as part of a strategy overhaul, a person with knowledge of the matter said on Thursday.

The plan has been long in the making, with discussions on the extensive job cuts taking place last year. But they were then put on hold by the sudden resignation of the bank’s chief executive and supervisory board chief.

With a new CEO in place since the start of the month, bank managers have pressed on with their sweeping overhaul.

The plan will be debated over the coming days and finalised by Feb. 3, the person said.

Commerzbank declined to comment on the news, which was first reported by German daily Handelsblatt.

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