The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64 - Financial service activities, except insurance and pension funding
2,300 jobs Number of planned job losses
Announcement Date
28 December 2020
Employment effect (start)
1 January 2021
Foreseen end date
31 December 2024
Description
As confirmed on 28 December 2020, the German bank Commerzbank will be cutting 2,300 jobs in Germany until 2024 due to internal restructuring. Management and works’ council agreed to post €610 million in costs in the fourth quarter of 2020. This money will be used for the reduction of 2,300 jobs between 2021 and 2024. The new CEO will start on 1 January 2021 and is expected to make further cuts which could add up to 10,000 job cuts in the end. The bank is currently in a difficult situation driven by the COVID-19 pandemic, low interest rates and digitalisation.
Eurofound (2020), Commerzbank, Internal restructuring in Germany, factsheet number 102942, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/102942.
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