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
10,000 jobs Number of planned job losses
Announcement Date
28 January 2021
Employment effect (start)
21 January 2021
Foreseen end date
1 January 2024
Description
Germany-based bank Commerzbank has announced that it will cut 10,000 jobs worldwide until 2024. So far, the bank announced the cuts in Germany (2,300 jobs), where 450 out of 790 branches are being closed. About 200 positions are also at risk in Luxembourg as the company may close its subsidiary Commerzbank Luxembourg.
The cuts and cost-saving measures are part of the new programme ‘Strategy 2024’. Under the programme, the bank is to focus on comprehensive digitalisation of services and improvement of business efficiency. Within the next four years, Commerzbank plans to invest €1.7 billion in its IT operations. Also, the bank intends to close 15 international locations and to convert 2 branches into representative offices; after the organisational change, the bank will be present in almost 40 countries. The company estimates that operational costs will be reduced by €1.4 billion or around 20% by 2024. Due to the COVID-19 pandemic, the bank ended 2020 with a loss of €2.90 billion, its biggest lost since 2009.
Commerzbank is a leading international commercial bank with branches and offices in nearly 50 countries. The bank employs 48,500 employees worldwide, including 30,000 in Germany.
Eurofound (2021), Commerzbank, Internal restructuring in World, factsheet number 103642, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/103642.
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