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
4,300 - 7,300 jobs Number of planned job losses
Announcement Date
18 July 2002
Employment effect (start)
1 July 2002
Foreseen end date
1 December 2003
Description
First restructuring plan of 900 employees and then 3400 other job cuts. On 2002-09, announcement of further dismissals, but no figures are yet available.
On November, announcement of 450 new dismissals at the Investment banking branch.
On March 2003, announcement of a new cost cutting plan, 3000 other jobs could be suppressed.
Sources
1 April 2003: Financial Times Deutschland
Citation
Eurofound (2002), Commerzbank AG, Internal restructuring in Germany, factsheet number 59092, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/59092.
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