Internal restructuring
United Kingdom
London; Inner London;
Location of affected unit(s)
Financial Services
Financial And Insurance Activities
Financial Service Activities, Except Insurance And Pension Funding
64 - Financial service activities, except insurance and pension funding

275 jobs
Number of planned job losses
Job loss
Announcement Date
8 November 2004
Employment effect (start)
Foreseen end date


Commerzbank, Germany’s third-biggest bank, has announced an overhaul of its investment banking division in the City. The bank, which employs 1,200 in the division, mainly in London, outlined its plans as it unveils third-quarter results. After a wide-ranging review, the German bank is shifting the emphasis of the business from London to Frankfurt and admitted yesterday that the 576-strong London securities arm workforce would be cut to 301. In total, the worldwide head count in the division will fall by 40% from 1,276 to 787 as the bank closes down its Tokyo securities operation and scales back its New York business. Overall, 900 jobs out of 2,000 in the wider investment banking division will be cut.


  • 7 November 2004: The Observer
  • 10 November 2004: The Guardian


Eurofound (2004), Commerzbank, Internal restructuring in United Kingdom, factsheet number 60743, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/60743.