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
275 jobs Number of planned job losses
Announcement Date
8 November 2004
Employment effect (start)
Foreseen end date
Description
Commerzbank, Germanys 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.
Sources
7 November 2004: The Observer
10 November 2004: The Guardian
Citation
Eurofound (2004), Commerzbank, Internal restructuring in United Kingdom, factsheet number 60743, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/60743.
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