Commerzbank

Type
Internal restructuring
Country
Germany
Region
Location of affected unit(s)
Sector
Financial / Insurance/ Estate
64 - Financial service activities, except insurance and pension funding
64 - Financial service activities, except insurance and pension funding
64 - Financial service activities, except insurance and pension funding
300 - 600 jobs
Number of planned job losses
Job loss
Announcement Date
12 July 2005
Employment effect (start)
1 August 2005
Foreseen end date
31 December 2005

Description

A board member of Commerzbank, Germany's third largest bank, has announced that 300 jobs will be cut in the departments for small and medium companies (Mittelstandsgeschäft). A further 300 jobs are at stake in the sales and marketing departments. Commerzbank has set profit targets for that department. In case they are met, there will be no job cuts in sales and marketing.

Sources

  • 13 July 2005: vwd.de

Citation

Eurofound (2005), Commerzbank, Internal restructuring in Germany, factsheet number 61979, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/61979.