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

6,500 jobs
Number of planned job losses
Job loss
Announcement Date
31 August 2008
Employment effect (start)
Foreseen end date


On 31 August the financial service company Allianz announced the selling of its subsidiary, German bank Dresdner Bank, to Commerzbank. Commerzbank will completely take over Dresdner Bank in two steps until 2009. Following the aquisition of Dresdner Bank, Commerzbank plans to cut about a total of 9,000 jobs of the current 67000 jobs in both companies. 6,500 of the 9,000 will be cut in Germany. Commerzbank plans to close a third of the existing 1894 outlets of both banks.

In September 2010, Commzerbank stated, that  the merger of the investment banking departments of Commerzban and Dresdner Bank will be completed by 2012 and 1550 jobs out of 3200 investment banking jobs worldwide will be cut. The job cutting process started in 2008, about 90% of these jobs are already gone, the company says. Most jobs were cut in London, Tokio and New York.    


  • 1 September 2008: Financial Times Deutschland


Eurofound (2008), Commerzbank, Merger/Acquisition in Germany, factsheet number 67019, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/67019.