Commerzbank

Type
Merger/Acquisition
Country
United Kingdom
Region
London; Inner London - East;
Location of affected unit(s)
London
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
1,200 jobs
Number of planned job losses
Job loss
Announcement Date
4 December 2008
Employment effect (start)
4 December 2008
Foreseen end date
4 March 2009

Description

Commerzbank has announced that it is to cut 1,200 staff in its London office. The move comes after the company’s acquisition of Dresdner Kleinwort and the need to restructure the combined workforce of 3,300 in London.The cuts will take place over the next three months.

Sources

Citation

Eurofound (2008), Commerzbank, Merger/Acquisition in United Kingdom, factsheet number 67581, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/67581.