Commerzbank

Type
Internal restructuring
Country
World
Region
Location of affected unit(s)
Germany, other locations
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
4,000 - 6,000 jobs
Number of planned job losses
Job loss
Announcement Date
24 January 2013
Employment effect (start)
24 January 2013
Foreseen end date
31 January 2017

Description

Commerzbank will cut up to 6,000 jobs over the next four years. The jobs will be lost worldwide and in all units of the bank, with the exception of its subsidiaries Comdirect and BRE Bank.

The restructuring comes in an effort to reduce costs. Commerzbank took over Dresdner Bank four years ago and is confronted with a too large and lossmaking domestic branch network.

The union Verdi expects most redundancies in Germany (up to 4,600 jobs) and foremostly in local branches.

Sources

  • 24 January 2013: Bloomberg
  • 24 January 2013: Financial Times

Citation

Eurofound (2013), Commerzbank, Internal restructuring in World, factsheet number 74811, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/74811.