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
500 jobs Number of planned job losses
1,000 jobs Number of planned job creations
Announcement Date
19 June 2013
Employment effect (start)
20 June 2013
Foreseen end date
31 December 2016
Description
Commerzbank will cut up to 5,200 jobs by the end of 2016. On 19 June 2013, the company and the works council reached an agreement over the previously announced restructuring plan (see Commerzbank-DE2013a, Commerzbank-WO2013).
According to the agreement, 3,900 job cuts will take place in the bank's German core business operations and branch offices. Out of these, 1,800 jobs will be shed in the private customer services.
During the winter, 800 job cuts had already been announced in the bank’s non-core assets unit and 500 more for its domestic and abroad subsidiaries. There will be no direct dismissals and the bank will set up an internal job transfer agency. Moreover, the bank announced the creation of 1,000 new jobs as part of the restructuring plan.
Sources
19 June 2013: Commerzbank (press release)
19 June 2013: Handelsblatt
19 June 2013: Suddeutsche
19 June 2013: Bloomberg
Citation
Eurofound (2013), Commerzbank, Internal restructuring in Germany, factsheet number 75530, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/75530.
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