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 64.9 - Other financial service activities, except insurance and pension funding
260 jobs Number of planned job losses
Announcement Date
16 January 2015
Employment effect (start)
16 January 2015
Foreseen end date
Description
German bank Commerzbank is to cut 260 jobs. The job reduction will affect management positions, 160 in consumer banking and 100 in the bank for small and medium-sized businesses.
Since Commerzbank acquired Dresdner Bank six years ago, branch numbers have fallen from 1,600 to 1,100. According to the management board, a reduction in the number of leading managers is now required as well. The trade union Verdi criticized the announcement and indicated that it had been surprising and shocking for most of the affected employees.
Commerzbank is the second biggest German bank and employs around 53,000 people in total, around 78% of them in Germany. The company suffered major losses during the financial crisis but has had an operating profit every year since 2009.
Sources
16 January 2015: Handelsblatt (print)
20 January 2015: Sueddeutsche Zeitung
16 January 2015: Manager Magazin online
Citation
Eurofound (2015), Commerzbank, Internal restructuring in Germany, factsheet number 78180, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/78180.
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