Commerzbank apparently wants to save a lot: According to a report, up to 7,000 jobs could be lost and up to 400 branches of the bank could close. This would make the austerity course significantly more drastic than planned.
Commerzbank, which has been partially nationalized since the financial crisis could, according to circles, cut up to 7,000 jobs as part of the sharper austerity measures already announced. Around 400 branches are also to be closed, the Bloomberg news agency reported, citing persons familiar with the matter.
This would result in a significant increase in job and branch reductions than announced in September 2019. Commerzbank CEO Martin Zielke had already announced in February that the austerity measures should be pushed again.
The supervisory board could advise on a savings course in a special meeting
At that time, Commerzbank announced that it would cut 4,300 full-time positions across the Group, but at the same time create 2,000 jobs in strategic areas such as sales, IT and regulation.
This resulted in a reduction of around 2,300 jobs. In September, management also decided to close around 200 branches, which means every fifth location in Germany.
According to information from the German Press Agency, the Supervisory Board of Commerzbank will deal with new management savings plans in an extraordinary meeting this Wednesday (July 1st). The meeting was scheduled for the morning, it said on Monday. Commerzbank did not want to comment on the current speculations.
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