The Commerzbank Supervisory Board
According to unconfirmed reports from the weekend, the board led by CEO Martin Zielke could significantly tighten the austerity measures announced in September. 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.
Media reports have now said that the bank could cut up to 7,000 jobs and close some 400 branches – although it is still unclear whether the figures announced in September have been included. At the end of the first quarter of 2020, the bank had around 39,800 full-time employees, and according to the latest figures, the number is expected to drop to just under 39,000 this year.
Zielke and CFO Bettina Orlopp had announced after a slump in profits in February 2019 that the austerity measures should be pushed again. The Management Board had repeatedly confirmed that it would like to present details of the revised strategy for the next few years on August 5 to provide the figures for the first six months. The Commerzbank did not want to comment on the current speculations./ben/zb/DP/stw
ISIN DE0005428007 DE000CBK1001
AXC0158 2020-06-29/11:42
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