According to Bloomberg, Commerzbank intends to cut operating costs and improve profitability. That is why the bank is about to close about 400 branches and mass layoffs.
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Such radical cuts do not appeal to all managers, so, according to the agency’s informant, the final decision has not yet been made.
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The bank’s management will meet on Wednesday. In addition to closing 400 branches and layoffs 7,000 people are also considering less drastic scenarios.
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The company is not yet commenting on reports of planned layoffs.
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Commerzbank holds the majority of shares in Polish mBank. The German bank intended to sell its shares, but due to the coronavirus pandemic crisis, these plans were postponed.
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21st century professional banking: a trusted profile
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