German bank to axe 5 000 jobs globally

Jun 18 2013 13:41

Berlin - Management and employees' representatives at Commerzbank, Germany's second-biggest bank, have agreed in principle on cutting more than 5 000 jobs worldwide, according to a German newspaper report on Tuesday.

The Handelsblatt business daily, citing sources close to the negotiations, said the jobs would be slashed over the coming years.

The work's council is due to vote on the agreement on Wednesday, it added.

The bank declined to comment on the report when asked by AFP.

Commerzbank, which last month posted a first-quarter loss due to heavy restructuring costs, had already said it aimed to reach agreement with staff representatives by the summer after talks began in February.

It announced in January that it would axe 4 000 to 6 000 jobs - or more than one in 10 members of its workforce - over the next three years as it tots up the toll from the financial and sovereign debt crisis.

The job losses are expected to particularly hit Commerzbank's retail or high-street banking division, which is suffering from low profitability.

At the end of March, the bank employed around 54 000 employees.

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

banks  |  jobs



Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Are you participating in #BackFriday sales?

Previous results · Suggest a vote