The management of Commerzbank has reached an agreement with the unions on the expected redundancies which considers the layoffs 'the last tool' to be applied after the exhaustion of numerous other possibilities. This was announced by the German bank, which intends to cut about 9.600 jobs out of a total of 45, as well as having foreseen the creation of 2.300 jobs in high-growth sectors.
The plan is part of a strategic reorganization desired for the German credit institution by CEO Martin Zielke to carry forward the necessary digitization process and put an end to Commerzbank's chronically weak profitability. The bank will book into the second quarter accounts provisions for restructuring of 810 million euros, a figure lower than the 1,1 billion initially expected.
