By 2016, Commerzbank will reduce its workforce by 5200 full-time positions, following up on the consolidation plan announced at the end of 2012. This was stated today by the German bank itself, specifying that 800 positions have already been eliminated while another 500 cuts are being defined both in Germany and in the branches abroad.
Today the top management of the group reached an agreement with the internal trade union representatives regarding a further tranche of cuts for 3900 employees which will be completed within the next three and a half years. In the same period Commerzbank intends to invest 2 billion euros to increase the profitability of its activities while maintaining a low labor cost base.
