Commerzbank is to cut nearly 10,000 jobs and suspend its dividend as part of a wide-ranging restructuring plan.
Germanys second biggest lender after Deutsche Bank said on Thursday it expected restructuring costs of 1.1bn (£948m) as it combined business operations and cut costs to offset the impact of low loan demand and negative European Central Bank interest rates amid a shift to digital banking.
The revamp will come at a heavy cost for staff as Commerzbank slashes 9,600 of its 45,000 full-time positions almost one in five jobs. The move is a more drastic reduction than at Deutsche Bank, which is axing about 10% of staff but suggests deeper cuts may be needed.
Commerzbank plans to merge medium-sized German firms with its corp…
Read the full article at: https://www.theguardian.com/business/2016/sep/29/commerzbank-job-cuts-restructuring