Commerzbank's board will likely approve more branch closures and job cuts at an extraordinary meeting next week, a German newspaper reported on Saturday.
FILE PHOTO: A company logo is pictured at the headquarters of Germany's Commerzbank AG during the annual results news conference in Frankfurt, Germany, February 13, 2020. REUTERS/Ralph Orlowski/File Photo
BERLIN - Commerzbank’s board will likely approve more branch closures and job cuts at an extraordinary meeting next week, a German newspaper reported on Saturday. Commerzbank, which last year announced plans to cut thousands of jobs, has said it is in the process of identifying more cost cuts and will announce plans when it releases second quarter earnings in August at the latest.
Boersen Zeitung said the supervisory board will decide on job cuts and branch closures during a special meeting on Wednesday.Stefan Wittmann, who represents labour on the supervisory board and is an official at Germany’s Verdi union, said earlier this month that the cost-cutting measures would be “considerably” more than previously announced.
The bank said last year it would cut the number of branches to around 800 from 1,000. It also wants to cut 4,300 positions and add 2,000 jobs in “strategic areas”, a net fall of 2,300 full-time positions, equivalent to about 5.7% of its workforce.Reporting by Hans Seidenstuecker; Writing by Joseph Nasr; editing by Louise Heavens
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