The Commerzbank plans to cut 9,000 jobs
The Commerzbank plans to cut about 9,000 jobs in the coming years and will suspend the dividend payment for 2016 as part of its efforts to reduce costs in the light of negative interest rates, according to a source close to the bank's supervisory board.
The job cuts will take place over the next four years until 2020, but the number, which represents nearly a fifth of the workforce of the second largest German bank, suggesting that this could result in forced redundancies, the source said.
"This is much more radical measure in relation to the previous", the source said. The move is expected to cost about 1 billion. Euros and Commerzbank plans to suspend payment of the dividend for 2016 to cover this cost, the source said.
The Commerzbank declined to comment.
The CEO of Commerzbank Martin Zilka is expected to present the plan to the supervisory board of Commerzbank this week and the publicly revealed Friday, as already said in the Reuters persons with knowledge of the situation.
In late 2015, the bank employed 51,300 people, with full-time employees amounted to 45,400.
The Commerzbank plans to cut about 9,000 jobs in the coming years and will suspend the dividend payment for 2016 as part of its efforts to reduce costs in the light of negative interest rates, according to a source close to the bank's supervisory board.
The job cuts will take place over the next four years until 2020, but the number, which represents nearly a fifth of the workforce of the second largest German bank, suggesting that this could result in forced redundancies, the source said.
"This is much more radical measure in relation to the previous", the source said. The move is expected to cost about 1 billion. Euros and Commerzbank plans to suspend payment of the dividend for 2016 to cover this cost, the source said.
The Commerzbank declined to comment.
The CEO of Commerzbank Martin Zilka is expected to present the plan to the supervisory board of Commerzbank this week and the publicly revealed Friday, as already said in the Reuters persons with knowledge of the situation.
In late 2015, the bank employed 51,300 people, with full-time employees amounted to 45,400.
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