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Commerzbank planning up to 2,000 job cuts - reports

Thu, 22nd Sep 2016 14:54

(ShareCast News) - Germany's second largest bank Commerzbank has begun preparing a cull of up to 2,000 jobs as it revamps its efforts to combat low interest rates and low demand for loans, according to reports.

Initially employees were told that 1,500 jobs would be lost as a result of the restructuring, Reuters reported, citing sources who said the final figure could be substantially higher.

The bank's chief executive Martin Zielke is expected to make the case for the plan next week in a meeting of its supervisory board.

Commerzbank was badly affected by the global financial crisis of 2008 as it was the owner of Europe's biggest state financier EuroHypo, which was wound down as a result of the subsequent debt crisis.

The cuts will apparently focus on the restructuring of Commerzbank's medium-sized "Mittlestand" companies.

Shares in the bank are down 35% in the year to date.

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