Commerzbank Plans to Cut 3,400 Jobs
Bloomberg News
Commerzbank said it plans to shed 3,400 jobs as it struggles with rising costs and its failure to find a merger partner twice in the last 16 months.
The job cuts, the first in the company’s 131-year history, amount to 8.5% of its work force. Commerzbank also said it expects to report a third-quarter loss of at least $109 million as it boosted provisions to cover potential bad loans during a “very difficult business environment.”
The company said it still expects to report a profit for the full year. In the first half, its earnings fell 76%.
With Commerzbank, Germany’s four largest banks this year have announced plans to cut more than 21,000 jobs.
