Commerzbank to cut over 450 more jobs in savings plan

FRANKFURT: Commerzbank, Germany's second-biggest bank, is widening the scope of its savings programme and plans to shed more than 450 jobs on top of an ongoing restructuring plan, three people familiar with the matter said.

At a staff meeting last week, Commerzbank's works council representatives announced that the bank is targeting 350 jobs cuts at its finance department in Frankfurt by 2017 and 100 at sites in Duisburg and Berlin, according to people who attended the meeting.

"There have been signals from the board that there is more to come and that all departments of the group could be hit in the short term," one of the people said.