Commerzbank says seeks to avoid compulsory redundancies

FRANKFURT: Germany's second biggest lender Commerzbank said it aims to avoid compulsory redundancies as much as possible in its revamp that will see up to 6,000 jobs go by 2016.

Commerzbank also said on Friday it will not have compulsory redundancies until the end of 2014, one year longer that it had initially promised, if the lender succeeds in cutting 600 domestic jobs by the end 2013.

In its in retail banking unit, Commerzbank wants to cut 1,800 positions by the end of 2015 and management plans to talk to labour representatives at the end of 2014 about further cuts.

Commerzbank announced the job cuts last month, part of its efforts to reduce costs and revive its struggling retail business.