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Business & Finance

Commerzbank board to decide on cost-cutting plan next week: report

  • Commerzbank, which last year announced plans to cut thousands of jobs, has said it is in the process of identifying more cost cuts.
  • Boersen Zeitung said the supervisory board will decide on job cuts and branch closures during a special meeting on Wednesday.
Published June 27, 2020

BERLIN: Commerzbank's board will likely approve more branch closures and job cuts at an extraordinary meeting next week, a German newspaper reported on Saturday.

Commerzbank, which last year announced plans to cut thousands of jobs, has said it is in the process of identifying more cost cuts and will announce plans when it releases second quarter earnings in August at the latest.

Boersen Zeitung said the supervisory board will decide on job cuts and branch closures during a special meeting on Wednesday.

A Commerzbank spokeswoman declined to comment.

Stefan Wittmann, who represents labour on the supervisory board and is an official at Germany's Verdi union, said earlier this month that the cost-cutting measures would be "considerably" more than previously announced.

The bank said last year it would cut the number of branches to around 800 from 1,000. It also wants to cut 4,300 positions and add 2,000 jobs in "strategic areas", a net fall of 2,300 full-time positions, equivalent to about 5.7% of its workforce.

Top investor Cerberus has demanded seats on the supervisory board and other changes at Commerzbank.

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