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Really tough restructuring course: Large German bank cuts 10,000 jobs and closes every second branch

2021-01-29T05:01:32.319Z


Commerzbank wants to cut its staff drastically. In Germany alone, every third job will be eliminated in the coming years, and the branch network will be almost halved.


Commerzbank wants to cut its staff drastically.

In Germany alone, every third job will be eliminated in the coming years, and the branch network will be almost halved.

Frankfurt / Main -

Commerzbank

is planning to cut thousands of jobs and wants to almost halve its branch network in Germany.

The Frankfurt-based

MDax

group announced on Thursday

that the management board had presented the supervisory board with the corresponding key points for the future strategy

.

The control committee will have a special meeting next Wednesday (3.2.) To discuss the savings plans.

“The new strategy is to be decided by the Board of Management

afterwards

,” says the

Commerzbank

announcement.

According to the plans, around 10,000 full-time positions will be cut by 2024.

In Germany this would affect every third job.

Of the currently 790 branches nationwide, 450 locations are to remain.

The bank, which is in the process of

integrating

its online subsidiary

Comdirect,

wants

to significantly expand

digital offers for customers

.

Commerzbank wants to save 1.4 billion euros

The institute, which has been partially nationalized since the financial crisis of 2008/2009, intends to use the tough austerity course that was already indicated last year to significantly reduce costs.

By 2024, the costs are to be reduced by 1.4 billion euros compared to last year.

“We want to concentrate on

Commerzbank's

strengths

and thus secure its performance in the long term.

To do this, we will consistently reduce complexity and cut costs, ”said

Manfred Knof

, who has been in office since January 1st

.

"Our goals are very demanding, but we will do everything necessary to achieve them."

Provided a positive decision by the Board of Management, Commerzbank will explain the details of the strategy as well as the specific measures and goals for the years 2021 to 2024 at the annual press conference on February 11, 2021.

Commerzbank:

The previous board of directors under the leadership of

Martin Zielke

had drafted

similarly radical savings plans

last year.

Digitization and low interest rates are putting the entire industry under pressure.

At

Commerzbank

, however, the restructuring of the group stalled because Zielke announced his resignation after criticism from investors and the head of the supervisory board had to be replaced.

(

dpa

)

List of rubric lists: © Marcel Lorenz via www.imago-images.de

Source: merkur

All news articles on 2021-01-29

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