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Commerzbank: Agreement on details for job cuts

2021-11-12T16:50:58.193Z


Commerzbank is taking another step on the way to a leaner structure: Management and the general works council have agreed on the further procedure for downsizing. Some employees have to swallow the bitter pill on Saturday work.


Commerzbank is taking another step on the way to a leaner structure: Management and the general works council have agreed on the further procedure for downsizing.

Some employees have to swallow the bitter pill on Saturday work.

Frankfurt / Main - Commerzbank can continue shedding thousands of jobs as planned.

The institute announced on Friday in Frankfurt that the negotiations with the general works council to implement the “Strategy 2024” had been successfully concluded.

"Now we can continue to drive the transformation forward quickly and with full power," said CEO Manfred Knof.

According to the information, the number of management positions will decrease by around 30 percent.

With the completion of the partial reconciliation of interests, the framework social plan agreed in May 2021 comes into force.

Anyone who decides to leave the bank early will receive a “sprinter bonus” of EUR 30,000 for early retirement or EUR 60,000 for the termination of a contract as part of a volunteer program that has already been communicated.

With a tough austerity course, CEO Knof, who has been in office since the beginning of the year, wants to put the institute back on the road to success.

The Executive Board had announced that 10,000 of the 39,500 (as of the end of 2020) full-time positions would be cut worldwide by the end of 2024.

At the same time, the bank wants to create around 2,500 full-time positions.

This is to be done at MBank in Poland, among others.

The bottom line is that Commerzbank is shedding around 7,500 jobs.

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The declared aim of the Board of Management is to implement the downsizing primarily through age regulations such as partial retirement or early retirement.

"We are well on the way to implementing the downsizing as socially acceptable as possible," said HR Director Sabine Schmittroth.

The agreement that has now been concluded also applies to the new digital advice centers.

A company collective agreement, which should come into force in the fourth quarter of 2022 at the latest, enables work in this area on Saturdays.

In return, the bank gives a location guarantee for all locations of the so-called advice center until December 31, 2027.

Commerzbank opened the first advisory centers for customer care on October 19: in Berlin and Düsseldorf as well as in Quickborn in Schleswig-Holstein - the headquarters of its online brand Comdirect.

The offer is intended to close gaps in the shrinking branch network.

Of the 790 branches nationwide, only 450 are to remain, and the branch reduction is to be completed in 2022.

dpa

Source: merkur

All news articles on 2021-11-12

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