Germany's second-largest bank said Wednesday it
planned to cut around 5,200 jobs, or 12 per cent of its workforce, by
Commerzbank management said it had reached an agreement with the bank's workers' council to further eliminate 3,900 jobs, in addition to the some 1,300 cuts already agreed to so far.
At the end of March, the bank had some 45,000 full-time employees, with another 9,000 part-time.
The agreement would save the bank money it could invest elsewhere to boost competitiveness and profitability, Commerzbank chairman Ulrich Sieber said. This in turn would create up to 1,000 full-time jobs, he said.
The Verdi service workers' union was sharply critical of the job cuts.
"Downsizing and sustainability do not go together," board member Beate Mensch said in Berlin. This especially applied in winning customers and improving the quality of service, she said.
Commerzbank was bailed out in 2009 by the German government, which still owns 17 per cent. In January it announced plans to cut up to 6,000 jobs.
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