Commerzbank looking to cut 6,000 jobs: report

17th January 2013, Comments 0 comments

Commerzbank, Germany's second-biggest bank, will likely propose next month cutting as many as 6,000 jobs, some 18 percent of the workforce, the Wall Street Journal reported on Thursday, citing sources.

Different sources told the business daily the cuts could range from 5,000 to 6,000 workers, but the bank declined to comment on numbers.

The jobs cut proposal is likely to be made in talks with unions due to begin next month.

Talk of massive job cuts surfaced in November, before the bank announced a major effort to cut costs and focus on core and profitable sectors.

Commerzbank chief executive Martin Blessing said at the time it was clear that deep cuts in personnel costs would be inevitable, but declined to specify how much in savings would be made or how many jobs would be cut.

The bank returned to profit in the third quarter of 2012, booking a net profit of 78 million euros compared with a loss of 687 million euros in July through September 2011.

The result fell short of analysts' expectations, however.


© 2013 AFP

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