Germany's Commerzbank to cut up to 6,000 jobs by 2016
FRANKFURT (REUTERS) - Commerzbank, Germany's second-biggest lender, plans to cut up to 12 per cent of its staff by 2016 in a bid to slash costs and revamp its ailing retail business.
The bank said it would cut 4,000 to 6,000 full-time positions, with the exact figure to be negotiated with labour representatives in talks starting next month.
Commerzbank currently employs 56,000 staff at group level, with 49,000 full-time positions.
Like other European banks, Commerzbank is grappling with low interest rates, rising costs from implementing tougher bank rules, and clients who have become risk averse during the euro zone debt crisis.