Commerzbank AG (CRZBY)

[Enterprising Investor]

Commerzbank, Labor In Principle Agree on Job Cuts - Source (6/18/13)

By Ulrike Dauer
FRANKFURT--Germany's Commerzbank AG (CBK.XE) and the bank's labor representatives have in principle agreed on cutting over 5,000 full-time jobs group-wide, a person familiar with the matter said Tuesday.

The number is the mid-point of the planned 4,000 to 6,000 job cuts the bank had announced several months ago as part of its restructuring program, which is aimed at putting the bank on a competitive footing by 2016.

Commerzbank said at the time the exact number of the job cuts will depend on talks with labor representatives and specific internal targets.

The bank's works council is currently meeting to discuss the agreement and will likely vote on it on Wednesday, two people familiar with the matter said.

Commerzbank employed 54,000 staff at the end of March. In terms of full-time job equivalents, this translates into almost 49,000 full-time job equivalents at the end of December. A more recent number isn't yet available.

Write to Ulrike Dauer at [e-mail]

http://online.wsj.com/article/BT-CO-20130618-701055.html?mod=WSJ_qtoverview_wsjlatest