Commerzbank to Cut 5,200 Jobs, Mainly in Germany - Source (6/19/13)
By Ulrike Dauer
FRANKFURT--Commerzbank AG (CBK.XE) will cut 5,200 full-time jobs over the next three years, mainly in Germany, as part of a restructuring that began late last year, a person familiar with the matter said Wednesday.
The German bank employed 54,000 staff at the end of March, but some work part-time. Bank and employee representatives have agreed to the cuts, said two people familiar with the matter, adding that the bank was already notifying staff.
About 3,900 jobs will be shed in Germany, including the bulk of cuts to retail operations, said two people close to the matter. Commerzbank will keep the number of retail branches virtually stable at 1,200 but will have four different types of branches with staffing depending on the services offered.
About 1,000 new jobs will be created in Germany, mainly in the Mittelstandsbank --the business with mid-sized corporate clients-- but also in central units such as in the accounting and auditing departments.
The bank will refrain from compulsory redundancies through 2016 and will use measures such as early retirement and pre-retirement part-time work to cut jobs. Those measures are common in Germany to avoid outright layoffs.
Write to Ulrike Dauer at ulrike.dauer@dowjones.com
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