Commerzbank cites progress in effort to cut 10,000 jobs
Reuters
Published Nov 12, 2021 11:14AM ET
Updated Nov 12, 2021 11:39AM ET
FRANKFURT (Reuters) -Germany's Commerzbank (DE:CBKG) said on Friday it had made further progress in its effort to cut 10,000 jobs after it concluded negotiations with employee representatives.
The cuts are a pillar of a restructuring plan under Chief Executive Officer Manfred Knof, who earlier this year took the helm of Germany's No. 2 bank to set it back on a path to profit.
"We have reached an important milestone," Knof said.
Commerzbank said it would now be able to move forward with the cuts in a "socially responsible" fashion and that the bank had already struck agreements on more than half of the 10,000 jobs to be cut.
New structures will mean around 30% fewer managers, Commerzbank said.
Last week, Commerzbank surprised with better-than-expected third-quarter net earnings and forecast a profit for the full year, defying analysts' predictions for a 2021 loss.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.