Commerzbank announces big job cuts and branch closures
German bank is closing hundreds of branches and cutting thousands of jobs as it reshapes for the digital age
Share this item with your network: By Published: 29 Jan 2021 13:52
Germany’s Commerzbank is closing more than 340 branches and slashing one-third of its staff to cut costs, while it invests heavily in IT as part of its digital transformation. About 10,000 job cuts are planned.
“As part of a wide-ranging digitisation, the bank will substantially reduce its branch network from the current level of 790 to 450,” said Commerzbank.
The cuts will reduce costs by €1.4bn by 2024 as it focuses on digitising its business model. The German full-service bank will invest €1.7bn into IT over the next four years to digitise and automate.
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