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Commerzbank To Sink 610 Mn Euros Into Job Cuts

Text size Germany s second-largest lender Commerzbank said Monday it will set aside 610 million euros the final quarter of 2020 to cover sweeping job cuts as it restructures its operations. Like its crosstown rival Deutsche Bank, Frankfurt-based Commerzbank is slashing thousands of roles as customers switch to online banking and cashless payment options, reducing the need for bricks-and-mortar branches. The troubled lender has reached an agreement with its works council to reduce 2,300 positions between 2021 and 2024, the managing board said in a statement. As a result, Commerzbank will book 610 million euros ($744 million) in additional provisions in the fourth quarter, the statement said. The restructuring will have a correspondingly negative impact on the net result in the fourth quarter, it added.

Manfred knofMartin zielkeDeutsche bankFrankfurt based commerzbankடாய்ச் வங்கி

Commerzbank AG Sets Aside $745 Million To Fund Job Cuts

Commerzbank AG Sets Aside $745 Million to Fund Job Cuts Commerzbank AG Sets Aside $745 Million to Fund Job Cuts Commerzbank AG will pay this amount as the lender is gearing up to cut up 2,300 positions between 2021 and Aziz Abdel-Qader 2020-12-28T17:14:47+00:00 2020-12-29T06:40:59+00:00 Photo: Bloomberg €610 million ($745 million) is being set aside by Commerzbank AG in the fourth quarter to pay for one-off costs related to planned layoffs, as part of Germany’s second-biggest bank’s efforts to reduce costs. According to a Bloomberg report, Commerzbank AG will pay this amount as the lender is gearing up to cut up 2,300 positions between 2021 and 2024. Although formal numbers have yet to be announced under a strategic overhaul, the German lender is joining a growing list of global banks that have announced multiple job reduction rounds this year.

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Commerzbank to sink €610 mil into job cuts in restructure

Commerzbank to sink €610 mil into job cuts in restructure
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Manfred knofMartin zielkeDeutsche bankFrankfurt based commerzbankடாய்ச் வங்கி