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FRANKFURT (Reuters) - Germany's Commerzbank swung to a first quarter profit, beating expectations, as the lender undergoes a major restructuring, and .
By Syndicated Content
May 7, 2021 6:27 AM
FRANKFURT (Reuters) – Commerzbank employee representatives have agreed a job reduction deal, the Verdi labour union said on Friday, paving the way for the German lender to cut 10,000 jobs globally.
The agreement is central to Chief Executive Officer Manfred Knof’s plans to streamline the nation’s second-biggest listed lender and return it to profitability.
The deal includes early retirement and reduced hours for older employees, Verdi said. It also includes severance packages and retraining programmes for employees.
Weeks after taking the job as Commerzbank’s CEO, Knof announced plans to cut 10,000 jobs and close hundreds of branches in a 1.8 billion euro ($2.2 billion) restructuring.
Commerzbank nears deal on job cuts in talks with labour reps yahoo.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yahoo.com Daily Mail and Mail on Sunday newspapers.