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Commerzbank announces big job cuts and branch closures

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
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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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Commerzbank restructuring to lead to 10,000 job cuts

New chief executive plans to cut bank branch network in Germany from 790 to 450 ....

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Commerzbank Fires One-Third Of German Bankers

Commerzbank Fires One-Third Of German Bankers
zerohedge.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from zerohedge.com Daily Mail and Mail on Sunday newspapers.

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Commerzbank Flagged Shady Wirecard Dealings Before Implosion

Commerzbank Flagged Shady Wirecard Dealings Before Implosion
Bloomberg
1/15/2021
Steven Arons, Birgit Jennen and Karin Matussek
© Bloomberg
The Wirecard AG headquarters stand in the Aschheim district of Munich, Germany, on Friday, June 19, 2020.
(Bloomberg) More than a year before Wirecard AG imploded, executives at Commerzbank AG began harboring suspicions that something was rotten at the high-flying German payments company.
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In early 2019, the lender flagged money-laundering concerns to German authorities before informing the Bafin banking watchdog of its decision to exit the relationship with Wirecard. The moves were recounted by Chief Risk Officer Marcus Chromik and former Chief Executive Officer Martin Zielke, who testified separately before a parliamentary inquiry in Berlin probing the Wirecard scandal. ....

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Visa drops bid to buy Plaid; Brown outlines Senate banking committee agenda

The company said it would have eventually prevailed against the DOJ’s antitrust suit; the Ohio senator says the panel will focus on climate change and housing issues. ....

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