Europe: Commerzbank to cut 6,000 jobs

Commerzbank logo is pictured at a branch in Dortmund, Germany yesterday. Commerzbank, Germany’s second-biggest lender, plans to cut up to 12% of staff by 2016 in a bid to slash costs and revamp its ailing retail Business. The bank would cut 4,000-6,000 full-time positions, with the exact figure to be negotiated with labour representatives in talks starting February. The bank currently employs 56,000 staff at group level, with 49,000 full-time positions.

Source: Caye Global News, Gulf Times

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