Germany - Commerzbank restructuring leads to massive job losses - September 30, 2016

Negotiations have not yet started, but it is clear that an announced restructuring at Commerzbank will lead to massive job losses. The country’s second-largest lender would need to shed some extra 5,000 positions, a 10-percent reduction in the lender's overall workforce of roughly 50,000. It said the proposed cuts would mainly hit administrative and managerial workers. Earlier this month a trade union representative in the bank’s board had qualified the idea that Commerzbank and Deutsche Bank better could merge ‘absurd’.

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