Commerzbank considers 7,000 more redundancies: BoeZ

FILE PHOTO: A company logo is pictured at the headquarters of Germany’s Commerzbank AG during the annual results news conference in Frankfurt, Germany, February 13, 2020. REUTERS/Ralph Orlowski/File Photo

June 30, 2020

FRANKFURT (Reuters) – Commerzbank’s <CBKG.DE> supervisory board was set to discuss the possibility of a further 7,000 redundancies, in addition to 4,000 job cuts up to 2023 announced last autumn, the business daily Boersenzeitung (BoeZ) said on Tuesday.

Citing finance industry sources, the paper said Germany’s second biggest bank, under pressure from shareholders over its strategy and leadership, was now considering closing 400 of its 1,000 German offices, or double the number previously mentioned.

Commerzbank officials were not immediately available for comment.

The paper had cited a Commerzbank spokeswoman as saying the board had not decided on any reworking of its strategy that earlier reports have said could be announced in August.[L8N2DT1XQ]

Separately, the Frankfurter Allgemeine Zeitung (FAZ) daily said Wednesday’s planned meeting of the supervisory board would not take place as worker representatives wanted better access to documentation.

This month, U.S. investor Cerberus sought to invoke quicker change at the bank and demanded two supervisory board seats, which the bank rejected.

(Reporting by Vera Eckert and Anneli Palmen; Editing by Clarence Fernandez)

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