Commerzbank is reportedly nearing an agreement with employee representatives regarding the implementation of its strategic restructuring plan. Management of Germany’s second-largest private bank is anticipated to finalize key details concerning the planned reduction of 3,900 full-time positions with worker representatives as early as September, according to a report in the “Handelsblatt” newspaper.
Sascha Uebel, head of Commerzbank’s works council, stated that discussions surrounding the specifics of the job cuts within the current strategy have progressed positively. “The negotiations regarding the details of the job cuts as part of the current strategy have been going well” Uebel told the newspaper. “The final negotiating session on the partial compensation agreements was last week – and we are now largely finished with the issue”. He expressed confidence that the full works council will approve the package agreed with management at its next meeting on September 11th.
Commerzbank announced in February plans to reduce its workforce by 3,900 positions as part of the new “Momentum” strategy, with the majority of cuts expected in Germany. Simultaneously, the bank intends to create numerous new positions at its Polish subsidiary, M-Bank and in other locations with lower labor costs. The overall number of full-time employees is projected to remain stable at around 36,700. A Commerzbank spokesperson declined to comment on the status of negotiations with the works council, as reported by the newspaper.