Commerzbank to Cut Over 3,900 Full-Time Positions by 2028, Mostly in Germany
Commerzbank has announced plans to reduce its workforce by almost 4,000 full-time positions over the coming years, with the majority of the cuts affecting central and staff functions, as well as operations in Germany. The bank stated that around 3,300 of the positions to be eliminated are in Germany, with the remaining cuts taking place at international locations and the M-Bank.
Despite the reductions, the bank’s global workforce of 36,700 full-time employees is expected to remain largely constant. The “transformation process” will be designed to be socially responsible, the bank emphasized, with a focus on demographic changes and natural staff turnover. As part of this effort, the bank plans to offer a premature early retirement program.
The moves are reportedly aimed at resisting a potential takeover by the Italian bank UniCredit, which has already secured a 28 percent stake in the company.