Commerzbank mortgage unit to cut 500 jobs by 2015 - paper

FRANKFURT Wed Jan 30, 2013 9:11am EST

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FRANKFURT Jan 30 (Reuters) - Germany's second biggest lender Commerzbank by 2015 plans to shed half of the workforce at its mortgage unit Hypothekenbank Frankfurt, formerly known as Eurohypo, according to an internal paper obtained by Reuters.

The elimination of 500 jobs is part of Commerzbank's plans to cut up to 6,000 jobs by 2016 in a bid to reduce costs as it tries to revive its struggling retail business.

In Germany, it plans to shed 350 jobs at Hypothekenbank Frankfurt and close branches like those in Cologne and Leipzip, according to the paper.

Commerzbank last year decided to wind down Eurohypo. THe renamed Hypothekenbank Frankfurt unit does not underwrite new business, but runs off existing loans.

Commerzbank declined to comment. (Reporting by Kathrin Jones; writing by Arno Schuetze)

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