FRANKFURT Jan 30 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)