November 7, 2012 / 4:39 PM / in 5 years

Commerzbank to slash jobs, invest in retail banking: sources

FRANKFURT (Reuters) - Germany’s second biggest lender, Commerzbank (CBKG.DE), is planning to slash jobs but also make an investment of 1 billion euros in its struggling retail unit, two sources close to the bank said on Wednesday.

File photo of Germany's Commerzbank CEO Martin Blessing attending the annual news conference in Frankfurt, February 23, 2012. Commerzbank Germany's second biggest lender, may cut between 5,000 and 6,000 jobs as part of a multi-billion euro cost cutting programme running until 2016, German weekly Die Zeit reported November 7, 2012, without naming sources. Commerzbank, which is set to announce details of its newest strategy revamp at an investor day on Thursday, declined to comment. REUTERS/Kai Pfaffenbach/Files

The bank has not yet decided how many jobs will be shed the sources said, after a German paper reported that up to 6,000 jobs are to be axed.

Commerzbank, which is set to announce details of its newest strategy revamp at an investor day on Thursday, declined to comment on the report. (Reporting by Alexander Huebner; writing by Arno Schuetze)

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