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Commerzbank AG's Job Cuts To Affect All Areas, Units-DJ


Thursday, 24 Jan 2013 04:05am EST 

Dow Jones reported that Commerzbank AG's plans to cut between 4,000 and 6,000 full-time jobs by 2016 will affect all group levels and units, in Germany and abroad, although online bank Comdirect and Polish unit BRE Bank will be excluded. The bank's cost-cutting plans, which include shifting workload to lower-cost areas and streamlining procedures in the retail banking business, were presented to the bank's works council Wednesday, and talks with labor representatives will likely start in February. The bank didn't provide a breakdown of what planned job cuts will be for Germany only. Compulsory redundancies will be the ultimate measure to achieve the job cuts, according to the documents. In Germany, companies can use options such as early retirement, natural attrition and part-time work to cut jobs without outright layoffs.