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Daily Digit: Commerzbank's job cuts

Thursday, January 24, 2013 - 00:52

Jan 24 - Germany's second biggest lender, Commerzbank plans to cut up to 6,000 jobs by 2016 in a bid to slash costs and revamp its ailing retail business. Hayley Platt reports.

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6,000 is today's daily digit in Europe - the number of jobs under threat at Commerzbank. Germany's second-biggest lender plans to cut up to 12 percent of staff by 2016. It may also cut pay and outsource some services. Like other European lenders it's grappling with low interest rates and increased costs from tougher bank rules. The move follows an announcement last year to invest 1 billion euros in retail banking. Commerzbank shares fell 2.5 percent on the news as some analysts suggested the cuts didn't go far enough. Many other banks across Europe have made similar cuts, with investment bankers increasingly in the firing line. Lloyds announced 940 job losses earlier this week and Italy's Unicredit may be next - it's reportedly planning to axe 1,000 posts.

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Daily Digit: Commerzbank's job cuts

Thursday, January 24, 2013 - 00:52