January 24, 2013 / 11:57 AM / in 5 years

Labour union Verdi says Commerzbank job cuts plans unacceptable

FRANKFURT, Jan 24 (Reuters) - German labour union Verdi on Thursday vowed to fight job cuts at Commerzbank, saying plans to slash 4,000-6,000 jobs at the country’s second biggest lender are “in no way acceptable”.

Verdi added that the lender’s management has identified overcapacities of 30 percent - equivalent to 3,400 staff - at the retail banking unit. In response, the bank is also seeking to cut salaries and to introduce more flexible working hours.

“The frontal attack on the working conditions are not consistent with the bank’s goal of supplying good bank services,” Verdi board member Beate Mensch said in a statement, adding she would seek to extend a guarantee against compulsory redundancies from end 2013 until 2016. (Reporting by Arno Schuetze)

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