Commerzbank considers 7,000 more redundancies: BoeZ

Commerzbank considers 7,000 more redundancies: BoeZ

Stock Markets3 minutes ago (Jun 30, 2020 04:35AM ET)

(C) Reuters. FILE PHOTO: Commerzbank AG annual results news conference in Frankfurt

FRANKFURT (Reuters) – Commerzbank’s (DE:CBKG) supervisory board was set to discuss the possibility of a further 7,000 redundancies, in addition to 4,000 job cuts up to 2023 announced last autumn, the business daily Boersenzeitung (BoeZ) said on Tuesday.

Citing finance industry sources, the paper said Germany’s second biggest bank, under pressure from shareholders over its strategy and leadership, was now considering closing 400 of its 1,000 German offices, or double the number previously mentioned.

A spokeswoman for the bank declined to comment. “Currently, different options and scenarios are being discussed. No decisions have been taken,” she said.

The bank plans to announce details of cost-cutting measures by August at the latest.[nL8N2DS149][L8N2DT1XQ]

Separately, the Frankfurter Allgemeine Zeitung (FAZ) daily said Wednesday’s planned meeting of the supervisory board would not take place as worker representatives wanted better access to documentation.

This month, U.S. investor Cerberus sought to invoke quicker change at the bank and demanded two supervisory board seats, which the bank rejected.

Commerzbank considers 7,000 more redundancies: BoeZ

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