Commerzbank will cut 1,700 jobs in Germany under a voluntary redundancy program due to be completed by the end of the year.
The cuts mark the start of a three-year cost reduction program announced in January that will result in 10,000 job losses and the closure of 340 branches by 2024.
The bank, which employs nearly 50,000 people worldwide, said that one in every three jobs in its home market in Germany would be lost while its 790 branch network would be reduced to 450.
Following negotiations with union leaders, Commerzbank will offer workers a voluntary termination agreement starting July 2021.
“The voluntary program is an important step in reducing the number of staff required,” commented Sabine Schmittroth, a board member in charge of the group’s human resources. “We are quickly providing instruments that will reduce the cost base in the coming year.”
In the first quarter of 2021, the bank will post restructuring fees totaling around € 470 million to cover program costs.
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