Commerzbank, Germany’s second- biggest bank, will cut 4,000 to 6,000 jobs over the next four years to reduce costs and meet a profit goal.
The job reductions will apply to all units worldwide, according to an internal memo distributed to staff Thursday and obtained by Bloomberg News. The company is starting talks with labor representatives on the plan, it said.
'If we want to reach our profit and growth targets amid a continuous difficult environment, we need to adjust the staff structure', Ulrich Sieber, management board member responsible for human resources, said in the document.
Forced staff reductions will be a last resort, the bank said in the memo. The firm will outsource some services to cheaper locations. Job cuts won’t apply to online banking unit comdirect and Bre Bank SA of Poland, according to the document.
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