Not good if you work there.
Commerzbank, now Germany's second biggest bank, plans to cut more than 5,000 jobs, Handelsblatt has reported.
Bloomberg reports that the bank’s board and employee representatives reached an agreement on group-wide job cuts, according to an e-mailed extract from an article to be published in the newspaper Tuesday, citing two people it didn’t name who are familiar with the negotiations.
The worker’s council is scheduled to vote on the plan tomorrow and an agreement is seen as 'very likely', according to the newspaper.
In January Commerzbank told employees it will cut 4,000 to 6,000 jobs over the next four years as part of its plans to meet profit goals and repay debt to the government. The bank last month raised capital for the fifth time in four years and reported a loss for the second consecutive quarter.
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image: © Torpe