Reuters: Commerzbank said could axe 1 in 10 staff

Thousands of jobs could go.

Commerzbank is planning to cut thousands of jobs as it revamps its strategy to contend with the drag on earnings from ultra low interest rates and lacklustre demand for loans, sources familiar with the bank's thinking said.

Reuters reports that the figure is likely to be substantially higher than the 1,500 jobs that were under recent internal discussion, the sources said.

Commerzbank employs more than 50,000 people.

Group-wide, as many as one in 10 staff could lose their jobs, one of the sources said. "A reduction of 5,000 is entirely plausible," the person said.

The extent of the cuts is not yet finalised but Commerzbank Chief Executive Martin Zielke is expected to present the plans to a meeting of the bank's supervisory board next week.

To access the complete Reuters article hit the link below:

Commerzbank eyes thousands of job cuts in strategy revamp - sources

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