Commerzbank to cut up to 6,000 jobs


Commerzbank plans to cut between 4,000 and 6,000 jobs as it attempts to hold down costs amid a battle for customers in German retail banking.

The bank, Germany’s second-largest by assets, is trying to turn around its underperforming domestic retail business as part of plans outlined to investors in November.

Negotiations with staff unions were set to start in February, with the job cuts implemented through to 2016, Commerzbank said.

The news comes as banks across Europe move to significantly reduce headcount. HypoVereinsBank, UniCredit’s German unit, plans to cut about 600 jobs, according to a person familiar with the matter, illustrating the tough competition in German banking. HVB declined to comment. – (Copyright The Financial Times Limited 2013)