BERLIN (Reuters) -Commerzbank on Wednesday said it had reached an agreement with the works council on the terms to cut around 3,900 jobs by 2028, part of a strategy to help it deliver more ambitious profit targets.
The bank said it will focus primarily on partial and early retirement, adding that severance payments are also possible for employees leaving the group in Germany. Details of the cuts in the individual divisions will be finalised by October.
“With these regulations, we are creating the conditions for implementing the goals of ‘Momentum’ in a socially acceptable manner in Germany,” Human Resources Board Member responsible Sabine Mlnarsky said, referring to the bank’s savings and investment program.
The job cuts will be accompanied by hiring outside Germany, meaning full-time positions will remain steady at 36,700, the bank said in February.
(Reporting by Alexander Huebner; Writing by Riham Alkousaa; Editing by Stephen Coates)
