A PYMNTS Company

Germany: Commerzbank to cut jobs after Deutsche merger fails

By  |  September 22, 2019

According to a report from Reuters, Commerzbank announced it wanted to shed thousands of staff and close a fifth of its branches in a strategy overhaul, after the German lender’s attempt to merge with Deutsche Bank failed.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    The bank, partly owned by the German government after a bailout and struggling to generate profits, also aims to sell a stake in its Polish subsidiary mBank and absorb its Comdirect online brokerage unit. 

    Commerzbank stated the strategy plan would involve investment of €1.6 billion ($1.8 billion), with €750 million (US$826.5 million) going into new technology and the rest earmarked for restructuring.

    The bank stated the draft measures would be discussed at a meeting of the supervisory board on September 25 and 26. It stated no final decision had yet been taken.

    Klaus Nieding, vice president of shareholder lobby group DSW, said the bank needed to do more than cut costs. “The big question remains how the bank wants to make money in the future,” he said.

    Full Content: Reuters

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.