Commerzbank is expected to cut another 4300 full-time jobs as part of a reorganization. This job reduction comes on top of the thousands of jobs that would already disappear at the German bank.

Commerzbank calls the measure “regrettable but inevitable”. Incidentally, not only jobs are disappearing at the second largest bank in Germany. In departments that the financial group regards as strategically important, an additional 2,000 workplaces are added.

The intervention in the workforce is stated in provisional plans for a new strategic course. Later this month, the Commerzbank Supervisory Board will decide whether this will take place.

Commerzbank is forced to cut the costs after weak results on background of the weakening German economy and low interest rates. An intended merger with Deutsche Bank went wrong earlier this year.

The redundancies coincide with more investment in technology. Commerzbank wants to serve customers of its private bank and division for small and medium-sized companies more often via mobile systems.

In the light of this digitization, the Comdirect bank, of which Commerzbank is the majority shareholder, wants to merge with the parent company. At the same time, the bank is aiming for the sale of its majority stake in the Polish mBank to fund the cash.

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