The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64 - Financial service activities, except insurance and pension funding
376 jobs Number of planned job losses
Announcement Date
3 February 2015
Employment effect (start)
3 February 2015
Foreseen end date
31 December 2018
Description
Commerzbank will cut 376 out of 800 full-time positions in its finance department by the end of 2018 at several locations (Frankfurt, Berlin and Duisburg). A total of 50 job cuts will be affected by location closure in Berlin and Duisburg, 275 full-time positions will be affected in Frankfurt due to saving of personnel costs. Commerzbank originally wanted to cut 450 positions. The reduction in job cuts to 376 positions is the result of negotiations with the trade union Verdi.
In January 2015 Commerzbank informed that job reductions of the bank will equally affect management positions, 160 in consumer banking and 100 positions dealing with small and medium-sized businesses (see 2015).
Sources
3 February 2015: Mitteldeutsche Zeitung Online
3 February 2015: Frankfurter Allgemeine Online
4 February 2015: Handelsblatt
Citation
Eurofound (2015), Commerzbank, Internal restructuring in Germany, factsheet number 78269, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/78269.
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