Commerzbank: 4,300 layoffs ahead to cut costs

(CercleFinance.com) - Commerzbank plans to make an additional 4,300 redundancies as part of its new strategic program, the German lender said on Friday.


According to a draft strategy unveiled today, Commerzbank also plans to sell its majority stake in Polish unit mBank, but is considering making a purchase offer to Comdirect's shareholders, a German online bank of which it currently holds a 82% stake.

The bank said it will retain a nationwide presence in Germany with around 800 branches, down 200 from its current level.

Thanks to these measures, in 2023 Commerzbank aims to cut costs by around 600 million euros from their current level.

This would result in a cost base of no more than 5.5 billion euros in 2023 following the sale of mBank, which will enable the bank to pay regular dividends. The share is

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