Commerzbank: sets aside 610 million euros to cover job cuts

(CercleFinance.com) - Commerzbank said on Monday that it will book additional provisions of 610 million euros in the fourth quarter due to the layoff of 2,300 full-time staff.


The German lender said it has reached an agreement with its group works council about further restructuring measures for the period spanning from 2021 to 2024.

In the third quarter, the bank already booked restructuring provisions of about 200 million euros to cover various issues, including a part-time retirement program.

Last year, Commerzbank announced downsizing that concerned 4,300 full-time jobs.

The bank said it is planning further restructuring measures as part of a new strategy to be announced in the first quarter of 2021.

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