Commerzbank: redundancy plan in Germany

(CercleFinance.com) - Commerzbank announced on Friday that it had reached a framework agreement with its trade unions regarding the implementation of its redundancy plan in Germany.


The project provides for the implementation of a voluntary retirement system which will involve both partial retirement and early retirement measures.

In its press release, the German banking group said it wanted to reach a final agreement that would finalise the details of the program by the end of the year.

The idea, it says, is to cut some 10,000 jobs in gross terms by 2024, a figure that would be reduced to 7,500 job cuts in net terms, taking into account the 2,500 hires planned by then.

Commerzbank specifies that it intends to record an additional provision of 225 million euros ahead of departures that would not fit into its initial calculations.

In all, the bank has now announced restructuring costs of over two billion euros.


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