Commerzbank, Germany’s second- biggest bank, will cut 4,000 to 6,000 jobs over the next four years to reduce costs and meet its profit goals.
The job reductions will apply to all units worldwide with the retail bank having “significant overcapacity,” according to an internal memo obtained by Bloomberg news, the contents of which were confirmed by spokesman Simon Steiner in Frankfurt. Chief executive officer Martin Blessing declined to comment on the cuts at the World Economic Forum in Davos, Switzerland.
