Germany-based Commerzbank is reportedly planning to cut additional 450 jobs, as part of its ongoing restructuring plan, to save operational costs and regain profitability.
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During a staff meeting last week, Commerzbank’s works council representatives announced that the bank is targeting 350 jobs cuts at its finance department in Frankfurt by 2017 and 100 at sites in Duisburg and Berlin, reports Reuters.
"There have been signals from the board that there is more to come and that all departments of the group could be hit in the short term," said a source familiar with the matter.
Earlier, Commerzbank, which received $24.2bn in bailout, had underlined restructuring plans to eliminate 5,200 of its nearly 45,000 workforce.
Commerzbank is also considering transferring some accounting work to internal low-cost firms such as Poland-based Ceri and Eastern Germany-based ComTS sites, to ensure smooth operations following departure of 450 staff.
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By GlobalDataIn addition, the bank intends to outsource parts of its finance department.
Commerzbank is creating 30-40 information technology jobs to address the problems identified by Bafin, one of the source told the news agency.
Various banks in Germany have been trimming their workforce as they restructure their businesses in the wake of the financial crisis.
