Commerzbank is reportedly nearing a key agreement regarding the implementation of its new strategic direction. Management at Germany’s second-largest private bank is expected to reach a consensus with employee representatives on the core details of the planned reduction of 3,900 full-time positions as early as September, according to a report in the “Handelsblatt” newspaper.
Sascha Uebel, head of the Commerzbank supervisory board, stated that discussions concerning the specifics of the job cuts within the framework of the current strategy have progressed positively. “The final negotiating session regarding the equalization of individual interests took place last week – and we have largely finalized this issue” Uebel said. “I am confident that the general works council will approve the package agreed with management at its next meeting on September 11th.
Commerzbank announced in February its intention to eliminate 3,900 positions as part of the new “Momentum” strategy, with the majority of these cuts occurring in Germany. Concurrently, the bank intends to create numerous new positions at its Polish subsidiary, M-Bank and at other locations with lower labor costs. The bank anticipates that, overall, the total number of full-time employees will remain relatively constant at around 36,700. A Commerzbank spokesperson declined to comment on the status of negotiations with the works council, as reported by the newspaper.
