Downsizing: Commerzbank wants to close every fifth branch
Commerzbank wants to cut 4,300 jobs and close 200 of its 1,000 branches. The company wants to part company with the Polish subsidiary mBank.
Commerzbank has announced extensive job cuts: 4,300 full-time jobs should be eliminated, the company said. At the same time, however, around 2,000 full-time positions should be set up, especially in the area of digitization and IT infrastructure. In addition, the draft for the new company strategy plans to close 200 of the approximately 1,000 branches. Nevertheless, the branch network remains a "solid pillar of the strategy", it says in the "Commerzbank 5.0 strategy program".
In order to free up money for the corporate restructuring, the bank also wants to sell its Polish subsidiary mBank. In turn, the subsidiary Comdirect, in which the Commerzbank currently holds 82 percent, wants to take over the money house completely. The Supervisory Board still has to agree to the plans. He's coming together for his strategy meeting next week.
In April, Deutsche Bank and Commerzbank had stopped their merger plans. Deutsche Bank, also hit hard like Commerzbank, had already submitted plans for a corporate restructuring in July.