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A few weeks after he took office, Commerzbank boss Manfred Knof began to cut the trees.

The second largest German private bank wants to cut a total of 10,000 jobs and close around every second of the 790 branches in Germany, the institute announced on Thursday.

In Germany, the job cuts affect every third job at the bank.

The business should be digitized more and the costs should decrease “considerably” in all areas.

The management board submitted the draft strategy to the supervisory board.

The supervisory body should decide on this next Wednesday.

More soon