Germany’s second-biggest lender, Commerzbank, is planning to cut 9,600 jobs over the next four years and end dividend payments for the first time. The bank said by the end of 2020 it would have “sustainably increased its profitability”.
However, the bank also said it aimed to create 2,300 new posts in areas where its business was growing. It will be focusing more on its core business of private and small business customers and corporate clients.
The restructuring is expected to save billions of Euros a year and allow Commerzbank to invest in new sectors of business, creating new jobs in “growth areas”.
Commerzbank is 15% owned by the German government, which took the stake to help the bank in the middle of the financial crisis in 2008.
