
Please try another search
FRANKFURT (Reuters) - Commerzbank (DE:CBKG) is nearing a deal with labour representatives on its restructuring plan that includes 10,000 job cuts globally, people close to the matter said.
Management of Germany's second-biggest listed lender and the bank's works council have already reached an agreement in principle, they said, adding that the deal could be officially signed by the end of the week.
Spokespeople for Commerzbank and the works council declined to comment.
Commerzbank Chief Executive Manfred Knof said earlier this year that the turnaround plan would do without forced redundancies in Germany. The restructuring is instead focussing on early retirement programs.
As part of its restructuring, Commerzbank is shuttering 350 of its 800 branches in Germany and retreating from several countries.
Commerzbank hopes the revamp will revive its fortunes, as it struggles to restore profits after management reshuffles and strategy flip-flops. It has never fully recovered after a state bailout during the last financial crisis more than a decade ago and lost 2.9 billion euros ($3.5 billion) in 2020.
($1 = 0.8306 euros)
By Natalie Grover LONDON (Reuters) -Shares in GSK, Sanofi (NASDAQ:SNY) and Haleon fell sharply on Thursday, following declines earlier this week, amid growing concerns about...
By Padraic Halpin and Tim Hepher DUBLIN/PARIS (Reuters) -The world's largest aircraft lessor predicted on Thursday that planemakers will be hampered by supply chain issues for...
(Reuters) - Airlines canceled about 600 flights in the United States on Thursday morning after calling off hundreds of flights the previous day, as thunderstorms in Dallas hit...
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
I feel that this comment is:
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.