The second biggest bank in Germany, Commerzbank AG Group, is extending the reach of its cost-cutting program with an additional 450 planned job cuts, Forex Magnates has confirmed.
Commerzbank AG, which is now in the process of a second major savings program in just four years, has already announced plans to cut 5,200 jobs by 2016 from its 45,000 manpower. The group has committed to restructuring since receiving an 18 billion euro bailout from the German taxpayer after an M&A failure and the global financial crisis. Reports from Handelsblatt, a Düsseldorf-based business newspaper, today suggested that 450 additional jobs are at stake.
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Speaking with Forex Magnates, a spokesperson for the German banking group confirmed that there are indeed more cuts on the table, but said they are specifically for the finance department, affecting accounting positions and that FX related jobs are safe for now. The Commerzbank spokesperson also explained that according to German labor laws the management needs to get the approval of the Workers’ Council (a union) which could take months to receive and therefore, the decision to extend the restructuring is not final.