A pending restructuring in the London office of Commerzbank might lead to 70 trader jobs moving away from London to the bank’s headquarters in Frankfurt. Sources close to the matter have shared with Forex Magnates’ reporters that pending consultations with employee representatives, a number of interest rates and currency trader positions in the London office could be moved.
The prospective move concerns trading jobs on the foreign exchange (FX) and interest rates (IR) desks in London, according to the sources.
The move will allow Commerzbank to consolidate the bank’s risk management capability and bring its traders closer to the bank’s markets platforms in the Frankfurt headquarters. The bank has already centralized its infrastructure and processes in Frankfurt, so the move is seen mostly as one to increase operational efficiency.
London remains Commerzbank’s key hub for structured solutions, selected FX/IR capabilities and emerging markets and financial engineering.
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Commerzbank is currently building its headquarters in Frankfurt as the “centre of competence,” Credit Trading is intended to stay in London with the expection of Flow Cash Trading, which will move to Frankfurt, consistent with the approach of building Frankfurt as the Centre of Competence for commoditized solutions. No major changes to sales is expected.
Speaking to Forex Magnates’ reporters, a spokeswoman for Commerzbank said, “London remains key to Commerzbank’s international operations and the investment bank’s offering to clients remains unchanged across all asset classes.”
In an internal memo, the German bank’s CEO of Investment Banking, Michael Reuther, stated,
“There will be no changes for our clients. We are just bundling certain capabilities in different Centres of Competence, but all products and services will be available in all locations as beforehand. Essentially this is a question of how we better and more efficiently deliver our offering rather than of how we distribute it. It should be beneficial to our clients.”
The move won’t lead to any changes for the bank’s clients. No major changes to the sales staff at Commerzbank are on the line, according to the sources.