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Commerzbank net job cuts stand at 7,000 not 9,600 - trade union Verdi
October 11, 2016 / 2:12 PM / a year ago

Commerzbank net job cuts stand at 7,000 not 9,600 - trade union Verdi

FRANKFURT, Oct 11 (Reuters) - Staff reduction plans recently unveiled by Commerzbank translate into less actual job cuts than announced by the bank, trade union Verdi said.

Commerzbank, Germany’s second-largest bank, in late September said it planned to cut 9,600 jobs, more than a fifth of its workforce.

Verdi said this included 1,700 cuts already agreed in the past as well as about 900 employees that leave the bank on average per year at their own request, reducing the number of actual job cuts to about 7,000, Verdi said.

Commerzbank declined to comment. (Reporting by Alexander Huebner; Writing by Christoph Steitz; Editing by Arno Schuetze)

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