FRANKFURT, Sept 29 Commerzbank on
Thursday said it would cut nearly 10,000 jobs and stop paying
dividends for the time being as it restructures to become
profitable on a more sustainable basis by 2020.
Germany's second biggest lender said in a statement it
expected restructuring costs of 1.1 billion euros ($1.2 billion)
as it combines business segments and works to cut costs.
It said it would slash 9,600 full-time positions or about 20
percent of staff as part of the revamp but plans to add 2,300
jobs in areas where business was growing, for a net reduction of
($1 = 0.8916 euros)
(Reporting by Jonathan Gould; Editing by Victoria Bryan)