Commerzbank to assign more employees to branches in revamp

COMMERZBANK is assigning more employees to work in its branches as it seeks to boost the business its does with clients and meet ambitious new targets.

As part of a new set-up that will come into effect later next year, Commerzbank will have at least one banker in each branch who can advise clients on mortgages and financial investments, sources familiar with the matter said.

It is also regrouping customers into new segments by how much money they have to invest, adding a category for wealthy retail clients with a net worth of between 100,000 euros (S$141,100) and 250,000 euros, the sources said, asking not to be named because the information is private.

Commerzbank declined to comment on the plan, which was first reported by Wirtschaftswoche.

The moves are aimed at boosting business with clients and avoiding shutdowns at Commerzbank’s 400 retail branches, some of which only have a handful of staff. Employee shortages because of illness have occasionally also forced higher-paid to help out with standard retail banking services, the sources said. BLOOMBERG