Commerzbank to slash 4,300 jobs in new restructuring round

[FRANKFURT] Germany's second-largest lender Commerzbank said Friday it plans to cut the equivalent of 4,300 full-time posts, one-tenth of its workforce, and shutter 200 branches in a fresh bout of restructuring.

"With its new strategic programme, Commerzbank is enhancing the long-term sustainability of its business," the Frankfurt-based firm said in a statement, saying that if approved by the supervisory board, its latest moves would cost around 1.6 billion euros (S$2.4 billion).

AFP