25 Jan 2013

Job cuts at Commerzbank

4:41 pm on 25 January 2013

Commerzbank in Germany is planning to cut 4000 to 6000 jobs, or more than 10% of its workforce, by 2016.

Commerzbank currently has 56,000 employees, of whom 49,000 are fulltime.

The bank also said it was planning to invest more than €2 billion as it overhauls its retail banking, the BBC reports.

Shares in the bank fell 1.9% on Thursday.

In June last year, Commerzbank was downgraded by Moody's and placed on negative outlook.