Sep 26

Germany “Other” Bank: Commerzbank To Fire 9,000, 18% Of Its Entire Workforce:

While the market’s attention has been transfixed by the latest crash in the stock of Europe’s biggest bank, now that concerns about Deutsche Bank’s $2 trillion balance sheet have violently resurfaced, it is worth recalling that Germany’s “other” mega bank, DB’s smaller rival, Commerzbank, whose balance sheet is hardly looking much healthier, is planning to cut around 9,000 jobs over the coming years as Germany’s second biggest lender pushes ahead with a restructuring plan, Handelsblatt reported earlier today, citing unnamed sources in the finance industry.

The round of layoffs would eliminate a massive 18% of the bank’s entire workforce.

Like in the case of Deutsche Bank, squeezed by negative European Central Bank interest rates, Commerzbank has been seeking ways to boost revenue by passing on costs to corporate customers and increasing fees for retail depositors, but profit margins remain thin. That leaves cost cutting high on the agenda.

Handelsblatt said it’s not clear yet whether Commerzbank will resort to outright dismissals. The bank’s restructuring will run through 2020 with costs of up to 1 billion euros ($1.13 billion), according to the newspaper.

In addition to the massive layoffs, the bank will scrap its dividend payments for 2016 as part of the strategy revamp due to be published by Chief Executive Martin Zielke on Friday, Handelsblatt reported.

All the soon to be laid off workers can send their thank you notes to Mario Draghi: no need to even pony up for international postage – the ECB is conveniently located in Frankfurt.

* * *

PayPal: Donate in USD
PayPal: Donate in EUR
PayPal: Donate in GBP

Tags: , , , ,

9 Responses to “Germany “Other” Bank: Commerzbank To Fire 9,000, 18% Of Its Entire Workforce”

  1. kevin a Says:

    Leaked FBI data reveal 7,700 terrorist encounters in USA in one year

  2. kevin a Says:

    Islamic State sex slaves auctioned off in UK/US ally Saudi Arabia
    It isn’t news that the Islamic State has long been abusing and trafficking sex slaves – especially Yazidi girls – but it has been now discovered that the sex slaves of IS are being “sold in horrifying auctions to UK ally Saudi Arabia.”

  3. kevin a Says:

    Sweden: Police admit losing control of 55 no-go zones

    Swedish Police Admit Losing Control Of 55 No-Go Zones
    Police in Sweden continue to lose control of more suburbs in major Swedish cities as they have now admitted that there are more than 55 no-go areas where they have major problems enforcing the law.

  4. kevin a Says:

    Netherlands: Muslim migrants attack locals in reign of terror across entire city

  5. kevin a Says:

    Egypt: “Christians are original inhabitants of the nation,” says Coptic bishop

  6. kevin a Says:

    State Dept admits jihadis have posed as refugees to enter US, still plans to admit more
    What could possibly go wrong? Better dead Americans in jihad attacks than political incorrectness and a rejection of “multiculturalism” and “diversity.”

  7. kevin a Says:

    Air Berlin to cut 1000 jobs, reduce fleet

  8. kevin a Says:

    Great video..

  9. kevin a Says:

    A Horror Story of True-Life Anti-Semitism in France
    It was a ghastly tragedy that rattled a nation and became a byword for anti-Semitism in France. In January 2006, just weeks after riots had set aflame the troubled banlieues and housing projects throughout the country, a single horrific killing exposed an icy violence that was in its way even more shocking. Ilan Halimi, 23, was kidnapped by the self-styled “Gang of Barbarians” and tortured to death because he was Jewish and they thought his family or other Jews would pay for his freedom.

Leave a Reply