ANOTHER GERMAN ECONOMY BLOW: Now Commerzbank slashes 10,000 jobs amid profit fears

ANOTHER GERMAN ECONOMY BLOW: Now Commerzbank slashes 10,000 jobs amid profit fears
 

n another shock move, Commerzbank announced it would also axe its shareholder dividend payments for the first time ever.
The staff cull amounts to around a fifth of its 45,000 strong workforce. And comes just days after investors panic over the solvency of its bigger rival Deutsche Bank.
Commerzbank said the huge restructure will cost €1.1billion (£995million) and is aimed at making profits more sustainable by 2020.
The efforts will also see the lender combine business segments and move towards digital banking.
The firm said it would try to create 2,300 roles in areas in growing parts of... read more

 
29 September 2016 in Business, Views: 48
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