Commerzbank slashes 10,000 jobs and cancels dividend: Germany's second-largest bank in massive cost-cutting drive
Worries over the state of Germany's banking sector grew today after the country's second bank announced 10,000 global job cuts.
Commerzbank also said it would cease dividend payouts to investors.
The bank's radical three-year restructuring plan emerges after Germany's biggest bank, Deutsche Bank, has been afflicted by rumours it is on the verge of asking for a bailout from the Merkel government - something its top brass have denied.
Deutsche is facing a £10.5billion fine from the US Department of Justice but the finance ministry dismissed a newspaper report that a rescue plan was being... read more
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