Commerzbank plans to cut 9,600 jobs
Germany's second-biggest lender, Commerzbank, is planning to cut 9,600 jobs over the next four years and cease dividend payments for the first time.
In a statement, the bank said by the end of 2020 it would have "sustainably increased its profitability".
However, the bank also said it aimed to create 2,300 new posts in areas where its business was growing.
Commerzbank's strategy for achieving this will be debated by the bank's board on Friday.
Last year, the bank had about 51,300 employees.
The announcement comes amid denials that the German government is working on a rescue plan... read more
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