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Börse Express – Commerzbank: agreement on details of job cuts

Frankfurt (dpa-AFX) – Commercial Bank It could continue to cut thousands of jobs as planned. The Institute announced, Friday, in Frankfurt, that negotiations with the Public Works Council for the implementation of “Strategy 2024” have been successfully concluded. “We can now continue to drive the transformation forward quickly and at full speed,” said CEO Manfred Knauf.

According to the information, the number of management positions will decrease by about 30 percent. With the completion of the partial reconciliation of interests, the general social plan agreed in May 2021 will enter into force. Anyone who decides to leave the bank prematurely will receive a “runner’s bonus” of €30,000 for early retirement or €60,000 for contract termination as part of an already reported volunteer program.

Through a difficult cycle of austerity, CEO Knof, who has been in office since the beginning of the year, wants to put the institute back on the path to success. The Executive Board announced that by the end of 2024, 10,000 of the 39,500 full-time jobs worldwide will be cut by the end of 2024. At the same time, the Bank wants to create about 2,500 full-time jobs. This must be done at MBank in Poland, among others. The bottom line is that Commerzbank has shed about 7,500 jobs.

The stated goal of the board is to implement downsizing primarily through age regulations such as partial retirement or early retirement. “We’re well on our way to implementing the downsizing as socially acceptable as possible,” said Sabine Schmidtruth, director of human resources.

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The agreement now in place also applies to the new digital advice centres. The company’s wage agreement, which is supposed to come into effect in the fourth quarter of 2022 at the latest, allows work in the field on Saturdays. In return, the Bank gives a site guarantee for all sites of the so-called counseling center until December 31, 2027.

Commerzbank opened its first customer care advisory centers on October 19: in Berlin and Düsseldorf as well as at Quickborn in Schleswig-Holstein – the headquarters of its online brand Comdirect. The show aims to fill in the gaps in the shrinking branch network. Of the 790 branches nationwide, only 450 remain, and the branch reduction is scheduled to be completed in 2022./ben/DP/he

 ISIN  DE000CBK1001

AXC0339 2021-11-12/17:43

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