The German Commercial Bank 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 has announced that 10,000 of the 39,500 full-time jobs (as of the end of 2020) 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.
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