German Commerzbank to cut 4,300 jobs in restructuring

COMPILED FROM WIRE SERVICES
ISTANBUL
Published 20.09.2019 17:03
Updated 20.09.2019 18:11
In this file photo taken on February 15, 2017 the Commerzbank Tower is pictured in Frankfurt, western Germany (AFP Photo)
In this file photo taken on February 15, 2017 the Commerzbank Tower is pictured in Frankfurt, western Germany (AFP Photo)

Germany's second-largest lender Commerzbank said Friday it plans to cut the equivalent of 4,300 full-time posts, one-tenth of its workforce, and shutter 200 branches in a fresh bout of restructuring.

On top of the job cuts -- which bosses say will be partly offset by 2,000 new hires in other areas -- Commerzbank also aims to sell its majority stake in Poland's mBank to bring in some of the cash needed for its plans.

And it will buy out the remaining third-party shareholders in subsidiary Comdirect, of which it already owns 82%.

The sale of mBank, which is listed on the Warsaw exchange, would bring in money to pay for more rapid implementation of its strategy, Commerzbank said.

Commerzbank holds a stake of 69.3% in the bank, which is valued at around 3.1 billion euros (3.4 billion dollars).

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