Thursday, November 8, 2012

Commerzbank to cut jobs, revamp retail business: Reports

http://economictimes.indiatimes.com/news/international-business/commerzbank-to-cut-jobs-revamp-retail-business-reports/articleshow/17134922.cms

Commerzbank to cut jobs, revamp retail business: Reports

FRANKFURT: Commerzbank AG, is planning to cut jobs while investing 1 billion euros ($1.3 billion) in an overhaul of its retail business, two people close to the bank said on Wednesday.

Germany?s second biggest bank has not yet decided how many jobs will go, the sources said, after German newspaper Die Zeit reported the group would cut up to 6,000 staff.

Commerzbank will join other big banks and companies across Europe in cutting jobs and costs because of the weak economy. Some of these include telecoms equipment group Ericsson , Dutch bank ING, wind turbine maker Vestas and steel group Kloeckner & Co.

Frankfurt-based Commerzbank confirmed the Reuters story late on Wednesday, saying it would spend more than 2 billion euros?.?

Source: http://www.pmflegal.com/blog/index.php/2012/11/08/commerzbank-to-cut-jobs-revamp-retail-business-reports/

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