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The savings program should be implemented by 2024.
Commerzbank headquarters in Frankfurt.
A few weeks after he took office, Commerzbank boss Manfred Knof started clearing the job. The second largest German private bank plans to cut around 10,000 gross jobs by 2024 and close around every second of the 790 branches in Germany, the institute announced on Thursday. In Germany, the job cuts affect every third job at the bank. The business should be more digitized and the costs should decrease “considerably” in all areas.
The management board submitted the draft strategy to the supervisory board. The supervisory body should decide on this next Wednesday. The plans had already leaked through the media on Thursday afternoon.
