Arab Today, arab today commerzbank wields axe in costcutting drive
Last Updated : GMT 00:43:26
Arab Today, arab today
Arab Today, arab today

Commerzbank wields axe in cost-cutting drive

Arab Today, arab today

Arab Today, arab today Commerzbank wields axe in cost-cutting drive

Frankfurt - AFP

Commerzbank, Germany\'s second-biggest bank, said on Thursday it is looking to axe more than 10 percent of its workforce over the next three years as it tots up the toll of the financial and sovereign debt crisis. \"As part of our strategic agenda announced in November, Commerzbank ... is assuming that 4,000-6,000 jobs will be cut group-wide by 2016,\" a company spokeswoman told AFP. The exact number would be determined in talks with unions and labour representatives set to begin in February, she said. On September 30, 2012, Commerzbank\'s total workforce numbered 56,287. The spokeswoman said it was too early to say where exactly the axe would fall. But insiders said all areas would be affected, even if it was likely to be the retail division -- its high-street branch network -- that bears the brunt of the cuts. The number of branches was boosted sharply when Commerzbank took over rival Dresdner Bank in 2008 and the bank had already set a target of cutting 9,000 jobs in the division by thinning out the network. While that goal has nearly been achieved, the harsher environment engendered by the long and debilitating financial and sovereign debt crisis means further blood-letting has become necessary. Announcing a strategic reorientation back in November, chief executive Martin Blessing had said Commerzbank must face up to the challenges and \"new normality\" in the industry. Above all, Commerzbank would seek to \"reposition itself both strategically and operationally in the private customers business,\" he said at the time, adding that \"massive cuts\" in personnel costs were inevitable. Blessing pledged that the branch network would become more flexible and the Commerzbank aimed to become a \"multi-channel\" bank offering customers products and services \"anywhere and at any time\". Insiders say that among the topics under discussion between management and employee representatives would be longer opening hours. Given the complexity of the issues, however, negotiations were expected to be long and protracted. On the Frankfurt stock exchange, Commerzbank shares were initially among the biggest losers following the announcement, but turned back into positive territory later in the session, adding 0.43 percent in a stagnant to slightly softer market. Commerzbank had to be bailed out by the state in 2009 and is still partly state-owned. But it does not appear to be the only bank mulling job cuts. According to a report in the daily Frankfurter Allgemeine Zeitung on Thursday, Munich-based HypoVereinsbank, which is owned by Italy\'s UniCredit, is considering cutting 600 jobs this year, particularly in its retail banking division. A spokesman for HypoVereinsbank declined to comment on the report. Germany\'s biggest lender, Deutsche Bank, is also looking to save billions of euros a year by 2015, including slashing personnel costs. Last July, Deutsche Bank said it had decided to \"reduce headcount predominantly outside of Germany by approximately 1,900 positions,\" of which 1,500 would be axed in its corporate banking and securities division.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today commerzbank wields axe in costcutting drive Arab Today, arab today commerzbank wields axe in costcutting drive

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today commerzbank wields axe in costcutting drive Arab Today, arab today commerzbank wields axe in costcutting drive

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Sheraton Grand Hotel reveals its deals

GMT 12:20 2017 Monday ,25 September

Sheraton Grand Hotel reveals its deals
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Iraq Kurds in historic independence vote

GMT 15:20 2017 Monday ,25 September

Iraq Kurds in historic independence vote
Arab Today, arab today North Korea 'more opaque'

GMT 10:50 2017 Sunday ,24 September

North Korea 'more opaque'
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Personality study finds fish have hidden depths

GMT 00:43 2017 Tuesday ,26 September

Personality study finds fish have hidden depths
Arab Today, arab today 'Lady Beast' fights for girl gamers

GMT 10:27 2017 Sunday ,24 September

'Lady Beast' fights for girl gamers
Arab Today, arab today Conditions growing dire    

GMT 09:22 2017 Monday ,25 September

Conditions growing dire    
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Chevrolet's first 9-speed auto debuts

GMT 18:58 2017 Monday ,25 September

Chevrolet's first 9-speed auto debuts
Arab Today, arab today Third generation adds more power

GMT 13:40 2017 Sunday ,24 September

Third generation adds more power
Arab Today, arab today Lebleba is preoccupied in filming 'Back Street'

GMT 08:56 2017 Thursday ,21 September

Lebleba is preoccupied in filming 'Back Street'
Arab Today, arab today Psychologists help Mexico deal

GMT 05:05 2017 Sunday ,24 September

Psychologists help Mexico deal

GMT 08:59 2017 Wednesday ,20 September

Youssra prepares for launching her program

GMT 10:16 2017 Friday ,22 September

All eyes on May as she prepares

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 20:10 2017 Saturday ,23 September

Big Western brands polluting oceans

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 12:02 2017 Sunday ,24 September

Harry visits mental health hospital

GMT 11:11 2017 Sunday ,24 September

The dark side of new tourism hope

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday