(ZEROHEDGE) – Even after Commerzbank’s hoped-for merger with Deutsche Bank crumbled in part due to union leaders’ objection to the possibility that too many of their members’ would be made “redundant”, it looks like the German retail lender is moving ahead with a massive wave of job cuts.
While it’s not quite as large as Deutsche Bank’s massive round of layoffs, announced a couple of years back as part of Christian Sewing’s massive forced restructuring (one of the biggest rounds of bloodletting since Lehman), the cuts – announced by Commerzbank chief Manfred Knof – will eliminate 1 in 3 jobs at Commerzbank Germany.
The FT described the cuts as a last-ditch effort to turn around the ailing lender, whose shares have dropped by 90% over the past decade. Last month, Commerzbank said it would book a €61MM ($74) charge-off related to restructuring costs in 2020 tied to the elimination of 2.9K.
