German Commerzbank to Cut 10,000 Jobs and Close 340 Branches by 2024

[Image source=EPA Yonhap News]

[Asia Economy Reporter Kwon Jae-hee] Commerzbank, a major German financial institution, announced on the 28th (local time) that it plans to cut 10,000 jobs and close about 340 branches by 2024.

According to CNN Business on the same day, Commerzbank stated in a press release, "We plan to reduce about one-third of our employees in Germany, cutting a total of around 10,000 jobs," and "to reduce the number of branches in Germany from the current 790 to 450 to save costs."

Currently, Commerzbank has approximately 48,500 employees worldwide.

Commerzbank added that it will start the job cuts and branch closures as soon as possible. Through this, it expects to achieve an annual cost reduction of $1.7 billion by 2024.

Meanwhile, Commerzbank is reportedly planning to increase investment in the information technology (IT) sector.

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