Commerzbank Repeats To Cut Total 9,000 Jobs In Dresdner Merger
April 22 2009 - 9:30AM
Dow Jones News
Germany's Commerzbank AG (CBK.XE) Wednesday reiterated t
wouldn't announce any new redundancies related to its integration
of Dresdner Bank before the end of 2011.
The bank said last year that a total of around 9,000 positions
will be reduced through the merger.
More than 1,000 positions have already been eliminated,
Commerzbank said Tuesday at a workers' council presentation for
reporters in Frankfurt.
The official integration of Dresdner Bank, which Commerzbank
acquired in January from Allianz SE (AZ) for EUR5.1 billion, will
take place May 11. Further integration measures will follow,
however, as Commerzbank merges more IT functions, eliminates risks
from its investment banking operations and completes other
integration measures.
In March, Commerzbank bookeda net loss of EUR6.57 billion for
2008 in restated figures that included Dresdner Bank's results.
Company Web site: http://www.commerzbank.de
-By William Launder; Dow Jones Newswires; +49 69 29 725 515;
william.launder@dowjones.com