FRANKFURT--Germany's Commerzbank AG (CBK.XE) and the bank's
labor representatives have in principle agreed on cutting over
5,000 full-time jobs group-wide, a person familiar with the matter
said Tuesday.
The number is the mid-point of the planned 4,000 to 6,000 job
cuts the bank had announced several months ago as part of its
restructuring program, which is aimed at putting the bank on a
competitive footing by 2016.
Commerzbank said at the time the exact number of the job cuts
will depend on talks with labor representatives and specific
internal targets.
The bank's works council is currently meeting to discuss the
agreement and will likely vote on it on Wednesday, two people
familiar with the matter said.
Commerzbank employed 54,000 staff at the end of March. In terms
of full-time job equivalents, this translates into almost 49,000
full-time job equivalents at the end of December. A more recent
number isn't yet available.
Write to Ulrike Dauer at ulrike.dauer@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires