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Commerzbank: set to close over half of its branches

( - The German bank Commerzbank is about to announce the closure of over half of its branches in Germany by the end of 2023, according to Börsen Zeitung.

It has nearly 1,000 branches in Germany.

The group plans to lay off just under 10,000 jobs out of its 32,792 workforce, Börsen Zeitung says. Last autumn, the group had been considering 4,300 additional redundancies as part of its new strategic program, along with the closure of 200 branches.

The cost of this restructuring is estimated to be around 1.3 billion euros, i.e. about double the previously estimated amount.

Commerzbank said on Friday evening that its Nomination Committee will, at the request of its CEO Martin Zielke, propose his resignation by the end of the year. In addition, Stefan Schmittmann has submitted his resignation from his position as Chairman of the bank's supervisory board.

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