Commerzbank: 1700 redundancies planned this year
(CercleFinance.com) - Commerzbank announced on Thursday that it has reached an agreement with its central works council to reduce its workforce by 1,700 full-time jobs by the end of the year through a voluntary redundancy plan.
The German bank said it expected to record a restructuring charge of around 470 million euros in its first quarter accounts, mainly due to this voluntary redundancy program.
In total, the German bank estimates that it will spend around 1.8 billion euros on its restructuring plan and the adoption of its strategic shift through to 2024.
Out of this amount, 1.4 billion euros in provisions have already been made, Commerzbank says.
Not as bad as it could have been, Commerzbank shares are currently up 0.1% in Frankfurt, slightly trailing the index.
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The German bank said it expected to record a restructuring charge of around 470 million euros in its first quarter accounts, mainly due to this voluntary redundancy program.
In total, the German bank estimates that it will spend around 1.8 billion euros on its restructuring plan and the adoption of its strategic shift through to 2024.
Out of this amount, 1.4 billion euros in provisions have already been made, Commerzbank says.
Not as bad as it could have been, Commerzbank shares are currently up 0.1% in Frankfurt, slightly trailing the index.
Copyright (c) 2021 CercleFinance.com. All rights reserved.