EMCC European Monitoring Centre on Change



Geographic Location

Country: European Union


Sector: Financial services
Financial and insurance activities
64 - Financial service activities, except insurance and pension funding
Number Employed: 67000

Employment Effects

Announcement Date: 31-08-2008
Planned Job Reductions min: 9000
Planned Job Reductions max: 9000
Type of Restructuring: Merger/Acquisition

Additional Information

On 31 August the financial service company Allianz announced to sell its subsidiary the German bank Dresdner Bank to Commerzbank. Commerzbank will completely take over Dresdner Bank in two steps until 2009. Following the aquisition of Dresdner Bank Commerzbank plans to cut about a total of 9,000 jobs of the currently 67000 jobs in both companies. 2,500 jobs will be cut outside Germany. Further details on which countries are affected are not yet known. No detailed time lines are currently given.

 In September 2010, Commzerbank stated, that the merger of the investment banking departments of Commerzban and Dresdner Bank will be completed by 2012 and 1550 jobs out of 3200 investment banking jobs worldwide will be cut. The job cutting process started in 2008, about 90% of these jobs are already gone, the company says. Most jobs were cut in London, Tokio and New York.