EMCC European Monitoring Centre on Change

Commerzbank AG

Company/Organisation:
Commerzbank AG

Geographic Location

Country: Germany
Region: Frankfurt am Main, Kreisfreie Stadt; Darmstadt; Hessen
Location of affected unit(s): Frankfurt

Company

Sector: Financial services
Financial and insurance activities
64 - Financial service activities, except insurance and pension funding
Number Employed: 39000
Group: Commerzbank

Employment Effects

Announcement Date: 18-07-2002
Planned Job Reductions min: 4300
Planned Job Reductions max: 7300
Type of Restructuring: Internal restructuring
Employment Effect Start: 01-07-2002
Foreseen End Date: 01-12-2003

Additional Information

First restructuring plan of 900 employees and then 3400 other job cuts. On 2002-09, announcement of further dismissals, but no figures are yet available. On November, announcement of 450 new dismissals at the Investment banking branch. On March 2003, announcement of a new cost cutting plan, 3000 other jobs could be suppressed.