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.
Sources:
01-04-2003Financial Times Deutschland