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Commerzbank management, employees make progress on 7,000 job cuts

Staff Writer |
Commerzbank said that management and employee representatives had hammered out guidelines for job cuts that were announced last year as part of a major restructuring.

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At that time, Commerzbank announced it would merge its four main business segments into two, pledged to make 80 percent of its workflow digital, and said it would slash its workforce.

Thursday's deal between management and labour marks significant progress on the bank's goal of reducing headcount to 36,000 employees by 2020, down from 43,000 at the end of 2015.

The two sides agreed layoffs would be used "only as a last resort". Instead, staff reduction will focus on early retirement, termination with severance packages and reduced work hours.

Commerzbank said it aimed to complete details of negotiations by the end of 2017.

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