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Commerzbank discussing more job cuts - newspaper

Commerzbank discussing more job cuts - newspaper
FILE PHOTO: A Commerzbank logo is pictured before the bank's annual news conference in Frankfurt, Germany, February 9, 2017. REUTERS/Ralph Orlowski -
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Ralph Orlowski(Reuters)
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FRANKFURT (Reuters) – German lender Commerzbank <CBKG.DE> is discussing a further 1,800 to 2,500 job cuts, business daily Boersen-Zeitung on Friday cited company sources as saying.

A spokesman for the bank declined comment.

Final decisions on the cuts are due to be made during strategy meetings between the management and supervisory boards at the end of September, the report said.

Layoffs would likely focus on the bank’s Frankfurt headquarters – in the back office, investment banking, ship finance, compliance and personnel, it added.

Shares in Commerzbank were up 1.3% in early Frankfurt trade.

On Thursday, people familiar with the matter said separately that the lender was considering closing some branches.

(Reporting by Vera Eckert and Tom Sims, editing by Michelle Martin)

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