The agreement is part of new chief executive Manfred Knof’s plans to return Commerzbank back into the black.
The bank lost €2.9 billion in 2020, and Knof has got to work since joining at the start of 2021. He is leading a planned €1.8 billion restructuring involving the cutting of jobs and the closing of branches.
Commerzbank says it will make its 10,000 cuts primarily through the offering of early retirement to existing employees. It’s setting aside €225 million to fund these efforts.
“Today, we have taken a major step towards achieving our sustainable cost targets – and towards our goal of making Commerzbank sustainably profitable,” Knof tells Reuters.
