Banking
Commerzbank cites progress in effort to cut 10,000 jobs
Published by maria gbaf
Posted on November 15, 2021
1 min readLast updated: January 28, 2026
Global Banking & Finance Review®
Company
Published by maria gbaf
Posted on November 15, 2021
1 min readLast updated: January 28, 2026
Commerzbank progresses in cutting 10,000 jobs under CEO Manfred Knof's restructuring plan, aiming for profitability despite previous loss forecasts.
FRANKFURT (Reuters) -Germany’s Commerzbank said on Friday it had made further progress in its effort to cut 10,000 jobs after it concluded negotiations with employee representatives.
The cuts are a pillar of a restructuring plan under Chief Executive Officer Manfred Knof, who earlier this year took the helm of Germany’s No. 2 bank to set it back on a path to profit.
“We have reached an important milestone,” Knof said.
Commerzbank said it would now be able to move forward with the cuts in a “socially responsible” fashion and that the bank had already struck agreements on more than half of the 10,000 jobs to be cut.
New structures will mean around 30% fewer managers, Commerzbank said.
Last week, Commerzbank surprised with better-than-expected third-quarter net earnings and forecast a profit for the full year, defying analysts’ predictions for a 2021 loss.
(Reporting by Tom Sims and Frank Siebelt; Editing by Christoph Steitz, Kirsten Donovan)
The main topic is Commerzbank's progress in cutting 10,000 jobs as part of a restructuring plan.
The restructuring is led by Commerzbank's CEO, Manfred Knof.
The restructuring aims to set Commerzbank back on a path to profitability.
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