As part of its restructuring plan, Commerzbank has decided to eliminate 10,000 jobs and close hundreds of branches in an effort to reduce losses.
Manfred Knof, the new CEO of Commerzbank, stated: "We will simplify operations and comprehensively cut costs." The final touches on the restructuring plan are scheduled to be completed by early February, which will involve reducing the workforce by about 25% and scaling down the branch network from 800 to 450 by 2024. The bank's management is looking to revitalize the reform plans for the partially government-owned group, which has struggled to increase profits amid changes in executives and an unstable strategy.
