Commerzbank Will Record $550 Million Charge for Job Cuts
- German lender to book costs for job cuts in first quarter
- Several new members to be nominated for the supervisory board
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Commerzbank AG will post a restructuring charge of 470 million euros ($550 million) in the first quarter for its job-cuts program, adding to about a billion euros of related costs booked previously.
The German lender is taking the charge to account for 1,700 job cuts agreed with the works council, it said in a statement on Thursday. New Chief Executive Officer Manfred Knof has vowed to eliminate 10,000 positions in total in Commerzbank’s home market to improve profitability in a restructuring that will cost about 1.8 billion euros.