Commerzbank AG (CBK) plans to cut 250 jobs at its Frankfurt headquarters, 100 of them in investment banking and 150 in information technology, Sueddeutsche Zeitung reported, citing unidentified employee representatives.
The bank, which currently employs 1,800 people in investment banking, doesn’t expect that part of the business to regain former levels, the newspaper said. In the IT unit, the job cuts were already planned, but the lender had reckoned with more people switching to other companies, Sueddeutsche said.
To contact the reporter on this story: Cornelius Rahn in Frankfurt at firstname.lastname@example.org
To contact the editor responsible for this story: Kenneth Wong at email@example.com