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Commerzbank To Cut 1,700 Jobs In Germany By End Of 2021

Commerzbank (CRZBY.PK) said Thursday that it has reached an agreement with the Central Works Council to cut 1,700 full-time jobs in Germany by the end of 2021.

The company said in January that it would reduce about 10,000 jobs by 2024. In Germany, every third job would be affected. The company would also reduce branches to 450 locations across Germany from the current level of 790, as part of its restructuring.

The bank said Thursday that it is making good progress on its roadmap towards the cost reductions targeted in its strategy 2024.

Under a voluntary program, entitled employees are to be offered termination agreements from July 2021. Employees who make use of the voluntary program will leave the Bank by the end of the year.

The Bank noted that it will book restructuring charges of about 470 million euros in the first quarter of 2021.

The Bank had announced that it is spending a total or around 1.8 billion euros for restructuring in the context of its strategy 2024. Including the provisions for the voluntary program, around 1.4 billion euros have already been booked.

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