World Economy

Commerzbank to Cut 5,000 Jobs

Commerzbank to Cut 5,000 JobsCommerzbank to Cut 5,000 Jobs

Commerzbank AG is preparing to cut as many as 5,000 jobs under a new strategy by Chief Executive Officer Martin Zielke to boost profitability, Boersen-Zeitung reported, without saying where it obtained the information, Bloomberg reported. Commerzbank, Germany’s second-largest bank, may reveal the changes next week when Zielke presents his plan to the supervisory board, according to press reports. Proposals include merging some corporate businesses with the investment bank and reducing the number of operating units to three from four, Boersen-Zeitung said. A spokeswoman declined to comment on the reports or the CEO’s plans.