Fiji Times Logo

Fiji Time: 11:10 PM on Saturday 26 July

/ Front page / Business

Commerzbank to lay-off 6000 workers

Bbc.Co.Uk
Saturday, January 26, 2013

GERMANY'S second-biggest lender Commerzbank is planning to cut as many as 6000 jobs, or about 10 per cent of its workforce.

The bank said it wants to cut between 4000 and 6000 full-time employees by 2016. Commerzbank employs 56,000 staff, of which 49,000 are full-time.

The bank said it was planning to invest about $EUR2billion ($F4.7b) as it overhauls its retail banking.

Shares in the bank fell 1.9 per cent. In June, Commerzbank was downgraded by ratings agency Moody's. In addition to having its rating cut, Commerzbank was placed on negative outlook, meaning Moody's is considering a further cut.

The agency said that was because of the bank's exposure to the eurozone periphery, as well as its concentration of loans to single sectors and borrowers.

Some are sceptical that this latest round of job cuts will help much.

"The cuts are not very ambitious," said analyst Guido Hoymann from Metzler Securities.

"I would have expected them to be carried out faster, until 2016, that is a long way off."


Fiji Times Front Page Thumbnail

Kaila Front Page ThumbnailFiji Times & Kaila Frontpage PDF Downloads

Use the free Acrobat Reader to view.

Today's Most Read Stories

  1. Police promise probe
  2. Million-dollar man
  3. FijiFirst candidates
  4. Ready to serve
  5. Bus veers off road
  6. Police probe cases
  7. Seven years on, cadets graduate
  8. Friends give to hospital
  9. Campaign for Iraq's war victims
  10. City's banner policy

Top Stories this Week

  1. Railway soldiers Monday (21 Jul)
  2. No 'free education', says party Wednesday (23 Jul)
  3. Playing 'enemy' Tuesday (22 Jul)
  4. 911 let-down for homeowner Monday (21 Jul)
  5. Police find tyres Monday (21 Jul)
  6. $24,000 payout a lifeline for family Tuesday (22 Jul)
  7. Calls for support Tuesday (22 Jul)
  8. Warning for teachers Thursday (24 Jul)
  9. Illegal Fijians in Tonga Friday (25 Jul)
  10. $70m plan Wednesday (23 Jul)