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."