Commercial bank consents to downsize workforce
In a noteworthy escalation, Commerzbank has sealed the details for the upcoming slash of roughly 3900 jobs by 2028. The primary focus of these cuts will be in Germany, where roughly 3000 jobs are on the chopping block as part of the bank's "Momentum" cost-saving and investment program.
According to the announcements made in Wiesbaden ahead of the annual general meeting, Commerzbank's strategy will lean heavily on phased retirement and early retirement programs. Nevertheless, severance packages are also in the cards for those in Germany who choose to exit the company in agreement with management. Sabine Mlnarsky, the board member responsible for personnel, shared that, "with these regulations, we are creating the conditions to implement the 'Momentum' goals in a socially responsible manner in Germany."
The basis for these regulations was set in May 2025, following an agreement with the works council. By October 2025, the specifics of the cuts in the individual departments will be hashed out. Sascha Uebel, chairman of the works council, extolled that "it's good that we have agreed on the framework so quickly. This allows us to adequately consider the interests of the employees in the further negotiations."
In February 2025, it was communicated that Commerzbank would trim around 3900 jobs by 2028, with administration being the main target. Despite these cuts, Commerzbank aims to maintain a stable overall headcount of around 36,700 jobs by creating new positions outside Germany.
In essence, Commerzbank is aiming to find a balance between job reductions and the creation of new opportunities, while aligning its strategic objectives with social responsibility.
[Sources: ntv.de, rts]
[Insight: The initial agreement on the job cuts was reached in May 2025, and the specifics of the cuts in individual departments will be finalized by October 2025. The bank aims to maintain a stable overall headcount of around 36,700 jobs by hiring in areas outside Germany.]
- The employment policy at Commerzbank, as per the May 2025 agreement and latest announcements, will involve job cuts totaling approximately 3900 by 2028, primarily focused in Germany as part of the bank's "Momentum" program.
- In the context of Commerzbank's workforce adjustments, the banking-and-insurance industry, business, and finance sectors are all likely to experience changes, as the policy focuses not only on cost-saving measures but also on creating new opportunities, seeking a balance between job reductions and employment growth while maintaining social responsibility.
