Commerzbank CEO to cut management by 30%

Bloomberg

Commerzbank Chief Executive Officer (CEO) Manfred Knof is cutting management positions at Germany’s second-biggest listed bank by about 30% as part of his turnaround plans.
The target is linked to an agreement with the company’s works council on how to implement deep job cuts which were first announced in February, the lender said in a statement. It didn’t say how many
management roles would be
affected.
Knof joined Commerzbank in January and presented a sweeping restructuring strategy about a month later, focused on deep cost cuts that include about 10,000 jobs. The expected reductions in the management ranks are in line with plans to cut roles equivalent to about a third of the bank’s domestic workforce.
Commerzbank is seeking to cut most if not all jobs through voluntary arrangements such as early retirement agreements and natural attrition.
“We offer our employees a wide range of instruments appropriate for the phase of life where they find themselves,” human resources head Sabine Schmittroth said in the release. “We’re on the right track to implement the headcount reduction as socially responsible as possible.”