Commerzbank's new CEO plans to axe 10,000 jobs in cost-cutting drive

Topics Germany | job cuts


By Patricia Uhlig and Tom Sims FRANKFURT (Reuters) - Commerzbank's new chief executive, Manfred Knof, wants to cut 10,000 jobs and close hundreds of branches as part of a strategy revamp announced just weeks after he took on the top job at Germany's second-biggest bank.

The bank's management hopes the overhaul plans revealed on Thursday will revive the fortunes of the partly state-owned group, which has struggled to boost profits amid executive reshuffles and strategy zig-zags. The has bank never fully recovered after.....

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