Commerzbank to cut 5,200 jobs

Wednesday, June 19th, 2013 | Finance News

FRANKFURT (Reuters) - Commerzbank is to cut around 5,200 jobs, or 11 percent of its 48,000 staff, Germany's second-largest lender said on Wednesday.

The job cuts will fall mainly on the bank's domestic operations including at its retail banking unit, Commerzbank said.

Commerzbank has said 2013 will be a year of transition. It posted a net loss of 94 million euros ($126 million) in the first three months and booked a 493 million euro restructuring charge linked to 4,000-6,000 job losses.

(Reporting by Edward Taylor; Editing by Ludwig Burger)