Commerzbank AG, Germany’s second-largest lender, said it plans to eliminate about 5,200 jobs by 2016 to bolster profit.
The company’s works council approved the elimination of 3,900 positions, Frankfurt-based Commerzbank said Wednesday in an e-mailed statement. That comes on top of 500 job losses planned at German and non-German subsidiaries and 800 mostly at a unit that’s selling assets to raise capital and meet requirements for state aid the bank took in 2008, according to the statement.
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