Commerzbank Job Cuts: Last-Stage Negotiations for Social Plan Announced
Discussions about potential job reductions at Commerzbank are ongoing, yet to be finalized. - Discussion on Job Production Talks with Commerzbank's Works Council Set to Wrap Up
It appears that the final stages of negotiations over the Social Plan at Commerzbank are underway, as reported by the works council. Sascha Uebel, chairman of the group and central works council, shared this update with the German Press Agency in Frankfurt, stating, "We're in the homestretch of talks regarding the framework social plan and framework interest equalization."
Uebel's statement follows a report in the "Handelsblatt" newspaper revealing a special meeting scheduled for May 14, the day before the Commerzbank Annual General Meeting, in Wiesbaden. This meeting aims to approve the framework social plan and likely the framework interest equalization, as per Uebel's statement.
The Commerzbank board has announced a plan to decrease around 3,900 full-time jobs by the end of 2027, with almost 3,300 of these coming from Germany. Despite these cuts, the total number of employees globally is said to remain similar, with jobs being created at the Polish mBank and low-wage locations in Asia. The bank's aim is to reduce expensive jobs and increase profits to guarantee its independence. Unicredit's significant investment in Germany's second-largest private bank, following the partial exit of the German government from its stake in Commerzbank, has added pressure to the situation.
For months, Unicredit CEO Andrea Orcel has praised the benefits of a merger between the two institutions. However, the possibility of the takeover remains unclear due to strong resistance in Germany. The federal government still holds approximately 12% of Commerzbank shares.
The works council and the Verdi union intend to use the Commerzbank Annual General Meeting in Wiesbaden on May 15 to express their opposition to the takeover once more. Employees are invited to attend a "moving works meeting" beginning at 8:00 a.m., before the start of the shareholders' meeting.
- Commerzbank
- Works Council
- Social Plan
- Negotiations
- Job Cuts
- Unicredit
- Annual General Meeting
- Germany
- Handelsblatt
- Job Cuts
- Wiesbaden
- Final Stages
- Frankfurt
- Frankfurt am Main
- German Press Agency
- Special Meeting
- The works council at Commerzbank is currently in the final stages of negotiations over the Social Plan, as shared with the German Press Agency in Frankfurt.
- Sascha Uebel, the chairman of the group and central works council, has indicated that they are in the homestretch of talks regarding the framework social plan and framework interest equalization.
- Commerzbank has announced plans to reduce around 3,900 full-time jobs by the end of 2027, with nearly 3,300 coming from Germany.
- The works council and the Verdi union plan to use the Commerzbank Annual General Meeting in Wiesbaden to express their opposition to a potential takeover by Unicredit.
- A special meeting has been scheduled for May 14 in Wiesbaden, the day before the Commerzbank Annual General Meeting, to approve the framework social plan and likely the framework interest equalization, as reported by the Handelsblatt newspaper.
