Commerzbank said to be shedding 5,000 jobs

Jun 18, 2013, 8:06 AM EDT
File photo of dark clouds over the head quarters of Germany's Commerzbank in Frankfurt, February 5, 2013.
REUTERS/Kai Pfaffenbach/Files

Commerzbank will reportedly shed more than 5,000 jobs, 10% of its workforce, under a preliminary deal with staff representatives to cut costs. The bank announced last November a €2 billion ($2.7 billion) retrenchment, which includes a scaling down of its retail business in Germany. Labor unions have sought to avoid compulsory redundancies.