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Commerzbank plans to eliminate up to 6,000 jobs

Germany-based lender Commerzbank is considering to slash approximately 4,000 to 6,000 full-time jobs by 2016, under its four-year restructuring program.

The bank has not announced the exact number of job cuts, although it said that negotiations to ascertain the number with labor unions will start in February.

The proposed job cut, which represents as much as 12% of its 49,215 full-time staff, is a part of the bank’s strategy to save costs by €2bn ($2.66bn), announced in November last year.

The reductions will be implemented across all group levels and divisions, in Germany and internationally, excluding online bank Comdirect and Poland based private lender BRE Bank.

German government 25% owned Commerzbank axed 9,000 employs in 2009, following acquisition of Dresdner Bank.

Most recently, Lloyds Banking Group, Barclays and UniCredit were repoted to have planned a latest round of redundancies.