Tuesday, June 18, 2013

Top Firm Plans to Slash More Than 5,000 Jobs

Commerzbank, the German lender that got 18.2 billion euros ($24.3 billion) in state aid, plans to cut more than 5,000 jobs, Handelsblatt reported.

The bank’s board and employee representatives reached an agreement on group-wide job cuts, according to an e-mailed extract from an article to be published in the newspaper today, citing two people it didn’t name who are familiar with the negotiations. The worker’s council is scheduled to vote on the plan tomorrow and an agreement is seen as “very likely,” according to the newspaper....

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