German bank Commerzbank (OTCMKTS:CRZBY) will cut more than 5,000 jobs, or 10 percent of its workforce, in an initial deal with labor groups to cut costs, a source told Reuters on Tuesday.


In January, the bank announced it would cut 4,000 to 6,000 jobs by 2016 as part of a four-year restructuring, according to the Wall Street Journal, but said the details were subject to negotiations with labor representatives.

Commerzbank declined to comment to Reuters, while labor representatives disputed the 5,000-job figure.

German newspaper Daily Handelsblatt reported that none of Commerzbank’s 1,200 branches would close as a result of the cuts. In 2012, the bank employed 56,000 people, according to its website