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.
Nat Rudarakanchana covers commodities and companies for the International Business Times. He is especially interested in precious metals, the food and drink industry, and...