Job cuts at Commerzbank  - 10,000 jobs to be eliminated

by RA Dr. Christian Zeller

Commerzbank in Frankfurt am Main has announced that it will carry out massive job cuts in the coming years due to restructuring.

In this regard, the new Chairman of the Board of Managing Directors, Manfred Knof, wrote to Commerzbank employees:

"We are striving for fair and—as much as possible—socially acceptable solutions, and we will do everything we can to avoid compulsory redundancies. But there is no way around the fact that a considerable number of jobs will be lost."

 

What is being reported in the media?

Commerzbank has been suffering for years from low-interest rates and the pressure of digitalization. For this reason, their executive committee has reached an agreement with the group works council to cut jobs within the years 2021 to 2024. Commerzbank sees the transformation as a prospect for a successful future for the group.

Specifically, the Board of Managing Directors of Commerzbank plans to cut around 10,000 full-time positions worldwide between January 2021 and 2024 (as of the end of September 2020). Shortly after Christmas 2020, the bank's management and the works councils already agreed to cut 2,300 full-time positions. In some areas, such as IT, the bank could add staff at the same time, so that the overall reduction could be lower on the bottom line. However, the Board of Management has yet to provide any information on the latter.

On February 3, 2021, the Supervisory Board of Commerzbank had dealt with concrete plans in a special meeting: "In terms of content, we can largely support this strategy because it is right in terms of its objectives," said Verdi representative Stefan Wittmann. With 450 branches, Commerzbank would remain present in the area as required.

 

What can the affected employees do now?

As long as the concrete plans are still in limbo, potentially affected employees should be prepared for possible terminations of their employment contracts.

The affected managers and employees of Commerzbank should pay particular attention to the short deadlines in German employment law:  Terminated employees can only take legal action against a dismissal within a period of three weeks. The possible effectiveness of the termination should therefore be legally examined within this period. At the same time, the time can be used to prepare the individual negotiation of the highest possible severance payment.

 

We are here to answer your questions!

At ZELLER & SEYFERT, attorney-at-law Dr. Christian Zeller will take care of your case in the field of Employment Law or Employment Litigation. He is specialized in labor law with many years of experience and can represent your interests tenaciously and with full commitment. If you need help seeking a severance payment, Dr. Zeller is ready to fight for you in court throughout Germany. He can be contacted by our contact form, by phone (+49 (0) 69-58 80 972-40) or email (mail@zellerseyfert.com).

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