Commerzbank Said to Offer Early Retirement to 3,000 Staff
- Bank said to offer 30,000-euro sweetener to eligible workers
- CEO Zielke is targeting 9,600 jobs cuts over four years
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Commerzbank AG has sent out early-retirement offers to about 3,000 employees, a first key step in the German lender’s plans to cut 9,600 jobs over four years, two people with knowledge of the matter said.
The offer entitles eligible employees born before 1962 to a 30,000-euro ($34,000) sweetener, the people said, asking not to be identified discussing internal affairs. Excluding bonuses, that’s anywhere from a half to a full year’s pay for unionized employees, according to the people. The bank is giving some employees until the end of June to decide and others until the end of August, according to the people.