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Report: Commerzbank offers 3,000 employees early retirement packages

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Report: Commerzbank offers 3,000 employees early retirement packages

Commerzbank AG has offered early retirement packages to approximately 3,000 employees as part of its plans to reduce staff numbers by 9,600 over four years, Bloomberg News reported, citing "two people with knowledge of the matter."

Under the offer, employees born before 1962 will be eligible for an extra €30,000, the sources reportedly said, adding that some eligible employees have until the end of June to decide, while others have until August-end.

In September 2016, Commerzbank unveiled a new strategy aimed at reorganizing its businesses and automating its operations, which, it said, would lead to total job losses of 9,600 full-time positions by 2020.

The lender aims to reduce staff at its Frankfurt headquarters to 7,419 from 9,840 by the end of 2020, according to an internal document seen by Bloomberg. Its corporate client division will take the hardest hit, with staff numbers set to be reduced by about 2,400, according to the May 30 report.