Commerzbank cuts 3,400 jobs

Germany’s Commerzbank AG today said it will axe about 3,400 jobs by 2003 in a cost-cutting effort.

The bank last month warned that as many as 10% of its 40,000 positions might be cut but declined before today’s board meeting to say how many.

The bank launched a £150m cost-cutting drive in June, slashing spending on information technology and planning to reduce the number of branches by 150 to 780.

Germany’s banking sector has been struggling to cut costs.