Commerzbank stuck to its close-knit branch network for a long time. Now almost every second location is on the cross-off list. The majority is to be closed this year.
The deforestation in the Commerzbank branch network is becoming more specific: the list of branches that will be closed nationwide is, as the institute confirmed on Wednesday.
The bank wants to close 240 branches in Germany this year, and it should start in October. The day before, the Frankfurt-based MDax group had provided information on a regional level.
The money house, which had long stuck to its comparatively close-knit branch network, is radically changing its direction under the new CEO, Manfred Knof. By the end of 2024, the number of full-time positions across the group is to be reduced from around 39,500 to 32,000. The branch network in Germany will be almost halved from 790 to 450 locations. The downsizing of branches in Germany should be completed in 2022. Bank customers are increasingly using digital offers to carry out banking transactions, which is why a number of institutes are reducing their branch networks.
The bank did not make a complete list of the 340 Commerzbank locations affected. A spokesman confirmed information from media reports for individual federal states and regions. Accordingly, Commerzbank closes 8 of 36 branches in Berlin, 38 of 78 in Baden-Württemberg, 11 of 27 in Hamburg, 17 of 46 in Saxony, 7 of 23 in Saxony-Anhalt and 17 of 35 in Schleswig-Holstein According to the spokesman, the institute has 23 branches tight, in the “Region West”, which includes North Rhine-Westphalia and parts of Lower Saxony, 99 locations are on the cross-off list.
With the tough austerity course, Knof, who took over the management of the bank on January 1, wants to put Commerzbank back on the road to success after a billion-dollar loss in 2020. The framework for cutting thousands of jobs in Germany has already been agreed with the employee representatives, and by the end of the year management wants to clarify how the business areas will be tailored in the future. The board of directors wants to avoid redundancies for operational reasons, but does not rule them out.
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
