Commerzbank of Germany dismisses 10 thousand employees and stops payment of dividends
The Commerzbank of Germany will dismiss more than one fifth of personnel and will suspend payment of dividends. In such way the second largest borrower of the country tries to resist to low interest rates, decrease in the income and growth of popularity of virtual banks.
The bank has declared intention to reduce nearly 10 thousand from 45 thousand constant employees. It is more rigid step, than recent 10 percent reduction of its largest competitor – Deutsche Bank which also continues to fight for essential decrease in expenses.
Emission policy of the European Central Bank forces the German borrowers to look for ways of increase in the income through redistribution of expenses on the corporate clients and increases in the commissions for private investors. Nevertheless, margin which comes in one of the most competitive banking markets of Europe remains low.
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