Commerzbank and employee representative committees agree on framework social plan and framework settlement of interests
Commerzbank has reached an agreement with the employee representative committees on a framework settlement of interests and a framework social plan for Commerzbank AG Germany. The regulations form the basis for the job reductions the Bank announced in February of the current year as part of its “Momentum” strategy upgrade. “These regulations create the conditions for implementing ‘Momentum’s’ goals in a socially responsible way in Germany”, said Sabine Mlnarsky, Chief Human Resources Officer and Labour Relations Director of Commerzbank.
Socially acceptable reduction primarily through retirement arrangements
The Bank is relying on tried-and-tested instruments for the job reductions in Germany, in particular partial retirement offers and early retirement arrangements. In addition, termination agreements with severance pay have been agreed upon, as well as other measures.
“We are pleased to have agreed upon the framework regulations so quickly. This allows us to properly take into account the interests of our employees”, commented Chairperson of the Central Works Council Sascha Uebel.
On the basis of the framework regulations, the details of the job reductions in the individual Group divisions will be discussed over the course of the coming months and finalised in partial settlements of interest. The aim is to conclude the negotiations no later than by this year’s autumn break.
With its “Momentum” strategy upgrade, Commerzbank aims to accelerate its profitable growth and drive forward its transformation. The aim is to create even more value for all stakeholders. This will include further job reductions in Germany. In February 2025, the Bank announced that around 3,900 gross full-time equivalents are to be shed by 2028. This will mainly affect central and group management functions as well as Operations at Commerzbank AG Germany. However, there will also be an increase in staff in selected divisions. Overall, Commerzbank Group’s global headcount will remain largely stable.
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