DGAP-News Commerzbank and employee representatives agree on headcount reduction
DGAP-News: Commerzbank Aktiengesellschaft / Key word(s): Miscellaneous
- Framework arrangements concluded for announced headcount reduction by end of 2024
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- Remaining provisions for the headcount reduction to be booked in Q2 2021
- Manfred Knof: "We engaged in some very intensive negotiations and have achieved a result that will enable the fast implementation of the transformation. I would like to express my thanks to all the participants for the disciplined and constructive cooperation, despite the differing interests."
- Sabine Schmittroth: "We have found solutions for our employees that are fair, comprehensible and socially responsible. The settlement of interests and social plan form the framework which enables us to bring the negotiations to a conclusion by the end of the year."
Commerzbank and the employee representatives have today agreed on a framework settlement of interests and a framework social plan for AG Germany. The binding agreements form the platform for a maximally socially responsible headcount reduction within the framework of the "Strategy 2024" adopted in February. The Bank intends to implement the headcount reduction primarily through retirement arrangements, such as partial retirement or early retirement. As part of this arrangement, the Bank has extended the offer of early retirement to seven years. Furthermore, termination agreements and support for employees with perspectives inside and outside the Bank have been agreed.
The Bank will book provisions for additional restructuring expenses of around 225 million euros for retirement arrangements that were expanded beyond the scope of the original plan. "This money is well invested as it enhances our planning certainty for the implementation of the headcount reduction," commented Manfred Knof, Chairman of the Board of Managing Directors of Commerzbank. "We engaged in some very intensive negotiations and have achieved a result that will enable the fast implementation of the transformation. I would like to express my thanks to all the participants for the disciplined and constructive cooperation, despite all the differing interests."