Massive layoffs at CBK due to a perfect storm of low interest rates, weak profits and the shift to online banking. All banks are affected by this - and CBK will be cutting more than 10K positions - this is almost 20% of the global workforce - the cuts will begin immediately and will likely take up to a year to complete.
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http://www.reuters.com/article/us-commerzbank-restructuring-idUSKCN11Z13T
http://www.reuters.com/article/us--restructuring-idUSKCN11Z13T