European Banks Use the Pandemic to Clean House
European Banks Use the Pandemic to Clean House
Long resistant to change, Germany's Commerzbank and others are slashing jobs, closing branches and forcing customers online
published :
16 Feb 2021 at 04:00
Commerzbank plans to cut almost half of its bricks-and-mortar presence. Bloomberg
European banks are using the pandemic to make changes investors have wanted for years: slash jobs, shut branches and force customers online.
Germany's second-largest lender, Commerzbank AG, said last Thursday that it would cut a third of its domestic staff and almost half of its bricks-and-mortar presence after pressure from U.S. shareholder Cerberus Capital Management.