Commerzbank of Germany to Cut Thousands of Jobs Worldwide

Commerzbank, the partially state-owned lending giant, plans to lay off 5,000 jobs worldwide as part of their restructuring, in the wake of multi-billion dollar bailouts following the world financial crisis. Additionally, the German federal government’s shareholdings will be decreased, owing to the bank’s ability to pay back the state earlier than originally forecasted. These changes are expected immediately, this following Wednesday’s staff council vote.

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